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t' i j n;onllt prior r,;7 its due, date rlxe annual n1+:rrtga.u ir.su; an ~. i:rr~er~ueti..r : qn rrrtfer tt,r provide such ho3drr
<br />~f~~,'s"~ ' I ~",~~ with #'unsls Co pay such pr<?imiut~n [o the ,5ecrr2acy v1 Si+iru,ufng ~isn~d G-'u~ban C)~eveir+p~,rne:nt pursuant to Y.he
<br />i"ratiortal 11cPUSing r!lct, as arruended, anti allplicable ltegul.,rtic~~tus- tlhe re+aoudcr: uu'
<br />(II) If and so Tong as said note of even date and this instrument arc held by the Secretary of Housing and
<br />[,`roan Development, a monthly charge /in lieu rja mortgage insurance premiumj wtiiclt shalt he in an
<br />amount eyual to one-twelfth (1112) of an-e-half (1(_'3 per contain of the average outstandhtg balance
<br />due on the note computed without taking into account delinquencies nr prepayments:
<br />(b) A sum equal tq the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of tiro and other hazard insurance covering the mortgaged property, plus taxi's and assessments next du^_
<br />on the mortgaged property (all us estimated fix the hlurrgageeJ less all sums already paid therefor divided by the
<br />number of months to elapse before one month poor to the date when such ground rents, premiums, taxes and
<br />assessments will became delinquent, such sums to be held by 4lortgagee in trust in pay said ground ants. pre-
<br />miutns. taxes and special assessments: and
<br />(c) roll payments mentioned ~n the nvu preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall br added together, and thz aggregate amount thereof shall be paid by the Mortgagor
<br />each month h1 a single payment to be applied by the Mortgagee to the following items in the order szk teeth:
<br />tf) premium charges under the cmttruct of insurance with the Secretary of Housing and urban Development,
<br />or monthly charge lia lieu of rnongage insurance premium/, as the case may br,
<br />(R1 ground rents. tuxes, assessments. tiro and other hazard insurance premiums:
<br />(III} interest on the note secured hereby:and
<br />(IV) amurtitadon of the principal of said note.
<br />any deficiency in the amount of any such aggregate monthly 1~layment shall, unless made good by the Mbrt-
<br />gagor prlar to the due date of the next such payatec,t. constitute an event of default ;order this mortgage. The
<br />MortGagee may collect a 'gate charge" not to exceed fi,ur cents (4r~) for each dollar (51) of each payment more
<br />than fifteen (1 J) days in areas to cover the extra expense invoh~ed in handling delinquent payments.
<br />.;. 't`hat if the total of the payment, made by the ylorinaKor under i b) of paragraph '? preceding shall exceod
<br />the amount of t,ayment: actually made oy the Vortgagee fur ~rounti rent, taxes and assesamenta or insurance pr-
<br />miums, as the rase may be, .5nrh excess, if the loan is current, at the option of d,; 5lorrgagor, shall be credited by
<br />the llortnagee a-, s,!bs~ ;uent pay'meut-s to he made by the ~lortgagur, or rota.^.ded to the Rartgagsr. !f, however, the
<br />monthly payment= made by the Norrgagor under f bi of paragraph ~ preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments. or insurance premiums, as the c:,_~e may 6e. when the same :hail became due and pay-
<br />able- then the Siortgagar shall pay to the Aortgagee any amount nece.~sary to maMe up the deficienec. on or before
<br />the dale when payment of such ground rend. taxes, assessments or insurance premiums shalt be due. if at any
<br />time the dk,rtgagor -haft tender to rho Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness ropre~ented thereby, the 1ortgagee -.hall, in computing the amuun€ of such
<br />indebtedness, credit to the acccwnt of the Mortgagar all payments made under the provisions of (aJ of paragraph ?
<br />hereof which the ,Mortgagee ha:+ not become obligated to pa}~ to the ~ecreturv of Housing and C=Than Development
<br />and any balance remaining in the funds accumulated unttc:r the provi=ions of /L? of paragraph '_' boreal. if there
<br />..hall be a default under any of the pn,vi-ions of this mortgage re"oiling in a public =ate of the premises covered
<br />beech}, ar if the gartgagee acquires the pmperty othenti>e after default, the llor[gagee shall apply, at the time of
<br />the t•ommencement of such aroceedings, ur at the time the property is otherwise acquired, Lt1e balance then remain-
<br />ing in rho fund: arcumuiaurd under+' of paragraph '? preceding. ar a credit against the amount of principal Then
<br />remaining unpaid under -aid hate, and ..-ball lan,perly adjus! ary payments which shalt have ;seen made under ~a:
<br />of oarat=raph _',
<br />a '!-hat the y4ortgagor wdI pax ground rent.. taxes, assessments. water rates, and other governmental n' municipal
<br />charges, tlne+. or impositions, for which precision has not been made hereinhefore. and in default thereof the Mortgagee mac
<br />£aap the same. and that the ~~irxtg:;per wilt promptiv dahcer the official rzcripts therefor to the ylortgagze.
<br />i he ylorts.,ur,t tv-tit rat +! taxes which matt hr lrs led upon the Mortgagee`s interest in said z tt e. r-~!e ntt imprtlvr-
<br />me::ts and whi_fi m :y t-a les.rv upv.n till, mi,rit;,sgr ,•r the debt se~ored hereby that only to the eatznt that suite ++ not prabibir-
<br />?d n to ::n_ [ 1 .tee exec n. Ilia: cnCh wtl! n-.... :.nt< lt? :n :.'~:. '.nsl. flat r ettrit i.^.:: ' #l:.i:€:` ~ 2 ':r t'ed:r4f.
<br />.mpo~ed to ~1 ~ -cam.':ns? `s i! rile ihf tf.`>~ al reic,p[ itt.:~.}ett~.,i,~t? ~= rttetil wi~h?hc 41r~ a .'px'n ` i. !...i r. k f °t1i`+3lrader=
<br />taking, or if the Mortgagor i, pmhibi[ed by anti tau now rr hereafter existing tritm puysng the whole or any ponion ot~ [he afore-
<br />+aid laze,, or upon the rendering of any court drerce prohibiting the payment by the M1lortgagor or any such tuxes. ur if such law
<br />or decree provides that any amount so paid by the Mortgagor shall he credited un the mortgage debt, the \.longagee shaft hurt
<br />the right to give ninety days' written notice to the owner of the mortgaged premise,, requiring the payment of the mortgage
<br />debt. tf wch notice he given. [he mid debt shall heaxnr due, p~yahlrand atllectihle at the expiration of said ninety° drays.
<br />6. "that should he fail to pay any stem or keep :my coven ant provided far in this Mortgage. then the LA,rtgagre_ :u its op-
<br />tion, may pay or prrkarm the ,sine, and a!I expenditures set made shall he added to the principal sum owing on the ailuve note.
<br />.hall hz secw~zcl hereby. and shalt hear interest at the rate set forth in the said note, urtii paid,
<br />". That he hereby assigns. [roosters and set, o~=er to the ~4urtgagre. tt, he applied toward the payment of the note and ail
<br />hums secured hereby i,t ease al a dctuult in the perfarmanrr of any of the terms anti canditicuts of this Mortgage or the said
<br />note. all the rents, revenues anti income to re derived fnml the mortgaged premises during su+rh time as the mortg;,gd iruirhtrd-
<br />ness shall remain unpaid, and the ~tortgagre ,hr.il have power to appoint any agent ur uRent, it may desire for the purpose of
<br />repairing said premises anti of renting the name ;.nd ioflceting the roots. revenues and income. and it may pay out of said in-
<br />cumcs rdl rspenses of repairing said premises and necessary rurnmissians and rcpenses incurred in rentittg sad managing the
<br />some and a( caliecting rentals therefrom: the hahmce remaining, if any, ro be applied toward the dixrhargz of said mvrtgage
<br />indebtedness.
<br />S. 7~hat hr will keep the improvements now existing or hereafter erected on the mortgaged proper!<, insured as may be
<br />required froth time ro time by the 41t1rt ace a~ li 1. t loss t.v her ;t.^.rt t,ther ba .red-.- ;.s, ,lt;rs ;tnd <o,,tingeni.a _s :n suite
<br />amounts and fur such ~riods os may ht required !±v ihr M~trtgagre and will pay prompt!}.when doe. tiny prenuunes on sucie
<br />insurance provision for payment of which has not barn made fiereinbeforc. Ali insurance shad hr c:;rncd in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have alt:ar:heci thereto fuss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss h{urtcug.,r w ill giar immediatz nosier by
<br />mail to the Mortgagee, who may make proof of toss if pal made promptly by Mnt•tgagor, and each insurance company am-
<br />cerned is hereby authorized and directed to make payment for such loss directly [o the Mortgagee instead of to the Mortgagar
<br />and the Mnrtgagze joirtty. and the insurance proceeds, ar any part thereof, may br applied oy the 'tortgagee ut its option either
<br />m [he reduction of Elie inde6fzdness botchy secured or to the restoration ur repair of the property damaged. hr event of foreclo-
<br />sure nEthis mortgage nr other transfer of tide to the mortgaged prtlperty in rxtinguishmznt of the indebtedness secured hereby,
<br />alt right, title anti interest of the Mortgagor :nand to any insurance policies then in force shall pass w the purchaser ar grantee.
<br />9. That as additional and caltatzrat security For the payment of the note described. and ;dl ,tuns w heroine due under this
<br />mortgage, the Mortgagor hetebv assigns to the Mortgagee all pnltits, revenues, rayaitirs, rights and benefits accruing to the
<br />Mart~•¢¢g~ r„yntte[ aR~ and all oi{ and gas leases on said premises. with the right to reczivz and receipt for the same and apply
<br />them t3 s~idrt1~{IettteAness as well before as after defatdt in the conditions of this mun¢aee, and the Morteaeee may demand, sue
<br />tar pod chestier any such payments when due and payable. but shalt not he required so te- de. This assigmnent is to terminate
<br />and became null and void upon releasz of This mortgage;
<br />FN4.2163M Ira-77)
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