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<br />(I} mrtni}; prior to its due date the annual mortgagr,° insurance premium in order to provide such balder
<br />with funds t+s pay such premium to the Secretar}~ of Ha3ttsing and L'rhan Drveiapment pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(II) If ,and sa long as said note of even date and this instrument are held by the Secretary of `lousing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium% which shall be in an
<br />amount equal to one-twelfth (I J12} of one-half (i J2} per contain of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal tq the ground rents, if any, next due, plus the premiums that will next become due and payable an
<br />policies of fee and other hazard insurance covering the mortgaged property, plus taxes artd assessments next due
<br />on the mortgaged property (a!! as estimated by the ,Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to 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 rents, pre-
<br />miums, taxes end special assessments; and
<br />(c) .411 payments mentioned in the two preceding subscctians of this paragraph and all payments to be made under
<br />tfte Hate secured hereby shall 6e added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items .n the order set forth:
<br />(II premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge lire lieu <i(ntr,rrgage insurance premiurr[l, as the case may be;
<br />(tt) ground rents, taxes, assessments, lire and other hazard insurance premiums;
<br />(lll) interest an [he Hate secured hereby; and
<br />(14} amortization of the principal of said note.
<br />4ny deficiency in -the amount of any such aggregate monthly payment shall, unless made gaud by the Mort•
<br />gagor prior to the due date of the next such paynlrrrt, constitute an even[ of default under this mortgage. The
<br />Mortgagee may collect a "late charge" nut to exceed f~nu cents (4y) for each dollar (St) o(earh payn>er.t nr-:rr
<br />than fifteen (15) days in afeas to cover the extra expense involved in handling delinquent payments.
<br />.3. That i? the total of the payments made by !ha MortKaRor under 15j of paraeraph :~ precedin,G shall exceed
<br />the amount of lrayments actually made by the Mortgagee foe >rnlund rant., taxes and as:?essments or insurance pre-
<br />miums, as thc• ease may be, such excess, if the !taut is current, at the option o{ [he :Nortg-agar, shall be credited by
<br />the tlurtgagt=e= on subsequent payments to be made by the Mortgagor, or refunded to the )Iortp,aAOr. If, hawevt:r_ t}te
<br />monthly puyma[tts made by the M1tortgagor ender /hj of paragraph 2 preceding shalt not l,e sufficient to pat grwnd
<br />rent, taxes and assessments or insurance. premiums, as the case may be, when the same shall become duo and pay-
<br />able, then the ]tartgagor shalt pay to the 11artgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. tf at alp
<br />time the Stortgagar shat! tender to the Mortgagee, in accordance with the pravisians of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the .1lortgagee shall, in computing the amount of wch
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of rc,j of paragraph 2
<br />hereof which the ~brigagee has not become obligated to pay to the secretary of !!pacing and 1"rban Development
<br />and arty balance remaining in the funds 8ccumulated under the provisions of (i~/ of paragraph 2 hereof. If there
<br />shall be a default under any oC the provisions of this martgaKt+ resulting in a public ..aio of the premises cavc>trti
<br />han.6y, ar if the Mortgafee acquires the propert} otherwise after default, the lktetgager ::hall apply, at the time o!
<br />the commettrement of such procet:dings, or at the time the property is othencise acquired, the balance= then remain-
<br />ing in tiro fund, accumulated under ~ ~-/ of paragraph 2 pre[•eding, as a credit against the amount of principal then
<br />remaining unpaid under ;aid Hate, and shall properly adjust un} payrnent~ which shall hive born made under n;'
<br />of paragraph 2,
<br />d. That the ~:fortgagur urll pav ground rents, taze+, ass~s+ment>, water rates, and other guvrrnmental ur municipal
<br />charges, fines, ur imposruons. fur which pre?vision has pat i~een made hrreinhefare, and itt drfaul[ thereof the Mortgagee may
<br />pay [he same; and that tttr '<Iori~agor wilt promptly drhvrr the u#firiat teceik.tt therefor tc the :fort ee-
<br />5. The mortgagor w,il pas ell tz[zr+ which m,~t tle Irl,lr=# upon the 4i<er[g4gec s interest to st~u rear stale and imor__,ve-
<br />mtnt=.:md able;: n:.:y ~ ie.,4.t upon nt, ,nrrrt4:>•e ur the debt secured hereby ttsut : n1y [.. ,he = x[cnt th;,t such is not prohibit-
<br />ed by law and only to the extent that such wilt nut make this ;sap tt.[triaust, h ,udln -c,r inct- ti=r l=r;trtue,
<br />imposed on Morrg'tger, anti w-:if file the otficiai receipt shuwinY such payrnrnt wlttl rFle 41c?rt aee~, !'p: n .r-lxtis-n ,~f tl±i4 und.t-
<br />taking, of if the mortgagor is prahihited b} anv law now or hrrraitrr existing from paying the uhuir ur any portion of the afore-
<br />said taxes, ur upon the rendering of any court decree prohibiting the payment by the Mortgagor ur any +uch taxes, or it such law
<br />or decree provides that any :[mount so paid by the mo, tgagor +haN he credited on the mortgage drh[, the 4ortgagee shalt have
<br />the right !a give ninety davs' written notice to the owner of the mortgaged premises, requiring the pa}meet of the rnurtgage
<br />debt, If .uch notice h. giver., the :aid debt shall become clue. paylt+ie and cutler[ible at the expiration of lard Hilary day+.
<br />b That should ht fail to pa} any sum c,r keep any caveaant provided for in this Mortgage, then the M~ortgager. at its op-
<br />tion. may pay ur perform the ,acne, and all ezpenditure+ so made shall br added to the principal sum owing un the about note,
<br />shrill hr, secured hereby, and shat! fsrar interest at the rate >et forth in the ,aid note, until paid.
<br />7. 'f~hat he hereby assigns, transfers and sets over ro the Murtgagre, to 6c applied wwsrd the payment of the Hate and all
<br />sums +ecured hrrrht in rase of a default in the performaner of any of the terms and renditions of thi> Mortgage or ttlr +sid
<br />note, rdl the rents, revenues rind inrarne to he derived from the tnarigaged prenmises during such time :ls the mortgage rndrh[rd-
<br />ner•s shall remain unpaid; and the Mortgagor shall have puw•rr to appoint any agent ar regents it may desire fur the purpu>r of
<br />repairing said prennsrs and ut renting the carne and rullrcting the rents, revenues and income, and it ma}' pay out of said in-
<br />eumes all expenses of repairing sa,d premises and necessary commissions and expenses incurred in reining and managing the
<br />same and of collecting rentals therrfram; the balance remaining, if any, to br applied toward the discharge of said mortgage
<br />irtdrhtcdncss.
<br />R, Thxt ttr will keep the improvements now existing or hereutter erected an the mortgaged property, ittsured as may he
<br />required from time to time by the Mortgagor against loss by fire anti a[hrr hazards, casutltirs :md runtingrncirs in sash
<br />amounts anti far such prriclds a+ may he required by thr Mortgagee and will pay promptly, when due, :uty premiums un such
<br />insurance provision far payment of which has not then made herrinhcfore. Ail insurance shalt he carried in companies ap-
<br />proved by ilia Mortgagee and the policies and renewals thereof shall he held by the Martgttgee and hnvr attached thereto loss
<br />pa},able clauses in favor of and in form acccptabie ra the Mortgagee. In event of lass Mortgagor will give immediate notice by
<br />matt to the Mortgagee, who may make proof of toss if not made promptly by Mortgagor, and each insurance company con-
<br />cerned is hereby authorized anti directed m make payment for such loss directly to the Mortgagor instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may he applied by the Mortgagee at its option either
<br />to the redacdan of the indebtedness herrb~ secured ar to the restoration or repair of the property damaged. to event of filreclu-
<br />sure of this mortgage or other transfer of udr to the mortgaged property in extinguishment of the indebtedness secured hercbv.
<br />all right, title and interest of the Riortgagur in and to any insurance policies then in farce shalt pass to the purchaser or grantee.
<br />4„~ "Chat as ade~iiional and collateral security for the payment of the Hate described, and all sums to become due under this
<br />mortgage, tfte ?Mioetgagor hereby assigns to the Mongager all profits. revenues, royalties, rights and benefits accruing to the
<br />Mortgagor under any and alt oil and gas teases an said premises, with the right to receive and receipt far the same and apply
<br />them to said indebtedness as well before as after default in the conditions of this mert~age, and the Aiurtgagee may demand, sue
<br />for and recover any such payments when due and payable, but shalt not be required so to du. This assignment is to terminate
<br />and become Holt and void upon release of this mortgage.
<br />~~, FHA~2143M I70~7]1
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