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(1) month prior to its due date the annual mortgage htsurance f,wrtmium do order ter prrtvide such holder
<br />+sri,th funds to pay such prerniurn to the Secretary of Housing an+l [lrban Development pursuan*, to the
<br />National Housing Act, as amended, acrd applicable Regulations !hereunder; r:r
<br />Qf) If and so long as said note of even date and ttris instrument are held 6y the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu aJa mortgage insurance premfumj which shall be in an
<br />amount equal to one=twelfth (1/12) of one-halt' (1 (2) per centum of the average outstanding balance
<br />due on the note computed without taking into accowtt delinquencies or prepayments;
<br />(b) A sum equal tq the gromid rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurance covering the trrortgaged property, plus taxes and assessments next due
<br />nn the mortgaged property (a!( as estinmred by the :4fort_gageej less all sums already paid therefor divided by the
<br />number of months to elapse before one month pnur to the date when such grtund reNS, premiums, taxes and
<br />f~ assessments wit! beanne dethlquent= such sums to bt held by Mortgagee in trust to pay said ground rents, pre-
<br />miwns, taxes and special assessments; and
<br />(c) All paynlcnts mentioned in the avo preceding subsections of this paragraph and all payments to be made under
<br />1 the note secured hereby shall be added together. and the aggregate amount thereof shall be paid by the Mortgagor
<br />~ each month in a single pamlcnt to be app-ierl by the Mortgagee to the following items in the order set forth:
<br />` (1) premium charges under the contract of insutmue with the ~cretaty of Housing and Urban Development,
<br />or nvtntlily charge tin Ireu ul nr~•rrgr,ec insrrr,•znrc hrenrrrem}, as the case may be;
<br />111) ground rcnis. taxes, ac;esslncnts. tiro and ,xher hazard insurance premiums;
<br />rlltl interest un th+• ra?A^ scatted hereby, and
<br />(1\%! amuriizariun of the principal ,tf sent note.
<br />Any dtllciency in the amount of env such aggregate monthly payment shall, unless made good by' the Mort-
<br />gagor pnur to the due data of the next such paymctr- _,:nstitute an event of default under this mortgage. Tile
<br />hkntcagee ma}- tulle+~t a "late charge" not to eticccd t~wr cents (4y) fur vac-h drtllar (51) of each payment ma~e
<br />than fu k=en (~ ~ 1 da} ~ ut 3rea, :a rover the cxua cq-cns,~ h,volved in handling delinquent payments.
<br />:f. 'c'hat if the total of ehr payments made h} the MortKagor under (~1 of paragraph 2 pmceding shall exceed
<br />the amount ref parmrvtts actualE} made by th+= lkrrtgagre far graund rents, taxes :utd assessments or insurance pre-
<br />miums, as rho r•a=e ma} tzi•, =urh excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortga};ee nn subsequent payment- to tx° made by thc• 11o~tg;agor, or refunded to the Mnrgagor. If, however, the
<br />*++onthl} patyments made be the Norrgagstr under =6r of paragraph 2 preceding shalt not be sufficient to pay ground
<br />rent, txxe,s and assessments or insurance premiums, as the ca.5e may be, when the same {hall become due and pay-
<br />able, then the )krrtgat;or shall pa} to the Mortgaged any amount. neressan~ to make up the deficiency, on or tiefore
<br />the date u•h~n pa}ment ztf such emund mot=. tasd~, assdssments or insurance pn•miums shall 6d due. If at any
<br />time the Mortgagor shalt tenddr to the 5lortgagc;d, in aecortlance with the provision- of the note :;enured hereby,
<br />full psymdnt of the c=ntirr indebtednes rFpn•-cored thereby, the liortgagee -=.hall. in computing the. amount of such
<br />indebtedness, credit to the acawnt of the Mortgagor all pa}menu made under the provisions of rut of paragraph 2
<br />hereof which Ihd ykrrtgal;ee has not become obhgaled to pa} to the :~c•rrdtan of tlou~ing and t'rban Develuprtteat
<br />and env balance remaining in the funds accumulated under the provisions u(;''.i of paragraph '? hereirf. If therd
<br />shall be a default under ant- of the provisions of this murtgae resul[ing in a public -ale of dte premier=s t•a+rred
<br />hereby, or if the lktrtgagee acquires the propery othentisd after default, the Mnrtgagde shat! apply, at the time of
<br />the commenremerlt of such procdddings, ur at the time the property is otherwiw= acquimd. the balance then remain=
<br />ing in the fwtds accumulated undter i %:i of paragraph '? preceding, tts a credit against the amount of principal then
<br />remaining unpaid under said note, anti .~-hall pnoperty adjust any payments which shalt have= been made under rct
<br />of ptrragrapll 2.
<br />4. -fh:u the Mortgagxu well pap- ground rent±, 4txe+, aastasrnents. water rates. and other g+?yernmentai ur muntrtitutt
<br />•hat;oes, tints. or imn~ :irides. f+,r w hir_•h , t vi^.iun h:ts not trren ntada he einh.Kfc;rr.tt:'.:!; drf-earl ther,r+f the M:l: traree tnay
<br />pap the same: and that [ham S{c,rtgagor w1l pntmp@}~ deliver the o~cial rcce,pt ttteret<>r n, rho ;c7ortgaget-
<br />`` i-,[ ,r.,,~a~, .r ~.,. i.,. ,,,, t.0 i1.3 .+m,C:h may h.: le`. led nf..',n the . f ,r ~ttasKe - ~~„ci c-+: rn ~.iiJ Fcai c-hate slid iP,YprOS~c-
<br />~, 'mtnts, and ++htch may he let ltd upon [hts mortgage or the debt secured htreL.y that uttly t._, the gttn44hat -much is nr,t nr+~hihtt.
<br />ed hp tau• ,end r,nly in she extent that such w~ii not make this lo,m usurious?. but excluding any income tea. Mate or fi'.~aderat,
<br />_-_ impdeed , rr .itrfgarrre=amt w-iitfite [he o[trcrarrertipt ,hr+wing such payment with the 4~r?rigagte. t%txtn yit,ta[l+tn 9f thls urkfer-
<br />taking, or if the Mortgagor is prohibited M any law now or hereafter catering from paying the w bolt ur any portion of the atorr-
<br />said tows, or upon the rendering of any row t dtcret prohibiting the payment by the Mortgagor or arty-,urh taaea, or if such law
<br />or decree pn,vides that an; amount x, paid h}- the Mortgagor xhall he credited on the mortgage debt, the Mi~rtgagee shall have
<br />the right to give nirtrty days' written native to the owner of the mortgaged prenlists, requiring the payment of the mortgage
<br />debt. If such notice he given, the acid det+t shall hrcomt due, puyablt and a,llersible at the aspiration of said nintt days_
<br />6. 7"hat should he fail to pay :m} sum ur kttp an} covenant pwvidtd for in Chic Murtgagt. then the Mortgagee, ut its op-
<br />hon, mag pay or ptrfnrm the same, and all expenditures su made shall be added to the prin~ip,il wm awing on the ah:+ve nose.
<br />ch:dl be serurtd botch},and shall hear interest ut the rut set forth in the .aid note, until paid
<br />7. That he hereby assigns, rrancfers and Sete dyer to the biortgagtt, [o he applied toward the pacmertt of the note and ut1
<br />sums secured botch} in cure of a default in the performance of any of Che trees .old renditions of this Mortgage ur the said
<br />nose. all the rcnis, levemrts and income to he deriscd from the mortgaged premise, during! such [tole as the mortgage indehted-
<br />ncxs shall remain unpuiil: xnd the Mortgagee shall hart power to appoint any agent •.~r agenh it nary desire For tht purpose of
<br />repairing saitf premier, and of tenting the same and collecting the rents, reytmtes and iaconlt, and it may pap txtt r+f eau! in-
<br />comes oil cxpensts +?f repairing said premises and ntcess;try commiss,orts and c spensex incurred in renting and managing the
<br />same and of cultacling rentals therefrom: the balance rernaimng, if any, to be apphtd toward rht discharge oC .aid martgatte
<br />indebtedness.
<br />3. 7llat he will keep Iht itnpruvements now existing de htrtaiter erected on the. mortgaged property, insured as may tat
<br />-. regnifetf fi~rrs tittle 's= ii"ne by the MizYt~,~t~--C 'stt:n"i;t lira. n}' ttFc anr-,f i}thtr httl;,rd~„ r.tnalliE~ ante (intifl~rnt res tri +nEh
<br />amttatnts and for sash prrintta as may be FequiFed by the Morigagt:e and will pay prntnptly, when disc. ann} premiums ott such
<br />insuranet pravisiun Foc pupment of which has not hten made htrcinbtfore. ,Alt insurance shall he cafritd in ~°ompunies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall he hard by the Mortgagee and h;tvt attached therttu lose
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In tvtnt of Ions Mortgagor will giyr immediate notice by
<br />-malt to the Mortgagee. who may make proof of toss if not made promptly by Mortgagor, and each insurance company ron-
<br />ctrned is htrehy au[horittd and dirett'•d to make payment far such toss dirtetty to the MoFtgugtr inxttad of to the Mi,rtgugor
<br />and the Mortgagee jointly, and the insuranet proceeds, or any part thereof, may he applied by the frfortgagtt at its aption tither
<br />W the reduction of the indebtedness hereby secured or to the res[aration ar repair of the property damaged. In event of foreeto•
<br />~eure df this rnurtgage or tether transftr of title to the morgaged property in extinguishment of the indebtedness secured hereby,
<br />all right, title and interest of ehr Mortgagor hl and to any insurance policies then in force shall prix to ttte purchaser or grantee.
<br />y. That as additional and cottaterat security for ehr payment of the note dtxcribed, and ail sums to become due under this
<br />mortgage, the Mortgagor hereby assigns [o the Mortgagee a!1 profits, revenues, royalties, rights and htnefits accruing to the
<br />Mortgagor under any and all oil and gas Rases on said premises, with iht right to rtceivt and receipt for [ht same aced apply
<br />-them to said indebtedness as will before as after defauh in the conditions of this mortgage, and the Mortgagee may demand, sue
<br />fur and recover any such payments when due and payable, bet shall not t>r required so to do. 'T'his assignment is to terminate
<br />and become null and vain upon release df this mortgage.
<br />FHA~2143M 110 771
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