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<br />83-1.101922
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<br />(1) 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 />(11) 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 charge (in lieu 010 mortgage insurance premium) which shall be in an
<br />amount equal to one.twelfth (1/12) of one-half (1/2) per centum of the average outstanding balance
<br />due. on the 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 property, plus taxes. and asse~sments. nexldue
<br />on the mortgaged property {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 madennder
<br />the note secured.hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<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 />(11) ground rents, taxes, assessments, ilre and OlneI hazard insurance premiums;
<br />(m) interest on the note secured hereby; and
<br />(IV) amortization of the princIpal of said note,
<br />Any deilciency in the amount uf any such aggregate monthly payment shall, unless made good by the Mort.
<br />gagor prior to the due date of the next such payment. cOllstitute an evem of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed rOUf cent; (4~) fur each dollar ($1 ) of each payment more
<br />than ilfteen (15) days in arrears to cover the extra expense involved in handling delinquent payments,
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<br />;1. That if the total of Uw payments made by th,' \lorlgagor under (b j of paragraph 2 preceding shall exceed
<br />the amount of payments actually made hy the \Iortgagee for ground rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if Ihe loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the \Iortgagor. or refunded to the \Iortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (0) of paragraph 2 p,eceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premium~. as the ca....sp may be. \\hen the sante ~hall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount nN'essary to make up the deficiency, on or before
<br />the date when payment of such I!l'Ound rems, ta'l'S, assessments or insurance prl'miums shall be due, If at any
<br />time the Mortgagor shall tender to the Mortgagl'e, in accordance with thl' provisions of !hI' note secured hereby,
<br />full payment of the entire indebtedl1l~ss represented thl'reby, the \Iortgagl'l' shall, in computing the amount of,such
<br />indebtedness; credit to the accounr of the Mortgagor all payments made under the provisions of ret) of paragraph 2
<br />hereof which the \Iortgagee has not become obligated to pay to the ~ecretary of !lousing AId Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of (0) of paragraph 2 hereof, If there
<br />shall be a default under any of the provisions of this mortgagt' resulting in a public sale of the premises covered
<br />hereby, or if the \Iortgagee acquires the property othl'rwise after defaull, thl' \Iortgagel' shall apply, at thl' time of
<br />the commencement of such proceedings, or at the time the property is othl'rwisl' aequirl'd. the balance then rl'main-
<br />ing in the funds aecumulated under (I>) of paragraph 2 preceding, as a eredit against the amount of principal then
<br />remaining unpaid under said noll', and shall prop"r1y adjust any payments which shall baw been made under (al
<br />of paragraph 2,
<br />4. That the Mortgagor \I,.'ill pay ground rents. taxes. assessments. water rates. and other governmental Of municipal
<br />charges. fines, or impositions, for which provision has not been made hereinbefore, and in defauJt thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipls therefor 10 the Mortgagee,
<br />5, The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real eslate and improve-
<br />ments, and which may he levied upon this mortgage or the deht secured herehy thut only to the extent that such is nol prohihit-
<br />ed by law and only to the extent that such win not make this loan usurit.lus). but exduding any income tax. State or Feder:li.
<br />imposed on Morlgagee, and will file the official receipl showing such payment wuh the Mortgagee, Upon violation of this under-
<br />taking. or if the Mortgagor is prohibited by any law now t)f hereafter eXisting from paying the whole or any portion of the afore-
<br />said taxes. or upon the rendering of any court de~rel" prohihiting the payment by the rvlortgagor or any such taxes. or if such law
<br />or decree provides that any amount so paid hy the Mortgagor shall he crediled on the mortgage debt, Ihe Mortgagee shall have
<br />the right to give ninety days' written notice to the ownl"r of Ihe Jil('rlgaged premises, requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become due, payable and colle'tihle at the expiration of said ninely days.
<br />6, ThaI should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its op-
<br />tion, may payor perform the same. and all expenditures so made shall be added to the principal sum l.lwing 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. ThaI he hereby assigns, transfers and sels over to the Mortgagee, to he applied toward the paymenl of the nOle 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 the rents, revenues and income to be derived from the mortgaged premises during such time as Ihe mortgage indebted.
<br />ness shall remain unpaid; and the Mortgagee shall have power to appuint 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 im.'ome. and it may payout of said in-
<br />co~es-all expenses of:reJ}airiog said premises .and necessary commissions and. expense~ incurred in renting and managing the
<br />sattie and of collecting rentals therefrom; the balance remaining, if any, to he applied toward the discharge of said mortgage
<br />indebtedness,
<br />8, That he will keep the improvemenls 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 othe, 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 />insurance provision for payment of which has not been made hereinbefore, All insurance shall he carried in companies ap.
<br />proved"by the Mortgagee and the policies and renewals thereof shall he held by rhe Morlgagee and have attached the,elO loss
<br />payable clause> in favor of and in form acceptable 10 the Mortgagee. In evenl of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proof of loss if nm made promptly hI' Mortgagor, and each insurance company con-
<br />cerlled is he,eby authorized and directed to make payment fur such loss directly to lhe Mortgagee instead of ttl rhe Mortgagor
<br />andthe Mortgagee jointly, and tbe insurance proceeds, or any pa't thereof, may be applied by the Mortgageeal its option either'
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the- prt"lperty damaged. In event of foreeio.
<br />suteQf this mo'rgage or other lransfer of title to the mortgaged property in extinguisnment of the indebtedness secured hereby,
<br />all right-, title ,n4dmcn:st of the. Mortgugor in and to any insurance policies [hen in force shall pilSS to the pun:haser or grantee.
<br />. 9, That lIS additil1nal and collaleral security for the payment of the no Ie described, and all sums 10 hecome due under this
<br />mortgage. the Mortgagor hereby assigns 10 the Mortgagee an profits. reve-nucs. royalties. rights and bendlts accruing to the
<br />Mortgagor under any and alt oil nod gas leases on said premises. with the right 10 r~cdve and receipt for the same and apply
<br />them 10 said jndebtedn~'~$w~ll,",ff'lf a~afier"default in the-conditions of Ihis mortgage, and Ihe Mort~agee may demand, sue
<br />fOf and recover any suth pnymc!nl.s wHen due and payable. but shall not I.)(" rCQUlreu ~(l to do. ThiS aS$lgnrnent IS to termmaCe
<br />and become oull and \"\lid upon release,-.,.f chi~ mt.lrtguge"
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<br />flUD,92143M (9,/9J
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