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Wa~sas, the mortaa,~or ia ust~l? indebted to the MortQaQee in the princip~l sutn o! F'~01~ Hu~dt'~d SeY-~
enty-eight Tl1ot~9u~d Do1L~rs ~78, 000. 00 , evidenced by ita note oi even di?te henwith, bear-
in~; interest iram dat$ on outatandina balanc~e at 5 1J4~ iu~d ~ S$~8 Per
xnnum, aaid principsl and inter~t being pe~ysble in monthly installments as provided in a~id note taith a flnal
m~turity of DeC@niber 1, ~006 ~ which note is identitied us being secured hereby b~ a certificate
thereon. 3aid note and aU of its terms are incarporat.ed herein by reference and thia cwAVeyxnoe ~hall eecure atLy
and ~tll extenaions ther~of. however evidenced.
pxpn~a A~,Rr~ys, and these preaents sre on this expreae condition, that if aaid mart~a~ar, or its leg~?I repre-
sentativea, ahall well and tru~y pay unta the aaid mortgag~ee, ita succQasors or xsaigna. the asid sum of money men-
tioned 'u? the certain promisaory note eecured hereby and any r+enewala or exteneiona thereof in whatever form~
and the interest thereon aa it ehall become due, accurding Lo the true intent and mesning thereof tc~+ether with all
advancea hereunder, coets~ charges, and eacpen~es, includin~ a reasonable attorney'a fee~ which the aaid inortg~gee
may incur or be put to in collecting the same by foreclosure, or otherwise, and ahall perfortn all other covenanta i
of this mortgag~e, that then these presents and the eatate hereby granted shall cease, determine, and be abaolutely
null and void. ~
And the mortgagor further covenants as follows :
1. Th~?t it will pay the note at the timea ~nd in the mxnner provided therein;
E. That it ~ill not permit or auSer the uae of any of the praperty f~r any purpoee other than the use for which the same was
intended at the time this mortQage was executed; .
3. That the regulatoiy agreement, if any, executed by the mortgagor and the Federal Housing Commissioner, which is being
recorded simultaneously herewith, is incorporated in and made a part of this mortgage. Upon default under the regulatary agree-
ment and upan the request of the Federal Housing Commisaioner, the mortgagee, at its option, msy declare the whole oi the indebtEd-
nesa secured hereby to be due and payable; ~
4. That all renta, pro8ts and ineome frarai the roperty covered by this mortgage are hereby ~taaigned to the mortgagee for the
purpo~e af diechargirg the debt hereby secured. ~ermiasion is hereby given to martgagur so long as no default exista hereunder, to
coilect such rents, proflts and income;
5. That upon default hereunder mortgagee ahall be entitled to the appointment of a receiver by any court having jurisdiction,
without notice, to take possession and ~>rotect the property described herein end operate same and eollect the renta, profita and income
therefrom;
6. That at the aption of the mortgaRor the principa] balane+e secured hereby may be reamortixed on terms seceptable to the Fed-
eral Housing Commissioner if a partial prepayment results irom an award in condemnation in accordance with provieions of Para-
giaph 8 herein, or from an insurance psyment made in acrnrdance with provisione of Paragraph 7 herein, where there is a resulting
loss of project intome;
7. That the mortgagor will keep the improvements now exieting or heresiter erected on the mortgaged pmperty insured againet ~
loss by Rre and such other hazai•ds, casualties, and rnntingenciea, sa may be stipulated by the Federal I-iousing Cvmmissioner upon the
insurance of the mortqa~e and other hazarda as may be required irom time to time by the mortgagee, and all auch insurance shsll be
evidenced by standard Fii~e and ExGended Covenge Insurance Policy or policiea, in amaunks not lesm than necessary to comply with
the applicable Coinsuranee Clauae percentage, but in ,~o event a'hall the amounts of covenge be le~a than 80°h of the Inaurable
Valuea or not lesa than the unpaid balance of the insured mortga~e, whichever is the leaser, and in def~uit thereof the mortgagee
ahall ha~e the right to effect in~urance. Such policiee shail be endorsed with atandard mortgagee elaurte with loss papable to the
mortgagee and the Federal Housing Cammissioner as intei7eat maq sppear, and ahall be deposited with the mortgag+ee;
That if the premises covered hereby, or any part thereof, shail be damaged by are or other hszard against ~whieh insurance is
held a~ hereinabove provided, the amounts paid by any insurance company in pursuance of the contraet of insurance to the extent of
the indebtednesa then i~emaining unpaid, shall be paid to the mortgagee, and, at its option, may be applied to the debt or released for
the repairing or rebuilding of the premisea;
8. That all awards of damages in connection with any condemnstion for public use of or injury to any of said property are
hereby asaigned and shall be paid to mortgagee, who may apply the same to payment of the installments last due under said note,
and mortga.gee is hei~eby authorized, in the name of moi~tgagor, to execute and deliver valid acquittances thereof snd to appea! from
any such award;
9. That, in ord~r more fully to proteet the aecurity of this mortgage, the mortgagor, together with and in addition to, the
monthiy payments ur~der the terms of the note secured hereby, on the Srst day oi each and every month sfter the date hereof,
until the said note is fully paid, wil! pay the mortgagee the following euma:
{n) An amnunt sufficient to pirovide the holder hereof with funds to pay the next martgage insurance premium if thia mortgage
and the note secured are insured, or a eervice chi?rge if they sre held, by the Federal Housing Commissioner, ae foliows:
(i) If and sa long as as?id note of eQen date and this mortgage are insured or are reinsured under the prnviaiona oi
the National Huusing Act, an amount sufficient to accumulate in the handa of ihe holder one month prior ta its
due date the annual mortgaqe insurance premium, in order to provide such holder with iunds to pay such pre-
mium to the Federal Housing Commissioner pursuanti io the National Houaing Act, sa amended, and applicsble
regulations thereunder; or ~
Beginning with the firat day ot the month following an asaignment of thie mortgage snd the note eecvred
hereby to the Federal Housing Commissioner, a monthly service charg~e which shali be en smonnt equsl to on~
twelfth of 'h percent ot the average outstanding balance due on the note computed for each suceeaeive year
~ heginn;ng vs ith the 8rst of the manth next follow~ng sucL assignment, without taking into account delinquencies
or prepayments.
(b) A sum equal to the ground renta, if any, next due, plus the premiums that will next became due and payable on policieP of
fire and okher property insurance carering the premiees cov~red hereby, plus water rates, taxes and assesaments next due
on the esid prem~ses (all as estimated by the mortgagee) less atl suma already paid therefor divided by the number of
montha to elapse before one month prior.to the date when ,such ground rents, prem~ums, water ratea, taxes and asaess-
ments will beeome delinquent. such aums to be held by mortgagce in trust to pay asid ground rents, premiums, wate:
ratea, tuxes, and special assessments.
(c) Ali payments mentioned in the two preceding subsections o~ this paragraph and all pay~nenta to be msde under the note
secux~ed hereby shall be added together and the ~~regate amount thereof shall be paid by the mortgagor each month in
u aingle payment to b~ applied by the mortgagee to the following iteme in the order set forth:
(t) premium charges under the contract of insurance with the Federal Housing Commisgion~r, or the aervice eharge,
as the ¢ase may be;
(ii) ground rents, taxes, aasessmenta, water ratea, Sre and other property ir.surance premiu~s;
(in) ir?tereet on the note s~ecured hereby; snd
(tv) amortization of the princ:pal of said note.
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