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Yom. vi~1
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<br /> 81--zap►448 7
<br /> (1) month prior to Its due date the annual mottgsge insurance premium in oy.ftr to ptcMde such'holdet
<br /> with funds to pay s-lch premium to the. Secretary,'". Housing and,Urban,Development pursuant to the
<br /> l National Nausf°tg Act, as amended, and applicable- A;,gulations theteundet;, or
<br /> If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br /> Urban Developtraent, a tnonthly charge (in lieu of a mortme btsrnwmee;vV'nium) which shall be in an
<br /> amour; equJ- to one-tutifth (1(12) of ogee-half (112) per centom of th-e average outstanding balance
<br /> due on the note computed without taking into account delinquencies or preayments;
<br /> (b; A suns equal to the groused rents, if any, next due, plus the premiums that will next becomes due tend payable on
<br /> policies of fire And other hazard insurance covering the mortgaged property, plus tones and'aswssments next due
<br /> on the tnortga.ged property (dl as estimated by the Mvr4we) less all Burns 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 dc;inqucnt, such sums to be held by Mortgagee: in trust to pay said ground rents, pre-
<br /> ntium5, WC*, and sp+tcial assessments; and.
<br /> (c) All paymrnts mentioned in the two preceding subsections of this paragraph and all piyments to be made under
<br /> the note secured hereby shall be added together, and the aggregate arrv unt thereof shall be paid by the Mortgagor
<br /> each month in a single payment to bit applied by the Mortgagee to the following items in the order set forth:
<br /> (t) }rr±niam charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br /> or monthly chatp (in litrt of murigrace inirurence premium), as the rase may be;
<br /> (Il) ground rants, taxes; assessments, fire and other hazard insurance premiums;
<br /> (111) interest on the note secured hereby; and
<br /> (IV) amortization of the principal of said note:
<br /> ± Any deficiency in the :tunount of any such aggregate monthly payment shall, unless trade good by the Mort-
<br /> ` gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br /> Niont ogee may collect a "late charge" not to exceed four' cents ~-4) for each dollar (S l) of each payment more
<br /> than Ihieen (l S) Clays in arrears to cover tl;.° extra expense involved in handling delinquent ,payments.
<br /> .1. That if the total of the payments made' br the Mortgagor under (b) of paragraph 2 preceding shall excoed
<br /> the amount of paynnemts actually made by idle Nlorrg:tgee for Eround rents, taxes and assessments or insurance pre-
<br /> miurns, as the case ;nay be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br /> the ,\lortgagee on skibsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br /> m.;nthl v payments tirade by the Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground
<br /> •ent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and pay-
<br /> able, thv-. the Mortgagor shall pay to the rllortgag:?e any amount necessary to make up the deficiency, on or before
<br /> the data, when payment of such ground rents, taxes, assessne:.is or insurance premiums shall be due. If at any
<br /> tine the Mortgagor shall tender to the Mortgagee, in accordance with tha provisions of the note secured hereby,
<br /> full payment of the entire indebtedness rer.re¢ented thereby, the Nlorcgagee shall, in computing the amount of such
<br /> indebtedness, crc~it to the account of the Mortgagor all payments made under r',,c provisions of (a) of paragraph 2
<br /> hereof whirl: the N{ortg•3gee hag; not become oblig;.ted to pay to the Secretary of Housing and Urban Development
<br /> and any balanc,~ remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br /> shall he a defanit under any of the provisions of this mortgage resulting in a public sale of .the premises coverr.41
<br /> hereby, or if the Mortgagee acquires the property otherwise after default, Jhe Alortgagee shall apply, at the time of
<br /> the commencement of such proceedings, or at the. time the property is otherwise acquired, the balance then remain-
<br /> ing; in the funds accumulates under (b) of paragraph 2 preceding, as a credit against the amount of principal then
<br /> remaining unpaid under said ;tote, and shall properly adjust any payments which shall have been made under (a)
<br /> of paragraph 2, ti
<br /> 4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal g
<br /> charges, fines, or impasitions, for which provisbon has not been made hereinbcfore, and in default thereof the Mortgagee may
<br /> pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee. '
<br /> 5. The Mortgagor will pay all taxes which maybe levied upon the Mortgagee's interest in said real estate and improve-
<br /> ments, and which may he levied upon taus mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br /> ed by law and only to the extent that such wil! not make this loan usurious), but excluding any income tax, State or Federal.
<br /> imposedon Mortgagee, and will We the official receipt showing such payment with the, Morrgagee. Upon violation of this under-
<br /> taking, or if the Mortgagor is prohibitcd by tiny law now or hereafter existing from paying the whole or any portion of the afore-
<br /> said taxes, or upon the rendering of auv court decree prohibiting The payment by the Morti- goror any such taxes, or if such law
<br /> or decree provides that any amount so laid by the Mortgagor shall be credited or: the mortgage debt. the Mortgagee shall have
<br /> the right to give ninety days" writter. notice to the owner of the mortgaged premisesr, requiring the payment of the mortgage yt
<br /> debt. It such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days.
<br /> b. That should he fail to puy any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its op-
<br /> tion, may ray or perform the same, and as expenditurcc so made shall be added to the principal sum owing on the above note.
<br /> shall be secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br /> 7. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all
<br /> sums secured hereby, in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br /> note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted.
<br /> ness shall remain unpaid: and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br /> repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br /> comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> same and of collecting rentals therefrom; the balance remaining,.if any, to be applied toward the dischurge of said mortgage
<br /> indebtedness.
<br /> K. That he will keep the improvements now cxisiing or hereafter erected on the mortgaged property. insured as may be
<br /> required from time to time by the Mortgagee against loss by fire and other harstrds, casualties and contingencies in such
<br /> amounts and for such periods as may be required by the Mortgagee and will pay promptly, when dtte, wny premiums on such
<br /> insurance rrovision for payment of which has not been made hereihlxfore. All insurance shall be carried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by the, Mortgagee and havc attached thereto loss
<br /> payable clauses it, favor of and in form acceptable to the Mortgagee. In event of lass .Mortgagor will give immediate notice by
<br /> mail to the Mortgmec, who may make proof of loss if not made promptly by Mort}txgor, and each insurance company con,
<br /> ccrncd is her.-'- uthori7ed and directed to matte payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br /> and the lrtorigagee jointly, and the insurance proceeds, or anypart thereof, may be applied by the Mortgagee at its option either l
<br /> to the reduction of the indebtedness herebysecured or to the restoration or rtrpait of the property damaged, in event of foreclo.
<br /> suet of ihiw -nortgage or other transfer of title to the mortgaged prorl¢rty in extinguishment of the indebtedness secured hereby,
<br /> all risjht 60! and interest of the Mortgagor in and to any insurance tuslicies then in force shall pass to the purchaser or gratnee.
<br /> 9 nva as additional and collateral security for the payment (f the note descrit4d. and all sums to become due under this
<br /> morigage, ;hr. Mortgagor hcrchy assigns to the Mortgagee till pr.►f►ts, revenues, royalties, rights and brnrlits accruing to the
<br /> Ste►rtgagor under any and all nil and gas leases on said premises, with':;,je right to receive seed receipt fur the same and apply
<br /> then to said indebtedness as well before as after default in the cWhions %a: this. mortgage, and the Mortgagee may demand, sue
<br /> for and Jecos•er any such payments when due and payable. but.r~ull not be required so to do. 11th a►tsigtiment is to terminate
<br /> and bccom:. null and void upon release ..f this mortgage.
<br /> ltUD.gZIS~M f9-79f
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