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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, as amended, and applicable Regulations thereunder; or
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<br />(II) If and so long as said note of even date and, this instrument, are held by th,!' Secretary of Housing and
<br />Urban Development, a monthly charge (m lieu of a mortgage Insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/12) of one-half 0/2) per centum of the average outstanding b'a1ance
<br />dtJeonthe note computed without taking into account delinquencies or 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 fire and other hazard insurance covering the mortgaged properry, plus t3){esand as~menlS next ,due,
<br />on them()rtgaged pr{)perty (all as estimated by the Mortgagee) less 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 by Mortgagee 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' paragraph and all payments to be madeunaer
<br />the note securedhereby'shall be added together. and the aggregate amount thereof shall be paid by the Mortgag<if
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
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<br />(I) Premium charges under the contract of insurance 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 ren ts, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note,
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the MOrt'
<br />gagor prior to the due date of the next such payment. constitute an event of default under this mortgage,The'
<br />Mortgagee may collect a "late charge" not to exceed four cents (4~) for each dollar ($1) of each payment more
<br />than fifteen (I 5) days in arrears to cover the extra expense involved in handling delinquent payments.
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<br />3, That if the total of the payments made by the Mortgagor under i to) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for l!found rents, iaxes and assessments or insurance pre,
<br />miums, as the case may be, such excess, if the loan is current, at the option of the M<lftgagor, shall be credited' by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />",onthly payments made by the M<lfrgag<>r under (to) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the ('....e may be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount ne,'essary t{) make up the deficiency, on or before
<br />the date when payment of such ground ,ents, taxes, assessments or insu,ance premiums shall be due. If at any
<br />time the Mortgagor shall tender to the Mortgagel', in accordance with thl' provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions off a) of paragraph.2
<br />hetaof which the Mot'tgagee has not become obligated to pay to the :,ocretary of Housing ..rid lJrbanDevelopment
<br />and any balance remaining in the funds accumulated under the provisions of (bl of paragraph 2heroof. If there'
<br />shall be a default under any of the provisions of thi>; mortgage resulting in a public sale of the premises covered
<br />h'ereby, or if the Mortgagee acquires the property otherwise after default. the \lortgagee shall apply, aUhe 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 funds accumulated under (b) of paragraph 2 p,eceding, as a <Tedit against the amount of principal then
<br />remaining unpaid under said note, and shall properly adjust any payments which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, ta~es, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, fo, which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliwr the official receipts therefor to the Mortgagee.
<br />S. The Mortgagor will pay all ta~es which may be leVIed upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make Ihis loan usurious), but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and will file the official receipt showinj,t such payment with the Mortg'dgee, lIpon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter e~isting from payinj,t the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court de~ree pwhibiting the payment by the Mortgagor or any such taxes. or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice be given. the said debt shall become due, payahle and collectible at the expiration of said ninety days,
<br />6, That shtlUld he fail to pay any sum or keep any covenant provided (or in this Mortgage, then the Mortgagee. at its op-
<br />tion, may payor perform the sante, and aU expenditures so made shall be added to the principal sum owing on the above note,
<br />shall be secured hereby, and, shall bear interest at the rate set forth in the said note, until paid,
<br />7. That he hereby assigns. transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all
<br />sums secured hereby' in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note. all tbe renls, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and tbe Mongagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting tbe same and collecting the rents, revenues and income. and it may payout of said in-
<br />co_. all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same aodof collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge ohaid mortgage
<br />indebtedness,
<br />8. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />iilwranceprovision for payment of which has flol been made hereinbefore, All iasurance shall be carried in companies ap-
<br />pt'O\tedby the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses to favor of and in form acceptable to the Mortgagee, In event of loss Mortgagor will give immediate notice by
<br />mail to theMOttgagee,o who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />~is hel'!'byauthorlzed and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />aodtheMOftiallee jointly, and the insuran~e proceeds, or any part thereof, may be applied by the Mortgagee at its option either
<br />to t"';}'.duction ofthe indebtedness hereby secured or to the restOtation or repair of the property damaged. In event of foreclo-
<br />Slife nfthi,' t1I~or olhettransfer of title to the mortgaged pruperty in extinguishment of the indebtedness secured herehy,
<br />all rie/t-..tid.HllliHllteTt'St of'the Mortgagor ill and to any insurance policies then in force shall pass to the purchaser or grantee,
<br />9, TballlS additional and collateral security for the payment of the note desctibed. and all sums to become dlle under this
<br />t1IO!1aa.ae, the Mortgagor herehy assigns h) the Mor~e.c.,all profiJ~, .e\i.enues, royalties, rights and benefits accruing to the
<br />M<lt'lPlOr u~r any and all od and gas leases on said1l!f~lIIisest wiib!biJijlht to receille and receipt for the same and apply
<br />thMlto wd indebledne~s ," ..ell !>efore as ah.,r default in the conditions of this llh)f\_, and the MortP8te may demand, .ue
<br />f~ and recoller any ",ch l'Ilyments when doe and payable, but ,han not be requited '0 to dll, Thi. assignment i. t<\ terminate
<br />_ hec_e null and "00 upon rele..., "Ithi> mortijll!l'J
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<br />Hl}I.HI~14;jM Ul-l\ll
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