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<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 to the
<br />National Housing Act, as amended, and applicable Regulations thereunder: or
<br />(II) ff and so long as said note of even date and [his instrument are held by the Secretary oC Housing and
<br />Urban Development, a monthly charge /in lieu of a ntorrgagc insurance premium/ which shall be in an
<br />amount equal to one-twelfth (1/12) of one-half (I J2; per cenwm 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 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 /al! as estimated by r{te Mortyageel 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 Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; xnd
<br />(c) All payments mentioned in the two preceding subsections of :his 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 the order set forth:
<br />(I) premium charges under the amtmc[ of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge /rte lieu ql nunrgage insurmtc•e premium/, as the case may he:
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill) interest on the note secured hereby; anJ
<br />(IV) amortization of the principal of said note.
<br />Any deficiency 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 event of default under this merigage. The
<br />Mortgagee may collect a "late ehargr" not to exceed (our cents 14Y) for each dollar (S I) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinyuent payments.
<br />2. 'Chat if the total of the payments made be the }Inrtgugor underlbl of paragraph " preceding shall exceed
<br />the amount of payments actually made by [he )lort,aeee for eround rent=. taxes and asaeesments or insurance pre-
<br />miums. as the case may be, such excess, if [he loan is current, at the option of [he 11or[gagor, shall be credited by
<br />the }lortgacee on subsequent payment= ur be mad+• be the lkirtgagor, or refunded to the )lon.gaKor. If, however, the
<br />monthh payments made by the Mortgagor under ih; of paragraph _' preceding shall not be sufficient to pac ground
<br />rent, taxes and sssesaments or insurmee premium=, as the case mac be, when the same :hall become due xnd pay-
<br />able, then the )Inrtgagor shall pat' to the 1lortga;;ee enc. amount nuccssun~ to makt• up the. deficiency, on or before
<br />the dsste When payment of ;uch ground rent=, taxes, assessment- or insurance pmmiums shall be due- If ut any
<br />time the :ykmtgxgor shall tender to the 1hvtKag;ee, in accordunc•e w'i[h the provisions of the note secured hereby,
<br />(all payment of the entire indebtedness represented thereby, the 11ortgugee hxll_ in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all p:n'ments made under the provisions of ic.) of paragraph 2
<br />hereof which the }lortgagee hay nut become obligaa•d to pay ur the tiec•retun~ of Ilnusing ..nd 1'rb:ul Deveoopment
<br />and :my halanc•e remaining; in tho funds accumulated under the provisions of r 4/ of paragraph ~' hereof. [F there
<br />shall be a default wider any of the pnrvisions of this mortvage resulting in a public• sale of the promises covered
<br />horehy, or if the 1lortgagoe acyuirc~ the propene udx~nsise after default, the \Irrr[gagee shall apply, at the limo of
<br />tho commencement of -ue•h proceeding-, nr xt the time the pnrperp~ i= otherwise acquired, the balance then remain-
<br />ing in the (ands accumulated under t'~? of paragraph '_' preceding. as a credit against the amount of principal then
<br />remaining wtpaid under suit) cute, and ;hall pruperl} adju,t un} payments which =hall have been mode under rr•;
<br />of paragraph Y>,
<br />y. That the \longagur will pay gnxmJ reran. tuxcs.:u+rssments. water rates, and other governmental or municipal
<br />charge+, fine+, ur impu+ilium, for which pmvieion has not been made hereinhefore, :rod in default thereof the Mortgagee may
<br />pay the +:.me: and that the Mortgagor a ill pntmpd}~ deliver the olticiul receipts therefor to the Mortgagee.
<br />?. 'the Mortgagor will pay all roar, a hich ma} he IevieJ upon the Mortgagees interest in said rr:J estate and improvr-
<br />menn. ;rod which nwy be IevieJ upon thn rnortgagr or the debt secure) hereby (but only to the extent that such is not prohibit-
<br />eJ M I:tu ;mJ only n+ the extent that such will nut nwkr this loan usuriuusl, hw excluding any inarme tax, State ur Federal.
<br />impo.eJ on Mortgagee, anJ will lile the ulHcinl receipt showing such payment with the Mortgagee, l'pon violation of this under-
<br />taking, ur iC the Mortgagor i+ prohibiteJ by any lain now or hereafter existing from paying the whole or any portion of the afore-
<br />saiJ nrxe+, or upon the rendering of any court decree prohibiting the p;p~ntrnt by the Mortgagor or;my such taxes, or if wch low
<br />ur Jecree provide, that ::ray amount w paid by the Mortgagor ,hall he credited on the mortgage Jeht, the Mortgagee sh:dl have
<br />Ihr right to give nineq- J;ty+' uriuen notice to the owner of the mortgaged premises, repairing the p;p•ment of the nwrlRage
<br />Debt. If such notice br given. Ihr sail debt ,hall become Jue, pnyaMe :mJ collectible :d the expiration of said ninety day,.
<br />b. "fh:n +hould he (ail to pa}~ any sum or keep ;m} covenant pnwiJed for in this Mortgage, then the Mortgagee. rat its op-
<br />tion, may pac ur perform the s:mte.:uxi all expendiuues so made .hall be aJdeJ n+ the principal sum owing un the above note,
<br />sh;dl hr +eeurcJ hereby, and ,hall bear interest :u the rue set forth in the sail note, omit pail.
<br />7. "that he hrrchp a,sign+, transfer anJ +rt+ Derr to the Mortgogre, to hr applied tower) the payment of the note anJ all
<br />vents secure) hereby in rase of a Default in the prrformanrr of any of the terms and conditions of this Mortgage or the sail
<br />note, ;+II the rents, rrvrnues anJ inrume to be JrrivrJ (nun the nwngngeJ premise, during u+ch time as the mortgage indehteJ-
<br />ness sh:dl remain unpaiJ; anJ the Mortgagee shall have power u+appoint any ngem ur agents it may Desire for the purpose of
<br />repairing said premise, anJ of renting the santr anJ collecting Ihr rents, revenues ^nJ income, :mJ it may pay out of said in-
<br />comes all expenses of repairing +aiJ premises :utJ nrcessar} commissions and expenses incurred in renting anJ managing the
<br />same and of collecting rentals therefrom; the bylancc rrmaining~ if any. to he xpplieJ tower) the Discharge of said mortgage
<br />indebtedness.
<br />R. 'I•hut hr will keep the imptuvrmcnn now cxi,ting ur hereafter rrccteJ on the nuntgagrd properly, Insured as may hr
<br />required from time to time by [he Mortgagee against loss by fire ;mJ other hazards, ras3rdtirs anJ contingencies in such
<br />amounts :rod fur +uch perioJs as may he require) by the Mortgagee and will pay promptly, when chre, :my premiums un wch
<br />insur,mce provision for payment of which has nut taco made hcrcinhe (ore. All inaurm r shall tx carried in rumpanirs ap-
<br />provrd by the Mortgagee and the policies anJ renewals thereof shall be hell by the Mortgagee anJ have attached thereat lose
<br />payable clauses in facer of nnJ in form acceptable at the Mortgagee. In event of loss Rturtg:tgor u~itl give immediate ^otlce by
<br />mail to the Mortgagee, who ratty' make proof of loss if nut made promptly by Mortgagor. and each insurance company cum
<br />rerneJ is hereby authorize) and Directed to make payment for such loss Directly to the Mortgagee instenJ of to the Morlgagur
<br />anJ the Mortgagee jointly, anJ the insurance proceeds, or any part thereof, may hr applied by the Mortgagee qt its option either
<br />a: the reduction of the inJrhtedness hereby secured or to the reslondion or repair of the properly damage). In rentt ul forrclo-
<br />sgre of this nnutgage or other transfer of title to the mortgage) property in cxtingutshnmot of the inJrhtednr+s urured hereby,
<br />:dl right. title anJ interest of the Mortgagor in and to :rap insurance policies Ihcn in force ,boll puss to the purchase or gramtt.
<br />9, "That :u additional :rod collateral seauiry• for the payment of the note JrscrihrJ, :mJ all wnu to heeoute Juc under this
<br />mortgage, the Mortgagor hereby ensigns ro the Mortgagee all profits, revenues, myaltic,, righb mtJ henrtin accruing to the
<br />Mortgagor under any anJ all oil and gas leax•s un said premises, s. ith the right m receise and re: etpt for the uunc and apply
<br />them to +aiJ inJchtcJne.+s as well before a, offer Je[auh in Ihr cunJitiuns of the morlgagc.:mJ the llort.,agre ntar dem:urJ, +ue
<br />for;uxl rcc ,v-er ;ray ~urh pnymenn uhcn der and payable, but ,hall not he ItyubeJ so .o Jr l hi+as;gmoeni n lu h•rnnnntr
<br />anJ he+ome cull :rid wid upon rclea<r ~•' Ihi+ awrlgagc
<br />Hri U~rrl ~J3:~t t`J /N1
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