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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 [o the Secretary of Housing and Urban Uevelopmen[ pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; ur
<br />(II) If and so long as said note of even date and this instrument are held by the Secretary of f{ousing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (l/12) of one-half (1 J2) per centum 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 wt
<br />policies of fire and other hazard insurance covering the mortgaged property, plus [axes and assessments next due
<br />on the mortgaged property (a!! as estimated b~• the Mortgagee) less all Burns already paid therefor divided by the
<br />number of months to elapse before one month prior to the dale 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: and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to bz 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 tc be applied by the Mortgagee to the following items in the order set forth:
<br />Q) premiun charges under the contract of insurance with the Serretatro of Housing and Urban Development,
<br />or monthly charge (in lieu ~~% mortgage frtsuraruz• premium/, as the case may be;
<br />(II) ground rents, taxes, assessments, lire and other hazard insurance premiums;
<br />(Ill j interest on the note secured hereby: and
<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 sueh payment, euustitute air event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" no[ to exceed four cents 14K) for each dollar (S I) of each payment more
<br />than fifteen (l5) davs in arrears to cover the extra expense involved in handling Delinquent payments.
<br />•>. That if the Total of the payment= made b}' the 11urtg,agur under ; f,/ of paragraph 2 preceding =hall exceed
<br />the amount of payments actual h• made by the Slortgagce for ground rent. taxes and assessments or insurance pre-
<br />miums, as the race may be, such excess, if the loan is current, a[ the option of the Mortgagor- shall be credited by
<br />the Slortgagee on subsequent payments to be madt• by the 31or[gagor, nr refunded to the Norlgagor. lf, however, the
<br />monthl} payments made be the Slortgagor under (b) of paragraph 2 precedinG shall not be sufficient to pay ground
<br />rent, taxes and assessments nr insurance premium<. as the c:cse may be. ++hcu the same shall become due and pay-
<br />able, then [he Slortgagor shall pay to the Slongagre um' amount necescan' to make up the deficiency, on or before
<br />the date when paymem of such ground rent-. rrxes. assessment= ur insurunc•e premiums shill be due. if al um•
<br />time the Slortgxgor shall tender to the Sk?ngagee, in ae•cordance +cith the provisions of the note ~,=geared hembg,
<br />full payment of the entire indebtedness represemed thereby, the Slortgaree =hall, in computing the amount of .meh
<br />indebtedness, credit to the account of the Mortgagor all payments made under the• proyisions o(i aj uF paragraph Z
<br />hereof which the Slortgugee ha, nut 6ecokneehligated m pay- to the necmarry of Ilou~ing .:nd l~rban Decclopmen[
<br />and any balance remaining in [he fund-. act•umulated ^mter the provision= u[; b; u[ paragraph ? hereof. If there
<br />shall he a default under any of the proyision~ of this mortgage m-ulting in a public Bile of the premises covered
<br />hereby, ur if the Ilongagee aequims the propony mhcn+ise after deLudt, the \lurtgagee shall apply, :u the time of
<br />the commencement of ..=uch proceadines, nr at the lime the propery is othenyise uc•quired, ihr balance then remain-
<br />ing in the (ands ur•t'umulated under i?. oC par:rgrtph ' Irnxvding, as a reedit :[gains[ iht~ amomrt of principal iheu
<br />romaininK unpaid antler said note, anJ =hall pn?porh wijust ;un payments which .-hall hasc~ boon mode under iui
<br />of paragraph '?.
<br />:#. That the Mortgagor wilt p:ry ground rents- taws ,tssessmrnts. water rates, and other governmental or municipal
<br />charges. tines or irnpositiom, far which prevision has not been maJe hereinbefore, and in Default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor wit! ~ rnntptly Deliver the official receipt, therefor to the Mortgagee.
<br />5. The :Mortgagor will pay all taxes ++hrch m:n be IevieJ upon the Mortgagee's interest in +aiD real estate and improve-
<br />ments, and which may br Irsied upon this mortgage or the Jeht secureD hereby lbw only to the extent that such is not prohibio-
<br />ed by law anJ only h? the extent that w $ will not make this loam unuioua). but excluding an}' income tax. Stair or Federal,
<br />imposed on Morigagee.:mJ will file the otlicial receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if rhr Mortgagor is prohibitrD by any- la++ now' ur hrreaflrr existing from paying the whole or any portion o[ the atbre-
<br />+aiJ taxes, or upon the renJering of any court decree prohibiting the pay argot by the Mortgagor ur nny such taxes, ur if such law
<br />er Jeerer prvcides that :my ;nnuunt su paid by the Mungagor shall he ereJitrJ on the nwrtgugr Drht. the Mortgagee shall haee
<br />the right m give ninety days' written notice to the o++ner of the morgaged prcmi>as, requiring the payment of the mongagr
<br />debt. If +uch notice he given, the sail Jebt +hall become due, payable anJ rollectiMe nt the expiration of said ninety Jays.
<br />fi, "that shoal) he fail to pay any sum or keep any coven ant pn?vidcD for in this Monguge, then the \turtgagre, at its op-
<br />tion, may pay or preform the ,ame, anJ :dl cxprnJitures x? maJe .hall hr aDDeJ to the principal sum owing on ihr above note,
<br />shall he secure) hereby. ^nJ shall bear interest at the rate set forth in the suit note, until pail.
<br />7. 'fh;n hr hereby as+igns, transfers and sets user to the Mortgagor, w hr npplieJ a+w:uJ the payment of the note and tdl
<br />sums secure) hereby in case ui a Jetault in the performance of any of the terms ;Ind condition of this Mortgage ur the sail
<br />cote. all the rents. revenues and income to be JeriveJ Tana the mortgaged premises During .uch time as the mortgage indebteD-
<br />ness shall romain unpaiD::md the Mortgagee shall base power to uppoim any agent ur agent+ it may desire for the purpose of
<br />repairing said p«misas ;utd of renting the some and collecting the rents, revenues and income, unJ it may pay out of ,aid im
<br />comes nIl expenses of repairing said premises and necessary commissions anD expenses incurred in renting and nutnuging the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to hr applieJ toward the discharge of .aiJ mortgage
<br />indehleJness -
<br />g. 'Thal he will keep the improvements now existing or herratter rrraeD un Ihr mortgaged proper[}, insure) as may be
<br />require) from time to time by the Mortgagee against loss by lire and other hazards, cuxmdtirs :urJ contingencies in such
<br />amounts :rod fur such periods xs may be eeyuireJ by the Mortgagee anJ will pay promptly, when Due, any premiums un wch
<br />insurance provision for paymem of which has nut born maJe hereinbefore. All insurance shall he e:rrrieJ in rnmpanies ap-
<br />prove) by the Mortgagee anD the policies and renewals thereof sh;Jl he hell by the Mortgagee and have attache) thereto loss
<br />payable clauses in favor of unD in form acceptable to the Mortgagee. In event of loss Mortgagor will give immedi:Je notice by
<br />mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance compam~ con-
<br />cerned is hereby authorized anJ JirecteJ to make payment [ur such loss Directly to the Mortgagee instead of to the Mortgagor
<br />;rod the Mortgagee jointly, anD the insur:mce proceeds, or nny pin thereof, m:+y he applied by the Mortgagee a(its option either
<br />.to the reduction of the indebedness hereby secured or to the restoration or repair of the properly J:unuged. In event of fureclo•
<br />sure of this mortgage or other transfer of title to the murtgtrgrd property in r.xtinguishnrent of the indrMrdness secured hereby,
<br />all right. title :rod interest o(the Mortgagor in and to:iny insurance policies then in force shall pass to ihr pure hasrt' nr granter.
<br />9. "That as udJitiunal :rod enllntcr,J security for the payment of the note JescribeJ, anJ all sums to becontr due unJrr this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and t?enrfitc xcming w the
<br />Mortgagor under ;my unJ all oil :mJ gas lea,ces on sail premises, with the right to receive and receipt for the s:une and apply
<br />them m sail inde6lydnrss as well heftire as of«r Jetault in ihr conditions of this morttiagr, nnJ the M1{orlgagee may- Jrm;urd, ,or
<br />for anD recoyer smy sueh payments whin due- anJ payable- but shall not hr required •~ rn do- Chu assiguntent is ru Irnnin:ur
<br />anJ bcn!me null anJ void upon releaae ul thi+ mortgage.
<br />Ht1 t1J11G3Rt Itl~ltrl
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