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<br />83~""", (;04572
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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 />(b)
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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 inan
<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 laking into account delinquencies or prepayments;
<br />A sum equal 10 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 p"'jJtmy, 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 onc month pnor to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust 10 pay .aid ground rents, pre,
<br />miums, taxes and special assessmen ts; and
<br />All payments mentioned in the IwO preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and Ihe aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by Ihe Mortgagee 10 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 />L
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<br />(I), premium charges under Ihe 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. fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortizat.on of the principal of sa.d 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 paymenl, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed fo"r cents (4~) for each dollar ($1) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense mvolved in handling delinquent payments.
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<br />3. That if th.. total of th.. paym..nts mad.. by the 'lortgagor under (b) of paragraph 2 prec..ding shall exceed
<br />the amount of payments actually made by the Mortgagee for eround rents. taxes and assessments or insurance pre-
<br />miums. as the case may be, such excess, if the loan is current. at the option of the Mortgagor, shall be credited bj
<br />the Mortgag..e on subsequent payments to b.. mad.. by the Mortgagor. or refunded to the Mortgagor. If, however, the
<br />l'lonthly payments made by the Mortgagor under (hi of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and as,;..ssments or insurance premiums. a,; the cast' may be, when the same shall become due and pay'
<br />able, then the Mortgagor shall pay to the Mortgage.. an) amount n..cessar)' to make up the deficiency. on or before
<br />th.. date when payment of such ground "'nts. taxes. assessments or insurance premiums shall be due. If at any
<br />time the Mortgagor shall tender to the Mortgagee. in accordanc.. with the provisions of !he note secured hereby,
<br />full payment of the entire indebtedness r..presented therebv, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of [he Mongagor all p~yments made under the provisions of (oJ of paragraph 2
<br />hereof which the Mortgagee has not becom.. obligated to pay lo the ~cretary of Housing and Urban Development
<br />and any balance remaining in the funds accumulated under th.. provisions of (bl of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgag.. r..sulting in a public sale of !he premises covered
<br />hereby. or if the Mortgagee acquires the property otherwise after default, !he Mortgagee shall apply, at the time of
<br />!he commencement of such proceedings, or at the lime the property is otherwise acquired. !he balance then remain-
<br />ing in the funds accumulated under (bJ of paragraph 2 preceding, as a credit against the amount of principal !hen
<br />remaining unpaid WIder said note, and shall properly adjust any payments which shall have been made under (a)
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. laxes. assessments. water rates, and olher 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 tbe same; and thai the Mortgagor will promptly del.ver the official receipts therefor 10 the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mongagee'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 Ihe extent that such is nol prohibit-
<br />ed by law and only to the extentlhat such will nol make this loan usurious). but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing sUlOb payment with the Mortaagee. Upon violalion of this under-
<br />taking, or if the Mortgagor is prohibited by an} law now or hereafter existing from paying the whole or any portion of lhe 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 Ihe Mortgagor shall be credited on the mortgage debt, Ihe Mortgagee shall have
<br />the right 10 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 Ihe Mortgagee, al 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 nOle. 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 an} of Ihe terms and condilions of this Mortgage or Ihe said
<br />note. all the rents, revenues and income to be derived from the morlgaged premises during such time as Ihe mortgage indebted,
<br />ness shall remain unpaid; and the Mortgagee shall have power 10 appoint any agent or agents il may desire for Ihe purpose of
<br />repairing said premises and of renting the same and collecting the [ents. revenues and income. and il 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 improvemenls now existing or hereafter erected on the mortgaged property. insured as may be
<br />required from time to lime by the Mortgagee against loss by fire and olher hazards. casualties and contingencies in suc.h
<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 be carried in companies aI"
<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 Ihe Mortgagee. In evenl of loss Mortgagor will give immediate notice by
<br />mall to the Mort&agee, who may make proof of loss if not made promptly by Mortgagor. and each insurance company con,
<br />cerned is hereby authorized and directed to make payment for such IDs> directly 10 the Mongagee instead of 10 the Mortgagor
<br />and the Mortgagee jointly. and the insurance proceeds, or any part thereof. may be applied by (he Mortgagee a( its option either
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the propeny damaged. In event of foreelo,
<br />sure of t~. mortgage or other transfer of litle to the mongaged property in extinguishment of the indebtedness selOUred hereby.
<br />all naltt, tl\le and interest of Ihe Mortgagor in and 10 any insurance policies then in force shall pass to the pUrIOhaser or grantee,
<br />9. That a. additional and collateral security for (he paymenl of the note described. and .1/ sums to bewme due under this
<br />mortpae. the Mortgagor hereby assigns to tht Mortgagee aU proflb. revenues, ro)Oaltic:~, rights. and bcnefih uCCfuin~ to the
<br />MOnaalor under any and all oil and gas leas.s on ,aid premi,es, w.th the right 10 recti.. and r.ceipt for the ".01. and appl;
<br />them to said indebtedness as well before as ~fter default In the condttions of this mortgage. and the Mortgagee may oemand. "I<
<br />for and recover any such paymenh when du,~ MlcJ paY<tbie, bOI ShOll! nol be rcquir~d 50 to do, This a\\jgnmrnt l" 10 termtnale
<br />and become null and void upon r.lease of Ihi, morlllll~e
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<br />HUl',. ;ill 4 1M (~~ i~:lJ
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