|
<br />I
<br />
<br />f'-.
<br />C":)
<br />cv
<br />co
<br />o
<br />o
<br />
<br />(1) monlh 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
<br />
<br />
<br />J
<br />M
<br />00
<br />
<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 (inlieu ola mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1112) of one-half (112) per centum of the average outstandingbalafice
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) Asum 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'flextdu'e
<br />on the mortgaged'property (all as estimated by the Mortgagee) lessallsums already paid therefor divided by thee
<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 bemaMund"r
<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:
<br />
<br />(0 premium charges under the contract of insurance with the Secretary of Housing and Urban Devclopmeiit)
<br />or monthly charge (in lieu of mortgage insurance premium). as the case may be;
<br />(II) ground rents. taxes, assessments. tire and other hazard insurance-premiums;
<br />(1II) 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 t.i.e next such payment. constitute an event or default under this mortgage., TIle
<br />Mortgagee may collect a "late charge" not to exceed 1"lIt <:ents (4~) for cach dollar (81) of each payment more
<br />than fifteen (i 5) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />
<br />3. That if the total of the payments made by the Mortgagor under (1,.1 of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mort;!;a!!ee for around 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 by
<br />the Mortgagee on subsequent payments tu be made by the \Iortgagor, or refunded to the Mortgagor, If, however, the
<br />monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, aE: the Cll.se 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 accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all paymems made under rhe provisions of (o) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the beeretary of Housing and Urhan Development
<br />and any balance remaining in the funds act'umulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a publir: sale of the premises covered
<br />hereby, orif the Mongagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of
<br />the commencement of such procC<'dings, or at the time the property is otherwist' acquired, the balance then remain.
<br />ing in the funds acr:umulated under (b) of paragraph 2 prer:eding, as a r:redit against the amount of principal then
<br />remaining unpaid under said note, and shall I>fOperly adjust any payments which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, taxes, assessmeOlS, Willer rates. and other 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 the same; and that the Mortgagor wilt promplly deliver Ihe 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 uf the debt set:ured 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). hut excluding any income tax. State or Federal,
<br />imposed on Mortgagee, and will file Ihe 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 uf hereafter existing {rom 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 amounl so paid by the Mortgagor shall be credited on the morlgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notic. to the owner of the mortgaged premises. requiring the payment of Ihe morlgage
<br />debt. If such notice be given, the said debt shall become due. payabl. and collectible at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any r:ovenant provided for in this Mortgage, Ihen the Mortgagee, at its op.
<br />tion, may pal' or perform the same. and all expenditures so made shall be added to the principal sum owing on the above note,
<br />sh!!!l 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 Ihis Mortgage or the said
<br />note. aD the rents. revenues and income lo be derived from the mortgaged premises during such time as the mortgage indebted-
<br />neS$shllll.remain unpaid; and the Mortgagee shail have power to appoint any agent or agents il may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income. and il may payout of said in.
<br />com~s.an expenses.of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />sa(lle and of collecting rentals therefrom; the balance remaining, jf any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will ke<:p the improvements now existing or hereafter erected on the mortgaged property. insured as may be
<br />required from time (0 time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amollJl1s and!or such periods. as may be required by the Mortgagee and will pay promptly. when due, any premiums on such
<br />insuranceprovisionlQ1' payment of which has not been made hereinbefore. All insurance shall be carried in companies ap.
<br />proved by tbeMortgagee and the policies and renewals lhereof shall be held by the Mortgagee and have altached thereto loss
<br />payable clauses in favQl'of.andin form ac,",plable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />Illl\lI,to~Mortgagce.who may make proof of loss if not made promptly by Morlgagor. and each insurance company con.
<br />~~'i$ hetC:hya!lthot!le9 and directed to make payment for such loss directly l<> the Mortgagee instead of 10 the Mortgagor
<br />au4 the MorlN"" joi.ntly, alld the insurance proee.eds, or any part thereof, may be applied by the Mongagee at its option either
<br />tl> Il!c:,!j:d"uct\onof theiod.el!tednessherd'y,.secured tlf to the restoration or repair of the property' damaged. III event of foreclo.
<br />. sure I>ftw.,mQl:tlf/lge or .o~r transfer of title to the mortgaged properly in extinguishment of the indebtedness secured hereby,
<br />a1lriaJit, titleandinterut Qf lhe MOfl8agQr in and. to any insurance policies then in force shall pass to the purchas.,. or "rantee.
<br />'I. That as additk>nllland collaterlll security for the paymenl of the nOle described, and all sums to become dlle under Ihls
<br />lllorllfll&e. the Mllf1lllllIorherelw assigns to tm, Mo<<gagee all profits, revenues, royalties, rights and benefit> accruing to the
<br />Mon_or under any and all oil and gas lease. on ""id premises, with tlle right to reed.. and receipt. for Ihe sam... all,l apply
<br />them to said Jncleblednc.. as well bef"re as after default in the eo!\ditiolls."f lhis mortgage. and the Mortgagee may demand. slle
<br />lor and ""'OYer any _hpayments when due and payable. hut shan lIOI be required so III d,,, This .";gnment is to .<rmiMrc
<br />and bee_e nuU and void UPOIl rel."..of tms.ml'rt_c.
<br />
<br />Hun.9:l143M \9.79i
<br />
|