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<br />83-{)04554
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<br />0) 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 (in 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 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 assessments next due
<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 ~l1t:~ ground rents, premiums, taxes and
<br />assessments will become delinquent. such sums to be held by Mongagee in irust 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 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 />(1) premium charges under the l;ontract of insurance with the Secretary of Housing and, Urban Development,
<br />or monthly charge (in lieu afmortgage insurance premium). as [he case may be;
<br />(II) ground rents, 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 soch 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" nor to exceed fOla cents (4!l') for eal.:h dollar ($1) of each payment more
<br />thai} 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 thl' \Iorto;a/(or onder i h! of paragraph ~ pren'din/( shall exeeed
<br />the amount of payments aetually made by the \lortgagee fDr .!!round rents.. taxe~ and asseSBments or insurance pre-
<br />miums, as I.he case may be, such excess, if the loan is current, a[ [he op[ion of [he Mortgagor. shall he credited b~
<br />the \Iortglll;ec on subsequent payments to be made by the \Iortgagor. or ",funded to the \Iortgagor. If. however. the
<br />monthly payments made by the Mortgagor under (h) of paragraph 2 preceding shall nor be sufficient to pay ground
<br />rent, taxes and assessments or insuran(;e premiums. as the casp may b~, when the same ~hall beeome due and pay.
<br />able. then the \lortgagor shall pay to the \Iortgagee any amountneecssary to mak" up th" defieieney, on or befo,,'
<br />th(~ date when payment of ::5ueh ground rents, taxes. assessments or in~uran('e premium:3 ~hall be due. H at any
<br />time the Mortgagor shall tender to th" \lortgagee, in ae{'ordanc" with the provisions of th... not... seeur...d hereby.
<br />full payment of the entin> indebtedness represented thereby~ tht, 'lortga~pe ~hall. in eomputing the amount or such
<br />indebtedness, credit to the account oC the Mortgagor all payments made onder the proviSIons oC ((/) of paragraph 2
<br />hereof which the\lortgagee has not b"eome obligated to pay to the "'''''f(>tary of 1I0using "nd Prban Development
<br />and any balance mmaining in the fund~ aceumulated und€'f th(' pro\'bion~ of (h) of paragraph 2 hereoL If iht're
<br />shall be a default under an~: of the pro\'i:5-ion~ of thit' morl~,lg:{l n.'.'~ulting in a public ~ale of the premi~('s ('ov(.}red
<br />hereby. or if the Mortgagee aequires the property otherwi,e an...r defauit. th" \IOrl2agee ,;hall apply, at th.. tim.. of
<br />the commen(;ement of such proceedings. or at the timt' the property i~ olht'rwi~e acquired. lhe oalanet' then ft-'main-
<br />ing in the funds accumulated under OJ) of paragraph 2 preceding. a~ a credit again'::::l lhf' amuunt of principal then
<br />remaining unpaid under said note, and shall pruperl~' adju::--t ~m~' payrnt'nls which ~halI han' been made under (of
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. taxes. asse:'losmenb. \vatc:r rates. ~md lllher governmental l)r municipal
<br />charges. fines. or impositions, for which provision has not heen made hereinbefore. and in default theretJf the Mortgagee llla)
<br />pay the same; and that the Mortgagor \viIl promptly deliver the official receipts therefor to the Mortgagee,
<br />5. The MOrlgagor will pay all taxes which may be levied lIpon the Mortgagee's intere~t in said rea! estate and improve~
<br />meOIS, and which may be levied upun this mortgage or the det'lt ~eL'ured hereby (but only h) the extent thaI such is nor rrohibit~
<br />ed by law and only to the extent that such will not make this loan usuriou",. !'tut e_xeluding any inCl)me Ia.\. St~te or Federal.
<br />imposed on Mortgagee. and will file the official receipt showing "ueh payment \\lith the Mortgagee. Upl..ln \ ioJation t,)f this under-
<br />taking, or if the Mortgagor is prohibited by any la\\' now or hereafter existing [wm paying the whole IJr any portion of [he afore-
<br />said taxes. or upon the r~ndering of any court denee prohibiting the payment h} [he I\-1ortgagor or any sUi.:h taxes, I..)r if such la\\
<br />or decree provides that any amount so paid by the Mortgagor shall be nedited on the mortgage dent. the ;\-1ortgagef' shall havt'
<br />the right to give ninety days' written notice to the owner \,)f the mortgaged premises. requiring the paymenl 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 [he Mongag(~e. al its t1p-
<br />tion, may payor perform the same. and all expenditures. so made shall be added to the principal sum owing on the above [Wit:',
<br />shall be secured hereby. and shall bear interest at the rate set forth in the said note. ontil paid.
<br />7. That he hereby assigns. transfers and sets over to the Mortgagee. to be applied i:Owilrd the payment uf the note ami all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage 1..)1' the said
<br />note. all the rents, revenues and income to be derived from the mortgaged premise~ 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 de~ire 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 aod necessary commissions and expenses incurretl 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 t'rei.:led 00 the mortgaged proper[}. insured a~ ma~ ht
<br />required from time to time by the Mortgagee against loss by fire and other hazards. ('a~ualties and \.:ontingeocies in sut:"h
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums lln SUl.:h
<br />insurance provision for_payment of which has not been made hereinbefore. All insurani.:e '"hall he carried in companic:> ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and h,,,e attached thereto I,,,,
<br />payable clauses in favor of Hod in form acceptable to the Mortgagee. In event of loss Mortgagor will give irnmetliate nOlkc by
<br />mail to t.he Mortgagee,. who may make proof of loss if not made promptly by Mortgagor, and eal.:h insuraI1\;e company (on-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of [(J the Mortgilgor
<br />and the Mortgagee jointly. and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its "ption either
<br />to tlJe reduction of. the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of f0rccliJ-
<br />sure of this. mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness ""ured herel}) .
<br />, all right, tjtle and lIlterest of the Mortgagor in and to any insurance policies then in fon:c shall pass 1O the purchaser l)r grantee.
<br />9. That as additional and collateral securil~' for [he paymcnl of the note desaibcd. and at! ~ums to bel.:omc due under thi_,
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, righb and pcncfib accruing hl tilt'
<br />Mortgagor uncJ~r any. ~.qd. all oil and gas leases on said premises. with the right to rCl:civc lind receipt for the same and appl}
<br />them to said inciebtedness as well before as after default in the conditions of [his mortgag~. and the Mortgagee may demanJ, "lie
<br />for and recover any such payments when due and payable. but shall not be required 'iO tu th,1 This assignment i... f\) terminate
<br />and become Olin and void upon release of this mortAA$tC_
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