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f 1} n._~rth prk>€ to tCS +'iwue rate ttr anr~~ -ar.-gag.: a-sut.~ .::.~ , -n....n't :~e ;.rdar ter p„ ~rlri~a31° vsc~ Il :i€as
<br />with funris t.=a na',S stash ~r~-rr_um it~> t#u=_ Se~rwts vI l~ail;~srrug anrf 'I~ rt=rwn Llkvrclcrsrnnx*t9. t*i~ru~ans to ~rh~
<br />!vfakiorral Hauling Act. as amnendrdS, and apptisxbir Rrgt,latliran~ thrreundcr: ar
<br />(#1} ff and sa Bong es said note cf essn date and the tes-tr=rr~m are held by tt~ Secretary of Hat:sirsg and
<br />urban Development, a monthly charge !in trerr of a mr>rrgage rrrwrance psemium} which shall .*x in an
<br />amount equal to one-twelfth f };`12} of one-half t l }') per cerrtum of the avrrage outstartding balance
<br />due on the note computed without taking tnto axovnt delinquencies or prepayments:
<br />(b) A sum equal iq the ground rents, if any. next due, plus the premiums that w?S next bernme d~~ ?+td p>_; able o.^.
<br />'--~ poiseies of tare and other hazard insurance covering the mortgaged praperzy, plus taxes and asscssmrnv next dur_
<br />~ an the mortgaged property %a!! as estimateri try the r4forrK~gee/ Sess all sums already maid therefor divided by the
<br />~ number of months to elapse befarre one month prior to the date when such graund rents. premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said graund rrnts, pre-
<br />~ miums. taxes and special assessments; and
<br />~ {c) A11 payments mentioned in the two preceding subsections of this paragraph and ail payments is be made under
<br />the note secured hereby shall be added together. and the aggregate amount thereof shat! be paid by the Mortgagor
<br />each month m a single payment to be applied by the Mortgagee to the :oilow•ing items in the order set fort};:
<br />(#) premium charges under the contract of insurance with the Secretary of Herusing and t;rban Development,
<br />ar monthly charge (in lieu of mortgage iusurmree premiwr, j, as the case ma} he:
<br />{II) ground rents, taxes. assessments, rye and other hazard insurance premiums:
<br />(I11) interest un [he note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amoum of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" net to exceed fin:r cents 14rt} for each dollar (5t) of each gayment more
<br />*.han fifteen (li) days in areas to cover the extra expensr involved in.handling delinquent payments.
<br />3. That if tAte Loral of the payments made by the M1#ortgagor under !bl of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the }longagee for t'round rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the M1fortgagor, shat be credited by
<br />the Mortgagee on subsequent payment- w be made by the ~lartgagor. ar refunded to the 1lortgagor- If, however, the
<br />monthly payments made by the Mextgagtx under b) of paragraph 2 preceding shalt not be sufficient to pay ground
<br />tent, truces and assessments or insurance premiums, as the ca.~e may be, when the same shall become due and pay-
<br />ab#e, then Ute Mortgagtx shall pay to the Mortgagee any amount necessan• to make up the deficiency, on or before
<br />the date when payment of such gmund rents, taxes, assessments ar insurance premiums shall be due. If at any
<br />time the Mortgagor :hall tender to the L9ortgagee, in accordance with the provision= of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the t#ortgagee shall, in computing the amount of such
<br />indebtedness, credit to dye account of the Mortgagor all payments made under the provisions of (aJ of paragraph 2
<br />hereof which the >brtgagee has not become obligated to pay to tfie ~ecretan of Housing and Grban Development
<br />and any balance remaining in the funds accumulated under the provisions of tbj 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 it the 1lortgagee acquires the property otherwise after default, the )lortgagee shall apply, at the time of
<br />the commencement of -uch proceedings, or at the time tfie property is otherwise acquieed, the balance then t•emain-
<br />ing in the funds accumulated under /Gi of paragraph 2 preceding, ac a credit against the amount of principal then
<br />remaining unpaid under said note, and sfiall pmperiy adjust any payrnenta which shall have been made under (a}
<br />of paragrapfi ~,
<br />d. That the Mortgagor will pay ground rents, taxes. assessments, water rates. and other governmental ar municipal
<br />charges, fines, or impositions. for which provision has not been made hereinbefore, and in default thereof the Martgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The M14ortgagor will pay ail taxes which may f•~ revied upon zhe Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the deb[ secured hereby [but only zo the extent that such is not prohibit-
<br />ed by taw artd only to the extent that such wilt not make this loan usurious). but cxcludtng any income tax. State a: Fedora#,
<br />imposed an Martgagee, and will fi}e the otTicial receipE shaving sue;; payment w°ttfi the ~.ic;tgagee. Upon vic'atiun of this ur:der-
<br />taking. or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any pcutian of the afeire-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or ff such law
<br />ar decree p: ovides that any amount so paid by the Mortgagor shall be credited an the mortgage debt. zhe Mortgagee shall have
<br />the right to give ninety days' written notice zo the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt, tf such notice be given, the said debt shall become due. payable and collectible at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any covenant provided fur in this Mortgage, then the Mortgagee, at its op-
<br />tion, may pay ar perform the same. and all expenditures so male shall be added to the principal sum awing on the above note.
<br />shat] be secured hereby. and shall bear interest at the rate set forth in the said note, until paid.
<br />?. Thai he hereby assigns. transfers and sets aver to the Mortgagee, to be applied toward the payment of the note and a!I
<br />sums secured hereby in case of a default in the performance of any of [he terms and conditions of this Mortgage or the said
<br />note, alt the rents, revenues and inwme to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and the Mortgagee shall have paver to appoint any agent or agents it may desire far 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 />comes a8 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 be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That fir. will keep [he improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to time by the Martgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amqunts and for such periods as may. fx required by the Mortgagee and will pay promptly, when due. any premiums on such
<br />.insurance provision for payment of which has net been made fiereinbefare. Alt insurance shat! be carried in companies ap-
<br />proved fly the Mortgagee and the policies and renewals tfiereaf shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of grid in form acceptable to the Mortgagee. In event of Toss Mortgagor vii) give immediate notice by
<br />mail is-The Mortgagee, wfio may make proof of toss if not made promptly by Mortgagor, and each insurance company con-
<br />serneti is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and fhe Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Martgagee at its option either
<br />fo the reduction of the indebtedness hereb; sectut:d or to the restoration or repair of the property damaged. In event of foreclo-
<br />sure of tfiis_ mortgage or other transfer of tide to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />all right, tide and interest of the Mortgagor in and to any insurance policies then in farce shall pass to the purchaser or grantee.
<br />9. That as additional and collateral sectirity fur the payment of the note described. and all sums to became due under this
<br />mortgage. the Mortgagor hereby assigns io the Mortgagee: all profits, revenues, royalties. rights and benefits accruing to the
<br />Mortgagor under any and all oil and gas leases on said premises, with the right to receive and receipt for the same and apply
<br />them to said indebtedness as well before as after default in the conditions of this mortgage. and ttre'~lortga;;ee may der :and. sue
<br />for and recover any such payments when due and payable, 'vut shall nut be required so to do. "This assignment is to terminate
<br />and become null and void upon release of this morte:
<br />fFSA 2743M ([0771
<br />~'~aw' ~,...o.'.
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