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x r -d ti~ ^!t 7 - n4.WDv- 'i~a ey vUWr VW 711"Xf 1 } . .wry. (1) month prior to its due date the annum mortgage insurance premium in order to provide such holder with funds to pay suds, prtttiium to the Secretary of Rousing'aad.. Urban Development pursuant to the National Housing Aect as,anunded, and applicable Regulatirmi thereunder; or, (11) If and so long as said note of even date and this instxrment are held by the Secretary of Housing and C1,! Urban Development, a monthly, charge .(!n Ifcu'of a morrpge insurttrrrer prenriunr) which shall be in an t':V amount equal to one-twelfth (1112).of one-half (1/2) per centum of the average outstanding balance ® due ors the note computed without taking into account delinquencies or prepayments; © (b) A sum equal to the ground rents, if any, next duce, plus the premiums that wr'tl next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all at estimated by the 41ortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre- , miurns, taxes and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (1) premium charges under the ;contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (11) ground rents, taxes, assessments, fire and other hazard insurance premiums; (111) interest on the note secured hereby; and (IV) amortization of the principal of said note. Any deficiency in the amount of airy such aggregate monthly payment shall, unless made good by the Mort- gagor prior to the due date of the next such payment, cotlstitute an event of default under this mortgage. The Mortgagee may collect a "late charge" riot to exceed four cents (4y) for cacti dollar (S I) of each payment more than fifteen 0 S) OaYs in arrears to cover the extra expense involved in handling delinquent payments. i. That if the, total of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee for eround rents. taxes and assessments or insurance pre- miums, as the cw;e may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Morigagor. If, however, the monthly payments made by the Mortgagor under (6) of paragraph 2 preceding shall not be sufficient to pity ground rent, taxes and asse :smcnts' or insurance premiums, its the cake may be, when the same shall become due and pay- able, than the Nlortgagor shall pay to the Mortgagee any amount ncvcs:4ary to make up the deficiency, on or before the date when payment of such ground rents, taxer, assessments or insurance premiums shall be due. If at any time the Alortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the. Mortgagee shall, in computing the amount of puch indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph 2 hereof %hich the Mortgagee has not become obligated to pay to the Secretary of (lousing and !Urban Development and any balance remaining in the funds accu .lated under the provisions of (b) of paragraph 2 hereof. It there shall he a default under any of the provisions of this mortgage resulting in a public :talcs of the premises covered hereby, or if the Mortgagee acquires the property others%ise after default, the Mortgagee stall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain- ing in the funds accumulated under (b) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said note, and shall properly adjust any payments which shall have been made under ('n! of paragraph 2. 4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal charges. fines, or impositions, for which provision has not been made hereinhefore, and in default thereof the Mortgagee may pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee. S. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real cs;ate and improve- ments, and which may he levied upon this mortgage or the debt secured hereby (hut only to the extent that such is not prohibit- ed by law -and only to the extent that such will not make this loan usurious), but excluding any income 1,ix. State or Irederal, Imposed tin ;Mortgagee, and will h1c the official receipt showing such payment with the Mortgagee: Upon violation of this under- i.iking, or if the Mortgagor is prohibited by any law now tits hereafter existing from paying the whole or any portion of the afore- N:aid taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law or decree prcr,: ides th.-!t any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have the right to give ninety stays' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days. b. That should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its op- tion, may pay or perform the slime, and all expenditures so made shall be added to the principal sum owing on the ahove note, shal9 be secured 'Hereby. and shall hear interest at the rate set forth in the said note, until paid. 7. •rhat he hereby .issigris. transfers and sets over to the Mortgagee, to he applied toward the payment of the note and all sums secured herchy in case. of a default in the, performance of any of the terms and conditions of this Mortgage or the said note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted- ncss shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of repairing said premise and of renting the same and collecting the rents, revenues and income, and it may pay out of said in- co s all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the sam W of collccting rentals therefrom; the balance remaining, if any, to he applied toward the discharge of said mortgage intilchtec tctis. 9. Th;it he will keep the, improvemcnt; now existing, or hereafter erected on the mortgaged property, insured its may be required front time to time by the Mortrpgcc against loss by firs and other hazards, casualties and contingencies in such amounts and for such periods as may he required by the Mortgagee and will pay promptly, when due, any premiums on such insurance provision for payment of which has not been made hereinbefore. All insurance shall he carried in companies ap- proved by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have attached thereto loss payable cl:aiiws in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by snail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and act; insurance company con- cerned is hereby amlioriz.cd and directed to make°paymcnt for such loss directly to the Mortgagf e w :.d of to the Mortgagor and the Mortgagee joki0y, and the insurance proceeds, or any part thereof, may be applied by the 'r itgngce at it% option either to the reduction of the indch►sdncss hcrehysecured or to the restoration or repair of the property ~ unaped. In event of foreclo- srire of this mortgage or other transfer of title to the mortgaged property in extinguishment of Che indcf redness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass te. the purchaser or grantee. a 9. That as additional and collateral security for the payment of the note described, and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all profits. revenues, royalties; lights and benefits accruing it) the Mong:igor under any and all oil and ga, leases on saia premises, with the right to receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this mcitgage, and the Mortgagee may Jemand, sue for and recover any such payments when due and payable, but shall not be required so to do. This assignment is ro terminate ;trod hc~_ofne nul! and void upon rcle:ase of this morig:age. HUa92143Pa (9-79)