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<br />83- ('LfllH 7R.
<br />(1) month prior to its due date the annual mortgage insurance premium in orde("tJ'fuovtl'e sucfl"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 />(b)
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<br />(II) If and so long as said note of even date and this instrument are held by th,e Secretary of Housing and
<br />Urban Development, a monthly ch'arge (fn lieu ora mortgage insurance premium) ",hich shall be in ~n
<br />amount equal to one,twelfth (1/12) of one-half (J/2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />A sum equal to the ground rents, if any, next due, plus the premiums thaI will next become due and payable on
<br />policies of rue and other hazard insurance covering the mortga~ed property, pIllS taxes and assessments next due
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sums,l\lready paid therefor divide,tby the,
<br />Ollmber of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, Sllch sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />All payments mentioned in the two preceding subsections of this' paragraph and all payments to be made under
<br />thenolnecured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single paymenl to be applied by Ihe Mortgagee to the following items in the order set forth:
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<br />(c)
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<br />(I) premium charges under the contracl of insurance wilh the Seerelary of Housing and Urban Developmenl,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be;
<br />(II) grollnd rents, taxes, assessments, fire and other hazard insllranee premillms;
<br />(III) intereSI on the nOle sewred hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amollnt of any such aggregate monthly payment shall, unless made good by the Morl,
<br />gagor prior to the dlle dale of Ihe nexl such payment, constitule an event of default under Ihis mortgage, The
<br />Mortgagee may collect a "Iale charge" not 10 exceed four cents (4~) for each dollar ($1) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments,
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<br />3, That if lhe lotal of the payments made by the \Iorlgagor under (b) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for 2round 'ems. taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, al the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments 10 be made by Ihe Mortgagor, or refunded to the Mortgagor. If. however, the
<br />I'lonthly payments made by Ihe Mortgagor under (b) of paragraph 2 preceding shall nOI be sufficient to pay ground
<br />rent, taxes and assessments or inSUrfUlCe premium~. as the cas(l may be. \\-hen the same ~hall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgag,'e any amounl ne<'essar}' to make up the defidency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due, If at any
<br />time the 1\lortgagor shall tender to the \lortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented lhereby, the \lortgagee shall. in computing.the amount of such
<br />indebtedness, credil 10 the account of Ihe Mortgagor all payments made under the provisionsof (0) of paragrJ>ph,2
<br />hereof which the Mortgagee has not become obligated to pay to the :"enetary of Housing .illd Urban. De",elopment
<br />and any balance remaining in lhe funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of Ihis mortgage resulling in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default. the \Iortga!!ee shall 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 funds accumulated under (/,) of paragraph:! prt'ccding, as a nedit 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 parag'aph 2,
<br />4. That the Mortgagor will pay ground renls. taxes. assessments. water rates. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee,
<br />5. The Mortgagor will pay a1llaxes which may be levied upon the Mortgagee', interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby tbut only to the extent thaI such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State or Fede,al,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee, Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting 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 Ihe 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 deht shall become due, payable and collectible at the expiration of said ninety days.
<br />6, That should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Morlgagee, at its op-
<br />tion, may payor perform the same. and all 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 Ihe said nme, until paid,
<br />7, That he hereby assigns, transfers and sets over to the Mortgagee, 10 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 />nOle, all the rents, revenues and income to be derived from Ihe mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may payout of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said 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 perinds as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for,payment of which has not been made hereinbefore, All insurance shall be carried in companies ap-
<br />proved by the MOttgagee and the policies and renewals tbereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />cemed is bereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgag<'r
<br />and ,the Mortgagee jointly, and the insurance proceeds, or any part thereof. may be applied by the Mortgagee at its option either
<br />to the reduction of the indebtedness hereby secured or to the reslOration or repair of Ihe property damaged, In event of foreclo-
<br />SUre of this mortgage<lr other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />,all right, ;till.. and inletest of the Mortgagor in and to any insurance policies theninJorce shall pass to the pu,chaser or grantee,
<br />9, That as additional and collateral securitv for the payment of the note desc.ribed, and all sums to become due under this
<br />mortgage, the Mortgagor hereby assigns h) the Mortgagee all prollts. revenues, royalties, rilIhG'lJftG.be{,~tft) l<-~~Wh.&'lo the
<br />Mortgagor under any and all oil and gas leases ,'n said premises, with the right to receive arld'f'e'ceipt for the same and apply
<br />them to said indebtedness as well hefore as after default in the conditions of this nlvlrtgage, and the Mortgagee may demand. sue
<br />fo' and recover any such payments when due and payable, but shall not be required '" to do, This assignment is 10 terminate
<br />and become null and void upon fe-lease j,f this mOft8a&e-'
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<br />HUD,92143M 19,791
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