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<br />82~i~~'~~245
<br />(1) month prior u; its due date the annual mortgage insurance premiun in order to provide suchhoider
<br />with funds to pay such premium ;c the Secretary of Hauling-and Urban Development purs',rantto the
<br />National Housing Act, as emended. and applicable Regulations thereunder, or
<br />(II) If and so long as said nvtevf even date and this instrument are held by the Secretary of Housing anal
<br />Urban Development, a monthly charge tin lieu of a mnrrg¢ge instcr¢nae premium! which sha71 be in an
<br />amount equal tc one-twelfth (1j12) of one-half (1('_) per centum of the average vutstandin~ haiance
<br />due vas the note computed without taking into account delinquencies i)r prepayments;
<br />(h) A sum equal to the ground rents, if any, next due, plus rite premiums that will next become due and payable on
<br />policies of fire and other hazard insurance caverine the rnorgaoed property, plus razes and assessments next due
<br />on thz mortgaged property (atl ¢s estimated ~?~ the ,M1lartg¢geeJ less all sums already pair there3i~r dividedby the
<br />number of months zv elapse before one month prior to the daze wester such graurd rents, pratniums, taxes and
<br />assessments will become delinquent, Stich sums zo be held by Mortgagee in trust to pay said ground rents, pre-
<br />minors, taxes and s'peciaJ assessments; and
<br />(c) All paymentsmentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together. and [he aggregate amount thereat shall be paid by the M~trtgagar
<br />each month in a single payment zo be applied by tl:e. Mortgagee ro the following items in tree order set forth:
<br />(I) premium charges under ;hrcontraa of insurance witft the Secr ary of Housin, and L'rban Drvelopme nt,
<br />ar monthly charge !irr Ifeu .~f rrtnr?g¢ge brsurmrce prentiwrtJ, as .he case may be;
<br />{'tl) graimd rents; faxes, assessments, t?re and other leotard irisuiarcr premiums:
<br />(III)... interest on the note secured hereby; and
<br />(N) amortization of the principal of said note.
<br />Anydet'tciency in the amount Many suchaa„gregatc monthly ;taym~nt shall,amless made gcod by theMor,-
<br />gagor priorta dre due daieirf thenext suchpavmm~t. cunsritute art event of dcault node- ;ins mortgage. The
<br />'. Mortgagee map coileeta "late. ~•haige" not to exc ul .ixrr rents (4iGi for each dotlap ISI i ~sf each pavtiretitl?tare
<br />thanfifteep (1>) d ^;s in arrears to cover theexva ezpe^se inoolved in handling delinquent payments..
<br />.,. 'Chat if the total oC the pa}'ment~ made. h} the ylortealailr urtdrr (fir of par:>graph:~ pmcedin~ shall exceed°
<br />' the amount of payments actually madc:~ be the ylort,arree for around rent=, raxe~ and a.. esSmont~ or insurance pre
<br />mium~. asthe curie may be. such excess, if the .loan is r~urrent, at the i~ptionaf the 11vrtga~ar, shalLhe credited by
<br />the Mort¢at;ee bas ~uhse~quent payment- u. be made by rho \kxt~a~or, er mfuraied to the Llorcaarear, ]f. horcevpr, thr
<br />monthly payments made by the .11ortgagar under • `-: tit paragraph prc'tediny; ~hatl not he sufftcicnt ttrpar grotmd
<br />trot. taxes and a. _r=menu or insurance premi}rm-, a- thr iasc,• may he .ylten the game -:hail become dueatnd pay
<br />able, then rho tilortgagor Thal] pat to ihi 11ort a,ee amp amount. nrre~~an to makeup the deficiemv, mr or befon~
<br />the date when payment of such round rents: Laxe~~. a~~e-:menu nr ineur:mcc• pramtums -hall be due. [f at tiny`
<br />time thr Slun~a{;nr <halltendcr ta-thellort~n_e<•.in accordance withrhe provisions irf the note -c+rured hereby;
<br />IutYpayment of th+~ entire indcbtednessrepre-anted thereby: the Vortgayt:' r_+1, iri c•umputine the amount of ~hch
<br />indcbtednes~; credit ro the. account of the Mortgagor <rII payments rn:rde under the p.ovtsicir.. cif tix) ofparagraph
<br />hereof which the 1lortga~Cee$as nat. become obligated nc pay to the ~er•mturv of Ilwr.~inr< :nd trii:nn Uf,vclopment
<br />.and any: balunce rimaining inthe fundtiarcumuliuariunder dre pravi=ions of ,: of puragraph_' hcreiif. if them
<br />shul6 be a deCauh nndeeang of the prnvision.~ of this mort~3i;e m=ultina in a pulilir s:deirf the prnmi+c~ covered
<br />hereby. »r if the )1urtl;at;re a~cyufre> the. propc~nt~ otherxise after ~ic~fault. thellortt;arer .h;tll apply.tit ttie rime nC
<br />flee commcrnecmenr of .we•h prov~eeains, or at ihetimr the. propcrh w- otftc•nvi-e acquired. the bulancit lhc~n remaur
<br />in;! in the fund- aecumolated under 16J of parigraph 3 pnrcedin, +=;r t•redrt .rgamrthi~ aimounr of principal then
<br />remainenF ^npaidunder =aid note. and-hall proprtrh~ adju.-1 uny p.tyment~ which .h.rll h.rcc lrren made undur(at
<br />of paragraph •~,
<br />~. d That the Mort~:rgvr uiA. pap ground rents, texas. assessments, water roes. and other governmental ar municipal
<br />charge,. fines. or tmpnsition~. for ivhioh prntiision has note peen made nereinhesore;and in default' thereof the Ms rtg'rgee may
<br />pay the same: and that the Mortgagor will promptly deriver tbe:rfficiut reo~eipuihereforto the Mortgagee.. '
<br />~. 'Che Mortgagor will paj~ all taxes'w=bleb mvY~ be ic'vied~ upon the Mirrtea~ee's interest in ,aid rc,al estate and iinprote~
<br />menu,and which may-. be levied upon this mortgage itr the. dek±t secured hereby thus only w rho extent that itiCh isncitprohibit-
<br />ed by law and onto io the extent that such a-ill not. make.tht.lo;in usunousl. but excluding :ny income tax.Sta[e ur FederoL
<br />imposed enMgrt.gagee, and will file the ofncialYecetpt showing such paymentuSth the Mortg tgee..Ltpan violation'of thisundcr
<br />taking: or iBthe Stortgagui~is prohibited by anylaw now or hereafter existing from paying the whale ur troy portfdn tifthe afore-
<br />>aid taxes, er upon the rendering ofanv aiurrdecree'probibitingthe payment by the -Mnrt~gar or any suchtaxes.:or ifsuch ia~.
<br />or decree provides tfiarany amount sa paid by the Aiartgagarshal3 beaeditedon the mortgage debt. the Mortgageeshall have
<br />the right togive ninety days written notice totheownerofahe rmvtgaged_premises.reyuiring ihe,payment of.[henu?rtgage
<br />debt. [f such noticebe given. the saiii debt shall bevome due:payahleand cittlectihle ariheexpiration of said ninon days. ,
<br />6. That shouldhef:rilto pay any sum vrkeep am~eovenantprovided f~rtin this Mortgage, then the Mortgagee, at its tip
<br />'tionmay= paygr perform the same; and all expenditure, so made shall he addedio the principal siren owing tin the abrive note.
<br />shall besecured hereby. and'shaltbear interest ai ihz rate seLforth in the surd note: iiniSipaid:
<br />?. Thathehzreby assigns. transfers and sei~. uverto theMorigagee. do be apn3ied[award thcpaymen[ of zhe note andad
<br />sumssecuredrhereby incase of"a default in thenerformance of any of dhe [ermsandccindiuons of 7hrsMortgage or the: said
<br />note ell the rents, revenues and income to be derivedfromthe mort¢:iged premises during such time as the mortgage indebted-
<br />ness shalLrenrain unpaid; and the Mort:gageeshall have power to appoint any agent nr agents ii may desirE for the purpose of
<br />repa~inng saidpremisesand of rea[ing the same and collectingthe rents, revenuesand income. Arta it mays pay out of saidm-
<br />comes:tilctpensesoErepaSringssSdpremisesandnecassarycommissionsandexpense~incurredinrentingand.mnnagingthe
<br />same andof_collecting rentaisiherefromifhe ha(ance remaining,. if an}'. to beappliedtoward ihe'rjischarge of said mortgage
<br />indebiedness:
<br />K: That he tti~l{ keep the improvements now existingar hereafter treated on themortgeged property.. insured a may be
<br />requiredfromtime to time hyihe ~5ortgageeagrrinst loss by fireand other hazards. casualties and cdntingencres ian>jch
<br />amnuntsandfvt such periods xS may tx required by the ;vlartgagee and wi0 pa}' promptly, whCn flue, an} premiums en?;uch
<br />insurance provision for payment of which has not been made hereinbefcire_ .411 insuctnce shall be carrievirt cimrpanies ap-.
<br />proved by the ~~tortgagee and the policies and renewals thereof sha!I he held by the Mortgagee and hayz attached therein loss
<br />payable clauses infavor ofandin form acceptable to the Mortgagee. in event of fuss btortgagarwiii give immediate nbt.ice hy'
<br />mail-to [he Martg tg~e. whom .~ make proof of loss if oast made promptly bq Mort[tgcrr. and i<rch irnuranceiampam a>n-
<br />~. earned r hereby tuthorized end directed to make ~aynrant nor such loss - treetly A tl e Morrs_acee. mste td yr n the MvrtEigor
<br />ndthc bi.trtgngez faintly, and the insurance prcfve~ds, or any part thereof. rnatybe applied by the MuitEeaee at its ~t,rt3on crtYrer
<br />.tc> the rcduaiva of the. indebtedness hereby secured or to the restriration or repair of tbepri+perv r antag,d: lrt anent <rt 'credo-
<br />. pure of this mor:guge or othee tramler vt Titre [a the mortgaged-property in e.xtinguishmeor of thr indei~iulness :acured hereby.
<br />aft right. title and rnteresf of iheMvrt~~'~rrzn in ant' 'u any insurance polities then ir: force shall pars. to thv r urchasur c ~rantce.
<br /><i, that scs ddr:ional ono cofl.uter +I se vasty Inn the: yxymerrt v2i rite noted~~. ~tbe;i. and c ums tr i cco~ne Jrte under this,
<br />- mortar.ge. the a~ii rtgagrx hereby assigns tc+ the tit origagee al! arofits. re et u~us. ruy.il[Icx, ~.ght.c c+mi nenehls accruing Its the
<br />Einng.cgor unbar ant :rod ai! nil uad bas ,~:ue~ nn :aid prtrtt: ~es_ v.~ith lot ~ y:~n ru .y..c FVe :end ~ _i,a Pcrr the s'rcu and up(>1}
<br />thane i.~ .udind ±tedatax as aaf!?xfnrc ~. otter def::ak in for eondsUOO. of .. ~~~ i.... t>,~rgc+, anyi the 'tor p.rN_c ~ av Jc a:a n<i. quo
<br />fur r d .e:.urr.r ..ny such pttti~mcnrs v.ntn thee. and pawahle, nut shall u..r 5c .yc;o~.<:: .~ .,, nr,. ,-h~a;~a ~y_r .rut; i~ ~. r aeirtatt°
<br />xn+'t.. i. c~,~mc nut ri ~anid a ;~tlima r hts .n;c rtt,iKe.
<br />.. , J.,t i ;~,.~ ,-, .
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