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2. l hal. ~n :~rdrr nw~rr lull) tu prutr~t IAt atcunt~ af 1hi~ martgaet. thr murt~a~ur. t.~grthr~ wuh. and in sddiuun tu, thc nx~r.thl~
paymcnu undrr the term. ~~f ~he nutr .r~ured hereby, on tAt fint Ja} of c.k~ mun~~ unte! thr .~iJ n.ac is full~ paid, will pa~ w ~hc
murtyagrc the fulluw~ng.um.
r~n ymuunt suffw~cnt to pru~ ~dc the hdiier hereaf wnh fundi w pu~ thr nrat m~rtg.~e ~nsur~nce prem~um i( IAn ~ntitrumem ~nd
the nute xcured he~rb~ arc ~nsural. ur a montl?!y chu~e I~n Geu of a murt~uYe insurynce premium) if the)' are held by the
Secrntary of Hau~ng and Urban Dcvelopment, u fdbws:
l11 It and x~ lone a.+ sa~d zu~tt ut even date aad this imtrurtxnt are in~urcd o~ are reinwred under thc Provisiuns of the
Nat?ona! How~nQ t~ct, an am~wat sulf~c~cnt to aaumulate in thr hands uf the Fwide~ one (11 month prior to iu due date the
annu~l m.xtga~e ~nu?rarne prem~um, ~n cx~et to prowcle .ucA huidtr Mith (uncli ici pa) ~uih prcmium tn tQc Secrctary of
H:~us~ng and Urban [~vClupment purw~?ot to thc NYtional H~~u~ing .~ct. a+ amendrd, eod appiwablc Rc~ulauum
thereunder,cx
il ll If xnd so IonY as ~u~d note ~u even date and th~s instrument ure held b~ thc Secreiar~ of Houur?a and Urban Develc?pment,
a rtr~nthl~ charge Un lieu ui a m.Ntgage ~nwr~nce prem~uml Mhi:h +hall t+r ~n an artxwnt equal to unrtwtifth I11121 of
ant-half =1 per crntum of the aver~6e cwt.tand~ng twlatke due on the nute c.~mputcYl w~thout ta?~ng into aa.wnt
delinqucncies cx prepaymen[s;
Ibl wm eyual to thr grou~i rena, ~f eny. nexi due. plu. thr prrmiurtn ~hat w~ll neat btcom~ Jue and payable on polk~es of 6re
antl other hazard ~mur~n:.e covn~ing the murtgagcd propert~, plu~ tase+ and a~e~smrntc ne~t duc on tht m~xtgaged properq Iall
a+ estimattd b~ the mortgxgeel less all sums alrcad~• puid thercf~x div~dod tyr the number of months to elapse before one month
pnor to the date when such ground rent~+. premwms. taxes, and assecsments w•i11 become delinquent, sucA sums to be hcld by
mangx~a in tru.t w pay wid gnwod rents, prem~ums. ta~es. and apa:~al azxs.+mcnts: and
1c? All payments menlionzd in the two preceding subsecuons d this puagrapA and all paymcnts w t+e made under the nate xcured
hereb> .hall t+e added tugether and the aggregate amcwnt thered+hall be paid by the mortgagor ea:A month in a single payment
to tx app6ed by thr mortgngce to the fc~Ik~N ing uem+ in Ihe order ~et fonh:
~I? prertuum charge. under the ci~ntrac~ ~f ~nsurYnce w~ti~ the Secretary of Hcw~ing and Urban Devebpment, or munthl~
char~e lin I~eu of mortgage ~muranc.e prem~uml. z+the case ma~ be;
~ t11 ground rent~, taxe.. as+etsment~, fire, and other hazard insurance premiums:
1111? interest on the note secured Aereby: and
11Y1 amort~zauon of the pr~nc~pal of s~ud nwe.
Any defi:~ernp m the artwunt of ~uch aggregate munthl~ p:+yment .hail. un~~~> made gcxxi tq ~ne murt~cag~r pr ~.~i iU ~(YC uuic
the next cuch paymrnt. comthute un event of default urxier thi. mortgage. The mortgagee may collect a°fate charge" not to eaceed two
cents ~_cl for each ck~flar ~SI ~ of ex~:A pa~ment mure than fiftec~ ~ I51 day~ m arrear+ to cover the ertra eapertse ~molvrd ~n handlmg
delinquent paymrntc
3. That if thc total c.f the paymenu made h~• thc martgag~x under ~b1 of paragraph 2 prtYrd~ng ~hnll etceed the am~wnt of the
payment. acwaiiy made i+~ thr m~utcagtr, fiK gnwnd rents. taties artG a~ce~ments and in.ura~r p~rmiums. es the ca~e ma~ be- +uct.
excea at the opuon of the monQagee, shall, be credited on subsoquent paymenu to be made bY ~~t~i~T• a rcfunded to the
mortg~gor If. howe~•er. thc monthly paymcnt~ made M tht mortgagor under ~b1 of paragraph 2 preceding shall not be sufficitm to pay
Fround rents. ta~ec and a~uccmentc end imurance {uemiums, as the case may t+e. M hen the samc shall l+ecome dut and payable. then tht
m~~rt~a~t~?r shaU pay tu ~he m~xtgagee any artxwnt nrce+sar~ to ma?e up thc deficiency. on cx l+efcxe the date when payment of such
gruund rents. ta~es. a~sessments ur incurancc premiurm shall t~e due. If at an~ ume the mcxtgag.u ,hall tcnder t~ the mcxtgagee m
accordancc w•itA the provi~ions oi the ncue secured hereby, fult payment of the enure ~ndebt~dness repreceotrd therel+y, the mortgaget
shall. in computing the amuunt ~if such indehtednest, credit to the acccwnt of tht mcxtgagor all paymrnts made under the provisions of lol
of paragraph 2 herrof which thr mongagec ha~ not hecome obl~gated to pay to the Se~rctary of Housing and Urt+an Devebpment and any
bslance remaining ~n the funds accumulated uncior the provisions of Ih, ot said paragraph 2. If there xhall hc a default under any of the
pro~ ~~ioro of thi~ mortgage. rrsulung m:+ puhl~c ~:+le uf the prem„e+ cu~ereci hrreM. or if the mcxtgagre auqwres the property otherv~ ~u
' after default. thr murtgagrr ,hull appl~. at the umc of the ~ommen:ement of wch procerdmg~ cx at the limr tlx propert) u utherM ise
acqwrcYi. thr balance then remainmg m thr funcl. a:.cumulated under i bi uf p•sragraph 2 preced~ng as a cred~t a6a~nst thr amount of
pnr?cipal then rrma~nmg unpa~d unJer ,a~J notr and .hall pruperl~ ad~ust an~ payment+ wh~ch shall have been made under u,) uf +aid
paragraph.
s. ~hat he w~ll pa~ sll ta~r,. r,se,+mtnt~. water ratr~. anJ uther govrrnmrntal or mun~cipel charge+. fines, or impo~~t~uns. for Mh~ch
prov~~wn ha~ nat t+een madr hrreint+ef~~rc. and in Jefeult there~~f the mortgagee ma~ pay the seme: and that he K•~II promptl~ deli~er the
offic~al rer.eiptc therefur tu the murtgag~r.
S. That hc w•ill perm~t. comm~t, ur suftrr ne. waar. ~mpairrtxnt, or deterrorauc.n of w~d prvperty ur any part thereof; and ~n the e~cnt
uf the failurc ot the murtgagor w Aeep thc buildin~ on sa~d premises and th~e to br erected on iaid pr~mixs. or ~mprovemcnu thcrcon.
` in g~wd rep~ir, thc mortgagee ma~ maAe wch repairs as :n it~ d~scrction n may deem necessary for th~ proper preservation tfiereof, and
~ the full amuuat d exh anC cven such payment shall he immediately due and payaMt, and shal! be secured by thc {ien of tAis mortg:?ge. _
4 6. That hr ~iU pa) all and ~~ngular thr c~rts. chargca. and e~~xnies. ~ncluding reasonable lawyer's fet+. and co~ts d abstracts of t~tle, .
4 ~ncurred ur paid at am umc b} thr mortgagrc becausr uf the failure on the part uf the mortgagur promptl~ and fully to pcrform the '
agreement. and covrnant~ of sa~d promusur~ note and thi~ mongage. a~d sa~d costs, charges. and ezpense~s shall be immed?atdy duc and s
~ pa~•eble and shalf be secured M the lien of this mcxtgage.
"That he will icerp thr ~mprovemenu rn.w ea~sung or hereafter erc.tec! on thc rtwrigag~d propeny. imured as may bc rzqwrrd from
' t~me to ume b~ the mongagce agains~ I~s~ h~ firr and other hazardti. ca.ulati~. and ce~nt~nRern:ies in +uch artx~unts and for such periuds as
ma~ t?r requ+rcd b~ murtgagee. and Ndl pa~ pn~mp~h~. when due, any premium. on such insurance fur payment of wNicA pro~i~wn ha. nai
% been made herembeforc. All ~nsurance ~hall be carr~ed in companies approvcd by mortgagee and the Po~ic~es a~d reoewals thereof shall
k'
~ tx held by murtgagee :~nd have attacheci thrreto losti pay:~ble clauses ~n fa~or of and in fcxm acceptable to the mortga6et. In event ot loss
~ he w ill give imm~d~at~ nouce hy mail w murtg~gee. arn! murtgagee mr~ ma?r Provf of 1~ if not made pmmpUy by mortgagor. arxi each
~mura~x:e curt~an}~ conterned i. hereb~ eulhorizrJ and directed to make paymrnt for such IcMS direcUy to mortgagee m~tead uf to
~ mortgagor and murtg:sgce juintly. and the ~nsurance pruceeJs. or any part tbe~rnf> may t?e applial t?y mortgaget at its option either w thc
~ reductiun of the indrhtednes~ hereb~ xtiureci or tu thr resturauun or repa~r of the pro~xn~~ damagrJ. In event of (oreclrnure uf th~~
~ murtgagr or othrr ~ramfrr uf utle to thr m~~rtgaged pruprrty ~n catm~ui~hmrnt uf thc ~ndeMrdnes. securrd hereby, all right. i~tle. and
intere~t c~f the mortgagur m and w any imurance pohcie. then ~n furce ~hall pa~.~ to the purch:uer or grantee.
!t. fhat the mortgagee may. at am ume pe~ding a wn upua th~s murtgagr. apply to tht court ha~ing junsdrctwn thercof fur the
# appo~ntm~nt of a rece~~rr. and such coun shall t~xthw~th appciint a rccciver of the prem~xs covered htreby all and singular. ~ncluding all
~ and s~ngular th~ incume, prufits, ~uues. and revenues frt~m Nhatrver wurce derived. each and every of w•hich, it txing expre~sly
~ undrr~tikid. i. hetet+y murtga~ed ac if specifi~ally +rt forth end described in the granUng and habendum clauses httcof, and s~~ch r~eiver
r,
shall ha.e al{ thr btuad and rffecu.r funcUum end puwen m anyw ~se entrusted by a court to a rect~~'er. and ~uch appomtment shall tx
~ madr h} wch iourt a+ an admisted eyud~ and a matter of ab,viutr nght to sa~d rt?ixtgag~e. and without referente to the adequacy or
~ madryuar. ui thr .alur nf thr pro~xrt~ murt¢ageel ur tu thr whCnc~ or in~ohency ~~f ~aid mortgagor or the defendents, and that wch
~x rrnt,. prohu. :ncume. ~»uc~. and re.enur. tihall t?e apptied M~ .uch recriver accurdinF to the Gen of this murtgage and the pracuce of such
; court. In the event of any dcfault un the part of thr mnrtgagur herrunder. the mortgagor agree~ to pa~ to thc mcxtgaiee on dcmand u a
- rea~un•rble mumhly rrntal for thc premixs an amuuot ae least equnalcnt to unc-t~elfth 1iJ121 of the a86regate of the twelvc monthly
m~tal{ment~ pagable m the then current yrar plu~ the actual amuunt uf the annual taxe~, assessments, water rates, wd insurance prem~urns
~R for su~-h year nut covered M thr afixe~aid monthly payment~.
9. That (a1 ~n thc ev~nt uf aoy breach of this mongagc or default on thc part of th. mortgagor, cx (h? in the event that aoy of ~a~d
~ ;umti c~! mc~ne} hrrcin rctrrrrd tc~ hr nv1 pre~mplly and full} pa~d wethaut demand ix ntu~ce. ~rr ~rl the eve~t ttu~t each end r~rr~ the
.upulaLum. ~greement~. ~und~t~um. niid cuvrnants ot sa~d nWe and thu mortgagr, are not duly. prumptl~. ancf fulty periormcd: then :n
~ eithrr ur any ~uck rvrnt. thr w~J ~~reg:+te wm mentioned ~n ~aid nutr thrn rema~n~g unpaid. with ~nterr+t accrued to that ume, and all
rn~mr~..rcured hercb~. .hall bewme due and pyyahle fathw•ith. ur thereaftrr, at the iK+t~un of ~aid m~Ktgagec. as fuity and completel~ a~ ;
" if aIl uf the sa~J sums uf rtx~ney were un~inall~ ~upulateJ to he pa~d un .uch da~. sn~thing ~n said nute or ~n thi. mortsage w tht contrar~ `
nutN ithtit:,nding: an0 therruFxm ur thercafter. at the upuon of ~aiJ rrx~ngagre. w uhuut rK~uce vr demared. sui: at law or in eywty. may be ;
- pru~ecutrd as if all rt?oneys ~ecured herrt+y had mawrecl ~x~or to ~n instiWtion. Tht trn~rtgagrr may forecline th~s mortgage, a~ t~~ the '
= arrK~um ~o dcclared duc and payahle. and the said prrmnr. shall be wld io ~atnfy and pay the same tugether with costs. expenxs. and '
- a1luNance~. 1~ caK uf part~al fureclu~~.re uf th~~ murtgage, the mcxtgagrd premises sfiall bt sold +ubject tu the continwng Gcn uf this
rtxirtgage fur thr amuum uf thr drM n~~t thrn Jur and unpe~d. In ~u~h ca~e thr pru~~+~um of thi~ paragraph may aga~n be a~aileJ of
thereafter trum Umr tu [~mr b~ thr muriga~re. ;
10. f~hat the nxirtg:~gur N il+ gnr immeJiate nuhce mail lu thr rrx~rigagrr uf an~ u~mr~erKr. tramfer. or change uf uaocr+h~p uf ~
lhe prrmne~ . _ . `
1 I. That rw wawer olany.cvvrnant herrin or of thr uh~~gauon ~ctiurrd herehy tihall a1 am ume thereafter tu htld tv tx a wa~ver vf ;
thr cCrm. n~:C~~r ot cnC M,~~ ~C~~«d n«<ny. ~
- 1:. fhat ~f the rrx~rtgagur dr(ault in an~ uf the c~~venanu ur agreemrnts containod herein. or in said nvte, then t~e mcxtgagee ma~ ?
perfurm the ~me, anc! all rxprnditure~ ~ includm~ reaxemab(e attorne~"~ feesl made b~ thr m~xtg~gee in ~u du~ng shall drav? inteiest at the t
rate set forth in thc note ~ecured hereb~, and shaU 6e ~epayAbk immediatefy and w~thuut demand b~• the mortgagor to the mortsagee, and.
togethe~ wrth incerest and cenu :kcruing ther~oa, sh~ll be secured by thi6 mvrtaage.
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