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<br />f l) month prier to its due date the anruaE mortgage insurance premium in order to provide such hafaer
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant io the
<br />4ational Housing Act, as amended, and applicable Reguiatians thereunder; or
<br />(II} If and so long as said note of e+•an date and the instrurr~nt are held by the Secretary of Housing and
<br />Urban Bevelopmenx, a monthly charge fin fieu of a mortgage inwrance premium) which shall be in an
<br />antounz eyual to one-twelfth f lift) of one-half {I, 2) per centum of the average outstanding baiattct
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal tp t}ra ground rents, if any, next due, plus the premiums that wr71 next become due and payable oa
<br />policies of fire. and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property fat! as estimated by the Martgageej 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, [axes and
<br />assessments will become delinquent, such sums to be held by Mortgagee is tmst to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and ail payments to be made under
<br />the 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 />(?} premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (ir, Ireu ojmortgage insurance premium., as the case may be;
<br />(If} ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization of the principal aisaid note.
<br />.Any deficiency in the amount of any such ap~regate monthly payment shad, unless made goad by the Mcrt-
<br />- ~agor prior to the due sate of the next such payment, cmrstitute an Brent of default under this mortgage. The
<br />• - Mortgagee may collect a "late charge" not to exceed four cents fay) for each dollar (SI) of each payment more
<br />than, Ffteen (1.}days in areas to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the 9ortgagor under /b/ oC paragraph 2 preceding shall exceed
<br />the amount of payments actually made by t}re .Mortgagee far eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess. if the loan is current, at the option of the Mortgagor, shall be credited bg
<br />the Mortgagee on subseyuent payments io be made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by [he Motgagor under /bj of paragrnph Z preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and pay-
<br />able, then the 1br[gagor shall pay to the 1lortgagee env amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents. taxes, assessments or insurance premiums shalt be due. It a[ any
<br />time the Mortgagor shall tender to the Mortgagee, in ace•ordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thembv, fhe Slortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of thz Mortgagor all pavmencs made under the provisions of ia; of paragraph Z
<br />hereof which the Mortgagee has not become obligated to pay to the `ecretarv of Housing and Crban Development
<br />and env balance remaining in the funds accumulated under the provisions of !bJ o[ paragrzph ?hereof. [f there
<br />=hail be a default under any of the provisions of [his mortgage resulting in a public sale of the premises covered
<br />hereby. or if the Mortgagee acquires the property athcn+ise after default, the >tor[gagee shall sppl}, at the time of
<br />the commencement of such proceedings, or at the time the orooerty is otherwise acquieed, the b glance t.'-:en remain-
<br />ing in [he funds accumulated under r b/ of par,4;ruph 2 prec•edinr•. as a credit c~ainst the amount u[ principal then
<br />remaining unpaid under said note, and shall properly adju>t ant payments :vich -hail havo liven msde under rat
<br />of paragraph 1.
<br />d. That the Mortgagor wdl pay ground rents, ta.xes..rssessments. water rates, and other governmental or mutticipal
<br />charges, foes, or impositions. for which procision has nut been made hereinhriore. and in default therevf the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly Deliver the otfictal receipts therefor to the ~'+tortgagee.
<br />5, The Mortgagor will pay all taxes which may he levied upon the ylortgager's interest in said real estate and imprc:ve-
<br />ments, and which may be levied upon [his mortgage or the ash[ secured hereby Ibut only to the extent that such is not prohibit-
<br />ed by law and Holy to the extent that such will not make this loan usurioush but excluding any income tax. Slate or Federal.
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. l!pan violation of this under-
<br />taking, or i( the Mortgagor is prohibited by any law now or hereafter existing from paying [he w hole or any portion of [he afore-
<br />said taxes, or upon the rendering of any court decree prohibiting [he payment by the R1origagor or any such taxes, or i( such law
<br />or decree provides that any umoun[ w paid by the Mortgagor shall he crediteJ ou [hr mortgage Jrbt, the Mortgagee shall have
<br />the right to give ninety days' written notice u, the owner of the mortgaged premises, reyuiring the payment of the mortgage
<br />dab[. if wch notice be given, the said debt shall become dun. payable and collectible az the expiration of said ninety days.
<br />6. That should he fail m pay any sum or keep any covenant provided for in this mortgage. [hen the Alongager, m its op-
<br />tion, may pay or perform [he same, and ail rsprnditures w made shall he addrJ to the principal sum owing on the shove note.
<br />shall be secured hereby, and shall bear interest at the rate set forth in the suit note, until puiJ.
<br />7. 'that he hereby assigns, transfers and sets over to the Mortgagee, m he applied toward the payment of the note unJ xll
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the s:uJ
<br />note, ail the rents, revemtes and income ro be derived from the mortgaged premises during such time as the mortgage indeb[eJ-
<br />ness shall remain empaid; sod the Alartgagee shall have power to appoint any agent or agents it may Jesus for the purpose of
<br />repairing snit premises and of renting the same and collecting the rents, revenues anJ income. and it may pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses mcurreJ in renting anJ managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any. to be applied tower) the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the impn>vements now existing ar hereafter erected on the mar igagrJ praperiy, insured as ma} he
<br />required from time to time by the ~lartgagee agaimt Ims by fire and other tanned+. rnualties anJ contingencies in wch
<br />amounts ono far such periods as may ba required by tfte Mortgagee and will pa} promptly, w hen Joe, any premiums on uxh
<br />insurance provision (or payment of which has not teen made hereinbefore. ,411 insurance shall he carried in compumes ap-
<br />proved by the Mortgagee and the policies and renewals [hereof shell be hclJ by the Mortgagee and have :utaeheai thereto Ions
<br />payable clauses in favor of and in farm acceptable to the bortgagee. In event of luu Mortgagor wdl gne unmediak• nonce ht
<br />mail to the Mortgagee, who may make proof a[ loss if not made promptly by Mortgagor. and each insurance :anrpeny con-
<br />cerned is he2by authorize) anJ direc0.-d to make payment fur such lose directly R> the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee faintly, and the insurance proc Beds, or any part thereof. ;nay he applieJ by the Margagec al its option either
<br />to the reduction e1 the indebtedness hereby secured ur to the restoration ur repair wf the property damage). In Burin of foreclo-
<br />sure of this mortgage or oilier transfer of title m the mortgaged property in extinguuhmcnt of the indebtedness sewreJ hereby.
<br />ail tight. title and merest of the A1ortgagor in anJ to any insurance policies then in force shall pass to the pw drasei or grantee
<br />9. That as aJditioral and Collateral security (or (hc payment u( the note des: shed. anJ all swm d. heanne Jue under the.
<br />mortgage, the Muneaeur hereby assigns to the Mortgagee :ill profits. revenues, royalnrs. rights and henetits .:rruung m the
<br />Mortgagor under any and all oil and gax leases an seid premises, kith nc~ right to ieCCirC ;md receipt tar the .:mc and apply
<br />ttwm t`cr s:Ud indebtedness as well t+eforc as after Jc[ault in the conditions of this mortgage, and the ~Mortgagcr ma} Je n~.u,J. stir
<br />for and recavrr ar.y ucir payments x-i;rn Jue atrJ pay-able. but shelf not t,e r~quucd .,~ to Jn i his as,rgnment i. lu :rnnmate
<br />and to come nui3 and void upon release of this mortgage.
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