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(1) month prier to its due date the annum mortgage inswance premium in order to provide such holder
<br />with funds to pay such premium [o the Secretary of housing and Urban Development pursuant to the
<br />National housing Act, asamended, and applicable Regulations thereunder, or
<br />(11) If and so long as said note of even date :mJ this instmment are held by the Secretary of Housing and
<br />Urban Development, a monthly charge Fin ticnr eja mortgage insurance prerniumj which shalt he in an
<br />amount equal to one-twelfth (iJl2) of one-half (I/2) per cenmm of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal qi the ground rents, if any, next duo, plus the premiums that will next become due and payable on
<br />,~. policies of fire and ether hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as esrrrnared bn rite !linrtgagec~r less all sums already paid therefor divided by the
<br />^umber of mottEhs to elapse before one month prior to the date when such ground ants, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />y miums, taxes and special assessments; and
<br />f~~+ (c) Alf payments mentioned in [he two preceding subsections of this paragraph and alt payments to be made under
<br />fire note secwed hereby shall br added tocether, and the aggregate amount tJtereof shall be paid by the Mortgagor
<br />raclt month in a single payment to be applied by the Mortgagee to the following items in the vrder set Earth:
<br />~ (1} prrmimn charges under the contract of insurance with the Secretary of Housing and Urban flevelupment,
<br />or monthly charge (in lieu q(ntnr7ggge insurmtce premium/, as the case may be_
<br />Ill) ground rents. taxes, assessments, lire sod other hazard insurance premiums:
<br />(111) interest on the note secured hereby: and
<br />(IV) amortuation oC the princip:J of said note.
<br />An}' deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Rfort-
<br />gagor prior to the due dote of the next such p;q~ntcut, ~+mstitute sn event of det:tult under this mortgage_ The
<br />Rortgagee may collect a "lam charge" not w exceed tix~r cents (4g) for each dollar (51) of each payment more
<br />than fifteen t I ?)days in arras to cover the extra rxpens+~ involved in handling delinquent payrnents-
<br />.t. .;eat if the talal ai the payments made by the iiorlgsgor under (6) trf paragraph ~ preceding shall excacd
<br />the amount of payments actually made by the lfortgagee for around rents. tuxes and assessment` or insurance pre-
<br />miums. as the case rosy' be, such excess, if [he loan is current, at the option of the Mortgagor, shall be credited by
<br />the tiortgagee on subsequent payments to be made b}` Che .lfurtgagor, or refunded to the \iortgagur- if, however, the
<br />monthly payments made by the Mw[gagor under (bJ of paragraph 2 preceding shall not be sufficient to pay ground
<br />-rent, text and assessments or insurance premiums, as the case may he, when the same shat( become due and pay-
<br />able, 6hen the )tnrigagor shat{ pay to the ylortgagee any amount necessary to makes up the deficiency, on or before
<br />the date when payment of such ground rents. taxes, assessments or insurance premiums shsll tm due. If at anv
<br />time the .Mortgagor shall tender [o the !1lortgagee, in accordance with the pnrvi=inns of the note secured hereby,
<br />full payment of the entire indebtedness rapnaented themby, the i4Tortgagt:e .hull. in computing the amount of such
<br />indebtedness, credit to the account of ttie Mongagor a!1 payments made under the provisions of ia% of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay io the Secretary' of Housing and t!rban aevetopment
<br />and anv balance remaining in the funds accumulated under the provisian.~ of l'uJ uC paragmph '? hrretrf. If tht~t•e
<br />shall be a default under any of the provisions of this mortgage resultin}; in a public sale of the premises rovrred
<br />hereby, or if the Mortgagee acquires the propert} othen,ise utter default, the ~-urigagee shall apply, at the time of
<br />the commencement of Such proceedings, or st the time the property is otherei~e acquired, the balance then remain-
<br />ing in the fund, accumulated under; %.%uf paragraph '' precedin„ „- a crt_dit uguinut the amount of principal then
<br />remaining unpaid under said Hoke, :rod ..hall property adjust an} pa}mc•nt.~ which -:halt have been made under r,x)
<br />of paragraph °.
<br /><. '!'h_et the Mortgagor will pay grnuttJ rents- t.;xrs, assessments. water rates. anJ ocher govrrnmtn[ai or rnunteipal
<br />barges, t; n,'... ctr inip .. at,l:..5, ft•, ..nf.h pF t,.. „ ++u~ :.ur hscit irtayr hcrrinttc'f Ort, and m dtfaulF tacrtef the :rfOftgagtC may
<br />_ _ ,pay the same: and that the Mortgagor will promptly Deliver the edictal rrcrinu therefor to the Mort~t+,-agtr,
<br />'~. -l lee t.9- rragr}r v: tit par iti i.tie, whit:h may t+e teti ird etp-+n the ~fortg«gre', ntertst in said real estate ;rod improve•
<br />-...rnenrs, anti' wfrtch mat f,t 1r-vic'd upon chi, mortgage ur the de'rt stinted hereby that :mly to the extent [hat <uch iv not proltTtit=
<br />rd by tart and only u, the extent that ,uch will not make this loan usurious, but excluding any income tax, titate or Pedrrat,
<br />- imposed on Mt+rtg:,grr. anJ u ill fits the official rr~eipi +hrrwing ,u4•h payment with the Murtga~re. t'pon violation of this tin iei-
<br />taking- or if the Mortgagor i, pn+hihited M any tax now ,+r hereafter rxivting from paying the s hole ur any portion of the afurt-
<br />said taxes, nr upon the rendering or am' court dtrrer prohibiting the payment h} the Mortgagor or ant' ,uch fuses, or if such law
<br />or decree pro, ides drat soy amount .e patJ h} the Mortgagor .hat! hr rreditrJ on the mtvtgsgr debt, the Mongagee shall havt
<br />[hr. right to give ninrt, Jar;- wntten nutiie Fe the oxnrr of the murtgageJ prcmi,e,. rcyuiring the pxyn7rnF of tht mortgage
<br />Jeht. IF _+uch nonce hr ut+rn, the said Jrht sh:+tl become dot, rytyahlr and co!Iretihle at the expiration of ,aid ninety Jays.
<br />e. lltat ,houid hr t'ad to paF any ,um or Aerp any cuvenat+t providtJ for' tat this Atnrtgvgt. then the ~turtgagte. at its op-
<br />tion, may pay or prrfornt thr ,:one. anJ all exprnJitures ,u made ,half rte added to the prit7:ipal sum owing .,n the about note.
<br />short fie secured hereby ,and ,hall hear inttrtst a[ the t:ur set forth to the said note, until p«itt.
<br />.. ?'ha! ht herrt+:,:igns, t a,iz' .. ;et, :+ r i.t the t`i.'rtf:agrr. to hr :rppiieJ iowarJ the pay nitro . f the nc+tt and ail
<br />sums ,rented herr.b[ in ca,r a[ a~default•~ut~thr performance of any tit the term, sod tontlitinm of this Mortyugc ,.r the satJ
<br />note, alt the rent,. rr~.enucs anJ mivmr hi hr derive) from the mortgaged premi,e, During ,uch time us the mortgaPr mdrbttJ-
<br />ness shtJl rtmain tmpaid; and the sferigugtr ,halt have power to appoint any :tgtttt et agents it mat desire for the purpose a€
<br />repairng said premises ;rod of renting the strntr :rod ioltecting the rrnn, revenues and income, ant! it stay pay out of said in-
<br />cumrs all expenses of repairing said premises and nrirssary commissions and expenses incurred ill renting slat managtrgt the
<br />same and of collecting rentals therefrom; the balance remaining, if any^, tit be :tpphed toward the Jiscfiargr of wtd mortgage
<br />rnJrbtednrss.
<br />$- That 4.r wch ;;acp t$e irxip.=vt-.,tents :a=.w rxc~ing, nr is EaCter erected ntr the mori~tktd ptvpcrty, irrsurttf as mar tr
<br />required From time to fimt by the Mortgagee against los by fire :tnd outer hazards, ta,tt.rltes tnJ 4~*ntirtgrntir+ in stt4h
<br />amounts and fur >uch periods a5 mat bt reyuirtd by tFre Mortgagee and will pay promptly, whtn Jur. any premiums .+n such
<br />insurance provision for pnymrnt of which has not htrn malt htrtinttttnrt. All insurance shall kat carritJ in cotupanirs ap-
<br />proved by the Mortgagee and the polities and rentwats thereof shall tte held by the Mttrtgagte and hate attached thereto toss
<br />payable clauses in favor of and in Corm uccrptaf+le to the Mortgagee. In tvent of loss Mortgagor will give immediate notice t,y
<br />mail. to the Mortgagee, who may make pratrf of toss if not made promptly by Mortgagor, anJ rash imuranet company ctrtt-
<br />cerned is hereby authorized and directed to make payment for such Toss directly to the Mortgagee insttad of to tht Mortgagor
<br />-and the Mortgagee jointly, and the insurance proceeds, ur any part thereof, may be applied by the Moggagtr at its option either
<br />do the reduction of the indeb[edpess hereby secure) ar to the restoration or repair of the property damaged. In event at toredo-
<br />.sure of this mortgage or other transfer at title to the mortgagedproperty in exlinguishmant of tht indtbtedness securtJ hrraby,
<br />alt right, title and interest of the Mortgagor in anJ to any insurance policies then in force shall pass to the purchaser or gruntre,
<br />9, That as additional and collateral security for the payment of the Holt descrit±ed. and n!t sums to Ixatme Jue under this
<br />mortgage, the Mortgagor hereby assigns ttt Ehe Mortgagee all profits, revenues, royalties, rights anJ htn<fits accruing to the
<br />Mortgagor under any and all pit and gas Rases on said premises, with the right to receive and receipt for the ssmr anJ apply
<br />'them to said irid;:htrJntss as welt ttefre a; after defauh in the eonditians of this mortgage, and the Mortgagte may demand, sue
<br />[or and recover any such payments when due and payable, but shat! net be required so to do. This assignment is to terminat.•
<br />and ltccome null and void upon reltase of this mortgage.
<br />FHA 27aaM 110 »l
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