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<br />(i) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds [o pay such gremium to the Secrerary of Housing and L'rban Development pursuant to the
<br />National Housing Act, as amended, and app]icable F-rgulations thereunder; or
<br />(II) tf and so long as said note of even date and this instrument are held by the Secretary of Housing 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 (1/12) of one-half {7 f2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum equal to the ground ants, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fue and other hazard insurance covering the mortgaged property, plus taxes and assessments next due-
<br />on the mortgaged property (all as estimated by dte bfortgageeJ 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 he]d by Mortgagee in trust to pay said ground rents, gre-
<br />miums. taxes and special assessments; and -
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to 6e made under
<br />the note secured hereby shall be added toeether, and the aggregate amount thereof shall be paid by the MoRgagor
<br />each month m a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(I) premiwn charges under the contract of insurance witlt the Secretary of Housing and Urban Development,
<br />or monthly charge (ire lieu of mortgage frsurance prentiumJ, as the case :nay he;
<br />(I[1 ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(Illj interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shalh unless matte good by the MoR-
<br />gagor prior to the due date of the next such payment, cunstitutz an went of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4y) for each dollar (51) of each payment more
<br />than fifteen (l5) days in areas to cover the extra,.xpense involved in handling delinquent payments.
<br />~. That iF the total of the paymente made by the )1ortgagor under /b/ of paragraph 'l preoeding shalt exceed
<br />the amount of payments actually made by the 11oRgagee for around rents, taxes and assessments or insurance pm-
<br />miums, a-' the case may 6e, such excess, if the loan is current, at the option of fie Mortgagor, shall be credited by
<br />the 3lurtgagee on subsequent payments to be made by the Morgagor. or refunded to the 1lortgagor. If, however, the
<br />monthk payments made be the Aorgagor under /1,) of paragraph _' preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums. as the cane mac be. when the same -hall became due and pa~-
<br />able. then the Mortgagor shall pay to the :Nortgugee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such gmund rents. tare=, assessments or in=urance premiums shall be due.. IF at any
<br />time the )lortgagor shall tender to the Alortgagee, in accordance with the provisions of the note secured hereby,
<br />foil payment of the entire indebtedne== represented thereby, the )lortgagee shall, in computing the amount of such
<br />indebtedness, credit m the account of the Mortgagor all payments made under [he precisions of i ai of paragraph
<br />hereof which the Mortgagee has nut become obligated in pay to the `ecn?[ury of Rousing and Urban Development
<br />and any balance remaining in the fund, accumulated under the pnn~isions of i~.~ of paragraph -? hereof. if there
<br />shall be a default under an} of the panision, of this mort~*age resulting in a public =ale of the premises covered
<br />hereby. or i[ the Mort.!~agee acquima the property uthcrwisc after default. the MortLagre =hall auph, st the time of
<br />the commencement of such pmeecd+ng=. or at the time the properly i- otherwist• angvimd. the balance then nvnain-
<br />ing in the funds accumulated undc=r r.. of par --epl! _ preceding. a- ;r credit again-± the a...tunt cf principal than
<br />remaining unpaid under <aid note, :md Khali propcrl} adj^st :m} p:y~ments ehich -hull ha.c been made under /u1
<br />of paragraph-._' - - - - - - -
<br />4. That the Mnngagor taiil p:n Ground rents. taxes. a,.r s,menh. water rates. and other aut rrnmrned or mumup:d
<br />charges, hots. ur impositions, for e-hich pro, i,ion ha. not hewn made hereinhztore. and m default thereof the Mortgagee ma}
<br />pay the same; and [hat the Mortgagor wdl promp(h deliver the official receipt, therefor to the Mongagze.
<br />S. 9hz Mortgagor will pa} all nixe, which mat he let-icd upon the Mortgagee ~, inerest in said real esuuc sad imprme-
<br />ments, and which may hr fatted upon tht, mortgage or the debt ,enured beech}-Ibut onl} to the rxlem that .uch is not prohi~it-
<br />ed by law mtd only to the extent that such will not make thi, in:m usurioml, but excluding an} income cu, state ur hetier,;l_
<br />imposed on Mortgagee. :md will file thz otlicial react pt chewing such payment with the Mortgagee. l'pon violation of this under-
<br />taking. or if the Mortgagor i+ prohibited by :un~ law now or herriftci existing from paving the tchule ur am portion of thz afore-
<br />said faxes, ur upon the rzndrring of any court dhage prohibiting the paymem by the Mortgagor nr any ,uch ctxr,, or it wch lau
<br />or decree provides that any amount so paid by the Mortgagor shall he credited on the mortgagz debt, the Mortgagee shall hate
<br />the right ro give ninety days' written notice to the owner of the mortgaged premiss, eapuiring the payment of the mortgage
<br />debt If such notice he given. thz said debt shall become due, payable and collectible at thz expiration of ,aid ninth Jai, c.
<br />fi. 'that should he fail to pay an} sum ur kezp any covenant prnvideJ for in this \tavtgage, then the Mortgagee. at ns op-
<br />tion, may pay or perform the same, and:di expenditures so mode shall hr added to !hr principal cum ou mg on the shave nett.
<br />shall be secured hereby. and .hull hear interest at the rate set forth in the said note. umil paid.
<br />7. That he hereby assigns. transfer and sztc aver to tPre Mortgagee, m he applied tow:ud the p:q ntrm of the note anJ :dl
<br />sums xcured beech} in case of a default in [he performance of any of the tznns and nondihnn, of this Mortgage ur the ,:ud
<br />note, all the rents, revemtcs and income to he derived from the mortgaged premise, during such time us the mortgage indehn•d-
<br />ness shall remain unpaid; and the Mortgagee shall havz power to appoint any agent ur ugznis it max dzgve for the purpose of
<br />repairing said premises and of reining the same and .•ollzeting thz rent,. revenues and ina,me, and it easy pat ow of s;ud m-
<br />comes ail expenses of repairing said premises and necessary commissions and expenses incurred in renting and m:mat:tng the
<br />Santa and of collecting rentals therefrom: the balance remaining, if :mx, to he applied toward the diseholge of s:uJ morieagr
<br />indebtedness.
<br />N. 'that he will keep the improvements new existing or herexRer erected on the morgaged pmpern, imurrd a, mat he
<br />required from time to time by the Mortgagee agaimt loss by fire and other hazards, casualurs :md ranungenacc m each
<br />amounts and for such periods as nrny tx reyuired by the Murtgngzr and will pa} pn+mp[I} .when Jut. am prenuums nn ,uch
<br />insurance provision for payment of which has not beta made herrmbefore. •111 imur,;nce ,hall be an'rieJ m annpnnirs .ip-
<br />pmvrd by the 6lortgagez :md the policies and renewals thereof shalt he held ht the Mongagre :unl hate auanhed thereto lose
<br />payable cluttres in favor of and in form acceptable to the Mortgagee. In event of lox, Morgagor is dl grvc mtmedmtc mniec ht
<br />mail to the h-0ortgagee, who may make proof of loss if no[ madz promptl} by :blurigagor. and each mwr:utne a,mpany tom
<br />earned is hereby authorized and directed to makz payment fur such loss directly to the Mortgagee instead ul w the blortgagur
<br />and the 't4or[gagee jointly, and the insurance proceeds. ur ;my part [hereuL may he applied h} the Mortgagee w its option tuber
<br />to the reduction, of the indebtedness hereby secured or to the restorttion nr repair of the propene damagcJ. In rt rm off orrdo-
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the mdehtrJnes, ,enured herrbs.
<br />all right. title and interest of the Mortgagor in and to any insurance policies then in force shall puss to the purchaser or grmtze
<br />9. That as additional and collateral srcuriq• for the payment of the note described, and all Sams to become due under this
<br />mortgage. thz Mortgagor hereby assigns to the Mix[gagee all prohts, revenues. mynities, rights and heath[, anawng to Ihr
<br />Murtgaeor under any and sit oil and gas leases on said premises. with ihz right to receive and receipt for the came :md appl}
<br />them to said indebtednes's as well before as after default in the conditions of this mortgage. and the Mortg;rgre mat demand, sue
<br />for and recover any such payments when due and payable, hui shall nut he reyuired sn to do. f~his assienmero is to [can mate
<br />and become null and void upon release of this mortgage.
<br />t+tID-92143M 1&791
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