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<br />(1) month prior [o its due date the annual mortgage insurance premium in order to provide such border
<br />with rands [o pay such premium to the Secretary of Housing and Urban Develanment pursuant to the
<br />National Housing Act, as amended, and applicable Kegulations thereunder: or
<br />(II) If and so long as said note of even date and this instmmem 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 />amoum equal to one-twelfth (IJl2) of one-half (I/2j per contain of the average outstanding balance
<br />dve nn the Hate computed without taking into account delinquencies or prepayments:
<br />(b} A sum equal tp the ground 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 mortgaged property, plus taxes and assessments next due
<br />an the martgaged property /al[ as estimated by the Mmtgageej Less ail sums already paid therefor divided 6y the
<br />number ot-months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delhtquent, such sums to be held by Martgagee in trust to pay said ground. rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in die two preceding subsections of this paragraph and all payments to be made under
<br />dte note secured hereby shall be 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 in the order set forth:
<br />(I) premium charges tinder the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu r{/'mortgage insurance premiurnJ, as the case may be;
<br />(il) ground rents, taxes, assessmenrs. t]re and other hazard insurance premiums;
<br />(111) interest on the Hate secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />.4ny deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment. ce:nstitute an event of default ender this mortgage. The
<br />!Mortgagee may collect a "late charge° no[ to exceed fear cents (dg) for each dollar (S1) of each payment more
<br />than filteen (I S) days in areas to cover the extra expens+° involved in handling clelinquen[ payments.
<br />3. That if the total of the payments made by the Mortnagor under thj of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for ground rent" rases and assessments ur insurance pre-
<br />miums, as the case map be, such excess, iE the lean is current. at the option of the btongagor, shat! be credited by
<br />the 1lortgagee on subsequent payments to be made by the Slnrtgaeor. ur refunded u> the 1lortgagor- If, however, the
<br />monthly payments made by the ylortgagor under r,h/ of paragraph "? preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, ae the c:~.e may be_ when the same shall become due and pay-
<br />able, then the 'lfortgagor shall pay to the )lortgagee any amount necesaun' to make up the deficiency, nn or before
<br />the date when payment of such ground rents. [axes, assessments or insurance premiums shall he due- if at any
<br />time the 3lortnagor shall lender m the 1lortgagee, in accordance weith the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the tlortgaree ;hall, in computing the amount u[ such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of : r:; of paragraph
<br />hereof which the. Mortgagee has nut become obligated to pay to the secretary of Huusina :rod Urban Development
<br />and :utv balance remaining in the`vnds accumulated under the provision= of r5,• of paragraph '? hereof. if there
<br />sh=d1 be a default under :uty of the provisions ui this mortgage resulting in a public =ale of the premises severed
<br />hereby. or if the ]tortgager acquires the properly otherwise after dr!•ault. the ylorzgxgee shall upph. at [he time of
<br />the commencement of :uch prnc•.eedirps. ar at the time the prnperh~ i- ot.herwise ac ;aired, ilte tsa!'mc•e then remain-
<br />ing in the fund. accumulated under f?=7 of par~raph 'L precedin„. a;f a credit again-t the amount of nrineipal then
<br />remasnlnF unpaid ;mecr .Raid Here. aced =hail prrrperiy adjust. any puymenl~ :aflicii -bait have been made under!ai
<br />of paragraph '?.
<br />4. The[ the Mortg:rgur we vii pay ground rents. nixes, ussrssrnents. wiper rates, and other guvernmenlal or mumctpal
<br />charges. ones. or impositir,ns. for w-hick provision has nut been made hereinbefnre, and m default *_hereof the ytons~:+,•nr !na_t
<br />pay the some: and that the SAortgagur cell/ promptly drlivrr the official receipts therefor to the Mortgagee.
<br />i. "Cho :tfortgxgor will pay aR taxes which may he levied upon the Mortgagee\ interest m paid read eaatr and improve-
<br />ments, and which mac br touted upon this nwrtgage ar the debt secured hereby tout only to the extent [hat +uch is not prohihio-
<br />ed by lay: and Doty to the extent that such will not make this loan usurious/, but excluding :m~ income uu. Stab or Federal.
<br />imposed an Martgagee. sod will file the ofli cisl receipt yhuwmg such payment whh the '~orgagee. t~ pop vtulatiun of this ^nder-
<br />taking, or if the Mortgagor is prohibited by any lawn now or hereafter existing from pa} ing the w hale or;mw punion of the afore-
<br />said taxes. or upon the rendering of any court decree prohibiting the paymrat M~ the Mortgagor or any such taxes, or if such taw
<br />or decree provides that any amount su paid by the Slungagur shall he credited on the mortgage debt, the V-tortgagee shalt hate
<br />the right to give ninety da}-s~ written notice io the owner of the mongagrd premises. requiring the payment of the mortgage
<br />debt, if suet[ notice be given, the said debt shall become due. payable and cohec[iblr at the expiauiun of said ninety days.
<br />F. That should he tai! ro pay :my sum or keep anycoven an*. provided for in this Mortgage, then the Mortgagee. at iu up-
<br />tion. may pay ar perform the same, and ail expenditures so made ,hall he added to the pnncipal sum owing on the nhovr note,
<br />shall he secured hereby, and sha!I bear interest at the r:ne set forth in the said note, anti! paid.
<br />'. That he hereby assign. vansfen and sets owu tp the Mortgagee, to Le upplird toward the payment of the note ;rod :ell
<br />sums secured hereby in case of a de[ault in the performance of ivy of the terms xnd eonditiun of this :Mortgage or dte yard
<br />note, cell the rer.~• revenues and income tube derived (rum the mortgaged premises during such time as the nmrtgage indrbted-
<br />ness shalt remain unpaid: and the Mortgagee shall have power to appoint any agent or agents it mac desire fur the purpose of
<br />repairing said premises :rod of rcn[ing the same and collecting the rents, revenues and income, xnd it may pay out at said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and atanaging the
<br />-same and <tf cuiizciing rentals therefrom; Cho balance remaining, if any, to be applied [award the dtacitarge of ,aid mortgage
<br />indebtedness.
<br />3. •fttat he will keep the improvements now existing or hereafter erected on the mortgaged property, insured ,u ntay he
<br />requhed from time ro time by the Mortgagee against loss by fire avd other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be reyntreJ by the Mortgitgre and will pay promptly, when due, any premium, un such
<br />insurance provision far psgment of which has no[ been made hereinbeforr. All insurance .hall he auried in companies ap-
<br />proved 6y the Mortgagee and the policies and renewals thereof shut? be held hq the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form arceplsblr m the ilortgagee. In event of loss biartgagor wilt eivr immediate Warier by
<br />moil to the Mortgagee, who may make proof of loss if Hat mode promptly by Ma'tgugor. and each iosuranrr company cun-
<br />cerned.is hereby authorized and directed to make payment fursuch loss directly to the htortgager instead of to the Mortgagor
<br />and [he Mortgagee jointly, and [he insurance proceeds. or ,any pan thereof, may be applied by the 3tortgagee at its option either
<br />to the reduction of the-indebtedness hereby secured or to the restoration or repair of the property damaged. fn event of forecl~-
<br />sure oGthis mortgage ar other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby .
<br />•atl right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or gr--mtge.
<br />9. That as additional and collateral security for the paymrn[ of [he note described, and all .urns to hecumr due under this
<br />mortgage, ihr Mortgagor hereby assigns to the R-tortgxgee cell profits. revenues. royalties. riches and benefits accruing to the
<br />Mortgagor under any and all oil and gas leases on staid premises. with the right to receive and receipt for the same and apply
<br />therm €o said indebtedness as wrtf l±eture as after defauh in the conditions of this marigage, ;rod the 'v-larizagee may demand. sue
<br />for and recover any such payments when due and payxblr. but shall not ht reyuirrd so m do This assignmem ;s ro tennmace
<br />and hecumr null and void upon release of this mortgage.
<br />rN4 2143M 1,10-~7t
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