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2. That. ~o orJrr nx?rc fully tu prwect ~ht ~rcunry of ~hi+ murtgagr. thr m.~rtsagur. t.~grther w~th, arn1 in adJiiiun tu, th~ nx~nthly
paymenu unJer lhc ttrm~ ui the nutr ~ctiurr~i hrrcby, un Ihr fint Jay ul ea~h mun~h unul thc ~aiJ nutr iully paiJ. N~il pay lu thr
nwrlg:,gcY thr fulluN~ny~.um~:
la1 !1n amount ~uUicienl providr thc holder htrc~~f wi~h furxf~ ~u pay ~he nrxt mortgage insurance prcmwm if !h~~ ~nstrumnnt anJ
Ihe nutr u~ured hercby are m~urrd, ~x a monihly charge lin I~eu u( a mixtgage ~nsucance prcmiuml if they are hcid by the
Secrrtary of Nuusing arxi Urban [kvrl~~+mznt, as folk~ws:
1U If and so lung as .a~d nute of even datc and 1h~s ~mtrumenl are mwred or are rcinsurrd urxle~ the arov~siuns uf tM
National Hou.~ng Ac~, an •rmount wff`icirnt to accumulate in the hand+ af the twlJer one l l l mo~th prior w its due date the
annual rtwrtg.~ge ~nsuraner prrmium, in ~uder to proviJr ~uch hulJrr w~th fund~ to p•r)' wch premium to thr tircretrry of
Nous~ng and Urban [kvelopmrnt pur,uant tu ~hr Natiunal Hau~ing Act, a. amtnJrJ, arxl applicablr Regulauuns
thrreunder, or
1111 If anJ co long a~ ~aid nott uf evrn date aixi ~his ~narument are held by the Secrctary of Hcw+ins anJ Urban ikvelopmem,
a munthly ~harge ~in litu of a'murtbage ~nwrance prrmiuml uhith .hall t?r ~n ~n amuunt equ:~l to u~r-tweli~h 1U12? of `
une-half per .rotum uf the av~r~gr uut+tatxl~ng bal~~ct ~ur an tht note cumputcYi N~thuut ta?ing intu a~xuunt ;
delinquencie~~x prt{?a)mrnt~; ;
Ib? cum tqual tu the gr.~urx1 rent+. if :~ny, nr~t Jur, plut the ~em~ums that w•ill ne~t becomr due arxl payable on policies of firc
and wher hszard ia.urance covering the murtgaged Fxu~rty, plus taxts and a~tet+mrnu nr~t due un the m.xtgaged properry lall
r~ e~umated by the murtgagre! Iw all sums alrtaJy_paiJ therefur J~vidcd by the numt+er uf mon~h, tu elapse befure onr month
pnur to the date whrn .uch grourxf rents, premiums, taarc, anJ :~.,e,~mrnts will brcome dehnyuent, ~uch sum. to be he1J by
rrx~rtg:?grr ~n tru~t w pay saiJ gruii~d rrnts, premiums, ta~es, and sprcial a~scments; and
icl All payments mentiuned in the two prexeding subsecuuns of thi~ paragraph a~n1 all paymrnu to be maJe urnler thr rx?te ucureJ
hercb~ ,h:.ll t+e ~dJrd tugrthtr snJ 1hc aggrrgatt ~mount thercot .hall be paid by ahe rtxirtgagor Cach munth in a~inglr p:?~•mcnt
tu t+r apphed hy the martgaget to the lolluw ~ng ~tcm~ in the urdrr +et forih~ •
IU prrmium charges under the cuntract of insurance w~ith the Secrctary of Housing and Urban [kvelopmrnt, or munthly ~
charge (in I~ru ot m~tgage ~nsurance prrmium). :u the ca,r mey be: •
111 I gruund rent~, taac., a~eisments, fire, and uther hatarJ imur:?tur pttmiums;
i 1111 intrrc~t on the n~tr +c~ureJ hcreby; arxf . ,
flVl :~rtwrtiratiun of tht principal of ~aid note. ~
~n~ drfw~rnc~ in thr anwunt ut wih a~rcgate monthly p~ymcnt ,hall, unlr.~ maJe gu~K! by th~ m~xtgagur priur to thr Ju~ d~tr uf ~
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the n~~t .uch paynknt. c.~n,titut~ un event uf Jefault undrr th?. murtg~ge. 'fhr mo~t~ag~r ma) cullctit a~~lata chargr" nut tu ru:rrJ tNu
cenh ~'_cl fur ~a:h .fullar tSl l uf rach paqm~nt murr than fiftrrn ; I S? .la~+ m arr~arc t~~ cuvrr th~ rctra ~xpen~c invulved in hanJGng
Jrlinyutnt p~~mrnt.. ~
3. Ihat ~f thc wtal ~+f tha pa~m~nt, maJc h~ thr murtgag.~r unJer Ih1 of paragr.iph ~ pr~tirJing .h:Jl c~crrd thr anw~um uf thr
paym~nt~ a~tually maJc by thr murtgagrr. f.~r gr~~und r~nt+. ta~r. anJ a,~c»mrnh and ~nwra~:r prem~um~. ~he .:t+a~ may br. ~uct~ ~
excess at the aption of the murtgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the ~
filUflb':iKUf. IL ~1UNC~'l'f, lAC nwnthly paymcnt. made hy~ thr m.~rigagor unJrr Ihl uf p:?ragraph ~ pr~tirding ~hall nut be wfficient tu pay f
gruunal r~nt,. ta~ch arn1 a,.a~~,mrnt. and in.u~ance pr~mium~, a, ~hr ca,r ~n~y t+~. whrn the wmr +haU br~ome due a~xi p~}sble, then the ~
nx,rtgag.~r .h:~U pa~ t.~ the murtgagrr any ~inuunt n~tir~tiary tu ma{.r up 1ht deh~ien~y. un ~x t+rfore thr Jate when paymrnt uf .uch ~
grounJ nnt~. ta~r.. ~,k~,m~nts. ur in,w.~n.e premium~ ,hall t+c dut. If at any umr the murtgagor ~hall tenJ~r tu the murtg:~gre in }
~u;cordan~~ with th~ pru.i+iun~ uf thc nute ~r~ured herchy. full paymem uf the cntire inJrbleJne+~ rc{+rchrmeJ thereby, the rtx~:tgaget ~
~h~ll, m c~~mpuung the amuunt uf ~uch indrbtrJnr.,. cntifit tu ~hr arcuunt uf the mur~gagur all p:?~ ment, made unJer the pruvuium of lu) ~
r uf paragraph ~ h~re.~f ~?hich thr murtgagee h~. n.~t tkcumr ubligateyi to pa) w thr Sctirctary uf Huusing anJ l"rban De~•elupmcnt and any
~ b.~lancr rcma~ning ~n thr funJ. accumulat~Yl undrr thr pr~~vi~~~~m ~+f ~h~ uf .aid p:+ragraph If there .hall h~ a defauh under am of the
pru~i+i~~n, uf thi. murtgagz. r~~ulhng ~n a puhli. wlr uf thr prrmi~c~+cuvcr~tl hrrcby, or if ihe murlgagcr aryinrr~ the pruprrty uthrr~+isr
f after drfault, the murtgagrr .hall uppiy, at thc timr uf the :umm~n:rmrnt ~~f ~u~h pnxeed~ng+ ~~r at thr time thr pruExrt~ u~her~~se
z ;nqwrcJ, thc ralan.~ thcn remain~n4 in thr fund, a~cumulat~tii undrr !b~ uf parabr:?ph prrc~.fing a+ a crr~it again,t thr amuunt uf
? pnncipal then 7rmaining unpaid urxl~r caid note and ~hall pruRxrly adju+~ any p:s)'ment~ wnich ~hall havr t~ten msde under 1u) of wid ~
; para?:r~ph. #
a. Ihat hr Nill pa} all ts~~~.. a..c.,mrnt.. ~~at~r ratr.. anJ uthtr cu~crnmrnlal „r mun~c~pal char~;e.. fin~~, ur ~m~~,itiom, tor ~~hich
s pruvuiun ha. not b«n n~a~r herr~nbrtiirr. .~n~ ~n drf:iult th~r~vf thr m~rrtg:~g« may p:+~ th~ ..?me: anJ that he Nill prumptly drli~er the =
' uffic~al rc~e~pt+ lhr~~fur t~~ th~ nt~+rtgag,~r. ~
~ 5. I hat hr w ill permit. ~ummh. ur .idl~er nu w a,t~. ~mp~u m~nt, ur detrnuratiun uf ~aid pruperty or a~y part thrr..vf: an~l ~n the Cvtnt
~ uf thr failure of thr mortgagor ta keep thr bwldingti un ,aid prrmix~ anJ thu.r to he erected ~~n ~aid prcmi~. ~x improvement. therron. ~
~ in g~xxi r~pa~r, thr rtx~rtgagre may make ,u:h rrpain a. ~n it~ diuretiun it mey derm oc~e+~xry for thr pr~r pre~ervauon thereof, anJ ~
~ the full amuunt of e:+ch and e~~ery wch payment ~hall hr immedi~tclv due anJ payable, and .hall tk xYUrctil by thr lien uf this murtgage-
6. ~hat hr N ill pa~ all and .~ngul:~r thr ~u,t~, .hargr.. a~iJ r~~xmc,. ~n:luJ~ng rea+unahle la..~er'c fee.. and c~xh uf abtitracts of title. ~
~ incurriYl ~~r paid at a~~ umr M thr murtgagrr h~~:au~r ~~f thr fa~lurr un the part uf the nwrtgagur prumptl~ a~d full~ tu perform the
F :~grrrmcnt. anJ w~enanl. uf ..ii~l prumn~un n~ur and ~hi. m.~rtg:ig~. and .a~d ~~rtt..harg~~, :~nd c~peme~ ~hall be immeJiately Jur nnJ ~
~ payahk and .hall br ,r:urrd h~ thr lien uf Ihis murtgagc.
~ 7_ 1 hat he N~II Arep thr impru~emrnt~ nuw e~i~un~ ur hercaltrr ~re:trd ~~n thr murtg.~grd prupcrt~•, inwrrJ a~ may he rryuired frum ~
ume to limc hy thr nx~rtg:~grr agaim[ lu+~ h~ tire and uthrr haiar.l~.::i+ulatie,. anJ cuntingencir. ~n wch amuunt~ a~d for ~uch peri~Hit ati
may t+e reyuired b} murt~,.+g~r. and w ill p:~~ promptly, w hen ~ue, an} premium. un wch insurancr fix payment ot~which pro~ niun ha. not
~ been.made hercinbefore. All inwrance shall be carried in companics approved by mortgagee arn~ the policies and renewals thereof shall ~
~ tx hrld hy murlKa~e~ :1RlI F1:lYl' :ill:Ilf1C'lI lI1CFCIU I~r. pryahlr clau,a~ ~n favur uf ~nd in f~xm accept3ble to the nx~rtgagee. In ~vcnt of lus, ;
he w ill gi~e ~mmrdiatr o.~si~r by mail tu mortKage~. arni mi.rtgagee may maAt proof of loss if not made promptl~ by murtg:~gur, anJ r~ch f
~ ~murance wmpany :uncrrnrJ i. hcrrh; authur~~r~ and JircztrJ tu mal.t payment for ~u~h lu++ dire~tly tu nwrigagee in,tcad uf to ~
murt a ur and m~Kt a~r~ uintl~. ~nJ thr in.ur~n~e nxr~J.. ur am art thrreut. may t+e a IieJ b~ rrx~rt e rr at its u tiun ~~thrr to the ~
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rrductiun e~1' the inJrhtrdr.ri~ hcrrhy .e:ureJ ur t~~ thc r~storauun or rrpa~r uf the pruperty damageJ. In r~•rm uf furctil~rurc uf th~t ?
:3 mortgagc ar ~~ther tran~fer uf Ude tu the murtgagrd pn~+crt} in r~tingui.hmrnt uf [he indrhtednes~ x~ured hrrchy, all right. title. anJ i
~ interr+t uf thr murtgagur in :~nJ t.~ :tn~ ~nwr.~nce p~~licicc ihrn ~n ti~rce: +haH pa» tu thc pur~ha~er or grantrr.
R_ lhat thr rrwrtgag~r ma}. a1 any Ume ~nnJing ~~uit uExm thu murtg~ge. :?pply tu the cuurt ha~mg jun.d~~tiun thereuf for the
apEx:intment uf r~~:ei~cr. anJ ~uch court ~hall fexthwith apEx.int a rcceiver of the premi.e. coverrd hrreh~ all anJ +ingular. in~lu~ing all
a~xt ~ingular ~he in~ume. prufit~. i~.u~ti. anJ rcvenur. fr.~m uhat~vrr wurcr den~ed, e:+ch anJ e~er~ ~~f which. it heing exprr»ly
undrr~t~xKl. hrrcM murtg:~gtJ if,Exiihiall~ .~t furlh :ind Jrxnt+rJ in thr grantmg and hat+rndum ~lauu, hrrc-~~f, anJ wch rrcc~ver
~A:III ~lilYC :JI thr hn~ad anJ ~iT~titnr func~~~~m and puHrr. in an~wi~r emrutitrd by a c.~urt tu a recrn•er. and wch app~~intmcnt .hall be
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- madc h} ,ytih :uurt a~ an aJmrttrd ryurt~ anJ a m:u~~r .~f ah~.,lwr nght ti, ~aid murtgagee. anJ wiltx~ut refrrerke to the aveyuat) or
in;sd~~yu:~cy ~~f thc ~alue ~~f thr p~uprrt~ inurtEagctil ur tu ~hc wlvrncy ur ~n+uhency uf ,~iJ m.xt~agur ~~r the defrn~lrnt~. and Ihat +uch
re~h. prutin. ~n~ume. ~~+ur~. anJ re~~nur~ ~hall he applirJ hy .u:h receiver accurJing to ~he lien c.f thi+ murtgage rnJ the practicr ~~f +uch
cuurt. In thr rrent of any JeL~ult un thr part ul the nwrtgagur hrreunder. the murtgagur agrre, tu pay tu thr mortga~ee i~n Jem~nd a, a
= rea.un:~hle monthly rrntal tix the prem~.eti a~ .smuunt at lea.t ryurvalent to une-~welfth (I/121 u( Ihe aggregate of the twelve rtkmthty
~nstallmrntti pryablr in thr thrn current yr~r plus the acwsl amuun~ ui the :~nnu~l taxr~, a~.~+.~menh, water ra~r., and insurance prcmiurt»
'y; fur ~uih }e~r nut c~~vrred b~ th~ .ifureti:+id munthly pxym~nt~. '
9. 1 h.,~ ~u? in Ihe r~rnt ~~f an} hr~;~~h ut thi~ murtgagr ur d~f:uilt un thr pnrt ~~f the rmrrtg.~gur. ur Ih) in the e~ent that any ~~f .aid
tium, ~~f m~~ne~ herr~n r~ferrrJ t~. hr nut promptl~ and fully paiJ ~ith~~ut dcmanJ ur n~~uce. ur Ie l in ~he e~ent that rach :uxl r~rn thr
~t~pulatium. agrrcmrnh. .~mdil~nn.. ~nd cu~'enant~ uf Sa~J not~ :~nJ th~s murtgage. are nut dul}. prampUy. anJ fuU} perforrtxyl: thrn in
r~thrr ur an~ ,uch event. thr ,aid ~~regatr .um mentiuntd in .aiJ nute ~hrn rema~nig unp:+id. w ith intrrc~t ac:rued ti~ that time. and all :
munr~. ~ecurr~l hrrrh}. .h:~ll h~c~~~nr ~ur and pa~abh furthw ith, ur Ihrreafter, at 1he optiun uf saiJ m~xtgager, as fuUy and wmplrtely as :
~f ~U uf 1he ,a~d cum~ uf nx~nry N ere ~~ng~n:~lly ~tipulated to t+e paid un +urh day. anything in ~aiJ nutr ur in thi~ rnortgage tu thr c~~mrary ~
- nul~~thtitanJ~ng: and therruFx,n ur thrrraftcr, at thr opU~~n uf,a~d rtwrtgag~e. ~+~~huut rwt~ce ur demarxl. suit at (a~+ ur in cywt~. may he '
pru~r~uted a, ~I all nNmry. ,~tiured hereh~ haJ maturctt prior I~~ it~ imhtutiun. "I~he rtx~r:gagee ma} foreclu~r thiti nw,rtga~r. a. tu ihe r
artxiunt w declarrJ due anJ payahlr. :mJ thc ~aid premi~e~ .hall hc u,ld tei ~alisf~ anJ pay the camr tugetF?er with cu,t.. r~prme.. anJ i
all~~wancr.. In ~aK ~~f part~al t~~rrilu~urc ~~f ~h~. murtgagr. the m~~rtg:,grJ premi.r~ ,h:Jl he wild ~ubjecl to the cuntinuing liro „f thit
rrw~rtbagr fur th~ :~m~~unt ~~f thr dcht not thcn .tur and unpa~d. In tiu,h ~a~i Ihc pruvi,i„~» i~f thi~ p:~regr.~ph ma~ :~gain h~ ac:ulr~l ~~f -
thcrcaftir frum tim~ tu time hy ~hr lT1~~f1~,:~KaC.
10. 1 h:~~ thr rtx~rtgatur wilt g~~r ~mm~Jiatr nut~ir hy ma~l tu thc m~~rtgagrr uf :~m i~~m~yan~r, tramfrr. ur .hangr uf ~,wn~rtih~p uf
< the prrmnc.. ~
t I. I hat n~~ W;u~rr uf .m} :~nrnant hrrem ~~r uf the ohligau~~n ~itiurrd herehq .hall at any ume Ihcreeftri he heW tu tk x:urrr uf
~hr tcrm~ hcre~.f ~~r ~~f ~hr n~~~r ~ciur~d h~~ch).
12. (hat if thr m~~rtga~~~r drlault in :~ny .~f thr cu~~n:~nt..~r agrremrnt. ~unta~ntJ hrrem. ur ~n +aid note, lhen the murlg~gee ma} 2
perform thr wine. anJ .JI c~pcn~titurr~ ~ in~luifing rea+~maMr auurncy~~ frr~t madr h} th~ mnrtgagee in w Ju~ng ~hall draw interest :~t the
_ ratc ~et farth in the n~ur .rcurr.l h~rch~. :mJ .hall hr repay sble iroax~J~,Nrly, and ~ ithuut drmsnd by the nxxtgagur to the rrxxtgsgee, and. =
Wgelhrr wi[h ~ntere~l anJ cua~ accru~ng there~~n, shall tx ~ecarod by t}ws.~eortgag~- i
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