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<br />(I) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary• of Housing and Urban Development pursuant to the
<br />National Housing Act, a6 amended, and applicable'Regutations thereunder; or
<br />(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (fn lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (iJl2) of one-half (I /2) per centum of the average outstanding balarice
<br />due on the note computed withnut taking into account delinquencies of prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />` policies of fue and other hazard insurance covering Site mortgaged property, plus taxes and assessments nexrdue
<br />on the mortgaged property (all as estfrnated by the Mortgagee) Tess all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held 6y bortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this•oaragaph and all payments to tie made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month m a single payment to be applied by the Mortgagee te, the following items in the order set forth:
<br />(I) premium charges under the contract of insuram:c with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium.?, as the case may be;
<br />(II) ground rents, taxes, assessments, fue and other hazard insurance premiums;
<br />(III) interest on [he note secured hereby; and
<br />(IV) amortization oC the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by [he Mort-
<br />gagor prior to the due date of the next such payment, eunstitn[e an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" Hat to exceed i~n:r cents (4¢) fur each dollar (S I) of each payment more
<br />than fifteen (IS) days in arrears to cover the extra expense involved in handling delinquent payments. .
<br />.,. That if the total of the payments made by the Mortgagor under ?b of paragraphL preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for t>round rents, tales and assessments or insurance pre-
<br />miums, as the ease may be, such excess, if the hart is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments [n be made by the Mongugor, or refunded to the \iortgagar. If, however, the
<br />monthly payments made by [he Mortgagor under i 5) of paragraph ?preceding shall not be sufficient to pav ground
<br />rent, taxes and assessments or insurance premium, a~ the case may be.:+hrn the same shall become due and pay-
<br />able, then the Mortgagor shah pay to the Mortgagee aay amount necessun to make up the deficiency, an or before
<br />the date when payment of such ground rents. taxes. assessments or insurance premiums shall be due. If ai any
<br />time the Mortgttgor shall tender to fhe Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full paymeni of the entire indebtedness represented thembv, the 1lortgaget: shall, in computing the amuuni of such
<br />indebtedness, credit to the account of [he Mortgagor aft payments made under the provisions of (u1 of paragraph 2
<br />hereof which the \lortgagee has not become obligated w pay to the secretary of housing }rtd Urban Developtttent
<br />and any balance remaining in the funds accumulated under the provisions of (t•1 oC paragraph) hereof. If there
<br />shall be a default under any of the provisions of ibis mortgage insulting in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default. the ~lorigagee )tall apply, at the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the fund: accumulated under ,• of of paragraph _° preceding, as a credit against the amount oC principal then
<br />remaining unpaid under said note, and shall properk adjust am pacments which shall have been made under Sal
<br />of paragraph '!.
<br />4. That the Mortgagor will pay ground rents, taws. assessments, water r,ttrs, and other governmental tv municipal
<br />charges, tines, or impositions, for which provision has not been made herrinbefore, anJ in default thereof the i•tortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the oificial receipts therefor « + the Mortgagee.
<br />S. The !viorlgagor will pay all taxes which may he IrvirJ upon the Mor[gager's inures[ in said real estate and improve-
<br />ments, and which may hr levied upon [his mortgage or the JrM secure) hereby ±hut only to the extent that such is not prohibit-
<br />ed by law and only W the eaten[ that such wit! not make this loan uvaiuust, but excluding any income tax, Slate or Federate
<br />imposed on Iviortgager. and will file the official rexipt showing such puymrnt w i[h the Mortgagee. Upon violation of this under-
<br />taking, ar if the Mortgagor is prohibits) h} any law now or hrrrtftrr misting from paying the whole ur any portion of the afore-
<br />said taxes, ar upon the rendering oI any snort decree prohibiting the payment by the Mortgagor or any such taxes, or ii such law
<br />or decree provides that rmy amount w paid by the Mortgagor .hall hr crcJiteJ on the morgage debt. [hr Mungagre shall have
<br />[he right to give ninety days' written notice [u the ovcurr of the mortgage) premises. requiring the payment of the mortgage
<br />debt. It such notice he given, the sail debt shall hCii+atr due, payable and cullectihlr at the rxpirttion of said ninrn days.
<br />G. That should hr fail «t pay any sum ur keep any covenant provided for in this Mortgage, then the htongager, at its op-
<br />tion, may pay or perform the ,amr, and ail expenditures su muJr shall be added to the principal sum owing un the above note,
<br />shall be secured hereby. anJ shall bear interest at the rate set forth in the said note, until paid.
<br />?. That he hereby assigns, transfers and sets ever to the hiortgagre, to be applied toward the paytnrnt of the note and all
<br />sums secured hereby in case of a default in the performance of any' of [he terms anJ conditions of this Mongage ur the said
<br />Hate, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agrm ur agents it may desire for the purpose of
<br />repairing said premises anJ of renting the same anJ collecting the rents, revenues and income, and it may pay out of said in-
<br />comes all expenses of repairing said premises and nrcrssan commissions and expenses incurred in reining and managing the
<br />same aad of collecting rentals therefrom; the tuilance remaining, if any, to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the impnwrmrnts now existing or hrreafler erected on the mortgaged property. insured as may Ste
<br />required from time to liens h9 the Mortgagee against loss by fue and other hazards- casualties and contingencies in such
<br />amounts and for such periods as may br require) by the Mortgagee anJ wilt pay promptly, when due, an} premiums on such
<br />insurance provision for payment ttf which has not hetn made hereinbefore. All insurance shall hr carried in companies sp-
<br />proved by-the Mortgagee and the policies and rettrwals thereof shalt be held by the Mortgagee and have attached thereto loss
<br />payable clauses in f:+cor of and in form acceptable to the ~tortgagrr. In Cvrnt of loss Mortgagor will give immediate notice by
<br />mail to the Mongagee. who stay make prtaf of lose if Hat made promptly h} Mortgagor, and each insurance aontpany con-
<br />ccroed is hereb} authorired and directrfi to make payment Gu wch loss Jirectlc to the Mortgagee instead of a+ the Mortgagor
<br />atul the Mortgagee j[tintly, and the insurance pnxerds. ur any part thereof, may-t+e applied by the fNottgagee al its option either
<br />to the reduction of the indeMednrss hereby xcurrd or to the rrsttuation or repair of the pn+prrty JamagrJ. In event of f~reclo-
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />altrighb itleund intetest of the Mnngagcu in and to any insurance policies then in force shall pass to the purrh:urr i+r grantee.
<br />4. That as additianat and collateral security fur the payment of the note dracrit+rJ, aad a[t sums to hecutne Jur under this
<br />mortgage, the Slortgagur hereby assigns w thr Mortgagee all profits, revenues, nryattirs, rights and benefits accreting «t the
<br />Mortgagor under an} and ail oil and gas leases on said premises, with the right to re:rivr :+nd receipt foi the same and apply
<br />them «a said inrleh[edrts„ots xs.v,~ilts~t)t~4asafter default in the cundittora of this tuurtgagr, ;mti the Mortgagee mac demand, sue
<br />fur attd recover any }that p:rymrntz'whtn due and payable, but shall nut be require) sa to Ju. This aasignmrnt ie a+ terrninace
<br />:urd brccrmr nut} and void upon retrace ••{ this rnatrlgagr.
<br />HUD-$; t43M 1$•7$t
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