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<br />~~~ U ~-) `~ ~ ~ ~ month nor to its due date the annual mort insurance ~ remium in order to rovide such holder
<br />O p ~ Bag'= ~ P
<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 pate of even date and this instrument are head by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lleu of a mortgage insurance premium/ which shall be in an
<br />amount equal to one-twelfth (1/12) of one-half (I/2) per centum of the average outstanding balance
<br />due on the note computed withmrt taking into account delinquencies or prepayments;
<br />(b) A sum equal tp the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fire and otlter hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /all as estimated br rlre ,M1fortgageel less al! sums already paid therefor divided by the
<br />number of months tp 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 Mortgagee in trust to pay said ground trots, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in dte two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall he added together, and the aggregate amount thereot shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu of nwrtgage fnsurance premium[/, as the case may be;
<br />(1[) graund rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(I11) 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 payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents {4~) for each dollar ($ I) of each payment more
<br />than fifteen (I S) days in areas to cover the extra expense involved in handling delinquent payments.
<br />4, That :f tf~ t~tat of tho pay-n,onts ma>ia hv- t!!e ~Inrtga~,or under i 61 of paragraph! ptecedin_g Bhail exceed
<br />the amount of payments actually made by the ilortgagee for graund 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, shall be credited by
<br />the :Mortgagee on subsequent payments to be made by the Alortgago~, or refunded to Ghe Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under tb) of paragraph 2 preceding shall not be sufficient rn pay ground
<br />tent, taxes and assessments or insurance premiums, as the ease may be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the 3lortgagee any amount necessary to make up the deficiency, on or before
<br />Ute 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 Mortgagee, in accordance with the provisions of Ute pate secured hereby,
<br />[uH payment of the entire indebtedness represented thereby, the itartgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor ail payments- made under the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee hits not become obligated to pay to the Secretary of Housing and Urban Development
<br />and any balance remaining in the fund= accumulated under the provisions of ('b) of paragraph 2 hereof. if there
<br />shall be a default under any of the provisions of this marigage resulting in a public sale of the premises covered
<br />hereby, or if fhe Mortgagee acquires the property otherwise after default, the ~brtgagee shall apply, ai the lime of
<br />"site commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under Ihi of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note, and shad propery adjust any payments which shall have been made under (a!
<br />of Paragraph 2.
<br />1. That [he Mortgagor will pay graund rents. taxes, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has oat been made hereinbefore. and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levvied upon this mortgage or the debt secured hereby lout only to the extent that such is not prohibit-
<br />ed by law and only to the extern lira[ such will nut make this loan usuriousi. but excluding any income tax, State or Federal,
<br />imposed an Mortgagee, and will file the offtcial receipt showing such payment with the Mortgagee. Upon violation of [his under-
<br />taking. or if ttce Mortgagor is prohibited by any taw now or hereafter existing from paying the whole oe 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 />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. [f 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, thin the A9ortgagee, at its op-
<br />tion, may pay or perform the same. and a0 expenditures so made shall be added to the principal sum owing on the about note,
<br />shall fie secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br />7. That be hereby assigns, transfers and sets over to the Mortgagee. [o he applied toward 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 cunditiam of this "tforigage or the said
<br />pore, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebied-
<br />pess shall remain unpaid: and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rtms, revenues and income. and it may pav out of 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 cafleeting rentals therefrom:. the balance remaining, if any. to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />ft. That be will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such ptriods as may be required by the 'Mortgagee and will pay promptly, when due, any premiums nn such
<br />ipsuraxe prevision for payment of which has not beer, made htreinbefost. All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shad be held by the Mortgagee and have attached thereto Toss
<br />payable clauses in favor of and in fo: m acceptable to the Mortgagee. In event of lass Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proof of lass if not made promptly by Mortgagor, and each insurance company con-
<br />cerned is hereby authorized and dirceted to make paymem for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagor jointly, and the insurance proceeds, or any part thereof, maybe applied by the Mortgagee at its option either
<br />to thrreductian of the indebtedness hereby ueured or to the restoration or repair of the property damaged. In event of forecb-
<br />sure of this ruortgagtorothertransfer of [lilt to the mortgaged propert}^ in extinguishment of the indebtedness secured hereby.
<br />-ail right, title and interest of the Martgagtx in and to any insurance policies then in force shall Gass to the purchaser or gramee.
<br />9. Thal as additional and collateral security for the payment of the pate described, and all sums to become due under this
<br />mortgage. the.Mottgagor hereby assigns eo the Mortgagee all profits, revenues, royalties, rights and benefits accruing to the
<br />Mortgagor under any and all oil and gas !rases on said premises, with the right to receive and receipt for the same and apply
<br />them to said indebtedness as well btfare as after default in the conditions of this mortgage, and the Rortgagee ma} demand, sue
<br />for and recover any such payments when due apd payable, but shat! not he required so to do. This assignmem is to terminate
<br />and become null and void upon release of this mortgage.
<br />FN4 37aaM 19077}
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