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<br />(l) month prior tv its due dace the annual mortgage insurance premiurn in order to provide such holder
<br />with funds to pay such premium to the Secretary of Hauling and Urban Development pursuant to the
<br />stational Housing Act. as amended, and applicable Regulations thereunder: or
<br />{II) If and so long as said note of even date and this instrument are held b}• the Secretary of Hvusing and
<br />Urban Development, a monthly charge fln lieu of a mortgage insurance nremiumj which shall be in an
<br />amount equal to one-twelfth (1112) of one-half (I(2) per centum of the average outstanding balance
<br />due on the note amtputed without taking into account delinquencies er prepayments:
<br />(b) A sum equal to the ground rents, if any, next due, plus ti;e premiums that will next become due and payable un
<br />policies of fire and outer hazard insurance covering the mortgaged property, ptus taxes and assessments next duc
<br />on the mortgaged property (all as estimated by the hfortgagee! less all sums a]ready paid therefor divided by the
<br />number of months to elapse before one month poor to the date when su:h ground rents, premiums. taxes and
<br />assessments will become delinquent. such sums to be held by Mvrtgagee 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 in he made under
<br />[he note secured hereby shall be added tueether, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to br applied by the ~-fortgagee to th.^, following items in the order set forth_
<br />(1) premium charges under the contract of insurattca with the Secretarv of Housing and Urban Development,
<br />or monthly charge (nr lieu of rnr~rtgage insurance prenrfum/. as the case may be: -
<br />(II) ground rents, taxes, assessments. fire and other hazard insurance premiums;
<br />(11I) interes*. on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deHciertcy 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 nest such paymem, amstiwte an event of default under this mortgage. Foe
<br />Mortgagee may collect a "late charge" not to exceed Ihur cants (~iyj for each dollar tS I) of each payment more
<br />than fifteen (I S) days in areas to cover [he extra expense involved in handling delinquent payments.
<br />:I. That if the total of the payment.- made b\ the gnrt,aFer mtdcr ; h/ of paragraph _' precedine shall exceed
<br />the amount of payment. actually made by the `.IortKagee for tn'ound rent, wxec and a.,-e~..ment< or insurance pre-
<br />mium,. as the ca=e may be, each excess. if the loan is current, at the option of the Mortgagor. shall be credited by
<br />the tie:rtrry•va v.. suhsegt_~en! ~_ _..-~ to he made 6v the llnrtgarror, nr refunded to the 1lorttaaor. If, huweser. the
<br />mvnthh~ payment made by the iortgagor under i E) of paragraph _' preceding shat. oat be sufficient to pa}' ground
<br />rent, taxes and assessment= or insurance premiunt~, ue the c•asr mat be. when the game =hall become due and pay-
<br />able. then the thmtgagor shall pa}" to the 1lortgaKee env amount aces,--acv to nabs up the deficienct~, on or before
<br />the date when pavmPn[ of such ground rent. lases. asscssment~ or insurance premium= -hall he duc if at. am•
<br />Lime the tlortgagor haR tender In the }Inr[gagee, in accordance with the pool=inner of the note .-scored here b}-,
<br />foil payment of the entire indebtedness mpresented thereby. the 1lnttgaree -hall, in computing [he urraunt of such
<br />indebtedness, credit [o [he accwnt of the Mortgagor all payments made under the provisions n[ +w of paragraph _'
<br />hereof which 4he Slortgagce has nut become oblig:ucd to pay to the ~ecretaz of Ilou=ing and urban Der-elvpment
<br />and un} balance remaining in lhu fund= nccumtaated under the prnyiaiun, of %!~+ of paragraph Y hereof. tf there
<br />,hall be- a default under an} of the prosi~iun= of this mortgaue reuulting in a puhlio =alo n( rho premi~c~ entered
<br />hernby. or if [he 1lorigagec xcqui rep the propery utherwi-e after drfatd t, the \Lrct,agro -hat! appls, at the lime of
<br />the enmmencement of ,uch proceeding>.:nr at the time rho property i= othr~n+i-t~ arti:irett t}te bat anr:~ then r maio-
<br />ing in the fonds arcumulatrd under, i r uC paragraph ?pre t•eding- ar a credit :~,ain-t the amount of principal then
<br />remaining unpaid under maid non•. and =boil properly adjust ens pavnent- which hail hate been mud:• under ~ ~r,
<br />oC paranraoh2-
<br />a "Chat Ihc ~b1or[gagor tt ill pat crounJ rrnl~. taxes. es,c„afro[,. water role,. and of her ~, tern meal ~i nr morn. +p.+l
<br />charge.. line;. or im pa,inom, lnr ~.+hich prat Mon has not been mode herrmhe(ure. end in dcfauh Ihrr_nt Ihr VI+-rt_e::~•ec ntat
<br />par the ,umr: and Ihat the Sh:rtgaeor tt 111 pn+mpth Jelivrr the uthciul receipt, thrretor to the Af origaerr
<br />t- Thr 4lortgagor will pa} ail unr, tthich our. be let icd upon [hr 4l orteagre', unrrr,t m ,a»i rr,d r,l.+IC amt improte-
<br />mems. and which In;r he levied upar. thi, mortgage or the debt ,rcurrd hereby Ihut anh to Ihr event that v:rh :, nal prohlhih
<br />ed h}• tau and only to the event thm wch trill oat make thi, loan usunomt. hm excluding ,mt ma~mc t.n- Slate or redrr.d.
<br />im pored on Atortgrgee, anJ a dl file the official receipt ;hawing ,uCh payment a ith [he Alortgagre t pon t foie unn of Ov, under-
<br />taking, or d the Atortg:rgix n prohthucd h} any Ltw ^+ws or hereafter eynting (n+m paung the tt hole or :nit pornon+d the .rf•ue~
<br />said taxes, or upon the rendering of any court Jeerer prohibiting the pay meat ht the Viortg;tgur or ant ,uch leu,..+r d .uch I-nt
<br />or decree proriJe, that ant ;onoum ,u p:uJ by the Marte:+gor ,hall i,e crcdnrd an the m++n g.rge debt- the Vlnrte:.gcr -h:JI h:,t e
<br />the right to giyr nineh dal,' written notice to the o+t nee of the mortgs+ged premise,. rryumng Ihc p.n ntrnl rS the mnngapr
<br />debt. If ;uch nonce be given, the ,;ud debt ,hall become Jue. p:q nMe :md collectible .d the expaauon .+f ..rid omen d:n,
<br />fi. That should he fail to pat any sum ur keep any covenant prat ided For in thn V1ur Igegr. then the Vlortgaecc..rl n, op-
<br />tion, mac pax or perform the ,amt, and all expenditure. ,n mode ,hall he aJJe.i to the pnnupel ,um oft utg +rn the .rhotr note.
<br />shall he secured hereby. and Shull bear intemst at the cure ,et funh in the raid note. anal p:ud
<br />'. Thal he hrrcM_ :n,lgn,. uun,lrn unJ ,eh of rr n+ Ihc 1lorlcager. to hr .:pplieJ law arJ lhr p;n un•nt .d Ihr mar .end ,.II
<br />sums ,scored hereto in c:nc of e Jclauh m Ihr pcr(ormance of um ..f the terror .md amdmon .d tht. Alert gage of the ,:ud
<br />note, all Um rent,. ref-roar and mannc to he deco rd from the mortgaged prc•nu~e, Junnp ,uch once .n Ihr mor[e:rgc utdchted-
<br />ness shall remain unpaid: and the Mortgagee ,hall base power ro appoint :m} agent or agent-. n mad Je,ur for the purpex• +d
<br />repairing said premises and of renting the same and tollrcting the rear,. ref cone, and income. unJ it mat pat am of ,;+id in-
<br />comes all expenses of repairing sail premise, :mJ necessary commission and rxpene, mrurreJ m renting anJ managutg the
<br />Same and of _o;letting rcnctls therrfrum: thr balance remaining. if an}-. w he appled tos; and the disc h::. et° of .e:.i :r,ongagr
<br />indebtedness.
<br />K. "that he will keep the impnrvemenis non existing or hereafter erected on ihr mur[gaerJ prupcrtt. mwrcJ .~. nn~t hr
<br />required from time w lime h} the Mungagee ugaint loss by fire and other haruJ,. ca, u;due, .md c.xttmgrncu-s m ,uch
<br />:unounts and for such period, :u may he required by the S9 ortgagre :md will pot prom pth .when Jur..mt per noun. on ,uch
<br />inurance prnvisinn for payment of which has not been male hereinbeforr. All :murmre ,hat! he ::rcnrd m ,rim pa nrr, ap~
<br />proved by the Mortgagee anJ dte policie, and renewals thereof ,hall he hell M Ihc Mongagre :md hot c aria: hrJ thereto h~,.
<br />payable clause, in favor of and in form acceptable to the Mortgagee. In even of lu„ Mortgagor tt ril gttr immrd uae noun ht
<br />mail to the Mortgagee, who may make proof of loss if not made prumpth ht Al urtgagur.:mJ rich in,ucuae compant am-
<br />cerned is hereby authorized and directed to make pap meat for such Ions directh to the Mortgagee m,tead of ^+ the Mangagor
<br />and the Mortgagee jointly. and the insurance proceedc, or any part thereof, m:ry he applieJ In [he bforteagrr el n. opnun erthrr
<br />to the reduction of the indebtedness hereby secured ur to the restoration ur repair of the propeny J m;~gcJ In at eat of tare: L~-
<br />,ure of this mortgaee or other Irmsfer of title to the mortgaged property m rxtingurchment of the mdchted ne" .crurcJ hereht .
<br />ail right, title and interest of the Mortgagor in and to any insnrmce pollee, then m lour ,hall pu,s to Ihr purrhasrr of er ana•e
<br />9. That as additional anti collateral security for the payment of the note de,cn heJ. nail all ,um. ro become due unJar thn
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all pnrtih, rcyenue,. r~,}alucs. right, enJ benefit, .~sruutg u~ Ihr
<br />tortgagor under any and all oil and gas lease on ;aid prrmisrs- with the right u. rcrrnr ;md rrcrrpl for Ihr ~.~nre amt epph
<br />them to said indebtedness as well before as after default In the rnnd:uons of the, mortgage. anJ the Sdortgagrr m.: ~+ Jem;:nd. ,uc•
<br />for and recover any such payments when clue anti payable. but ,hall oat hr req un~rd „~ to Ju fhn .:,,rpnmen! is u. Irrtn mate
<br />and become null and void upon rele:ue of this mortgage.
<br />HU O.9214:7M i~+ 791
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