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<br />;I month prior to its dui! darn ifse annu:~ rr::,r,,ga:ge, insut,urce premfutv~~i in vrdcr Rc? pry+€dz ~r~ch hir~fr,~e~z
<br />with funds to pay such I:retrtituna t<. ;rte ;~ecrerar;• ,~f ±ioi;ing anr,'- ':."roan 1'ievelr~prr+ertt pursi~anr tai ilme
<br />s'tiational Housing Aet, as amen~iied. at:d apFlucable Regutazions thereunder; yr
<br />{lI} lI and so long as said note of even date and Ilri, irstnsrttent are bald by the Secretary vt Ilousing a:;d ~
<br />Urban l~velopment, a monthly charge /ire lieu nja mortgage insurance premium) which shall be in an
<br />amount equal- to one-twelTth f1/1'_j of one-half fl/?} per een~um pf the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />{b) A sum equal tq the ground rents, if any. next due, plus the premiums that will next become due and payable on
<br />policies :;f f:;, rd aih~; h° - insurance eovering the mortgaged nrttnerty pt+s ta..__ ..nd assessments next due
<br />on the mortgaged property (all as estimated by !ire .ifurrgageej-less all sums already paid therefor divided by the
<br />number of mouths to elapse before one month prior to the date when such ground rents. premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mor*.gagee 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 alt payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to *,he following items in the order set forth:
<br />(I} premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (ir lieu njnurrtgage iusurmrce prenriur;rJ, as the cast. may be;
<br />(III ground rents, taxes, assess;ner.ts, fire and other hazard insurance premiums;
<br />(1Il) interest un [he note secured hereby: and
<br />(lY} antoriization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such pa}mer+t. cur•,"torte an event of default under this mvrtgage. The
<br />Mortgagee may collect a "late charge" net tv exceed four cents (4y) for cash dpllar (51 } of each payment more
<br />that, t3ftcerr (15} days in areas ii. covet life extra expense involved m handling delinquent payments.
<br />[I. That if the total of the payments made by the Mortgagor under ihl of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the 1lortgagee for tiround rents, taxes and assessments or insuranec pre-
<br />miums, as the ease may be, such excess, if the Loan is current, at the option of the'.Nortgagor, shall be credited by
<br />the 'liortgagoe on subsequent payments to be made by !tip ~Iortgagvr. yr refunded tv the 3}ortgagar. lf, hpwever, the
<br />monthly payments made by the Mortgaxpr under Vii,; of pecan aph ? przceding shall not be su€ficient to pay grcnrnd
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the 1lortgagee any amount necessary• to make up the deficiency, nn or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due, If at any
<br />time the Mortgagor shall tender to the 1lortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the 3tortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of dte Mortgagor al! payments made under the provisions of f ai of paragraph 2
<br />hereof which the 3lortgagee has not beepme obligated iv pap to the secretary of Housing and lhban Development
<br />and app balance remaining in the funds accumulated under the provisions of (61 pf paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgaoc resulting in a public =ale of the premises covered
<br />hereby, or if the Slortgagee acquires the property otherwise after default, the Mnrroa~Pe shall rpp!p, at the fire ~f
<br />the commencement of such proceedings, ar at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (b) of paragraph 3 preceding, as a credit against the amount of principal then
<br />romaining unpaid under said note, and shall properly adjust any payments a-!rich shalt have been made under (aJ
<br />of paragraph '?.
<br />0. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal
<br />charges, fines, yr impositions, for which provision has not been made hereinbefvre, and in default thereof the Mortgagee may
<br />pay the same; and that the tiivrteagpr will promptly deliver the official receipts therefor to the Mortgagee.
<br />?. The 4fprtgagpr will pay al! taxes which may be levied upon the Mortgagee`s interest in said real estate and impr~ve-
<br />ments. and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that suchts nut prphibit-
<br />ed by law and pnly tv the extent that such will net make this Ivan usurious), but excluding any income tax, State or Federate
<br />imppsed on-Mortgagee. and will file the otTiciai receipt showing such payment with the Mortgagee. Upon vioh,tian of this under-
<br />taking, yr if the Mortgagor is prohibited by any law now or h: reafter existing from paying the whole or any portion pf the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />nr decree provides that any amount sv paid by the Mortgagor shall be credited on the mortgage debt, [he Mortgagee shall have
<br />the right tv give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mvrtgage
<br />debt. If such notice be given, the said debt shalt become due, payable and collectible at the expiration of said ninen• days.
<br />fi. That should he fail to pay any sum or keep any covenantprovided for in this Mortgage. then the Mortgagee, at its op-
<br />tion, may pay yr perform the same. and all expenditures so made shall be added to the principal sum owing on the shove note,
<br />shall rte secured hereby, and shall hear interest at the rate set forth in the said note, until paid.
<br />7. That he hereby assigns, transfers and sets over tv the Aiprtgagee, to be applied toward the payment of the note and ail
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mungage or the said
<br />note, all the rents, revenues and income tp be derived from the morgaged premises During such ume as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent ur agents it may desire for the purpose of
<br />repairing said premises and of renting the same and roflecting the rents. revenues and income, and it may pay out pf said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if any, to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now existing or hereafter erected vn the mortgaged property, insured as may be
<br />required from time to time by the Mortgagee against lass by fire and outer hazards. cauaities and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, spy premiums un such
<br />insurance provision for payment of which has not been made hereinbefore. AR insurance shall t+r carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shalt be held by rtes Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in term acceptable tv the Mortgagee. In event of toss Mortgagor wiN give immediate notice by
<br />mail to the Mortgagee. who may make proof pf loss if net made promptly by hlortgagur. and each insurance company con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead v1 tv the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds. or any part thereof, may be applied by the Mortgagee at its pption either
<br />W the reduction cf the indebtedness hereby secured or to the restoration or repair of the property damaged. -n event of foreclp-
<br />sure of this mortgage or ether transfer of title to the mortgaged property in extinguishment pf the indebtedness secured hereby.
<br />all right, title-and interest of the Mortgagor in and to any insurance policies then in force shalt pass tv the purchaser or grantee.
<br />9, That as addipvnat and cvltateral secw'ty fpr the payment of the note descriited. end all sums to become due under this
<br />mortgage, the Mortgagor hereby assigns tp the Mortgagee all profits, revenues, rayalties, rights and benefits accruing to the
<br />Mortgagor-udder=any and all oil and gas leases pn said premises, with the right tp receive and receipt fpr the same and apply
<br />them to said indebtedness as well before as after default in the conditions of this mvrtgage, and the Mortgagee may demand, sue
<br />for and recover any such payments when due and payable, but ,hall not be required so to do. This assignment is to terminate
<br />and become null and void uppn release of this mortgage.
<br />r riA-T743M t10-771
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