|
. i l `>, .. !u V.s ,... %:.3E~ .., a~.r .. .., 1'~'rar- ~. -.-., .-CPr .. ., ':5'~?'. J,7f*' ._..Jv: t-..-__-
<br />w[th lands zo pay is#xh4prernYUm tr, .h_ Secaetar°. 43f H, .su.g anti [;,r?~arn 1}rw.'-.,~;r.:_rt~ _,>r~a,' t{ ti:z
<br />'iatiartal Haux[nlg Acz. as arruea+dtd. tend appls~aznl+.• Rtzu;tinr~s tlsereut?du u; or
<br />(let if and sa tang as sold Hate of ever Batt and th!s znstn~rren*, are held by the Seretary of H<-r~s.,g ar"
<br />urban Develop~rtrnt, a mumlrly charge (tit lieu of a marrgage insurance premium! which shall ire in an
<br />amount equal !a one-twelfth f l%12) of arzt-half fi "_) p°- e_nturn of the average outstanding bala[:ce
<br />due an the Hate computed without taking m!o account delinquencies or prepayments:
<br />~ (b) A sure equal tp the ground rents, if any, next due- plus the premiums that wlll next aeccxne due and payable on
<br />r ~ policies of fire and attter hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />~ an the ;nurtgaged prop:rty !all as estinrateJ by the :tf trtKager~ less a#1 sums already paid =,he:tfar divided by the
<br />number of months to elapse before one mc~ntlz p:i:,r tr, the date wheat su~fz grc~;rd renu, premtunts. taxes and
<br />~ assessments will became delinquent, such sums :o be held by Mortgagee in trust to pay can: ground rents, prt-
<br />~ miums. taxes and special assessments: and
<br />{c) All payments mentioned in the two preceding subsectisms of tltts paragraph and al payments to be made under
<br />the Hate secured hereby shall be added toLether. and the aggregate amoun! zhereuf's}taii br paid by zhe Mortgagor
<br />~ each month in a sinQ,le payment to be applied by the Mortgagee to the rrllawin¢ items in the order set forth:
<br />n
<br />{1) premium charges under zhe contract of insurance with tlt>_ Secretary of Housing and groan tkveioptrten€,
<br />or monthly charge (in lieu of mortgage Insurance premiumj, as the case may be:
<br />{Il) ground rents. taxes. assessments. lire and other hazard insurance premiums:
<br />QIf) interest on the note secured hereby :and
<br />(IV) amortization 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 peymcrit- cortstitnte an even of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed t~wr carts (4y) for each dollaz {31) of each payment more
<br />than fifteen (1~) days in areas to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor under IhJ of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the '4lortgagee fns Around rents, taxes a-nd asses:.ttzeni=: or insurance pre-
<br />miums, as the case may be, streh excess, if the loan is current, at the option of the Mortgagor, shat! be credited by
<br />the Mortgagee on subsequent payments to be made by the iiorigagor, or refunded to the ~loriea2or. li. however, the
<br />monthly payments made by the Mortgagor under (t~) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the ease may be. wher. the same shall become due sod pay-
<br />- able, then the Mortgagor shall pay to the i9ortgagee any amount necessary to make up ilze deficiency, on ar before
<br />the date when payment of such ground rents, tsxes, assessments or insurance premiums shall be due. if at any
<br />time the Stortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />tali payment of the entire indebtedness represented thereby, the 5lortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of !a) of paragraph Z
<br />hereof which the Jbrtgagee has not become obligated to pay to the : ecretan• of Housing and Ltrban Development
<br />and any balance remaining in the funds accumulated under the provisions of !G) of paragraph 2 hereof. If there
<br />shall be a default under any of the provision; of this mortgage resulting in a public =ale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the 5lortgagee shall apply, at the time of
<br />the commencement of such proceedings, or at the time the property i~ otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under /hi of paragraph 2 preceding, a~ a credit against the amount of principal then
<br />remaining unpaid under said note- and shalt properly adjust any payments which shall have bean made under,(c)
<br />of paragraph ?,
<br />d. That the Mortgagor uili pay ground rents, taxes. assessments. water rates. and outer governmental or munuipal
<br />charge, hoes. or impo,i[ic+ns. fur which provision has not been made hereinbefure, and in defautt thereof the'ufortgagee may
<br />pay the same: and that the Mortgagor wit! promptly deliver the official receipts therefor tot the Mortgagee.
<br />t- The Morttzagar wifl pay ail taxes uhic'.t may be levied upon the Morteagee's imeresc in said real es€ace and improve-
<br />. moms. and which may t>e levied upon this mortgage or the debt secured hereby (but only to the extern that such is not prohibit-
<br />- ed by law and only €a the ex€et€€ €ha€ such wit) not make this :can usuriousi. but excluding anv income tax. State ar Federal.
<br />- _ imposed on Afanegasce, and will file the olticial receipt shavving such payment with the Mortgagee- L'pan via;ation of this ttttdcr-
<br />taking, or if the Mortgagor is prohibited by am law now or hereafter existing from paying the whole or any portion of 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 />or decree provides that any amount su paid by the Mortgagor shall be credited on the mortgage debt. the Mortgagee shalt have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the pad moot of the mortgage
<br />debt. It such notice be given. the said debt shall become due. payable and collectible at the expiration of said ninety days.
<br />i+. That should he fail to pay any sum or keep any covenant provided fur in this Mortgage, then the Moe?gages, at its ap-
<br />tian, may pay or perform the same, and ail expenditures so made shall be added to the principal sum awing on the above note.
<br />shall be secured hereby. and shall bear in[eres[ at the rate set forth in the said note. until paid.
<br />'. That he hereby assigns. transfers and sets over to the Mortgagee, to he applied !oward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage ar the said
<br />note, all the reins, revenues and income to be derived from the mortgaged premises during such tizae as the mortgage indebted-
<br />. Hess shall remain unpaid: and the Mortgagee shall have power to appoint any agent ar agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income. and it may pay out of said in-
<br />wmts al} expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing [he
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />R. Thal lee will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to time by [he Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and far such periods as may be required by the Mortgagee and wit! pay promptly, when due, any premiums on such
<br />insurattse provision-for payment of which has Hat been made htreinbtfore..All insurance shalt be carried in. companies ap-
<br />proved by [he Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor at and in farm acceptable to the Mortgagee. !n event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who tnay make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />.- corned is hereby authoeized and directed to make payment for such loss diracity to fhe Mnr-~gagee instead of to the Mortgagor
<br />-' and [he Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either
<br />to the reduction of the indebtedness h,reby secured or to iht restoration or repair of the property damaged. In event of forecla-
<br />slue of this rnortgagror other transfer of titleio the mortgaged properly in extinguishment of the indebtedness secured hereby.
<br />all rig-ttt, title and interest of the Mortgagor in and to any tinsurance policies then in force shall pass to the purchaser or grantee.
<br />4. That as additional and collateral security for the payment of the note described, and all sums to become due under this
<br />mortgage; the,ltl"ortgago~hereby assigns to the Mortgagee all profits, revenues. royalties, rights and benefits accruing to the
<br />Mortgagor under arty-and at1 ai! and gas leases nn said premises. with the right to receive and receipt far the same and apply
<br />them to said indebtedness as well before as afterdefasslt in the condition, of this mortgage, and the Mortgagee may demand, sue
<br />for and recover any such payments when due and payable, but shall na[ be required so tc= do. This assignment is to terminate
<br />and become Holt and void upon release of this mort~ge.
<br />FfiA-2t43M tt0-17)
<br />.gin' ~,.~-~
<br />
|