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<br />(i) month prior to its due date the annual mortgage. insurancz premium in order to provide suchholdzr
<br />~. with funds. to pay such premium. to- the Secretary of Housing and Urban Iievzlopment pursuant to die
<br />_ National_Housing Aci, as amended, and applicablz Regulations thereunder; or
<br />I (II) If and so long as said note of even date and .this instrument are held by the Secretary of Housing and
<br />Urban Developmeht, a monthly charge. (fn lieu of a mortgage insurance prerniurnJ which shalt be in an -
<br />amount equal to one-twelfth (1/1^) of one-half (1 f2) per cer.turh of th.e average qutstanding balance
<br />due on the note computed without taking into account delinquencies cr pr=payments;
<br />(b) A sum equal to the ground rents, if any,. next due, plus the premiums that will next become due and payable o^
<br />policies of fire and other hazard insurance covering the mortgaged property. puts taxes acid assessments next due
<br />on the mortgaged property (all as estimated by the Mortgagee) Iess all sums already paid therefor 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 beheld 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 aayments to'be made under
<br />the no[e secured hereby shall be added together, and the aggregate amount thereoi'shall be paid by the Mortgagor'
<br />each month in a single paymeni to be applied by the Moreagee to the followia~ items in the order set forth:
<br />(I) premium charges ur;der the contract of insurance with the Secretarv of Housine and Ur'oait Uevciopment;
<br />or ;nonihly charge /in lieu uj mcrrigage• rnsurarrce nremiumJ. as the case may be;
<br />(iJ) ground rznu; taxes, assessments, lire and other hazard insurance premiums;
<br />(Ill) interest on thenote securedhereby; and
<br />(IV) amortization of theprincipal of said note.
<br />Any deficiency in the amount of any such aggregate nu>nthly paymeni s1talLunless madeggod by the~Mort-
<br />gagor prior to the due date 6f tfie next such paymeut.::<anstitute an event of default under thismortgage. 71te
<br />Mortgagee may collect a"late charge" not to xcced tots cents 1-3g)fior each dollar {5})of ouch paynierit more
<br />than fifteen (L5) days in arrears to cover the extra expense invoh~ed in handling delinquent payments.
<br />I>. 'that if he vital of [he payment.-made by the 11ort~agor under r%~) of paragraph 2 preccdint; shall exceed
<br />the amount. o! payments actu:tlh~ made by the ktngagee Fornround rent.., .taxes and a xanments or insurance pre-
<br />miums, asthe case macbe,such excess; if the Loan is currertt, at the optionof the Mortgagor: shatlbe crediredbt
<br />the 1lnrtgageeim subsequent pay°ment= to be mxdebv the A1ortra~or;or refunded to the 31ur[gagor [f. howevor. th+~
<br />rnnnthty payment= made by the Mortgagor under '!,j of paragraph'.. precedingshall not-he wfficient to pn}''ground
<br />rent, rases and asses-men La or insucanaspremium-, as theca.=o maybe. whenthe same.-hall become duean[Lpay-
<br />able thenthe-Nortgagorshail pay. tothellnrtKar!ee any amount neces~an•tomake, uptltc: deli^•iency. on ©rbefore
<br />the dau~ when payment of such :;round rent'. [aces. a -essments ur insurance prtrmiutns shat! be due If at'am•
<br />[tine the 1~lortxagoc shalt tender to theilortgagee; irr aecordanre with the provisions of-the note see•ured hereby;
<br />lulf payment of the entire indebtedness rrpresented thereby, the llortiga me thxll. in er2mputtng th+t amount of ouch
<br />indebtedness, creditto theaccount of the Mortgagor all payments made underdte provisions of f.r; of paragr;aplt '_
<br />here+o! which the ltprt;;agee has net hccirm. itbl igstcii to pat ut the secreian~ of llou>ing _nd 1t^ban DcvelopmccrC
<br />andanc balance rcmaininR in the tondo accumulated under the provi-ion. of ri~l of para;;rapfi _' hcrei~f, If thtve.
<br />=hail he adefault. under any irf the provi:~tnns rif thin mort~al!e resulting in a puh1ic -+aleuf th~~ premisescosere•d
<br />herc•bv. or iF1he 1lnrtga,Gee acquirestheprnpertynthencise ;titer default, t.hellurt~agee --hall apply, at tht~ timenf
<br />the commeneememtn! such prncecdin~s, or nt Ute time thepr ~.~~rty isutherwPse acquired, rho bxlaht•e Ihen mtnain-
<br />inpin the fund= :uxatmulated under / =1 of purt{;raph _' pracedm ..~:u credit:u;ainsCthe amountof princip;zlthtn
<br />remainittgunpaidmuler acid note, and sh;ili prgperlq adjust .may paymenL~ afiic•h =hall hove been made under roil
<br />of paragraph '?:
<br />J: That the 1lortgagor will paygrcmnd rents. luxe assesments.. water rates. and other governmental or municipal.
<br />charges;finea.or impositions, for which pnRtwunhasnot been made hezeinbefore. and in def~ruhlhereof the Mortgagee may'.
<br />pay the same: and [hazlhe )1ortgagur wit! promn[ly dehver thebfficial receipts thereAx zo the A4ongagee.
<br />S.The Mortgagor wiU pay t+I} taxes which may belevied ulx>n the Mortgagee'.. interest in said real esh~te aodimprove-
<br />menu, and whichmay beieviep upon ifiis mortgage ar the debrsecured hereby (hut only to the extent that such is nut prohibit-
<br />ed by law and oni}° in the extent that such will not make this loan usurioush butexciudiog any income tux.. SUrte or Federal,
<br />impostdrin Mortgagee. and wilt hie the otTicial receipt showing such payment with [hz Mortgagee: l,~g!~nviirlation of thisLnder-
<br />taking. or if the Mortgagor, is prohibited by am~ 3aw now or hereafter exisein} from paying the whole or any portion of the afore-
<br />. .acid taxes,or upon the rertdcring of anycc>urt decree prohibiting he payment by-the Mortgagor orany such taxes. ar if such law
<br />or decree provfdesthafany amount so paid by the-'.1ort~gor shall be coedited onihe mbrtgage debt. the Mortgagee shtall have
<br />the right togive ninety days' written notice to theowner of themortgaged premiszs_.requiring the peymentof the mortgage
<br />debt. If'such notice begiven. the said debt shalt 6ecume due, payable and cirllectibie atthe expiration of saidninen• day+.
<br />b. "fhatahuuid he fail to pay any sum or keep anycot•enartprcivided for in this Mortgage, then the Mortgagee::i[ itss?p-
<br />tion..maypac orperform the same.. and all expendituressa made shah heattded tothe principal-sum owing inn the._ubove note.
<br />- .shall be secured herehy.andshall bear interest ai the ratesetfonh in the said npte, unfit paid.
<br />" i. That: hehereby assiens: transfers and sets over io the Mortgagee, to be applied toward the payment of tfie Hate Mind alt
<br />'soma secured hereby in csse of a default innc~ performance of any i~f the terms and condiions ~f this Mortgage or the said.
<br />note, alt the aen[s. revenues and income to be derjvedfrom. the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and the Martgageesha(I have, power to appciint any agent or agents it may desire for the purpose of
<br />.repairing. saidpremises and of renting the same and calieczing[fierents,.revenors andinrnme; nnditmaypav out of said in-
<br />`comes allexpenses of repairingsaidpremisesand necessary commissions and expenses incurredin rentingandmanagingthe.
<br />same a7dofmilectfng rentals eherefrom:'thebalattceremaining. ifany. mbeapp3ied towardthe dischargeof said mortgage
<br />indebtedness..
<br />S: That he willkeep the improvementsnow existing or hereafter erected un the mortgagedproperty, insured as `may be
<br />rtquiredfrom time totimeby the Mortgagee against loss b}°fire nndo[her hazards. ~tsualtizs and contingencies is such
<br />amoun[sand for such periods as may be ieyui;ed by the4lortgageeand will pag~ promptly. when t3ue. any premiums an loch
<br />insurance pnivrsiun fitrpaymem of which has no[ peen made hereinbefore All insurance shall be carried in companies ap-
<br />prnvedby theMortgagee andihe policies and renewals thereof shall be held liythe:~tortgageeand have atiaciied thereto lots
<br />payable clauses infavor of and inform acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />L mail to the 1~lortgagee, w.ho may make proof bf loss if not made prdmptty by Muttgagur, and eacfi insurance company con-
<br />corned is hereby authorized and directed to maFe payment for such loss directly to the Mortgagee instead of ui the Mortgagor
<br />andthe. Mortgageejointly. andthe insurance proceeds. qr any Fart thereof, may be applied by the Mortgagee at its option either
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the property. damaged. In evcntof fimeclo-
<br />Sort of this mertgageor other transfer of tiJeto [he mortgaged property in extinguishment of the indebtedness securedhereby.
<br />al! right<titfe and interest oftheM,ortgagorin and to any insurance policies then in force shall pass to the purchaser or grantee.
<br />9. That as additional`and collateral security for the paymeni-ot thenote described, and all sums to become due antler this
<br />mortgage; the Mortgagor hereby assigns. u+ the Mi: rtgagee alt profits. revenues. royalties. rights and benefits accruing to the
<br />Mortgagor under am• and ail uif and gas lease. on said premises. with the right to receive and receipt for the same sod apply
<br />them io said indebtedness as welfbefore as afterdefaul[ in the conditions of this mortgage, and the Mortgagee may demand, sue
<br />For and reebver any such payments whin due and payable;but shall not 6erequired >:.+ ur do. This xcignmenB is to terminate
<br />f and become null and void upon releases ~•f this mortgage.
<br />S
<br />+iUD-92ta3M 19-79)
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