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<br />79-- t~ (, 3 211
<br />I) month prior to its due date the amtnal mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder, or
<br />(II) If and so long as said note of even date and this instrument arc held by the Secretary of Housing and
<br />Urban Development, a monthly charge tin lien oja mortgage insurarree premium/ which shall be in an
<br />amount equal to one-twelfth (l!12).of one-half (1 /2) per centwr. of the average outstanding balance
<br />due on the nafe computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal tq the ground rents, if any, next due, pbs the pretniums that will next become due and payable on
<br />policies of fire and outer hazard insurance covering [he mortgaged property, plus taxes and assessments next due
<br />nn the mortgaged property /all as csti+r~ated 5v t{re Mortgage~~t less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents. premiums, taxes and
<br />assessments wit! become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />- miums, taxes and special assessments; and
<br />(c) A!1 payments mentioned in the twit preceding subsections of this paragraph and all payments to be made under
<br />$tt note secured hereby shall be added together, and the aggregate amount thereof shall be paid by file Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the 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 /ire lieu ojmortgage insurance prentiumj, as the case tray be;
<br />(II} ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill} interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in [he 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 payment, constitute an went of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4,r) for rash dollar (S 1) of each payment more
<br />than fifteen (15}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 1lortgagor under l b) of paragraph ?preceding shall exceed
<br />the amount of payments actually made by the'lfortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is curcent, at the option of the Mortgagor, shelf be credited by
<br />the Mortgagee on subsequent payments to ba made by the Mortgagor, or refunded to the Mortgagor. lf, however, the
<br />tnonUtly paytaenx; tirade by the llfortgagor under /b) of paragraph 2 preceding shall not be sufficient to pay gmund
<br />react, tales and assessments or insurance premiums- as the case may be, when the same shalt become due and pay-
<br />ahle, -theft the ~tertgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when pavtttent of such ground rents, taxes, s;sessmr=nts or insurance premiums shalt be due. If at any
<br />time the 4orgagor shat! tender to the \brtgagee, in accordance with the provisions of the note secured hereby.
<br />furl payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />ittdebtedttess, credit to the account of the Mortgagor all payments made under 6'te provisions of lal of paragraph 2
<br />hereof which the Mortgagae has not become o6ligsted w pay to the ~ecretarv of Housing and t rban Development
<br />amI any Ialartce remaining in the funds accumulated under the provisions of (bi of paragraph 2 hereof. If there
<br />shall ba a default ender any of the provisions of this ttwrtgage resulting in a public sale of the premises covered
<br />fiereby, or if the !1lartgagee acquires the propert} otherwise after default, the Mortgagee shall apply, at the time of
<br />the txuat~ttcemertt of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under i bi of paragraph 2 preceding, as a credit against the amount of principal then
<br />rearainiag unpaid under said note, and shall propert} adjust an}' pa}~aents which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, tares, assessments, eater rates, and other goyernmenta! or municipal
<br />charges, frttts, ar imposirions, tar which provision has not been made hereinbefore, and in default thtrcof the Mortgagee may
<br />pay the same: and that the Mortgagor wit! promptly deliver the oRicial receipts therefor to file Mortgagee,
<br />5. The Mangager will pay aft taxis which may be levied upon the Mortgagee's iatertsi in said real estate and imprave-
<br />tnents, sad which may Ez levied open this mnrigage ar the debt xcured herehv that only to the extent that such is not prohibit-
<br />ed by law and only to the extern that such will trot make this sear, usuriaust. k+ut excluding an} income tax. State or Ftdetal.
<br />impoxd on Martgaget, and will fik the ofbcial receipt shaw;ng such payment u ith the Mongaget. !'p on violation of this under-
<br />taking, q if the Mortgagor is prohihitcd by an} tau axtw ar htrtaftcr existing from paying the whole or an} portion of the afore-
<br />said taxes, of upon t6~e rendtriag of any court decree prohibiting the pay menu by the 4tartt;agor or any such taxes, ar if such tau
<br />or decret provides that an} amount sa paid by the kortgagor ,hall tx crtditcd on the mortgage debt. the Mortgagee shall have
<br />tht right to give ninety days' written notice to flat owner ~=f [tit mortgaged premises. requiring the paymens of the mongage
<br />dt:•bt. If such ttotire be given, the said debt shall become dec. payahlt and coilecrihlt at the cxpiratian of said Hiner} days.
<br />b. That should tae fait to pay nay sum ar ktrp anycoveaa-,tprovtded for in tha. Nortgagt, then the I+4ortga$ee. at its op-
<br />tion, t~v pay yr preform the ssrt. sad ail exptrtdiiurts so made shah ix added to the priat:ipal sum owing an the above note.
<br />chap be secured hereby, and shall brat interest at the rats set #orth in the said Wort. until paid.
<br />'. That he hereby assigns, transfers artd sets over to the \fortgaget_ so be applied feu std the pa}ment of the note and all
<br />sums seared hereby in case of a default in the performaacr. of nay of the terms and conditions of this 4farigage or the said
<br />note. all the rents, reventus and income to be derived tram file mortgaged premises dunng such time as the mortgage indebted-
<br />ness scull rttrtain unpaid; and the Martgagte shall have power to appoint any agent i:r agents it may desire for the purpose of
<br />rrpairi~ said premises and of renting the same and collecting the rents, revtnt:es and incamt, and it may pay out of said ia-
<br />comes aft txpetrses at repairirsg said premises and rxte<sary commissions and expenses incurred in renting and managing the
<br />same >iad of ca#lectittg rentals therttrom; the balance remaining, if any, to he applied [award the discharge of said martgagt
<br />i>adebtedness.
<br />S. That he will kttn the itsapmvementc now existing ns htrcafter trrcted as the mortgaged property, it+.sured as may be
<br />required from time to tune by the Mortgagee against loss by fire and other hoards, casualties and contingencies in such
<br />~texintx and tar such pttiads as may be rcgttirtd by the Mortgagee and wiii pay promptly, when due, any premiums on such
<br />tnsntanes provision for payttreat of which Its not been made hercintxtore. AI} insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals tfurent shat! be held by the Mortgagee and have attached thereto loss
<br />payable tlanses m favor of std in form acceptable to the Mortgagee. In event of bss Mortgagor will give immediate notice 6}'
<br />madXV iht ~- who maY make proof at less if tmi made prompify b} Mortgagor, and loch insurance company con-
<br />~R€d is hereby auttwriztd and dirtcttd to make payment for such Loss directly to flu Mongagee instead of to the Mortgagor
<br />cad ~ Mortgagee jointly, and the insurarttx proceeds, or any part thereof, may be applied by the Mortgagee at its option either
<br />to the redaction aE tht itdebtedttess hereby secured or to the restoration or repair of thtproperty damaged. In event of foreclo-
<br />stusof this ieostgstge or otter transfer of tideta the rrtvrtgaged property in extinguishmtn[ of the iadehtedness secured heret+y,
<br />all tight--tide aid interest of the lltvrta8gpr in and to any insurance policies then m force shall pass to the purchaser or granter.
<br />9. That as additiotu! std cotlateral sectrrity for the payment of the ante described, end all sums to became due under this
<br />mtsrC. the idortgpgvt hartby assigns io the Mortgages all praftts. revenues, royalties. rights and benefits accruing to the
<br />Mort$A$[fr eider ally and all oil and gas lasses on said premises, with the right to receive and receipt far the same and apply
<br />tlacrtt to said itdebtedfless as weft before as atttr clef a t in tltr rot+~t~a~„=,_<ef this mongage, and t±tt i4tartgagce m-~; dtm-~nd, cut
<br />for std recover any such paymrnts when due and payahlt, but shall not 3>e required w to do. This assignment is to terminate
<br />and become null sad void upon release of this mortgage.
<br />r:+a.2taat~nttor,t
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