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<br />{i) month prior to its due date the annual mortgage Lnsurance premium :n order to provide such-holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />iVaticnal Housittg Act, as amended, and applicable Regulations thereunder: or
<br />(FI) if 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 ties of a mortgage insurance pre»tium/ which shall be in an
<br />amount eyual to one-twelfth (I/12) of one-half (i/2) per centum of the average outstanding balance
<br />due on the note computed without taking-into accoum delinquencies or prepayments;
<br />(b) A s!rm equal to Utt ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of Ure and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on [he mortgaged property (all as estimated by the btortgageeJ less all sums aready paid therefor divided by the
<br />number of months to elapse before one month prier 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 of this paragraph and all payments to be made under
<br />the nose 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 under the contract of insurance with the Secretary of Housing and L'rban Development,
<br />or mongily charge /in lieu ojmortgage insurance prentfurn/, as the case may be;
<br />(I[) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(ill} interest on the note secured hereby; and
<br />pv) amortization of the principal of said note.
<br />Any deficiency ua the amount of any such aggregate monthly payment shalt, unless made good by the Mort-
<br />gagor prior to U[e due date of the next such payment. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (~1g) for each dollar (S I) of each payment more
<br />than fifteen {15) days in areas to cover the extra expense i;rvolved in handling delinyuent payments.
<br />2. That iC the total of the payments made by the Mortgagor under /L) of paragraph) preceding shall exceed
<br />the amount of payment=. actualiv made by the Mortgagee (or ground rent. 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, shaft 6e crediced by
<br />the Mortgagee on subseyuent payments to be made by the Slortgagor, or refunded to the .Mortgagor. If, however, the
<br />monthly paymen4c made by the Mortgagor under !bi of paragraph ?preceding shall no[ be sufficient to pay ground
<br />rent. faxes and uasessments or insurance premiums, as the ca_e may be, when the same -hall become due and pay-
<br />able, then the ilortgagor shall pay tr, the )lortgagee unr amount necessary to make up the deficiency. on or 6efare
<br />the date when payment of such gtnuad rents. taxes. assessment or insurance premiums shall be due- (f at am•
<br />time the \1ortgagor :hall tender to the §lortgagee, in acc•urdance with the provisions of the pate ..=,ecured hereby,
<br />full pa~~men!-of the entiro indebtedness represented thereby, the \lortgagee shall. in computing the amount of sorb
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of rc) a( paragraph 3
<br />hereof which the M1lortgagee has nut become obligated to pay w the Fecreiarq of Housing and )'theta I)evelopntent
<br />:md any balance remaining in the funds areumulated under the provisions of !6/ of paragraph :? here~ot. I(there
<br />=haH be a default under an} of the pre?cieinns of this murt~agc resulting in a public sale of the premises coye•md
<br />hereby, or if the llnrtgagee acquires the propery othenviw after default, the 1lortgageo :hall apirh-. at the time of
<br />the cammenrement of such procee[iin~e., or at the time the praperh~ is otherwise enquired, the balance [hen remain-
<br />ing in the fiords accumulated under lbi of paragraph '3 preceding. u~ x credit a;atoll the amount of principal then
<br />remaining unpaid under said note, and =hall propcrh adju=t um putimt~nts which shall h:t+e been made under r::%
<br />of paragraph 1,
<br />J. That the ~iurtgagar w-iii pas- ground rents. arse,. assessments, water rate.a, and uthei ,overnmrnud or municipal
<br />charges, flues- or imposition,. for w high pn?vision ha< not been made hereinnefure. and in drfautt thereof the Mortgagee may
<br />pay the ,ame: ;md that the A4ongagor will promptly deliver the official receipts therefor to the Murtgsgce.
<br />S. The Mortg:rgur +eill pay all taxe, which mac he le•: led upon the :l1or[gagee', intere,t in uiiJ real e,tate ;uui impro+e-
<br />ments-and w bleb may be levied upon this mortgage nr the debt secured hereby= Ibut only m the extent the[ .uch is net prohihrt-
<br />ed by taw and ooh to the estem that Bach will m?[ make this loan usuriounl, but esciuJing any income tea, State or Fedcr.J.
<br />imposed on Mortgagee, nnJ wilt file the ot7icial receipt ,hawing such payment with [he Mortgagee. L'pnn +iol;ttion of [his uaJer-
<br />[aking- or if the Martgeger is prohibited by any law sou or hereafter existing from paying the w hole or ant portion of the afore-
<br />said lase.. or upon the rendering of anc court decree prohibiting the payment by the Mortgagor or:ut} wch ogles. or if each law
<br />or decree provides [hat an umoum w paid by the Mortgagor shall he credited on [he mortgage Jrht. the lh,rtgagce shall hove
<br />the right nr give ninety J:n~s' written notice to the owner of the mortgaged premises. requiring the p:nmeot of the mortgage
<br />debt. If such notice he given, the said debt shall become due. payable and collectible at the expirrtion of ,aid ninety days.
<br />6. That shuufd he fail to pay any sum ur keep any covenant provided fur in thin Mortgage. then the Mortgagee, nt u, op-
<br />tion, may pay or perform Um same. and all expenditures w made ,hall be added to the principal sum owing on the above note.
<br />shall he secured hereby, ;md shall bear interest at the rate set forth in the said note. until paid.
<br />7. Th:d he hereby assigns, trmsfers aml seta Dyer to the Mortgagee, nr be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms anJ condition, of Ihi, ~,Aionguge or the ,aid
<br />note. :di the rents, revenues and income u? he derived from the mortgaged premises during such time :u the mortgage inJehted~
<br />sell shall remain unpaid: and the )lortgagee shall have power m appoint any agent or agents it may dnire fur the purpose of
<br />repairing said premises and of reining the same and collecting the rents, revenues and income, and it may pay nut of ,aid in-
<br />enmes all expenses of repairing .aid premises :md necessary commissions and expenses ineurre.d in renting anJ managing the
<br />same and of collectine rerrtats therefrom; the t?ahmce remaininc. if :m y, to he applieJ toward the disch;rrm art ,aid mortgage
<br />indebtedness.
<br />K. That he will keep thhe impnn•ements now existing or hereafter erected on the mortgaged property, insured a, may he
<br />required from time to time by lire Mortgagee against loss by fire and other hazards, casrudtie, anJ n?ntingencic, m ,uch
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly. +. hen due, any premium, on wch
<br />insurance prcvisian for payment of which has nut been made hereinhefore. All insurance shall he carried in compame, ap-
<br />proved by the Aortgagee and the policies and renewals thereof sh:Jl be held by the Ivlungagce and h:we ;auto heJ thereto lo„
<br />payable clauses in favor of :and in form acceptable ta the Mortgagee- In event of loss Mortgagor will glee immediate sauce by
<br />mat! to the Mortgagee. who may make proof of tos if not made promptly by Mortgagor, and each insur:nce company cun-
<br />eerned is hereby authorized and directed to make payment for such Ions directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, sad the insurance proceeds. or any part thereof. may he applied by the Mortgagee ^t ita option either
<br />to the reduction of the indebtedness hereby secured or to ffie restoration or repair of the property damaged. In e+cnt u( foreclo-
<br />sure of this mortgage or ether transfer of title to the mortgaged property in extinguishment of the indehredne„ ,cooed hereb? .
<br />all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser ur gr:mtce.
<br />2 That as sdditinnal and collateral security for the payment of [he sate described. and all soots to become due under [hi,
<br />mortgage, the A4ortgagor hereby aligns to the iviortgagee all profrts- revenues. royalties, rights and heneht, accruing w [he
<br />Mortgagor under any and all oil and gas leases on said premises. with the right to receive and receipt for the ,ame and apply
<br />them to said indebtedness as well before as after default in the conditions of this mcr[,age, :net the .Morgagee mar demand. we
<br />for and recover any such payments when due and payable, but shall nut br required w to Jn. 'this ascignmen! i, to terminate
<br />and become null and void upon release at this mortgage.
<br />HUO-92143M 19-791
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