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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 />(il) 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 oja mortgage insumnee premium/ which shall be in an
<br />amount equal to one-twelfth (1(12) of one-half (I/2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquent,°- ..: -;payments;
<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 (all as estimated by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to el' use 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; 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 />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housing and L!rban Development,
<br />or monthly charge /in lieu qt mortgage insurance premium/, as the case may be;
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill) 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 such payment, constitute an event of default tinder this mortgage. The
<br />Mortgagee may collect a "late charge" nut to exceed tixtr cents 14~t) for each dollar i$I) of each payment more
<br />than fifteen (1 S i d:rvs in arrears to cover the extra expense involved in handling delinquent payments.
<br />:3. 'Chat if rho total of the payments made by the Mortgagor under /l.l oi' paragraph '_' pmceding shall exceed
<br />the amount of payments actually made by the Mortgagee fur around rents, taxes and assessments nr insurmre pre-
<br />miums, as the case may be, such excess, if the loan is current, at [hc option of the Mortgagor, shaft be credited by
<br />the 1lortgagee nn subsequent payments to be made by the \lortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (l,l of paragraph _' preceding shalt nut be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the came shall become due and pay-
<br />- a61e• then the Aortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents. tare=, assessments or insurance premiums shall be due. !f at any
<br />time the 1lorlgagor shall tender to the itortgagee, in at•cordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness mprexnted thereby, the Nortgttgee shall, in computing the :unount of such
<br />indebtedness, credal ro the account of the Mortgagor all payments made under the provisions nF !+:) of paragraph _'
<br />hereof which the \krrtgagee has nut bt:come obligated to pay to the ~t•crelun of (lousing _nd l'rbtur Da•cclnpmcnt
<br />' and any balant•e remaining in the funds uca•umuluh•d under the proyisiuns of th; of parugraplr '? henarf. If them
<br />shall be a default under any of the provisions of this mortgage resulting in a public ~:de of the premises coyertvl
<br />hereby, or if the Mortgagee acquires the property otherwise :filer default. the Mort~ugec -hull apply, :u the time of
<br />the commencement of such pr.~ceeding~, ur ai the time the property is ethers+ise ucquirod, the balance then eemain-
<br />ing in the funds accumulated under tr=i of paragraph '! preceding, a- :t +sedit against the amount of principal theft
<br />remaining wtpaid under said note, and --.hull pruperl~ :rdju~t :rm pad-menu uhich Shull hu+e been made folder r.e?
<br />of paragraph 'L.
<br />4, That the Mortgagor wdf pay kruunJ rent.. faze,, assessntetnts, water rues, anJ other guyernmental or mumaipa!
<br />ehtirgrs, finzs, err inrpusitiuns, for uhich prayistc,n hat nut l~rn made ttrretnl~furc::+mt in Jrfault thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly dehyrr the oifirial receipt, therefor to the Aturtgugrr.
<br />5. 'The Mortgagor will pay :rli raze, which may hr ir#-led upon ih t.=rtgagr . interest in said re _tatr anJ ttnpnavr-
<br />menu.and which may hr frvir:# upa,n th:s mortgage <w the J@t,t ,ecored hereby Shut a#n!y to the rxtrm th;u ,uah is not peuhihit-
<br />ed by law zed only to the extern that .urh +vill Hat make this loan usuriou,), but excluding an} income tas. State or Frdrrd.
<br />imposed on Mortgagee. and will rile the utBrial receipt ,howing,urh payment with the Mortgagee. Upon +iulatiun of chi, under-
<br />' taking, or if the Mortgagor is prohibited h} ;my law nuu or hereafter exiting from pay ing the whole or any portion of the :durr-
<br />said taxes. or upon the rendering of any court decree prohibiting the payment h} the 61ortgagur ur any ,uch u+xe,. or ii such law'
<br />or decree provides that :+n> amount ,o pail h} the Mongagur ,hall be crediced un the mortgage debt, the Mortgagee ,hull base
<br />the right to give ninety du}+' wrinen notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />' debt. If such Holier fx given. the said debt ,hall hraune due, payable and cullrctible at the cxpirttiun of ,aid ninety da},.
<br />h. That should he fait w pay any sum ur keep any covenant provided fur in this Mortgage, then the Mortgagee, :+t it, op-
<br />tion, may pay ur prrfarm the some. and all exprnditurrs su made ,hull ter added to the principal sum owing on the atx,yr note.
<br />vhtdl he secured hereby. ;utd shall tsar interest :n the rate xt forth in the ,aid Harr. until paid.
<br />7. That hr hereby assigns, transfers anJ set,.ner to the Murtgager, a, hr applieJ to+v;ud the paymrnt of the note and a!I
<br />,urns ,reared heuby in case of a Jrfault in the prrfunnancr of any of the terms ;md aunJitiom of chi, ~lurtgage or the ,aiJ
<br />note, all the rent, revenues and income to he derixeJ from the rra,rtguged prrmi+e, durutg sash tintr as the mortgage indrlvrd-
<br />ne~ss shall remain unpaid; and the Mortgagee :hall htrve power to appoint any agent ur agent. it may atesirc fur the purpose of
<br />repairing said premises and of renting the some anJ collecting the rrnh. revenues ;end incumr, and it may p:q out of said in•
<br />comes ulI expenses of repairing said premises and necessary commissions and expenses incurred in renting anJ managing the
<br />+ame and of adlrcting rentals therefrom; the balance remaining, if any, to br applirJ toward the Jischargr of s;ud mortgage
<br />indebtedness.
<br />%. )'hat he will ker€ the improvement, n.+w existing .at hereuttzr rrrctzJ un the :nortgagcJ pruprrty. insured :rs €nuy ;*r
<br />required fromm time to time by the Mortgagee ag:tinsl loss 1,y fire and other ha~urJs, aasualttrs and cuntingrncics in such
<br />amounts and fur ,urh periaxis as may- t+r uyuired by the hfortg:tgee and will pay promptly, when due, any premium, nn ,u:h
<br />insurartcr Pnr+iuon for pa}mint of which has nut t,rcn made hrreinhefore. Vf insuranar ,hall he r.+rricd in romp:uues :~~~
<br />proved hg the Mortgagee and the puhcirs and re ncwals thereof shall tx: helJ h} the Mortgagee and ha+r atr+chcJ thereto Iuss
<br />payabk clauses in favor of and in form acceptable to the Mortgagee. In event of lose Mortgagor sill gnr inunrJiatr noocr by
<br />mail to the Marrtg:tgee. who may make pnwf of loss i( not made promptly by Mongagur, and each inuuanee rnmpan} c~n-
<br />cerned is herchy aulhuryxd and directed to make paymrnt Car such lac directly to the tytungagre instraJ of to the Mortgagor
<br />and the Mortgagee jointly, and flee insurance prucreda, ur any parr thereof, may he applied by the Mortgngce :µ ns upuon tither
<br />to the uduction ut the indebudness hereby secure) r,r to the rr,turatiwt ur repair u( the property Jamagrd. In e+rnt of forrclu-
<br />sure of this rnortga$e or ochre transfer of title to the numgagrJ pruprrty in rxtinguishnrrnt of the indehtrdnrs, ucurrJ hrrcb},
<br />:d! right, title creel intrust ut the Mortgagor io and to ;my iosurunce puficie, thin in force shalt pass to the purchaser or grmtrr
<br />9. Tlrat ax ;rdditiona: anJ caflaterul ,e.urity for the payment of the note describe), and ap sum, to become due undr+ th++
<br />nu#rtgagr, the Mur'tgaytor herchy acigns to the Mortgagee all profits, revenues, royalties, nghts :anJ benefits accruing n+ the
<br />Mortgagor under any anJ afI uif and gas leases on ,aid premixr,. with the right to re.ricr anJ rc.eipt fur the same and apply
<br />them k, said indrhtednrs, a, writ f+rfure as atte: default in the aundiuuns ui this nu,rtg:rge. ;~nJ the idurtgagrt mas demanJ. ,ue
<br />fear anJ r~euxer Soy such ~yrnv*nts w-htEn due and paytfhte, tsut sh~-!f real f+e r,quiraJ =~. to Jo- S1:i, ass~nnxnt +s s, trrminx!c
<br />anJ hzi.. :sr nut! and vu.., up:,n release ••t chi, nrurtgri;r _
<br />tutu-aara3M tv Tyr
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