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~I-t1~1~361~
<br />(1) month 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 [o the
<br />National Noosing Act, as amended, and applicable Regttlations thereunder: nr
<br />(ff) 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 lieu of a mortgage insurance premium) which shall lie in an
<br />amount equal to one-twelfth (1(I2) oC ane-half (1/3) per cenurm of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next became due and payable on
<br />policies of fire and other hazard insurance covering the ntnrtgaged property, plus taxes and assessments next due
<br />on the mortgaged property (at! as estlrnated h+• the .lforrgagerl less all sums already paid therefor divided by the
<br />number of months to elapse before one month poor to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ground rents, pre-
<br />trriums, 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 note secured hereby shah he added together, and the aggregate amount thereof shat! be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the fallowing items in the order set forth:
<br />(() premium charges under the contract ~.+f insurance wtdt the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu afmnrrea,gr insurance prenritun/, as fire case may be;
<br />(ll) ground renu. taxes, aseessrnen[s, Tire end ,xher hazard insurance premiums;
<br />(Ill) interest an the~note sertred herehv. end
<br />(i"v) amurriaa-[tcer~~ rire~rrn<~ai rri~a;.; :n;:.-
<br />.Any deticiency in the arr:ount nt any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next wch payntcrt..+mstitutz an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed tsar cents (4g) Cor each dollar (SI l ofeach payment more
<br />than fifteen (i ~) days to areas to cover tttr extra aspens, involved in handling delinquent payments.
<br />,. That if the tuts] of the payment- made be the 'vlnrteagor under ; h] of paragraph 'S preceding shall exceed
<br />the amount of pavtncNt[- actually made by the ilurteagee for ground rent, taxes and as=e~sments or insurance pre-
<br />miums, a:- the case ma+ bu. <ueh excess, if the I~ut is current- at the option of the bfortgagoc shat( be credited by
<br />the \tortgagec un ;ubseyutYtt payment ut be made b} the `<lortgagor- or refunded to the 1loregagoe If. however, the
<br />monthly pasmeni` made he the ykxtgagor under . ~ : of paragraph 'preceding shall not be sufficient ro pay ground
<br />rent, taxes and asse~smenL ur insurance premiums- as the ca e may be- when the game -hall become clue and pay-
<br />able, than the ykrctgagor hall pay u+ the 1lortgttaee any amuuni necessan to make up the deficiency, on or before
<br />the date +rhen garment of sut•h smund mot-, taxe-, assessments or insurance premiums -hall he due. If ut any
<br />time the lbrtgxgor =hall tender to the ytnr[gartee. in accordance with the provision= of the note secured hereby,
<br />full garment of the entire indebtedne-~ n•presenttal themby, the Nortgacee =hat!. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor .tll payments made under the provisions of (a) of paragraph
<br />hereof which the tlortGagee ha-: nut !x.trome obligated to pay to the ~et•retan of Housing and urban Development
<br />:and rote balance remaining in the funds accumulated under the provisions u(1 i-l of parugrtph '-' hereof- if .~,_.c•
<br />shall tx^ a default under an} of the provisions of chi- mortR:fie m=ukini in a public =ale of the premises covered
<br />hemby, or if the }krrtoaetef• acquires the property other++i-e Ater default, the ylortguKee ~hal1 apph, at the time of
<br />the comment•ement of -ueh proceedings, nr at the time the propene i= nthernise acquired, tht• baltmce then remxfn-
<br />ing in the funds accumulated under ; %~; of paragraph '_' !rreceding, a- a credit against the amount of principal then
<br />remaining unpaid under maid note.:rnd -hull properly adjust any payments which sha!} have been made under inJ
<br />of paragraph ?. .
<br />J_ 'Chat [he Mortgagor ++itt pa}- gmuud rent,. taxes. asscssruentc, a-ater rate.. and other eavzrnmental or municipal
<br />charges. Sines. ur impwitium, t-or which pnni,um bas our hren made hereinhetore, and in default thereof the {vtortgagee may
<br />pay the same: ;tad that the .titurtgagur wdf pnnnptiy deliver the utiiciui receipts [herrfor to the Mortgagee.
<br />5. The Mortgagor gill pay a!1 to+rs w hrch mac he iz+ied upon the 'ttnrt~: aee'~ interest in ,;ud real rsnHe and improve-
<br />ments, and which ma}- he !zvird upon this mortgage ++r [he drht secured hereby that note to the extent [hat such is nut pr~hibit-
<br />ed by law mid only to the zxient that wch µ-ill not make chi; loan u,unnu+~. but rxduding -.my incumr tat. State or federal.
<br />impusrd un Mortgagee, and wvl! file the :+dicial rerript .hawing ,ueh pay meet with [he ttortgagre. Upon <iolation of this under-
<br />taking, ur if the Mortgagor is pnrhibitrd by any law ouw +,r hrrraftrr rxis[ine fn+m pa} ing the whole ur ony pardon of the afore-
<br />,aid [axe>. ar upon the reridrong of :toy court dra'rr prohibiting the pa} sent by the ~tartgagur or any wch taxes. or if .ueh L:w
<br />ur decree provides that ;ut} amount u. paid by the ~tur[gagur shall hr credited on the mortgage debt the 'titortgagre ,hall have
<br />the right to giv=z nine [y da},~ written nutite to the owner ,+f the mortgaged prrmisea. requiring ihc pxymrnt of the mortgage
<br />debt. If .ueh nuuce E>e given, the said debt ,hall hecantr dun. pay abk and collectible at the expiration of ,aid ninety days.
<br />h. "Chas should he fail to par an}~ cum ur keep any em~enant provided fur in this .tiiortgagr- then the ~turtguger, at its up-
<br />tiun, nray pay ur perform the same. sod all evpenditures ,o made ,hall he added to the principal ;um ou-ing on the shove note.
<br />shall tx secured hereby. and shall best interest al the rate set forth in the ,aid note. anti! paid.
<br />'. -that hz hereb+ ::ssigtts, trirofers .+nd see o,~er to the 11or[wgez. w he applied toward the pa} meet of the note ::nd 'all
<br />sums srtured herehv~in sae of a default in the pzrturmance +~f any ~+f the term; and amdiuuns of this Sturtgage ,~c the ,:ud
<br />note. all the rents, revenues and income to he dzri+ed from the mortgaged przmi,rs donne wch time as the mortgage mdehtrd-
<br />ness shall remain unpaid: and the Murtgager ,hall have puwrr tu:appmnt am agent ur agent. it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents. rrvrnues and intome.:,nd it mxy pay out of said in-
<br />comes all expen>rs of repairing said premises and nzcesat y cuntmissrum and rxpemes uuurred in rrnung and managing the
<br />came and of co{letting rentals therefrunt: the halaner rrmauung, if one- to he applied toward the discharge of ,:ud mortgage
<br />indebtedness.
<br />S. 'T'hat he wtl! keep the impravemrnts now exiting or herta(rrr errctzd +ro the mortgaged pn+prrt}, inwrrd a, may he
<br />required from time to time t+y the Mortgagee against loss by rice : nd other hat.ard,. c ua!tirs nd :ontingenttes in wch
<br />amounts and fur such periods as may be required by the Atortgugee ;nil wilt pay prumptly~~wtien due.:,m premuun, <+n sorb
<br />insurance provision for pa}mem of which has not been made herrtnf>zfore. All insurance -~h.d1 br .greed m cumpanics ap-
<br />pnroecl h4 the Mortgagee and the pulicizs :rod renewals thereof shall he held ny the St+x[gagee and haver eaarhed thereto loss
<br />dyable efattes in favor of and in form uccaptable to the titortgagrr. in e+rnt of bra Mortgagor will cicr imatrdiate tau:r by
<br />mail to the Mortgagee. who may make proof of toss if our made prumptlc by 1lurigagui- and r.,th inaurente n'm pan} et~n-
<br />crrned is hereb} authorised and directed to trtuke payment for such ions durcdy to the ~tuitg:alter ^niead of to the Mortgagor
<br />and ihc Mortgagee jointly. and the insurance prueerds, or auy part thereof, mu} he epphrd h} the :'+tu:Ygagrr al it+apuun either
<br />arzhe-reduction of the indebtedness hereby secured or to the resturatiun ur repair of the property d;un:,ged_ In e vent of forzcl,:"
<br />sure of this mortgage ur other transfer of tittc to the tnur[gaged prupcrty in rvtinguishmutt ,+f for indehirdne.,s se.urrd here_hy.
<br />:,fi right, title atad interest of tt:e Mortgagor in and to ::ni insurance paiicir, ihrn in',.+n:e ,hail has, iu ihc pu=. r!t:+scr or grantee
<br />4. '1-hat as additivna! and collateral security fur the pt,y mint of the note dcsrnL ed..md :tit suers 0.+ hce.+mr due under Uii
<br />nror[Fuge- the bturtgagur haret+y a,si$n_, n, the Mortgagee nl! profin. re.enue,, re+altie,. ughh and t+rneiit, :~,.ruutp n+ the
<br />otortgt:gar under any and all oil and gas !eases an std Prrmar., with the : Seitz t+• itcat+r ::nd recrtpt Ise the ,ame ,+nd apple
<br />dmm to aarJ indebtedness a. wet! hefare ati=titer drfauh in tiro iandnirm, o[ it;i<;nsttg, tr, amt the Murfgagec oast deut.a:d. we
<br />far and re:.c+,ct ant such ps,ntrnh when=foe and p:gahle• but ,h;di ma he required s,+ t•+ d<+- this a+,ignrnertt is to k•rnrmate
<br />artd i,cr+me ru11 :alai fluid apse re tease of this mgr't)jsgtl.
<br />N?.:G ~T~Z+d3M i4~.97
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