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84- GCt~~t~1
<br />{7} month prior to its due date the annual mortgage insurance premium in order io provide such holder
<br />whit funds to pay such premium to the Secretary of Housing and Urban Uevetopment pursuant to the-
<br />Nationat Housing lei, asamended, and applicable Regulations thereunder; or
<br />{II} If and so long as said note of even date and this instmrrrertt are head by the Secretary of Housing and
<br />- Urban. Development, a monthly charge /i» lieu of a mortgage inatrrmce premium/ which shall be iR an
<br />atrtounrt equal to axte•twelfth (I/12} of one-half {1/2) per centum of the average outstanding baiartce
<br />due on [he nose computed without taking into account delinquencies or prepaymenu:
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />_poticies of foe and other hazard insurance coveting the mortgaged property, piusiaxes and assessments next. due
<br />on the mortgaged property /all as estimated by the bfortgageeJ less alt sums atreadv 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 />asse'ssmen[s will become delinquent, such sums to. be held by Mortgagee in trust to pay said, ground rents, pre-
<br />mittms, kaxes and special assessments: and
<br />{c} All payments mentianrd in the two preceding subsections of this paragraph and all 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 rite order set forth:
<br />{l) premium charges under the contract of insurance with the Secretary of Housing and lhban Development,
<br />or montttiy charge lie lieu of mortgage insurance premium/, as rite case may be;
<br />(II) ground rents, taxes, assessments. foe and other hazard insurance premiums:
<br />{ill) interest on [he nose secured hereby; and
<br />(iV) atnnrtization of the principal of said. note.
<br />My deficiency in [he amount-of any such aggregate monthly payment shall, unless made good by the Mort-
<br />~gor prior to the due date of rite next such payment. constitute an event of default under this mortgage. The
<br />. Mortgagee may collect a `gate charge" oat to exceed four ants (4y) for rachdollar(51) of eachpayment more
<br />• than fifteen {I5}days in areas to cover the extra expense utcoived in handling delinquen[ payments.
<br />:3. That if the total of the payments made by the \Itir[ragor'under ((~J oi' paragraph ~ preceding shall exceed
<br />dhe amount. oF-payments actually made by the 3lortgagee for eroded rents, taxes and assessments a,r insurance pre-
<br />miums, a_v the case may be, such excess, if the /Watt is current; ar kite option tsf rite Mortgagor, shalt Ile credited by
<br />the Mortgagee on r;uhsequent payment.. u, Ixt made by the Mortgtpgor, crr refunded Ga i.he 1lortgaggr if. however. the
<br />monthly payments made by the Mortgagor under %1,J of paragraph ~? preceding shall not besufficienr to pay ground
<br />rent, taxes and assessments ar insurance premiums, as the case may be, when the same -hall become due and pay-
<br />able, then the Mortgagor ;hall pay to the Mortgagee ant amount necessary to make up the deficiency, on or before
<br />the date when payment of stash Bound rents, taxes, assessments ur insurance premiums shalt be due. If at smv
<br />time the Mortgagor shall [order to the Mortgagee. in accorctance with the provisians of the note secured hereby.
<br />fait pay~dent of the entire indebtedne-5 represented thereby. the ltartgagee shall. in ramputittg the aroount of such
<br />indebtedness, cteciit to the account of the Mortgagor all pa}'menrs made under the provisions of (ai arF paragraph
<br />-hereof which the )iortgagee hat not. become obligated to pay to the .:rcretarc of Iloushig and Urban Development
<br />and any balance remaining in the fund= accdmulated ender the provi_=tops aft%,i of paragraph ? hereof. Cf there
<br />shall he a default under any of the pravi~~ion~ o€lhi~ mottgaga resulting in a putylir Tale of the premi-es carat-ed
<br />hereby, or if the \lartkagee acquires the- property otherwise aiier de(sult, the Vrrrtga~ee -fiall apply. at ihr• time a(
<br />the eommenconttatt of such proceedings, nr at the time the property is ntherw,-o acquired, the ba{anee than remain-
<br />ing in tiro funds aca'umuluted under i"i,; of paragraph ? prcredin;;.:t~- a crr•di! against the amount +rf prinatpx! then
<br />remaining unpaid under said Hate, and :;hall pnrperiy ad}ust. am paymedks which ~haii have been made under
<br />ni paragraph '?.
<br />' [ .9 t, ,,.,>:, ~r ;sit t- v ground rent-_ t,txs ~ ss ~sment. - w:1te1 r -a.± :md to r gave. nten- i v to ti i ,
<br />churgr+, fide , or ,mnosiuans. for whtrh pnwrvc.n h,,a not .x.tn nurJr ftrretnbeYa re, anJ in dcrautt thr2ot the .4tort art m,+,
<br />psy the :amt:end that the Mortgagee wilt prermptl}~ tietiver the ofl9cial rtccipts thrrefot to the '4iortgaµrr.
<br />5. "1'he Mortgagor will pay all razes which may tte !cried upam the MortgaRre~s interest in said real csGrte and rmpnrve-
<br />rnrnts, and which may tx levied upon this mortgage or [he deM secured herehy (hut only w the extrm that va~h i. not prohthit-
<br />eil by taw and only to the extent that such vvi11 not make this loan usurious), but ezdudmg any income t.u. Start „r Elders/,
<br />imposed an .Morl$agee, and wilt file the alfirial receipt showing such payment with the Morig:tger. Upon violation of ihi~ under-
<br />takirtg, or if the Martgagar is Prohibited by any law now ur hereafter txivting [turn paying the i+holr or ant puruon of the atore-
<br />;aid texas. or upon the rendering of any court drtrtt pnthihiting the payment h} the aortgagor ut any ,uch tare+. or i(wair I:rva
<br />or decree provides that an} amoum so paid by the Mortgagor ,hall hr credited on the mangage debt. the 'Lh,rtgngrr shell have
<br />lire right nr Rive nirtrty Jay,' written notice to the owner of the munRaageei prermses, reyuinn$ the payment of the nlartgakC
<br />debt. !f such notice ht given, the suit JeM shalt become due. payable and eatleeuble a[ the rzpiruiun of ,aid nmtty d:n,-
<br />h- Thu[ ctroutd he fail ti, pay any vum or keep any +~oven ant pre+vrJrd for in this Mortgagt, then tht MoriK:aget, at uv c!p-
<br />iioo, maY P-ay or perform tlx ,ume, .,nd sll r, penduure,, ,e medr ~h»II hr added m the nnnap:d gum nw m~ „n the ,~bo, r mne-
<br />shail ter srcuncl trerehy. and ,hall hear intere.t :+i the rate set 4rcth rn the sauJ note, until pail.
<br />. "i'fi:u he herehy- ansigm. transfers and set, over to the Mortgagee, in he :~ppiieJ touarJ the P•+a mrm ui the nutr enrl all
<br />.ume ,rcureJ herehy in cast of .r de ta~lt m the ptrhu miner of ,m} +d the term, .tnJ coniliunns at thr> Morigega~ or the ~aiJ
<br />note, all the rrnta_ trvtnurs and income to M' dtrn cJ tram the murigage~J premises during such time as the mortgage tnJehteJ-
<br />rteas shalt remain unpaidc and the 3fartgagrr shalt have pnu-er to srppoidt soy :rgem or aRrnts it eta+y Jc>ire fur the purpu,r u(
<br />repelling said prrtdises and of renurtg the same and i;ultecting the tens, rrvtnurs and ineonro. anJ it uuiy pug out a}' >aiJ m-
<br />ct»nesail expense+_ of repaitinµ said prrmrsas and necessary axtmmissions anJ expenses incurred in renting anJ nurnagm$ the
<br />name app of colire[iaR rentals tttrreftwn_ the txdunee remaining, tf any. nr he unplitd tau arJ the Jtsa hargr ok ,aid mnrtgagr
<br />indebt-rlne5.s-
<br />g--That ht will krp the impruyemrdts naru rxr,ung ur hereal ter trrded e,it the mortgaged prrper;}, to>urrd a. m:.+} he
<br />required from stmt ro time by the i4origager against toss h4 fire :and other ha><ards. a'awattirs :real ioniinKeni ies in ,uch
<br />amonnts and for such periaxis as ma} hr required by the Mortgagee and will pay promptly, when Jue, any preuuuin, .,n such
<br />insuiattee prot'isarn far payment of wht+:h has oat been made hereintrriar . Alt insurance shall he curnrJ in ac•:npanrc, .ap-
<br />proved by the Murt$agte and the: twtieies and renewals thereof .hut) t!t held by the tiortgagec :urJ trays altachrJ thereto I.r.,
<br />payable clauses in tavvt of and in farm aectptabh to the Mortgagee. In cent of In.e Mortgagor wBl give idvurahan• notru° by
<br />matt-ra~t}xt-4Htxlgagee, who drag snake ptaxsf of-loss i{ dot malt prantpdy by Mortgagot, and each ut,ur:urcv v,•~nr+any .c,rr
<br />u:rtted is htr€~by :wthnti¢ed and dire. led to make payment for such toss directly to the Mortgagee instead of w the ltartgagor
<br />and tilt Mortgaytrr jointly, sndihe invurartcc proceed.'*'. or any part thrrtof. may- ha; appHrJ hr the Mortgugrt .,t us+gman rrthtr
<br />to the reduction atf-;tae indebte~dt~ssherrby securril-or to the restarafion or repaU of tilt praptrty= Jam:rgcJ. fn teen[ at fort I+,
<br />sort at Phis trurrt$atte or oihet transfer of iitit to ihetoartgafted prarperty in trtin$uishntcnt at the indeh[eJnt„ vrcura•J herehy.
<br />ati rtFttt. ti[~ and in[cragt art tht fvltuttttgrrr in add to ink insurance putictex then in lacer shah pa+, t+• t#rc lu+rchuu°r or granttc.
<br />~- 'I hat as additiarua! and eallateral +rcudt} fur tht paytnrm of the mate des:ribed. and :,RI sum. i,~ he,.ome due under the
<br />ntaar[gagz the MartgsRc'r htrcbv assr~s to tht tvfnn$a$re i,li. profit- revenues ru a3u .-. -igM - r~t hca h :crr i~g t the
<br />k4x,y«_r tt-!k. sns ;~ ;alt ail ..t>x ~a te:rsa, rr: =aid C'rndses. ~xr h ,ti., .:gut 'a reatiti°r ,:ua ra.cip~ for ,Yc ,erne ~ur r : ppiv
<br />'tiptn5 ko ^.~ld!+~klsi~tlb£is ~z w~etl ltefarrc six abet as:fat;€t in ttte <ctnd,•tion,czt ibis morirtaRx~. .<:td rhr 4t<xt$ager d[at Jt;tre~tai. =:ee
<br />Sotanal recover rep seen paymtms wl-rcn due and pa)ai±la but ±hait n:;t ix recwred ,a r+; ._,~ fhth a,asanmtnt r, ia, tesnu::ar
<br />arm t~+, ;--,.e dwi arttt c oici op+in relaasr of !`tits aartga$c. - -
<br />ree~t; y1rd1M ;r.'raf
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