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<br />(, } rrtt tlh prit:rz 'G~rs its due ~ia'tr Rhe a,Rnual ralorrta~r, ''tc~~si;ratrce premrurrru tut osdar to provii3e such ht;ikder
<br />vrith f~irra'l,?~ to pa,1 suclo- premium ?cr the Secreusry ~uf~ Housarg and Urban ;Development pursuant tca~ ti`,e
<br />~latir.eiaral hkerus~ing~ ,Act,. ass amended, atld u'pl>hcah[e 1~e~g„ulaturrns tlnereund~e~r; or
<br />(ti) if and su long as said note of even date and this instrument axe held by the Secretary of Housing zed
<br />Urban Development, a mar=th!y charge !in lira of a rrortgagr insurance premium/ which shall be in an
<br />amount equal to one-twelfth {i, 12) of one-half (t j2) per centmn of the average outstanding balance
<br />due on the note computed without taking iota account delinquencies or prepaymenu;
<br />(h} rl sum equal tq the ground renu, if any, next due, plus the premiums that wflf next become due and payable nn
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property tall as estintate~l by the hfortgagreJ less all sums already paid iherefbr divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premimns, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgage. in trust to pay said ground reefs, pre-
<br />miums, taxes and special assessments; and
<br />(c} All payments mentioned ul the two nreceding subsections of this paragraph and ail payments to be made under
<br />the no?e secured hereby shall be added together, and the aggregate amount thereof shall he paid by the Mortgagor
<br />eae}t month in a single payment to be applied by the Mortgagee to the ibliowing ite~u in the order set forth:
<br />Q) prernimn charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />ix month;y charge (in lieu ,~~ mortgage irtsurarfce prerniurrtJ, as the case may be:
<br />(II) ground rents, taxes. assessments. fire and other hazard insutancr premiums;
<br />{III) interest on the Wore secured hereby: and
<br />I,IY1 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 ~1• :t-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. the
<br />Mortgagee may cot;ect a "late :;barge" not to exceed four cents {4g) for each de!lar ($1) of each payment more
<br />than fifteen (I ~) days in areas to cover the extra expense it:volved in handling delinquent payments.
<br />3. That i f the total of the payments made by the hfortgagor under (61 of paragraph 2 preceding shall exceed
<br />the amount of payments actually- made 6v the h[ortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the \•ase may he, such excess, if the loan is current, at the optioa of the Mortgagor, shall be credited by
<br />the iortgagec on subsequent paytrtents to be made by the. liart.gagur, or refunded to the',fortgagor. Ef, however, f,`se
<br />><fonthly payments made by the Mortgagor under ib1 of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent' taxes :utd assessments or insurance premiums, as the case may be, when the same chart become due and pay-
<br />able.. then i}le h[ortgagor shall pay to the h[ocigagee any amount necessavs to make up the deficiency, on or before
<br />Lhe date when payment of such ground rent=, taxe4, a=sessment~ or insurance premiums shall be due. [f at any
<br />time the 1krrCgagor shat! fender to the Mortgagee, in ae•cordance with the provisions of the note secured hereby,
<br />full payment of i.he ont[re indebtedness representetf thereby, the Morigagoe shall, in computing the amount of such
<br />indebtedness, credit to the account of [he Mortgagor all payments made under the provisions of isj of paragraph 2
<br />hereof which the Mortgagee has nut become oblige±ed to pay to the ~erret2ry of Housing and L`rban Development
<br />and arty 6alanc•e remaining in the funds accumulated under the provision o(i Gi of paragraph '? hereof. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public =ale of the premises covered
<br />hereby, or if the lfortgagee acquires the prolrerty otherwise after default, the hfortgagee ;hall apply, of the time of
<br />the commeneemeni of such proceedings, or at the time the property is otherwise acquired, [he balance then remain-
<br />ing in the funds accumulated under 1Li of"paragraph ?preceding, us a credit against the amount of princ•ipai then
<br />remaining unpaid under .said note, and sfiali properly adju.~f any payments which sftall hsve been made under u:
<br />of paragraph ".
<br />~. That the Mortgagor will pay ground rents- taxes, assessments, water rates, and other ga\rrnmental or municipal
<br />;:harees. lines. ur imousitions, fr,r whi4t: nrovisiun has nut been made hereinbefore. and in default thereof the h4c~rtaaaee may
<br />pay the same: and that the Murteagor writ promptly deliver the otlicial receipt. therefor to the Mortgagee-
<br />s,. Tf;t: ~ -,- a'att'r writ ,^ ail taxes i"a";rti tt .: t:i S` t't` i'\`fE'd Lt.Cln tI1C ~~orig3g^Ci k :PtE: i. :'~. \afd 7Ca7 ::, U Impr'. F'C=
<br />meets, and which may be le\ led upon this mortgage or the debt secured hereby that only fu the extent that such i+~not pruhibit-
<br />ed by iaw• ;tnd only fa the extcne that such will not make this io;tn tisunons}, buy eticiuding nRy- income tax. Starr ar Frderal-
<br />mpused on Mortg:igce. and wtll-file the c~iTteiai receipt showing sitcfr payment with the MixYgagre- t pun kia±atieri ui thi under-
<br />taking. or if the'viurteagor is prohibited by any la+v ni,w or hereafter existing from paying the whole e•r any portion ui the afore-
<br />said taxe>. ur upon the rendering of any ce?urt decree prohibiting the payment by the 3fortgagar or :,rn such tares. or if snch law
<br />or decree provides that am amount so paid try the llfvrtgagur shat) be credited un the mortgage debt. the Mortgagee shalt have
<br />the right to gtvr nineq~ days' written notice to dle owner of the mortgaged premises, requiring the paynrem of the mortgage
<br />dept- If su: h notice he given. the said debt shat! F,rcumr due, pad-able and cotlectihle at the exp?ruu n of said ninrt~ days.
<br />f>. 'fh:tt .hould he fail to pay any sum tit keep :lnv coven ant provided fur in thi. lfort}ragr, then the Martgaerr. at its op-
<br />tion. may pay or perform the same. and all expenditures so made shalt he added it, the prrocipal ;urn uwing on the .Iht•.e note.
<br />shaft hr secured hereby .and shall hear interest at the rate set Surth in the sold note, unfit paid.
<br />'t. That he hereby assigns. trmsfrrs and sets n. er to the Mnrtg:tgee, to hr applied toward ttre paynrrnt of the note and all
<br />+ums secured htreh: in Saxe of a default a=. the perfurnrancr t±f any of the cacaos anc s:^dttirins _ f th1- ~a,erigaap isr the slid
<br />note. al{ the rents, re. enues and income to he derived from the mortgaged premt~r4 dunng ,urh hrnr .,~ [hr nrnrtgage indehted-
<br />ness.hail remain unpaui; anti the Mongagee stlafl ha\r power to appoint any aEen[ or u}:ent, a ma\ dr.ire fur the purpose of
<br />reeaieing .aid premises :anti i~t renting the same and caltrcting the "eats, re\ enues and income. and it may ray out of said in-
<br />COmr~ all rxpCnsrs t=f rrpaUtng Sard pertnrses atld nCCe~SarV i:UR1R1f]~IUn! and riprR~r] !rr:`nrrea !R ICnting find managing ifiC
<br />,ame and nt collecting rentals therefrom: the balance remaining, if env, tr be applied toward the disc /large of said mortgage
<br />indebtedness.
<br />8. "that he will keep the improvements new existing or hereaiter erected on the mtlrtg,:lged property, insured as may be
<br />required from time to time by the !lfortgagee against Ions t=y fire and c,ther Ytaeards. casuaitirs ;ttrd curttingrncirs to such
<br />amuums and fur such periods as may be required by the Mortgagee and will pay promptly , u-hen due. any p.rrmiltm. cln such
<br />insurance provision far payment of which has not been made hereinhefore. All insurance shall he carried in companies ap•
<br />proved by the Mortgagee and the puhcies and renewals thereof shat! be herd by the Mortgagee aald h:lvr attached thereto Eons
<br />payable clauses in favor of and in form acceptable to the R•tortgagee. In even[ of fox. Mortgagor wilt give immediate notice by
<br />mat! ro the Mortgagee, who may make proof of loss if nut made promptly- by Mortgagor, and each insurance company con-
<br />cerned is Hereby authorized and directed to make payment for such loss directly to the Aortgagee instead of k> the Mortgagor
<br />and the tviorigagee jointly, and the insurance proceeds, or any part thereof, may t° applied by the M19crrtgagee a[ its option either
<br />,fo the reduction of the indebtedness hereby secured ur to the restoration or repair of the property damaged. In event ut foreclo-
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />• all rigfit, title and interest of the Mortgagor in and to any- insurance policies then in force shall pass to the purchaser or grantee.
<br />9. That as additional and collateral security far the payment of the note described, and all sums to become due under this
<br />mortgage: the Mrr~rgagor hereby assigns to the Mortgagee ati profits, revenues, royalties, rights and benen"ts accruing to the
<br />Morigajdi~ under any-and all oil and gas leases nn-said premises, with the right to receive and receipt for the some and apply
<br />them to said indebtedness as weal before as after default in the conditions of this mortgage. and the Mortgagee may demand, sue
<br />for and recover any such payments wiles due and payable, but shall not be required so to du. This assignment is to terminate
<br />and become null and void upon release of this mortgage.
<br />FMA~2 ia3M (f0~7~)
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