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<br />(1) month prior iv its due date the annual mortgage insurance premium in order tc ^rvvide such holder..
<br />wiah funds topay suchprcmium to the: Secretary of Housing andUrban: Development' pursuant tvt}te
<br />National HousingAct, as amended, and applieable:Regula[ions thereunder.. or
<br />r (II) If and so long as said note of even. date and this tnstrumem are belt! by the Secretary: of Housing and
<br />Urban Development, a monthly charge (in lieu nja mortgage insurance premium) which shall. be iri ar
<br />amount equal to one-twelfth f1J12) of one-half (](?) per cenatm of the average outstandmgbalance
<br />due on [he note computed without taking into account delinquencies yr prepayments;
<br />(b) A slim equal tv the ground rents; if any, next due,. plus the premiums thatwill next became due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged propert}^l plus taxes and assssments next due'
<br />on .the mortgaged property (all as estimated by .the Mortgagee) less all sums already paid thereto; divided by the
<br />number of months to elapse before one month prioi tv the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent; such sums tv be held by Mortgagee in trust to pay said ground rents. pre-
<br />miums, taxes and spzcial assessments; and
<br />(cl All payments mentioned in the two: preceding subsections of this paraeraph and all paymems tob8 made under
<br />the:note secured herabyshatl be added together, and the aggregate amount thereof shallbe paid by titeMartgagor
<br />each: month fn a single payment to be applied by the Mortgagee o'the following ltemsrm the'order set fotth:
<br />~(I) premium charges under [he contract of insurance with the Secretary. of Housmgand Urban I>evelopinent,
<br />yr monthly charge (in lieu ojm~r~gage insurance prerniurrtJ, as the case may ie;
<br />(li) ground ten?s, taxes. assessments. fire and other hazard insurance premiums;
<br />(III) interest on the note secured herefiyj and
<br />{tV) amottizatiotrof the principal of said note
<br />Any. det3ciency m [he 2mount of env such aggregate monthly pat•tnentshall, unless. made good by the .Mort-
<br />gagor prioYto the due irate of the next such paymeru, a>nstitute an event. of default under ihismortaage.' The
<br />Mortgagee may: collect a "late charge" not ro exceed filar ,rents (3yt) i'or eacli,do!lar (53) of each payment more '
<br />thzi[ fifteen (15)'days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. 'that if the tot.at of the payments made byt,he iortgagor underil~l of paragraph '~ prn<eding;4hall exceed
<br />'the amount of payments actualh• made by the lhxtgagee for `round rents, taxee and a sessments o~ ineurancr pre-
<br />. mfum:;, asthe c;ue ma} be- such excess, tf the ]oanis current, at the: option of iheJlortgagor, shall becredited b~~
<br />the Mortgagee on sub~equentpaement~ `to he made li} the 1lortgagar. or refunded to the ?lorigagor: [f, hoHevcr, the
<br />munthle^^ payments suede by the Mortgagor under f hr of paragraph _' pteceding shall not be sufficient to pay ground
<br />rem, taxes-and assessmenw orin: urance premium4. as the aaaemuy be- •,vhen the same'~hall i,~come due and'pay-
<br />able, then the yortgagor shall pay to the 1lortgagce any .amount necessan to [hake up the deficienc7, on or befote
<br />the date when paymencof =uch ground rent . taxe<. a..~er.~mem- yr insurance premiums shall be due. if at nv
<br />time the 'ylongagoeshall tendca to the,llortgagee. in xc•t~ordancesc=ith the provision- oftfte note secured hereby.
<br />full payment of the entire indebtednesstrpresented thetrby, the 51nrtGa~ee shall, in computing the amount of s=uch
<br />indebtedness, credit to the account of the- Mortgagor all payments made undef the provisions of ~u%:of paragraph ;
<br />hereof which the 11ort~agee has not become obligated to pad o the ~ecretan~ of ]{nosing _nd IRban Uevelgpmen~
<br />.and any balance remainingin the fund:=:accumulated untlerihe provision-, of (bJ of paragraph 'L hereof, If there
<br />shall be adefau;t under any°nC the provi~ipn.- of this murtga,e rn-ulting to a'public salcoC the premises rov~ered
<br />hereby. orif the 1lortgagee acquires thcrpropetty otherei=e after default, ihc~llortgagee .-hall apple, at the i.ime t>f
<br />the. commencement of such`proceeding~,or at thirtime the propert} isothentii>oaoyuired, the balanceihenremain-
<br />ing in the funds accumulated under r1 of paragraph '? precedin,;. as a credit again.=.t the amount ofprinctipal then
<br />remaining unpaid ^mder maid'note. and :hall propert•. adjust any pay^menis which =halt have been made under!c-
<br />r~f'patagraph G.
<br />4. That the Mo. tg~agur wilt; pay ground gems faxes. assessments, water rates. and other governmental or municipal.
<br />charges. fines or impositions, for whtc h prvvisiun has not txxn made herernbefore. and in default thereof tfie Mortgagee may
<br />pay' the same; and that the Mortgagor wilLpromptly deliver the official receipts therefor [o the Mortgagee.
<br />S. The~tortgago(will pay. all Faxes which ma} be lev;ed upon,the Mortgagee'sinterestin said real e,tate and improve-
<br />men[s, andwhich mayt>zlevied upon this mortgage ur the debt secured nerehytbulvnly to the extent that auch'is notprohibit-
<br />edby taw and only to the extenrthat such will nor make thi, loan usurivusi:out e,rduding any inct+me tax'. State orFederaL
<br />imposed nn !Mortgagee: and will file the offitialreceipt shvwmg suchpa5 mint whhthe M1lortgagee'tJpun viotaiien of this undeo-
<br />taking, yr if the 'Mortgagor is p['ohbited bt anyiaw new or hereafter existing from paying the whole ur anyportion of the afore-
<br />said texas, urnpun therendeting of any court:decreeprohibiting thepaymenthy the Mortgagurorany,uch taxeti. or if suchlau^
<br />ordeeree provides [hat any amountso paid bgthe Mortgagor shall be crediteli on the mortgage debt: the MorlgageeshalFhave
<br />the nght to ¢ive ninety day-' written noticeao the owner of xhe rrtortgagedttremises; requiring [hepayment of the mvr[gage
<br />debt. if suchr[otice he given. the said debt shallbeeomedtie. payable and collectible at the expiration of said ninety day;:
<br />6. That should he fait to pay any sum or keep any covenant provided Cur-in [his ,Lortgage, tfienthe Mortgagee. at its. vp-
<br />tion, ntay pay: ~r perform the carne: and all expenditures so made shall be added tv the principal sum owing on the abase note.
<br />shall be secured hereby; end shat}bear interest at the`[ate set forth in the aaid note.untilpaid.
<br />'. "that he hereby assigns: transfers and sets veer W the Mortgagee. to be applied toward the payment of the note and alt
<br />soma secured hereby in case of a default in thz performance of any. of the terms and conditions of this Mortgage qr the:-said
<br />note. all the rents. revenues and income to be denved from the mortgaged premisesduring such time as the mortgage indebted- r
<br />ness shalt remain unpaid; and the'Mortgagee hall fiave power tc appoint any agent oi,agenu it may desire for iFie purpose of
<br />repairing said prem[ses;and of renting the came and: collecting the rents. revenues and income, and it may puyruut of said in-
<br />~omz, all expensea uC repairing saidpremises. andnecessary commissions alto..expen,esi?tcurred.:inre»tins and managngthe
<br />:amc noJ of collecting rentals therefrom; the. iialancert;maining,. if,anv. to be appliedtoward thedisc}aarge of,:caid mortgage.
<br />IIld2!lli~!llt».
<br />h "ih +{ he wil; keep the impmvamems now exisdngor hereafter erected on the mongagzd property, insured as may. be
<br />~~yn ~U from rime [a time by the Mortgagee agamsts toss by hre and other ha~ards.=casualties and eonUngencias in such
<br />.nnaunh .md:for suchperiodaasmay be required by the ,Mortgagee and wil}pay promptly, whendue, ary premtumsonauch
<br />insur~mce prgx~fsiomforpaymenrofwhtch hasnot Been madeherciabefore. ~h insurance shall he ~earnedincontpaniesap-
<br />provcd by tl[e.Monga$ee and thepolicies andrenew°ats thereufsnallbe held. by the Mortgagee andhavzattachCd ChereUa loss
<br />pa}'able taauseb in favor: of and in fo[m acceptable to the Mortgagee. In eventaf Joss Mortgagor wil! give immediate notice r,y
<br />matt t<• theMongagee, who may snake proof at lox if nut made`prvmptly by,Mortgagvr;and eachirsurancecornpaay con-
<br />L errs t rs hereby authorized and dir$cted tomake payment for such-lass duceiTy to tfie Mortgagee, instead of tQ the ;wivrtxagor
<br />end the lsrtgagee jointly,and the insurance. proceeds, nr env part thereof. maybe apptead: by the .Mortgagee at its ppuan c;ither
<br />to th< ~ edttcuon of the indebtedness hereby secured or ra the restoration orrcpair of-the properig d~arhaged. to evi nl of fcireala
<br />>uu. the mortgage vrother transfer of titlato?he mortgaged property in extinguishment of the indebtedness secured lierebv,
<br />aft rip n, title ::nd interestof the ,t4ottgagvr in and to any insurance pplieies then in knee shalt pass to the aurchase.r brgramec:
<br />4-.Thar :~, addrtior,ai and collators! secarity far the payment of the note deserihed, and all sums ic? becutne due under this
<br />nltirtgabc~, the P,dortgagur hereby assign, to theMortgagee all. pro5ts, revenues, royalties; righas and henefirsaccruing to the
<br />!Nertcaeor rude n ,n,7 alt ou and.,gas teases o[r said premises: with thcrighrw receive anc, _ecerpt far the semi ..tad Apply
<br />them to said ind t. :ine>~,, ~ a.e'lbefure:n af[etdcfaul} in the cvndiuons of this rrortgnge:.and the Mvagngeema)~ de..ua»d, :tic
<br />foY and rcwver ~iny ~ucn payments when due and payable: but shall. not he revue ~u-ca tq a ~ Pt~s ass:griment is a _ crminate
<br />and bc~amc n[ill and veld upon reftase ,.r thin nrrrtgiigc.
<br />'..'. -' HL/:?.92 ra~tM 19.';'91
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