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<br />(1) montTr prior to its due date the annual mongagt insurance prtmium in order to pravidt suit holdtr
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />Natiana7 Housing Act, as amended, and apptitable Regulations thereunder; ~r
<br />{II) if and so tong as said Hate of even dart and this instrurrrent are held by the Secretary of Housing and
<br />Ds .sprr,e;.t, a ianouy u'`,atge {,,. ,.~,. aja nrorrgaage insurance premium) which shag be in an
<br />amount equai_ to one•twelfth {IJl2) of otfe--half (112) pertentum of the avarags autatanda.g taatasrse
<br />due on tht Hate computed without taking into actaunt daiingt.; ncies ar prepayments;
<br />{b) A sum equal tq the ground rents, if any, ntxt due, plus the premiums that w=ill next become due and payable on
<br />go[icies orf fire and-other hazard fnsurance covering the marzgaged property, Plus -taxes and' assesstrxnts ntxt due
<br />an the triortgaged-property grail acs t:rrriirtcrtat by the A3asne) less atlsurds already paid therefor divided by the
<br />number of months to tiapst before ant month prior to the date when such ground rents, prerstiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee is trust to pay said ground rents, pre-
<br />miums, farts and special assessments; and
<br />{t) All payments mentioned in the two preceding subaectiorss of this paragraph and all payments to be made under
<br />the nme ~citred hereby shall be added together, and rite aggregate amount thereof shall be paid by the Mortgagor
<br />tacit month in a single payment to be applied by the MoKgagte to the following items in she order set forth:
<br />,, (I) pz-mittr;, thargts undo ehe Contract of insurance vrith the Secretary of Housing and Urban Development,
<br />or monthly charge f fn lira of martgnge insurance premium), as the case may be;
<br />(Il) ground rents, taxes, assessments. Cue and othtr hazard insurance premiums;
<br />(lli) interest on the note secured hereby; and
<br />{N) amortization of the principal of said note.
<br />Any deficiency in the;atttattnt of any such aggregate monthly payment shalt, unless made good by the Mbrb
<br />gagor prior to-the due dart of the next such payment, constitute an event of default under ttus mortgage. 'tire
<br />Mortgagee may collect a "late eharge^ not to exceed four cents {4¢) for each datlar {$1 } of each paymcttt more
<br />than fifteen {15) days in arras to cover the extra expense in solved irr handling delinqutnt payments.
<br />3. That if the fatal of the payments made by the Mortgagor under (b) of paragraph 2 preceding shalt exceed
<br />rite amount a[ payanents actually made by the Mortgagee for ¢round rents, taxes and assessments or insarance pre-
<br />miums, as the case may be, such excess, it the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments fu be made isy the Mortgagor, of refunded to rite Mortgagor:- "if, (iawever, the
<br />monthly payments by the Mortgag« under (b) of ga!'agreph 2 preceding shall not be s'uffirient to ~y geouad
<br />rent, taxes and' assesstnetrts or insurance premiums, as the case may be, when the same shall becoere due and. pay-
<br />able, then the Matgagar shall pay to the Mortgagee any amauret necessary to make up the defitiertcy, an-arbefbre
<br />the date when payment of such gr^rmd rents, taxes, assessments ar insueanee premiums shalt be due. if.aE any
<br />ti3ne the Mortgagor shall tender to the Alortgagee, in accordance with the provisions of fifes note secured hereby,
<br />full payment of the entire indebtedness represented-thereby, the hfortgagee shalt, in tomputt`ng the antoimt of sue.,
<br />ind~tdness, credit rs..:.,: account of tht Mortgagor ail payments made under the provisions of (a} of paragr~i 2
<br />hereof which the Mortgagee has tak become obligated to pay to the Secretary of Housing atrit Urban Devtlopmtnt
<br />d ~,r~y bala.rte r~,naining is the funds accumulated under rite provisions of (tj of pazagreph 2 hereofi if t3PSe -
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the Moetgagee acquires the property aGteru•ise after default, the Mortgagee shall apply, at the time of
<br />the tommeneement of such proceedings, ar at the time the property is otherwise acquired, the balance then rematrt-
<br />ing in f}re fund:; accumulated under fb) of paragraph 3 preeedtng, as a credit against the anraunt of principal then.
<br />retaining unpaid under said note, and shalt property adjust any payments which shall have been made ender (n)
<br />of paragraph 2,
<br />$. That the Mortgagor wilt pat' ground rents, taxes, assessments, wattr rates. and other governmental or municipal
<br />thargr., fines, or impositions, for which provision has not been road: hertinbefare, and in default thereof the Mortgagee may-
<br />pay tht :,:tme: and that the Mortgagor wit} promptly deliver the official receipts therefor to the Mortgagee.
<br />5. Tht 'elongagor will pay a!! taxes which may bt levied upon tht Alongagee's iirteresi in said real estait and improve-
<br />ments, and which may be levied upon this mortgage ar the deist secured hereby (but only to the extent that such is not prohibit-
<br />ed by taw and only to tht extent that such will not make this loan itsuriousl. but excluding any income tax, Stott or Federal,
<br />imposed on Mangagee_ and wilt file the official rtceipt shaving such payment with tht Mortgagce. l.?pon viola*,ian of thisunder-
<br />taking, or if the Mangagor is prohibited by any taw now or hueafzer existing from paying the whole ar any portion of the afore-
<br />said taxes. ar upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />ar dttree provides that any amaum sn paid by the Mortgagor shalt be credited an the mortgage debt, the Mortgagee shalt have
<br />the right to give Wintry days' written notice to tht owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If suchnotice be given, the said debt shall became dot, payable and coIIectibk at the expiration of said ninety days.
<br />&. 'Chat should he fail to pay any sum ar keep any covenant provided for in this Mortgage, then the Mortgagee, at its op-
<br />tion. may pay or ptrfa: m tht saint, and all tsptnditurts so madt shall be addtd to tht principal sum owirtg on the abavt tta[t,
<br />shalt be secured htteby, and shall bear interest at the rate set forth in tilt said note, until paid.
<br />7. That he hereby assigns, transfers and sets over to the Martgagtc, to bt applied Eaward the-payment of the Hate and all
<br />sums secured hereby in cast of a default in the perfarmancc of any of the terms and canrlitions of this Mortgage or the said
<br />note, alt the rents, revenues and income to be derived from tht mortgaged prtmises during such time as the mortgage.indebted-
<br />rress shall.rtmain unpaid; and the Mortgagee shat} have paver to appoint any agent or agents ii may desire for the put7wse of
<br />repairing said premises and of renting the same and collecting the rents, revenues and intone. and it may pay out of said in-
<br />capies aD expenses of repairing said pre,ises and necessary commissions and expenses incurred in renting and managing the
<br />saint and o£ collecting rtaiafs thtre€rom; the balance remaining, if any, to tit apptitd toward the discharge of said mortgage
<br />itulebtedness:
<br />8. 'Chat he wiU keep the improvements now existing or hereafttr ertctcd an thr mortgaged property, insztttd as may be
<br />required tram time' to time by the Mortgagee against Joss by fire and-other hazards. casualties and candngcnr'es in such
<br />nmatints attdfor such periods as may be required by the Mortgagee and will pay promptly, when dot, any premiums on such
<br />s«surtiriCe ptowisi6n for. payment of uhith has Hat ban made-hereinbefore, All insurance sha}I be tarried in companies ap-
<br />,~c~==d b} rlst ~tirtgagtt and-hie polieits and. ientwals theituf siratt be held by the Mortgagee attd have attached thereto toss
<br />..payable clauus in favor of and in itsrm acceptable to tht Mortgaget. la event oE.lass Mortgagor will give immediate notice by
<br />marl. [e the Ataragrr, whamay nta&t proof tsf foss if uotutade pramntlp bY-1~~tR,a8or, ate each ittsurantt company ton-
<br />ctrned is Hereby autiaxized and etiseettdra mrtkt gaymtnr far ~r b1 ss:t'afc:tly *.e rtie h3crr~~:einatead of to the Mortgages
<br />and the Mortgagee join2ty, arut th! irtsusatrce practeds, or any partiliereof, may be applied bythe Mertgagee at its option tither ,
<br />tq tt:e reduction a;' the irrdebtednaisa hereby secuttd:or its ti7e restorar~anar repair of the pro~rtydamaged, En eveatof farecto-
<br />sort of this mortgage ar other traasftr of-sith'to ttte ~-property in.exrimrgrushriterit of the indebtedness secured hereby,
<br />al l right, tii;e and intEitst of the Martga~tor in and to any insisrartct policies t[x n in farce shall pass fo the purchaser or graatat.
<br />9. 'Cunt as addiitupal-aud callateraT security far the payment of she Hare deseritstd, and elf sums tea btcamt due under this
<br />mortgage. the Moatgagitr herein assigns w _the Mortgagtt.,alt profits, reven_~.s;-royaltits,- rights and benefits accruing to the
<br />Mortgagor andcrarry acrd-till aiCand gas leases oh-said premises, with-the right t© €ecaivc and receipt €or the same and apply
<br />ihern ta. said indebtedness as writ bttare as after default in the candirians of this mortgage, acrd;he Martgagtt may dema;id, sue
<br />for and recover any such payments when due and payable, but shaft not berequired- sa to do. `Phis assignment is to terminate
<br />and become nuN and void upon release of this mortgage.
<br />~~ PNA 4743M traJll
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