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<br />83- (j 0 27.9,8 ()) 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 the Secretary of Housing and
<br />Urban Development, a monthly charge lin lieu of a 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 />ksurn 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 lall 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 />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 />(b)
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<br />(c)
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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 lin lieu of mortgage insurance premium}, as the case may be; ,
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill) 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 (4il) 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 \lortgagor under {h} of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for !!round rents, taxes and assessments or insurance pre.
<br />miums, as the case may be, such excess, if the loan is current, at rhe oprion of the Mortgagor, shall be credited bj
<br />the Mortgagee on subsequent payments to be made by the \Iortgagor. or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under Ib} of paragraph 2 preceding shall nor be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the ease may be, when the same shall become due and pay'
<br />able, then the Mortgagor shall pay to the ~Iortgagee any amount necessary to make up the deficiency, 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 Mortgagor shall tender to the Mortgagee, in aeeordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in (:omputing the amount of such
<br />indebtedness, credir to the accounr of rhe Mortgagor all paymenrs made under the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the becretary of \lousing and Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of Ib) of paragraph 2 hereof. If there
<br />shall be a default under lUlY of the provisions of this mortgage resulting in a public sale of the premises eovered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee 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 (6) of paragraph 2 preeeding, as a credit against. t.he amount of principal then
<br />remaining unpaid under said note, lUld shall properly adjust any payment.s which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, taxes, assessments. waler rales. and orher governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinbefore, and in defaullthereof 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 all taxes 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 this loan usurious). but excluding any income tax. State or Federa!.
<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 :lmount 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 Ihe payment of the mortgage
<br />debt. If such notice be given. the. said debt 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 Mortgagee. 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 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 the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted,
<br />ness shall remaio 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 />a.mountsand 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 be carried in companies ap.
<br />proved by the Mortgagee and the policies and renewals thereof 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 />maiUo the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con.
<br />ceffi<;d is hereby authorized and directed to make payment for such loss directly 10 the Mortgagee instead of to the Mortgagor
<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 theindebtedness hereby sepured or to the r,,,torationor repair of the property damaged. In event of foreclo,
<br />Slife of this mortgageorothef transfer of title to the mortgaged ,",operty in extinguishment of the indebtedness secured hereby.
<br />all right, title .andinterest of the Mortgagor in and to any insurance poiicie; then in force shall pa;s to the plll'chaser or grantec.
<br />. 9. Tbat as additional and collateral security for tbe payment of the note de,,:ribed. and ali sums 10 become due under this
<br />mortgage, the Mort8lW'r hereby assigns to the Mortgagee all profits. revenues, myalties, rights and benefits accruing 10 the
<br />MortilagQr under any and all oil and gas leases on said premises. with the right to :eceiv, and receipt for the same a"d apply
<br />them to said indebtedoessas well before as after default in tbe conditions of this mortg.~~. and the Mortgagee may demand.'ue
<br />for al!llr~Yer i1"fsli\:h,paYll\cnts when due and payable. but shall not be required sO 10 do. This a>signment is to termi"atc
<br />and Iiccorile null' and void upOn release of this mortJW(e.
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<br />HIJD.9214JM \9-79)
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