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<br />(f) nranth prior to its due date the ,anus! maarigage insurance prerrlrum in order to provide suG}i holder
<br />with fundsto~pay ~~surh pre;gr(i~utn tar 61te Sear~etar}r of Rousting ~and'~ tGr~ban ~D~eve~tc~>pme~nt,'pur~~suant tot7te
<br />N~tionat, Housing Apct, as arne'ncfed, and applia;;ible Regtilaticins titereu;rider; ter
<br />(II) 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 mnrrgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/13) of one-half (I/3) 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 [he 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 bV 1he rNurrgageeJ less alt 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; 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 st- ill be added together. and the aggregate amount thereof shall be paid by the MuRgagor
<br />each month in a single payment to he applied by the Mortgagee to the following items in the. order set forth:
<br />(I) premium charges under the contract ul insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in (ieu q% nmrtgage insurance premiwnl, as the case may be:
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(III) 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 nest such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" nut to exceed tiu:r cents 14y1 fur each dollar (51 1 of each payment more
<br />than fifteen (I S) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />,. That if the tot-al of the payments made by the llortgagur under!?>> of paragraph 2 prtceding shall exceed
<br />the amount of payments actually made. by the Slortgagee for ground rents, laic= and assus5ment5 or insurance pre-
<br />miums. xs the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the )lortgagec on subsequent payments w be made by the 1lortgagor_ or refunded to the ytortgagoc If, however, Lhe
<br />monthl} payments made b}' the Mortgagor under i1~1 of paragraph ' preccYling shall nut be sufficient to pay grcwnd
<br />rent, taxee and assessments or insurance premium=, xs the e•;rse may be. when the same shall become due and pxy-
<br />.able, than the \lortgagor shall pay to the ylortgugt•i• an}' amount necessan io make up the deficiency, on or before
<br />the date when payment of such ground rents. Iaxes, asses.,meats or insurance premiums shall be due. if xt any
<br />,time the 1longagor shall tender to the }lortgagee. in accordance with the pmri=ions of the note set•ured hereby.
<br />'full payment of the entire indebtedness rep-re-ented thereby. the 1lortgagec shall, in computing the amount of sur•h
<br />',indebtedness, credit to the account of the Mortgagor all payments made under the provisions of r~ri of paragraph-
<br />hereof which the \1urtgagee has nut become obliguled ur pa} to the ~ecrc•tarv of Housing _nd t'rban llevetopment
<br />and any bulunee remaining in the funds uccumulxtai tinder the prosisiuns of l bi of paragraph ° hereof. If there
<br />shall be a default under am of the provisions of chi= mortg:t,e insulting in a public sale of the premises coxrrc•d
<br />here•hv, or if the ilortgagee acquires the property otherwise after default. the )lortgugee shill uppl}. at the time al
<br />the commencement o[ such proceeding=, or at the time the property is otherwise acquired, the bul:uue then remain-
<br />ing in the funds accumulated under /i~l of paragraph °_ preceding, nr a cmdit against the amount of principal then
<br />remaining unpaid under said note, and shall properl} adjust any p:nments w'hieh Shull hove been made under ru%
<br />of paragraph '_'.
<br />d. 'that the :Mortgagor will pay gown) reots. taxes. assessments, water rues, and other governmental or municipal
<br />charges, fines. ur impunitiuns, fur which praei,ion ha. nut been male hereinbrfure, and in deiault thereof the ~9ur:gager may
<br />hay the sarnr; and thin the Martgugur will pnvnptlq drhvrr the official receipts therefor to the ~iortgagrr.
<br />~. The Mixtg.agor will p:r}` all taxr+ which ma} he levied upon the Mongagee'+ interest in said real estate unJ iruprove-
<br />ments. and which may he IrvieJ upon thi+ mortgage or the Jebt cecureJ hereby that only ro.lhe extent that +uch is nut prohibit-
<br />ed by law zrtd oaf} to the rztrnt that such wilt not make thi+ lain usurious[, but excluding any inrrme tux, titatr ur Federal.
<br />impose) un Mfortgagre. and will rile the otlicia! receipt +huwing+uch payment with the Mortgagee- Upon violation of this under-
<br />taking, or if the Mortgagor is pmhihited by any law now or hereafter existing From paying the whole ar an} portion of the ,furr-
<br />said taxes, or upon the rendering of ;tnc court decree prohibiting the payment by the Mortgagor army wch ta.xrs, ur if wch law
<br />or decree ; rovidts that any amoum w p:ud M the Mortgagor ;hall he credited un the mortgage Jeht, the Mortgagee ,hall have
<br />the right w give nine[>' day+' written notice to the owner of the mortgaged premises, requiring the payment of the nurrtgagr
<br />debt. If wch notice he given, the +aid debt shall heatme due. p:q able anJ adlrctihle at the expiration u(>.aiJ Hiner} Jay,.
<br />h. l'hai should hr foil ut pa} any ,um or keep any: oveneurt provided fur in this Mortgage, then the Mortgagee, at it np-
<br />tiun, mac pay ur perform the ,ame, and all exprndhure, w male shall he aJdeJ to the principal sum uwutg on the ,hoer note.
<br />shall he +ecured hereby. and +hall hear interest :u the rule set forth in the sail note. until paid.
<br />'. 'that he hereby :usigns. tramfer+ anJ +ets user to the Mortgagor. to hr upplieJ towarJ the payment of the note anJ ,J1
<br />wins secured hrrehy in ease of a Jrfault in the performance of :my of the terms and conJitiurn of ;hi+ ylortgugr or der ,aiJ
<br />note, :dl the rents. revenue, and income to he deeivrJ from the rnortgagrJ premises During wch time n+ the mungagr ~nJrt+trJ
<br />nos. Shull remain unpaid; anJ the Mortgagee shall have power to appoint any agent ur agents it m:p do+ire fur the purpo+r of
<br />repairing sail premises and of renting the same and collecting [hr rents, recenurc anti income, nnJ it mac pay uw of +aiJ ire
<br />comes all expenses of repairing suit premises anJ necessary commissions anJ expenses incurred in rcntinf; anJ munuging the
<br />+ame and of collecting rentals therefrom; the balance remaining, if any , to he applied roward the Ji+citarge of sail ntaxtgnge
<br />indebtedness.
<br />R. -Phal he will keep the improvements now existing ar hereafter erected on the murtgugrJ property, inaueJ :«+ may tse
<br />rrquired from time to time h}• the M1tortgugee against loss by lire anJ other hazards, casualties :utJ Luntingencies in suet:
<br />amounts and for such periods us Hwy be required by the Mortgagee and will pay promptly, when Due, any premiums un +uch
<br />insurance provision fur payment of which has not been made hereinheforr. All insurance shall he carried m companies ap~
<br />proved by the Mortgagee and the policies anJ renewals thereof shall he held by the Mortgagee anJ hour attachrJ thereto lass
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In et-rat of Inns Mortgagor s ill give munrJtatr natter by
<br />lnaii to the Mortgagee, who may make proof of loss it not made promptly by° Mortgagor, and each insurance company con-
<br />cerned is hereby authorized and directeJ to make payment (or such loss directly to the Mortgagee instr:iJ of to the Mortgagor
<br />and the Mortgagee jointly, anJ the insuruncr proceeds. ar any part thereof, may hr applied by the Mortgagee :wits option c•ithrr
<br />'to the reduction of the indebtedness hereby secure) or ae the restoration or repair of the property Damaged. In rvenr of larrclo-
<br />sure of this nuxtguge ar other transfer of title to the mortgaged proper[} in ectingirishment of the indrMeJnes+ secutrJ hrrehy .
<br />all right. title and interest of the Mortgugur iii and to :my insurance policies then in Torre shall pass to the purchascv or grantee.
<br />9. 'thin as additional and collater.J security for the payment of the note desrriheJ, anJ all sum, nr become Due under chi,
<br />mortgage, the Mortgagor hrrehy assigns to the Mortgagee all profits. revenue. n±}alties, rights anJ henrfits scenting m the
<br />Mortgagor under any anJ all ail and gas leases on s:tiet premises. with the right to receive and receipt for the ,:rote .inJ :q,pty
<br />them to stud inJrhtrdness as well before as utter default in the cundnionn of this mortgage, and the Mortgagee may Jemartd, cur
<br />tar attJ recover nnq arch puymenls when due anJ payable, but +ha(t not he reywrrd ,o to Ju. This :msignment into terminate
<br />anti t±ec~rmr null and void upon rrlruse • ` °Itis ntartga~r.
<br />- .- NUU 971d3At i9 ,yl
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