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<br />83...+102672
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<br />(b)
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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 />(11) 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 (in lieu of a mortgage insurance premium) which shall be in an
<br />amount equai to one.rweifth (1 ii 2) of one-haif (i iL) per centum of the average outstanding baiance
<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 that will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by tile 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 />All payments mentioned in the two preceding subsections of this paragraph and all payments to be 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 in a single payment to be applied by the Mortgagee to the following items in the order set forth:
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<br />r
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<br />(c)
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<br />([) premium charges under the contract of insurance with rhe Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu a/mortgage insurance premium). as: the case may be;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(lII) 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 monthlv 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 fm:r cents (4V) 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 the total of the payments made by th,' \Iortgagor under (b) of paragraph ~ preeeding shall exceed
<br />the amount of payment.q actually made by the \Iortgage" for ground r"nts. taxes and assessments or insurance pre.
<br />miums, as the casp may bp, such excess, if (he loan is current, a( the option of the Mortgagor, shall be credited by
<br />the \Iortgagee on subsequent paymenis t{) be made by th.. \lort~agor, or r"funded to the \Iortgagor. If. however, the
<br />monthly paymenl.8 made by the Mortgagor under ;I,) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and asseSBmentB or insurance premiums. a.:-i t.he ('asP may bp. whpn the same ~haIl become due and pa)'-
<br />able, then the \lortgagor shall pay to the Mortgagee any amount n..eessary to make up the deficiency, on or before
<br />the date when payment of sueh ground rents, taxps. assessments or insurane(' prpmiums shall be due. If at any
<br />tim.. the Mortgagor shall tender to the \lortga~"", in a('('ordanee with the provisions of the nole s"eut'ed hereby,
<br />full payment of th" "nlire ind"btedness mp,,'sentpd thnreby, th(' \Iortgagee shall. in eomputing the amount of such
<br />indebtedness, credit to (he account of the Mortgagor all pa}'mems made under the provisions of (a) of paragraph 2
<br />hereof which the \Iortgagee has not be<:om" obligated to pay to th,' ::iecretary of 1I0using and UrblUl Dcvelopmcnt
<br />and any balance remaining in the funds al't'umulated und"r lhp provisions of (I,) of paragraph 2 hereof, If there
<br />shall b" a ddault under 'my of ih(' provisions of this mortgag" ,,'sulting in a publie sale of the p,,'mises <:ovefl'd
<br />hereby, or if lhe \Iortgagp" acquires thl' prop"'t) o(hNwiH' aft", d,'fault. the \lortgal(('" shall apply, ai th(' tim" of
<br />the commeneem"nt of sueh proce()dings, or at the tim,' th.. property is otherwisp aClluimd. the balanc" then remain.
<br />ing in the fun',~s accumulated undm (h) of paragraph ~ p"'l'eding, as a ('redit against ihp amount of principal th"n
<br />mmaining unpaid under said nut", and shall pmpl.d) adjust any paynll'nts which shall have been mad" under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground re:nt~. taM". a~s~ssm~nts. water rate~. and olher governmental or municipal
<br />charges. fines. or imposjtions. for whkh pH)vision has o\.H been made hereinbefore. and in default thereof the Mortgagee may
<br />pay the same; and Ihat the Mortgagor will promptly deliver the official receipts Iherefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes. whi~h may ~ 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 ,ecured hereby (but only 10 the exlent that such is not prohibit.
<br />ed by law and only to the eXlent thai ,uch will nol make this loan usurious), but excluding any income tlIX, Stale or Federal,
<br />imposed on Mortgagee, and will file the official receipt shllwing such payment with the Mortgagee. Upon violalion of this under.
<br />taking, or if the Mortgagor is pmhibiled by any law now or hereafter exisling from paying the whole or any portion of the afore-
<br />said laxes, or upon the rendering of any ,'ourt decree prohibiting the paymenl by the Mortgagor or any such taxes, or if such law
<br />or decree provides thaI any amOllnl so paid by the Mortgagor shall be crediled on the mortgage debl. Ihe Mortgagee shall have
<br />the righl 10 give ninety days' wrillen nolice to the owner of Ihe mortgaged premises. requiring the payment of the morlgage
<br />debt. If such notice be given, the said debt shall become due. payable and colle,'lible al the expiralion of said ninely days.
<br />6. That should he fail to pay any sum or keep aoy covenant provided for in this Mortgage, then the Mortgagee. al ils op'
<br />tion. may payor perform the same. and all expenditures so made shall be added to the principal sum owing on the above nole.
<br />shall be secured hereby, and shall bear interest at the rale set forth in the said nole. until paid,
<br />7, ThaI he hereby assigns, transfers and sets over to the Mortgagee. to be ,tpplied toward Ihe paymeot 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 Ihe said
<br />nOle. 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 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 expen,"s incurred in renting and managing the
<br />same and of collecting rentals therefrom: Ihe balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. ThaI 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 hal,lrd~. casualties and contingencies in such
<br />amounts and for such periods as may be required by Ihe Mortgagee and will pay promptly, when due. any premiullls elO such
<br />insuranceprov.sion for payment of which has not been made hereinbefore, All i",urance shall be carried in companies ap.
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have alla,'hed Iheretolos>
<br />payable clauses in favor of and in felrm acceptable to Ihe Mortgagee. In evenl of toss Mortgagor will give immediat.e nOlice by
<br />mail to the Mor\gaj!ee, who may m,d<e proof of loss if not made promptly by Mortgagor. and ea,'h insurance company con,
<br />ceme!! is heteby authorized and directed 10 make payment for such loss directly to Ihe Mortgagee instead ,If hJ Ihe Mortgagor
<br />and the Mortgagee join!ly, and the insurance pmceeds. or any part thereof, may be applied by Ihe Mortgagee at its option either
<br />to tbereductionof the indebtedness hereby secured or to tbe restoralion or repair of Ibe property damaged. In event elf foredo-
<br />sure "fIlii, mortgage or olher transfer of title to the morlgaged property in extinguishment of the indebtedness secured Ill'reh;.
<br />-all rillllt, tillt and interest of the Mortgagor in and to any insurance polkies then in force ,hall pass to the purchaser or ~rantee
<br />9. T/ujl a. additional and collateral ,ecurity for the paymenl of Ihe note described, and all sum, w hecome due under this
<br />mortBaJle. the M"r!gagM hereby assign. to Ihe Mortgagee all profits, revenue,. royalties. rights and henefib aCs'nlln~ t<> the
<br />Mortpjtlf onder any and all oil and gas leases on said prc:mise~. witb rhe right to re\:eivt and recdpt for the ..,ame ~wd arp!~
<br />them to 5'ai.d indebtedness. as wdl before R~ alter default in the conditi()n~ of this mnngag~, anJ the Mortgag'ct' may demanJ. 'I1t'
<br />fcn and.fe.cover Gny such payments when due .and p~yab'e. but shaH not tle [(:yuked 'ii~ In till This a~'i_ignment j, to krmmak
<br />and hecome null and \'{\id upOn release of this mortlUllle.
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<br />HUD.H'l14JM j',-.J. 791
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