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<br />{I}month prior to its due date the annual mortgage insurance oremiurn in order to provide such balder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder: or
<br />{IJ} If and so long as said note of even dale and this instrusneni are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu oja mortgage insurance premium/ which shall be in an _
<br />amovat equal to one-twelfth {1 J12} of aae-half (1/?) per contain of the average outstanding balance
<br />due on the note computed without taking iota account delinquencies ar prepayments;
<br />(b} A sum equal t4 the ground rents, if any, next due, plus the premiums that wit; next become due and payable on
<br />policies of fire and other hazard insurance covering ttte mortgaged property, plus taxes and assesstents next due
<br />on the mortgaged property /all as estimated br• the ,M1fwtgageeJ less alt 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 and special assessments; and -
<br />(c) All payments mentioned in the two preceding subsections oC this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amourl 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 t}re order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Hausin~ and Urban Development,
<br />or monthly charge (in I:eu of mortgage insurance premium J, as the case may be
<br />(II) ground rents, taxes, assessments..iire and other hazard insurance premiums;
<br />(U[) Snterest on the note secured hereby: and
<br />([V) amartvation of the principal of said note.
<br />.4ny defuiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prim to the due date of the next such payment, cunsiitute an event of default under rids mortgage. i'ne
<br />Mortgagee may collect a "late charge" not to exceed four cents (4¢) for each dollar (51) of each payment more
<br />than ftfteen (I5) days in areas to cover the extra expense involved in handling delinouent payments.
<br />.3. That if the total of the payment= made by the )1arteagor under r 61 of paragraph `l preceding shall exceed
<br />the amount of payment actually made by the Mortgagee for ~mund rents, taxes and assessments or insurance pre-
<br />miums, as the c;ise mac be, such excess, if the Loan is current, at the opnon of the Mortgagor, shall be crediced by
<br />the Mortga;ee on subsequent payments to be made by the 1lortgagor, or refunded to the Florigagac lf, hovrever, the
<br />monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall not 6e sufficient ro pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the same shaft become due and pay`-
<br />able.. then the ~lbrigaeor shall pay to the Mortgagee any amount necessan~ io make up the deficiency, nn or before
<br />the date when payment of such ground rents. texas, asses=meet= ar insuranre premiums shall be due. 1f at any
<br />time the Mortgagor .:hall tender io [he Mortgagee, in at•cardance with the pmci-ions of the Hate secured hereby.
<br />fall payment of the entire indebtedness represented thereby, the Vortgagee shall. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor ail pa}'moots made under the precisions of raJ of paragraph _'
<br />hereof which the Mortgagee has no[ become nbli,gated to pay to the aecretan~ of }louaine and }!than Development
<br />and any balance remaining in ibe funds accumulated under tfie provisions of (bi of paragraph Y hereof. #f there
<br />shat! be a def quit under any of the provisions of ihic morzeaee reaul tine in •a public =ale of the premieev cuverc~
<br />botch}', or if the \tortgagee. ncyuires the property othcnsise after default, the \iortgaeee =hall apple. at the 'tine of
<br />the cammancement of ,ut•h pm+•e+-dines, er at the time the property is othenciee aa•yuired, the balance then remain-
<br />ing in tjte funds accumulated under; t_/ of purtt„raph :? preceding, as s credit against the amount of prtnt•ipa[ then
<br />remaining unpaid under said note. and shall property adjust am narment< rehich =hall haste twee made ender %a'
<br />of uart~raph ~.
<br />a. That *.he L+ortgagc.r ,~ ^av round runts. ;axes, assessments. : let totes. and other eor ernmental a. atumrpal
<br />charges, (fines. or imnosi[ions. •fort•~6ieh provision has nut peen made herein~hefare. and m default thereof t?ae titar[ra;:;.e mu}
<br />pay the same: and that the i1origagcr a-ill promptly deliver the atTicial receipts therefor to the ~fortgagee-
<br />~. The b[ortgagor will pay all rases whits may he levied upon the Mortgagee~a in2rest in ,aid real estate sod improse-
<br />ments. and which may be levied upon [his mortgage or the debt secured hereby tout Dolt to the extent than wch rs not prohibit-
<br />ed Ly law and ooh to the exent that such will not make this loan usurioasl. hui escludirg n} !ncame tar. Mate or Fede: al.
<br />imposed on R1ort¢agee. and will file the official receipt showing such pagpten[ with the Mongasee- f=yon rloi;uron nl •ht~ under-
<br />taking, ar if the Mortgagor is prohibited h+ any law nou or hereafter existing from paying the whole of am~ pr;ruon of the store
<br />said to?.es. or upon the rendering of any court duree prohibiting the payment by the Mortgagor or asr~ wch rasa,. or rf su.:h is+c
<br />or decree provides [hat am' amount so paid by the Alorigagur shall be credited on the mortgage dept, the ,Llortgagee shalt bar e
<br />rhr right to give omen days' w-ritten notice a> the owner of the mortgaged pretises. requiring the payment of the mortgage
<br />debt. If >ueh notice be given. the said debt shall become due. payable and collectible at the expiration .+i surd ninety :ia>..
<br />h. That should he fail to pay soy sum or keep an} covenant pnn-ideJ [or :n thu Mortgage. then the 4hxt~gee, :u its vp-
<br />tion. may pay or perform the same. and all e=.pendi!ures ur made stroll kre ::ddrd to tttr ,xincipa! +..... o:v mg +rn the ,:ha+e Harr.
<br />shall be secured herchy. and shall hear interest at the tae act forth in the card note, until pats.
<br />". That he herchy assigns. transfers and sits over w the Mortgagee. m he applied toward the pa)~ment of the note and :dl
<br /><ums secured herehs in .ace of a default in th+s performance of am of the terra and cundiuatu of this xlorigage ur the said
<br />note. n!1 the rent<., re<-enues and income to be derived from the mortgaged pretense, during .uch flint :o the mortgage mdehted-
<br />ness :,hail remain unpaid: and the hiortgagre shall have poser to appoint nn} agent or agents rt mar desire for the purpose of
<br />repairing said premises and of reining the same and collecting the gems, revenues and income, ;m+i it may pay out of said in-
<br />censes all expenses u( repairing said premises and necessary commissions and rspenses incurred in reining and managing the
<br />same and of coHectirig renutls therefrom: the balance remaining, it any. to he apphed tee~nnl the discharge of said mortgage
<br />indettedness.
<br />3. 7trxt to wilt kerp the impnrvement5 now catering or hereafter erected on the nrnrlgaged nmpettt. located as mey be
<br />required from umc to time by the Mortgagee against lose by rire ;mil other harards. casualties and contingencies m such
<br />amounts and for such periods as may he required by the Mortgagor and will pay promptly, when dot. an_v premiums on such
<br />insurance provision for pa}meet of which hats not been made hereinhefore..all insurance .hall he carried in companies ap-
<br />proved by the Mortgagee and the poticies and renewals thereof shall be held 6v the Mortgagee and bare attached thereto tons
<br />payable clauses m favor of and inform acceptable to the Mortgagee. In event of loss Mortgagor will gtrt immediate notice by
<br />mail to the Mortgagee. who may make proof of loss if not made promptly by Morleaeor, and each insurance company cun-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds. or any part thereof, may he applied by the A~t artgagee at ns option either
<br />to the reduction at the indebtedness hereby secured or to the restoration or repair of the property damaged. In es•ent of foredo-
<br />, sure of this mortgage ar other trans#er of title to the mottgaeed property in extinguishment of the indebtedness secured hereby,
<br />all right, title and interest of the Mortgagor in and to any insurance policies then in force shalt pass to the purchaser or grantee.
<br />9. 'That as additional and collaceral security fur the payment of the note described, and all sums to hearme due under this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all profits. revenues. royalties, rights and benefits accruing to the
<br />Mortgagor under any and al! oil and gas leases on said premixes, a=ith the right to receive and receipt for the same and apply
<br />ffiem to said indebtedness as well before as after detauh in the canditians of this mortgage. and the Mortgagee may demand, sue
<br />for and recover soy such payntems wr5.en due end payatrie, but shall not be required so ra do. This assignment is to terminate
<br />and teeme null and void upon release of this mortgage.
<br />rri 4-~143M ila-771
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