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<br />SI-(~(1I~5~
<br />(1) mooch prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant b the
<br />National Housing Act, as amended, and applicable Regulations 4hereunder; or
<br />(fI} lf- and so long as said note of even date and this insirurr.ent are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premr`um/ which shall be in an
<br />amount egos! to one-hvelfth (1(12) of orte-half (1/2} per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies m prepayments;
<br />(b) A sum equal to the ground rents, i[' any, next due, plus the premiums chat will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (off as estimated b}~ the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elap~ 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 spacial assessments; and
<br />(c) All payments mentioned 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 />excel 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 Urban Development,
<br />or monthly charge (in lieu ojmortggge inswanm premium/, as the case may br,
<br />(FI) ground rents, taxes. assessments, fire grid other hazard insurance premiums;
<br />(II[) interest on the note secured hereby;-and
<br />(IV) amortization of the principal of said note.
<br />Any deftciency 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 next such payment. constitute an went of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4Q) for each dollar (~ 1) of each payment more
<br />than fifteen (15) days in areas to cover the extra expense involved in handli,-[e delinquent payments.
<br />:3. That if the total of the pavments made by the '<tortgagor under i h of paragraph :.' preceding shall exceed
<br />the atttount of payments actually made by the Mottgagee for around rent. [axes 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, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the 1lottgagor, or refunded [o the 1lortgagor, df, however, the
<br />monthly payment- made by the Mortgagor under /61 of paragraph _' preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be. when the same shall become due and pay-
<br />able. then the Mortgagor shall pay io the Morgagee any amount necessar}• to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes. assessments ar insurance premiums that/ be due. if at any
<br />time the Mortgagor shalt tender to 'the Mortgagee, in accordance with the provi=ions oC the note secured hereby,
<br />full payment of the entire indebtedness represented thereby. the 1rgagee shall. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of lei of paragraph _'
<br />hereof which the ilortgagee has not become ob{igated to pay to the ~ecretarv of Flouring and Prbar[ Development
<br />and env balance remaining in the funds accumulated under the provi.ion~ of %Gi of paragraph _' hereof. If there
<br />shall be a default under ~tny of the provision= of this mortg~e reselling in a public axle of the premises covert..
<br />hereby, or if the Mortgagee acquires the property otherwise after default. the ybrtgagee =hall apply, at the i.ime o[
<br />the commencement of such proceedings, er at the time the propert} is othere.ise acquired, the balance then remain-
<br />ing in the funds accumulated under %h/ of paragraph '_' preceding, a- a credit against the amount of principal then
<br />remaining unpaid under said note. and =hall properly adjust an} payment= which <hall have been made under !ai
<br />of paragraph `?,
<br />4. That the Mortgagor will pay ground rent>. ta~ea. assessments. water rate.. and other governmental or municipal
<br />charges. tines. or impositions. for which provision has nut been made hereint?e(ore. and in deiault thereof the Ltartgagee may
<br />pay [ha same: and that [he Mortgagee w-ill promptly deliver [he otTieiai reueipb therefor to the 3tartgagte_
<br />5. The Mortgagor will pa}' ail [: xes which ma} be levied upon the ~lortgagte ~ intern[ in ,aid rzal seats and improve-
<br />ments, and which may ba levied up un thts mortguga ur the debt secured herzhr that only to the extent [hat such is nut prohibit-
<br />ed by law and only to the extent that such will not make this Loan usunousi, but excluding :toy income [ax. S[:de or Federal,
<br />imposed un Mortgagee. and will file the official receipt showing such payment with the :Mortgagee. t.`pon violation of this under-
<br />taking, ur if the Mortgagor is prohibited by ally law nou or hereafter existing from pa}~ing the whole or any portion of the afore-
<br />said texas, ur upon the rendering of any court decree prohibiting the payment by the Mortgagor or any ,uch tease. ur if such law
<br />or dtcrer provides that ant' amount ,u pa[d by [he Mortgagor shall he credited on the mortgage debt. the Mortgagee shall have
<br />the r:gh..., give ninety days' written notice to the uu nee of the mortgaged premises. reyairing the payment of the mortgage
<br />debt. If such notice be given, the :aid debt shalt F+ecume due, payable and cuHee[ible at the expiration of said nines}days.
<br />h. That shauW he fait to pay any sum ar keep any covenantprovided for in this Moetgage, then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all expenditure> so made ,hall t+e added so the principal cum owing on the above note,
<br />shall be secured hereby. and shaft tzar interest a[ the rats set forth in the said mete. anti! paid.
<br />7. Thal he hereby assigns. transfers and sets over to the Mortgagee. to he applied toward the payment of the note and ail
<br />sums secured hereby in ease of a default in [h,: performance of an} of the terms sod conditions of [his Llertgage or the saki
<br />rota, alt the rents, revenues and income to he derived front Ehe mortgaged premr+e, during wch time ors the mortgage indebted-
<br />rtcss shaF! remain unpaid; and the Mortgagee .hail hate paver ro apfxrini any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, rococo and income. and it may pay out of said m-
<br />u~mes all expenses of repairing said premises attd necessary commissions and expenses incurred in reining and managing the
<br />same at[d of eotheting rentals therefrom: ttte balance remaining. if :soy. to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />$. ~Iha[ he wilt keep the improvements tww existing m hereafter erected on the mortgaged property, insured as may t?r
<br />rrquirtd Trum time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in wch
<br />anttrurtts and for such periods as may bt required by the ~tartgagee sod wilt pay promptly. when due, any premium., un such
<br />insurance provision for payment of which has not been made hereintxfure. All imurance ,hall t+e ,tarried in companies ap-
<br />provad by [he Mortgagee aru3 the policies and renewats thereof shalt hs held h} the Martgagce :end 'gate uttachrd thereto In„
<br />payaWr clauses in favor of anti in farm acetpta6la tD the Mortgagee. lu event of loss Mortgagor wilt give intntediate notice by
<br />mail to [he Mortgagee, who may make prcxrf of loss if ntrt made promptly h} Mortgagor, and each inwrance company cun-
<br />r~rn€d is R~~by autFx~rized erect diretttd to make paymem for .uch less directly is the Mortgagee instead of to the Mortgagor
<br />and the Mortgages faintly. and the inwtance prucstds, ur any part thereof, ntuy he applied t+} the Mortgagee at its uptim[ either
<br />t~3 the redtttititsn of the indebtedness hereby secured or to the restaraUOn ur repair of the properly damaged- fa event of foreclo-
<br />sure of tills-ratrrt~+gr or other transfer of titk !o the mortgaged property in txtingwshntent of the indebtedness secured hereby,
<br />a!1 right, tttlt and inttrrs[ of the Marty,[tgor m and ro any imeuan[:t paticirs then ut fur.e .hall pass [o the purl haler rte grantee.
<br />9. Tttataa a;id$~naE enc. coFFatcrat stiurity fcx the payment of the note des.nlxd..[nd aH ,unr, to t+e tnee due under this
<br />miKtgagt, tF~ Mo€tgag(er hrrehv asatgnn ;o ;fee Mortgagee alt paotits, tevcn[;*:s, ruyaitirs, ttythts .end heucli[+ accruing to the
<br />MsxtfLtgcr tttx3,ct an} and ui nil arul etas lease, nn mid prr~ises, utdt [hc rrgh[ ice rescue .:nd rccerpt far the saute and apple
<br />them err veld indatritdnass as wt}t hafore as afttr default rn the canduains ref this mor[gage..m.3 the Mortgagee may stem,urd. ,ue
<br />ter ;utct rrcr3atr ;may suC6 papmrrNa a-tx:n dux suet paja~te, t+u[ seta!; neat !)e rcyuusd ,. „ ,.- 1 his _issigmneot rs rze terruanate
<br />.rrxb M::vnrr r[ult areal v~+t€j [r;x+n release +rf etas mrettgtgr.
<br />r,L![5-92143M rti :41
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