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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
<br />(II) If and so tong as said note of even date and this instrument are held by the Secretary of Housing and
<br />6'rban Development, a monthly charge (fn lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1112) of one-half (1/2) per centum of the average outstanding balance
<br />due on the note computed without taking into accowtt delinquencies or prepayments;
<br />(b) A sum eeuat to the ground rents, if any, next due, plus the premiums that wfll 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 fire I~fortgageeJ less all suers already paid therelbr 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 />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to he made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the f+4ortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in .the order set forth:
<br />(I) premitun charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (f+t lieu of mortgage insurance premium), as the case may he;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill) interest on r-he note secured hereby; and
<br />(IY) amortization of the principal of said note.
<br />Any deficiency ir. the amount of my such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of tine next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" nut tso exceed four cents (4tY) for each dollar (S 1) oi' each payment more
<br />than 5fteen (15) days in a eazs to cover the extra expense involved in handling delitquent pay meets.
<br />3. That if the total of the payments made by the Mortgagor under (6i of paragraph :t preceding shall exceed
<br />the amauntof pa}'ments actually made b}= the lortgagee (or uround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, :u the option of the Mortgagor, shall be credited by
<br />the Jiortgagee on subsequent payments hr be made by the llortt;aFor. or refunded to the Mortgagee. lf, however, the
<br />monthly payments. made by the Mortgagor under <!~) of paragraph 2 preceding shall oot be sufficient to pay ground
<br />rent, taxes and assessment;: ar insurance premiums, as the c:~.e may be, when the same shall bocome clue and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary t.o make up the deficiency, on or before
<br />the datt> when payment of such ground rents, cases, assessment or insurance premiums shall bo due- if at any
<br />time the Mortgagor shalt tender to the Jlortgaget in accordance with the. provi_.ians of the nnte secured henrby,
<br />full payment of the entire indebtedness represented ihemby, the Mortgagee. haU, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of l,t) of paragraph 2
<br />hereof which the llortg:tgee has not become obligated to pay to rho ~ecrecarc of !loosing and 1'rb:m Development
<br />and an)= balance remaining in the funds: accumulated under the provi=ions of (l,l of paragraph :r hereof. If then,
<br />shall be a default under any of 6he provi:~ions of Lhic mort};agr resulting in a public sale of the premise s covee•ed
<br />hereby, or if the lfortgagee acquires the pn>pertr' otherwfso after default, the )lortgxgee shall apply, at the lime of
<br />the commencement. of ouch proceedings, or at thn~ time the property= is othcr+rise acquirntt, the bufance then remain-
<br />ing in the funds accumulated under /b) of paragraph Y proceding, a5 a c.rediC against the amouut of principal then
<br />remaining unpaid under said note, and ~aH properly ad~unt any puvments which shall have been mode under l a1
<br />of paragraph `L.
<br />4. That the Mortgagor will pay ground rent.. taxes. assessments, water rates. and other governznental or municipal
<br />charges, fines, or impositions, for which prevision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same: and that the. bfortgagur wilt promptly deliver the otfiicial receipts therefor tv the Mortgagee.
<br />5. T'he Mari~gor will pay all saxes whack may he levied aeon the Mortgagee"s interest in said real estate and improve-
<br />ments, and which may be levied upon chi, mortgage err the debt secured hereby that only to the extent that such is not prohibit-
<br />edby law and only [o the extnnPthat such will eat make this loan usurious), but excluding any income tax. State or federal,
<br />imposed on Mortgagee, and will file the ufftcial receipt showintr such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited f,y any law now ur 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 6y ihr Mortgagor ar any such taxes, or if such law
<br />ar decree provides That. any amount so paid tsy the Mortgagor shalt be credited on fire mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />dabs. [f such notice be given, the said deM shall become due. payable :md collectible at zhe expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep anycouenantprovided for in this Mortgage, then the Mortgagee, at its op-
<br />tion,may pay or perform the same, xnd alt 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';aid note. until paid.
<br />?. 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 rase. of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note, aJtthe tents., revenues and income to he 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 ann agent or agents it may desire tar the purpose of
<br />repairing said premises and of renting the same and collecting the rents. revenues and income. and it may pay out of said in-
<br />comes all expen--sec irEvepairing said p remises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting. rentals therefrom: the balance remaining, ff any. to be applied toward the discharge of -,aid mortgage
<br />indebtedness.
<br />3. That he wilt keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be
<br />required from rime to time by the :Mortgagee against loss by fire and other hazards, casualties and comingencies in such
<br />amounts and for such periods as may be required b}, 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 shat! ere carried in companies ap-
<br />proved by the Mortgagee. and the policies and renewals thereof shall be held by the Mortgagee :end have attached thereto loss
<br />payable clauses in favor.. of. andinform acceptable.to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail ro the bfnrtgagee, whq may make proof of loss if not made promptly by Mortgagor. and each insurance company con-
<br />cerned is herehyauthorized and directed to make payment for such loss directly ro the Mortgagee instead of to the Mortgagor
<br />andxhe Aforkgagee jointly, and the insurance proceeds, or any part thereof, may t+e applied by the Mortgagee at its option either
<br />to the reduction of the ittdebaedness hereby secured or to the restoration or repair of the property damaged. In event of foredo-
<br />sttre of this mortgage er other transfer of till:: [o the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />allfighi, Citle trod interest of the Mortgagor in and to any insurance policies then in force .hall pus ro the purchaser or grantee.
<br />5. Thaz tts additional and €allateral security for the payment of the note dens rifted, and all sum, ro become due under this
<br />rnorCgage. the Mortgagor hereby assigns to the Martuagecall g.ofitsrrevc7rU~s; royalties, rights and henekits accruing to the
<br />Mortgagor under ,nty and all od and gas le~asra on said premtses, with the right to receive ,end receipt for the same and apply
<br />nc~m £e~ void indeL.tednesa as well before as tefter default in the conditions of this mr,„rt~gr.::rid [he Mort!<agre many demanei- vuc
<br />for and recover :tTMy such pay me~nts token cure and pi}°afale, but shall no*. i?c re Muir d - ru dc, "this as.,igazT~c~nt is t ~, lrerrinaze
<br />anti hz;ctrma null sad vei$ upon release a,rf this mortgage.
<br />titre-rzrs;snt is-r3i
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