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<br />(i) month prior to its duz dace the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretazy of Housing and Urban [ievelupmeni pursuant to the
<br />National Housing Att, as amended. and applicable Regulations thereunder: or
<br />(II) If and so long as said note of even date and this instmment are held by the Secretary of Housing and
<br />Urban t3evelopment. a monthly charge fin lieu of a mortgage insurance premium) wfi(ch shall be in an
<br />mnount equal to one-twelfth (1 Jiz) of one-half (I/2) per crntnm of the average outstanding balance
<br />due on the note 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 witi next become due and payable on
<br />policies of ;¢e and other hazard insurance covering the martgaged property, plus taxes and assessments next due
<br />on the mortgaged property !all as csrinrared by the Mnrgagee/ 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, taxes and
<br />assessments will become delinquent, such sums to be held by Mort¢agee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) Ali payments mentioned in the two preceding subsections of this paragraph and aU payments to be made under
<br />the Hate secured hereby shall be added together. and [he aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by iht Mortgagee to the following items in the order set forth:
<br />Q) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge; in lieu ojmnrrgage insurance nremian+J. as the case may be;
<br />f(I) ground rents, taxes, assessments. fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby. and
<br />(R+) amurt¢ation of the prircip:d ot';aid nos.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mbrh
<br />gagor pilot to the due date of [he next such payment Cvnust iru to an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to extt`ed Gwr rents (4tt) (or each dollar~(S I) of each payment more
<br />than fifteen (: S) days in areas to cover the extra cx nrnsr mvo!vrd m handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor under /f~i of paagraph `L preceding shall exceed
<br />the amount of paymtents. actuuih~ made by' dx• vlortgagee for Around rents, taxes and asseesments or insurance pre-
<br />miums. as the ca_=e mac 6e, such excess, if [he lavt is current, at the option of [he Mortgagor, shalt be credited by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor. or refunded to the M1lortgagor. If, hosveveq the
<br />monthly payments made bx• the 51or[gagor under ; i;j of paragraph 3 preceding shall nu[ he sufficient [o pay ground
<br />rent, taxes and assessments or insurartre premiums, as the case may be. when the same shall become due and pay-
<br />able, then the lfortgagor shall pas to the Mortgagee any atrmunt nea•essarc to make up the deficiencc, on or before
<br />the date when payment of such ground rents, faxes, :rssessments or insurance premiums shall 6c due. It ul any
<br />time the Slottgagor shall tender to the Mortgagee, ir. at•eordance with the provision= of the note secured hereby,
<br />fufl payment of the entire indebtedne=; represented thereby, the M11ortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made ac~et ine provisions o[ !:. ~ of paragraph _'
<br />hereof which the \tort¢agee ha= not become obligated to pay to the kcretan~ of Ilnusing and l`r6an Devrlooment
<br />and any bat ante remaining in the funds accumulated under the provisions of i~l of paragraph 3 hertvr[. If them
<br />=hall be a default under any of the proddons of this mortgage resuhing in a public sole of the premise- t•ov reed
<br />hereby, or if the Mortgagee acquires the property o[hen+i se alter default, the Mongxgee =hall .rppis. art the time of
<br />the commencement of such proceedings, or st the time the property is o[henvise aeyuired, the balance then remain-
<br />~s in th<• funds aceumnf aced under r'- a!(paragraph ' preceding, us crt+dit against the amount of principal then
<br />remaining unpaid under said note, ,tad shalt properly ad]u=t env p:+ymenfs which ;hall have been made undue (nl
<br />:+f paragraph '.
<br />.. 'T'hai the lfortgagnr wdl pa:v ground rents. taxis. asszssmcnt,, a:urr rates. and other governmental or municipal
<br />charges, fines, or impositions. Cor which provision has not been made herembefi!re. :rod in dr[auh thereo( the btrmgagee may
<br />pay the same: and that the Mortgagor wall promptly deliver the official receipn therefor w the Mortgagee.
<br />5. The Mortgagor will pay all faxes which may he levied upon the 4lungagee\ (merest m seal real ensue and Improve-
<br />ments, and which may br levied upon this mnngage or the deM stcured hereh_v that only ut the extent that such is not prohibu-
<br />ed by law and only to the exrent that such will not make this to:m usurious[. but excluding any income lax- Mate or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the A(ortgagee. Cpon violauon of this under-
<br />taking, or i[ the Mortgagor is prohibiced M• any law now or hereafter existing frmn paying the whole nr am portion of the afore-
<br />saidtaxes. or upon the rendering of any court decree prohibiting the puyntem hr the Mortgagor nr any such nixes. or d' such law
<br />or decree provides that any amount so paid by the b(or[gagur :hall he credited~on the nxutgugr Jeht. the Mortgagor shall have
<br />the right to give nineq~ days' ari[ten notice to the owner of the mortgaged premises. requirine the payment of the mortgage
<br />debt. If such notice he givtn. [he said debt shall become due, payable and adleru Mr :n the expiration of said ninety days.
<br />fi. That should he fail to pay ;my sum or keep any coven antprovidrJ for in this Mortgagz, then the Mongagee, at its np,
<br />lion, may pay nr perform the same, and :dl expenditures so made shall he added to the principal sum owing un the at?ovr note.
<br />shall he secured hereby, :rod .vhall bear interest at the rate set forth m the said note, until paid.
<br />1. That he hereby assigns. transfers and sets over to the Mortgagee, Io hr applicJ toward the puyntrm o[ the note and ^II
<br />sums secured berth} in case of a default in the performaner of any of the terms and eonditiuns of thu ~longage or the sail
<br />note, all the ants, revenues and income to be derived from the mortgaged premists During such unit as the mortgage rndehtrd-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents It mac dtsire (or the purpose of
<br />repairing said premises and of renting the same land collecting the rents, rev roues and income, amt it may pay out of said m-
<br />wmes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of ;-~Itecting rentals them(rent; the la,ancc !'erc!taining• if an_v, !u he app!ie~ tow;ud the discharf~e o' ,,rr:i nt:~rt; Re
<br />indebtedness.
<br />$. Thal l+c +viii keep Lhr inlprVVemenis now rXlSting Or flrrealil'r reef led alt lire InUrlgatgCd J?rnptrly, Itl~nrrU ;:+ in;iy bt'
<br />rrgm[ed from [line CO flint b}` [hC Mor(gagee against IUSS Il}' rlrr :rod other halJrd ~', ~a.~alalllr~ and ~nn11r1gCllelc'+ In +U a'h
<br />amounts and for such periods as may t+r required by the Mortgagee and will pay promptly .when due, any prennumo on .uch
<br />insurance provision for payment of which has not been made hereinbefore. Ali insurance nhail hr rat nrJ m annpantes ^p-
<br />proved ny' the Mortgagee and the policies and renewals thereo[ shall be held by the Mortgagee and h:ne utmrhed thereto ions
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In even of los-s \(ortgagor w-III gtvr immedlme notice by
<br />moil to the.Mortgagre. who may make proof of loss if not made promptly by Shutgagnr. and each msurmcr company cen-
<br />cerned is hereby :mthori'ted and directed w 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 thereoL may he applied by the Mortgagor au iu option either
<br />to the reduction of the indebtedness hereby secured or to:he restoration or repau of the property damaged. In event of foreclo-
<br />sure of this rnottgage ur other transfer of title to the mortgaged property in rx[ingmshmrnt of the indrMed Hess secured hereby.
<br />all right, title and interest o(the Mortgagor in and to any insurance policies then m force shall pas, to the purzhascr or granter.
<br />9. Thin as additional and collateral security for the payment of the note described. and ai! sums to heconie Due under this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee :+11 profits, revenues. myaltles, nghts and benefits ac:'rumg a. the
<br />Mortgagor under any and all oil and gas leases on said premises, with the nght to receive and receipt for the same and apply
<br />them to saidindebtedness as well before ~s after default in the conditions of this mortgage. anJ the- Mortgagee may dcmanJ, we
<br />for and recover ary such payments ;vhen dui and payahiz, btu sha8 :uot hr reyuurd so to do This as~gnmrnt r. t+r teen mate
<br />and become null and e^_id upon release aC this nmrtgdgr.
<br />r l~n-2ta3M Ito rri
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