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79- ~U42~35
<br />(I) month prior to its due date cite annual 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 tc 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 are held by the Secretary of Housing and
<br />Urban Bevelopment, a monthly charge (in ffeu of a mortgage fnsumnce premium! which shall be in an
<br />amount equal to one-twelfth (I(i2) of one-half (IJ') per centum of t,~.: average outstanding balance
<br />due on the note canputed without taking into act aunt delinquencies ar prepayments;
<br />(b) A sum equal tq the ground rents, if any, next due, plus the premiums that will next become doe and payable an
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (a!7 as estimated bt= flee r4furtgagcei Tess ail sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the daft when such erourtd rents, premiums. taxes and
<br />assessments will brcumr delinquent. such sums to be held b}• Mortgagee in trust tc pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) A!1 payments mentioned in the two preceding subsectiors of this paragraph and a1] payments to be made under
<br />the nose secured hereby shall be added together, and the aggregate a;m]unt thereof shall be paid by the Mortgagor
<br />each month irz 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 o(ina!rance uah the Secretary of Housing and Urban [hvelopment,
<br />or monthly charge (in liece of m<%rtgage insurance prerniumJ. as the case may be;
<br />(It) ground rents, taxes, assessments, lire and adrer hazard insurance premiums:
<br />(111) interest on the note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount ei anti such aggregate monthly payment shall, unless made good by the Mort-
<br />;agor prior to the due date of the next suds payment. c+nuuuttr an event of default under this mortgage. The
<br />Mortgagee may collect a "late citarg~~' no[ io escerd fiu:r cents (4¢j fur each dollar (S I) o(each payment more
<br />than [fifteen (t ~) days in areas to cover the extra axpense im~oh•ed in handling delinquent payments.
<br />>. That if the tntad of t_1te payments m3ae b~. Otte y>n~~s_~~ under • ~ s rf °°-._~_ .,
<br />, -~°.,. pu+ag+ap h ~ pri+reding .hall exceed
<br />the amount of payments actual!}' made b}' the Slattgagee far Around rents, taxes and assessments or insurance pre-
<br />miums, as ilia case mar be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited br•
<br />the Mortgagee on subsequent payments to be trade 6y the Mortga~wr, or refunded to the \lortga&ar. 1E, however, the
<br />rtonthl} payments made by the Mortgagor under /b% of paragraph ? precedcng shalt not be sufficient to pay ground
<br />tent, cases and assessments ar inwt•attce premiums, a= ilia case may be. when ilia same shalt become duo and pay-
<br />able, flier. fire ilortgagor shat) par to the Mortgagee any amount necessan- to make up the deficienc}. on or before
<br />the date molten payment of such gtaund rents, rase., assessments or insurance premiums shall be due. IE ai any
<br />time the Mortgagor shall tender to the Slortgagee, in accordance uiih ilia provisions of the note secured hereby,
<br />foil payment of ilia entire indebtedness represented therebt, ilia ylortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the `Mortgagor alt payments made under the provisions of r a of paragraph
<br />hereof which the 3~rtgagee has. not become obligated to par to the Secretor of housing and !'than Development
<br />and any 6atance remaining in the fund; accumulated ardor the provisions of + b] of paragraph 2 herirtf. If there
<br />shal} be a default under any of [he provisions of [his mortgage resulting in a public ,ale of the premises covered
<br />hereb}•, or if the lbngagee acquires the propem otherwise after default, the Mortgagee chat; apple. at the time of
<br />the t»mmencement of such proceedings, or at the time the property i; otherwise acquired, the balance then remain-
<br />ing in the funds accumulated ender + =~% of paragraph '? preceding, a= a credit against the amount of principal then
<br />remaining unpaid under said note, and olio!! propery adjust any payment= uhich shall have been made under ta.'
<br />of paragraph ?.
<br />j. That the Mortgagor will nay ground rents, taxes, assessments, uatcr sirs, and other gur'crnmentai er municipal
<br />charges. fines, nr impositions. for uhich pmyision has rat been made hereinbcfore, and in default the:uf the 3lortga¢ee may
<br />pay rite same. and that thr':tnrtg2gor u-fill promptly deliver rhr c:.~tciaS receipts therefor is the Mangagcr.
<br />~. The Mongagar uill nay all taxi. which may l+e levied upon ilia Mo.^.gagee-s interest in said real rsiate and improve-
<br />ments.and uhich may t+e {evied upon this mangagc or flit debt secured hereby-tout only- [o the extent that such is not prohibit-
<br />ed by tau- and t'niy to the euent that such wd7 not make this loan ust,rioust. but excluding any income tat. State ar 1=rde:al,
<br />irnpascd on Mangagec. and uiL fi3e the orfcial receipt sheu ing such payment with the 'Ma.:gager. Upon riaiation of this under-
<br />taking. er ii the Monggar is prohibited by cry tau nou or hereafter existing from paying the u-hole c+r aoy xr lion of the af.,re-
<br />said taxes, x upon itte rendering of any coup decree prahihiiine the pa, mint h}the \fangagor or an} such taxes, or if such larv
<br />or dtxrer provides that nay amount so paid ht the -<9ortsagar shalt hr crrdued on the mortgage deb[, the Mortgagee shall liar e
<br />rhr right to girt rtinety d,,ys' u; trite tsotice ti: the ou ter of the mortgaged premise.. requiring the payment of rhr mortgagr
<br />dept. If such notice be given, ilia said debt shalt 4c.:mz due. pay~ahle and r,,Nectiblr at the e>;piratis+n .:f said ninety da_rs_
<br />b- That should he fai3 to pay any sum ar keep oar cover. ar:t provided frrr .n flit, Mortgage. then the .Mortgagee, at its op-
<br />iu tt, may pays .x perform ibz same, acrd all expenditures ,o made strati be added to [he principa; ,um owing an the at+are note.
<br />strall6e secured hereby ,and shall ixar interest at flit raft art forth in the :aid note, until paid.
<br />?. That he hereby assigns, transfer and sets over =,a the Morigager. *.o be arptied toward the payment _ f the note and alt
<br />sums secured hcrrby in ,:ace of a driault in rhr performarcr of ant of ttx term, .;nd conditions of this !Morteaee or [he said
<br />rkitc, all the rents, rrveaues and tn:,:nte to he dented f n,m the mortgaged premises dunng such time as the mortgagr indrbtrd-
<br />ttess shall remain unpaid; and the 'r#nngager shat bare Apart iu appoint any' aeent nr zgenis it ma}' desire for the purpose of
<br />repairing said premises and of renting ifx same and tallenine the rents, err eeuts end income, and it may- pat out of said in-
<br />cotnes x13 expenses of repairing said prcmtscs and necessan commissions and expenses incurred to renting and managing the
<br />same and of collecting rtniats ?herefram: the balance remaining, if any, to be applied tow-ard the discharge of said mortgagz
<br />indebtedness.
<br />8- That ,'re w3Lt k+xp the improyemtnis raw existing or hereafter erected en the mortgaged property. insured as may be
<br />required from time to time by the 9long~r'x against ,oss t+y fire and aihrr hazards, casualties and c.,ntingencics in su,:h
<br />amounts amt for suth periods as may t+e required t+y rhr ~fangagee and u ell ~a} promptly, when due. any premiums on such
<br />msurance praymsion far payrntnt of w-ltich has rwt lxer. made hereinbtfare. All insurance shalt be carried in companies ap-
<br />p7oved 6y the Mortgagee and the paltcres and renewals thereof shalt ter held by the Mortgagee and have attached thereto lo<s
<br />pay~bie c'fauSiS in favor of and in form aeceptat+le is the Mattgagre. In er ant of {ass Mortgagor will give immediate notice b}'
<br />atail ro ilse Mortgagee, uMi may make pr. of of }ass if nut madr promptly ley Mortgagor, and znrh insurance cempan} con-
<br />cerned is hrnby autboriztd and directed to make payment for such toss directly to the hlartgagee irsread of m rhr Mongagcr
<br />and the Mortgagee jointly, and the insurance procertls, or any part thereof. may ere applied b} the Mangagee at in option either
<br />to the reduti-bast pf the indet+Ettittrsx lxreby secured ar #o the r[storation or repair of [he property damaged. in rr rot of fi+reclo-
<br />stmof [6ts r~rtgage tar other Uansftr of title to the mortgaged pro~rty in extinguishment of the indeb:edness secured hereby,
<br />a{f rift, title and ittttrtst of fix Mortgagor in and io any insurance policies t}ren in force shall pass to the purchxsrr ar Santee.
<br />ri- "f'ltat as atiditianaI and coi3aterel security far rhr ; aymeat of the note described. and all sums to become due under this
<br />murtgttgt ttse lRurtgagor hereby assigns to the Mortgagee all profits, revenues, royalties. rights and benefit, accruing to the
<br />!tfartgagtu under any and aft oil and ~s leases on said premises, with rhr :iglu to rrccive zed receipt for the same and apply
<br />them to said inttchtedness as uetl t+efure as after dcfauit in the conditions of this mortgagr. and rhr Mortgagee may demand, sue
<br />tar amt recover any such payments when due acrd payat+le, but shall nor be required u, to do. This assignment i. to terminate
<br />arrd txcome Holt and veld upon release of this mortgage.
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