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2. l h•rt, in ~xJr~ rtt~~rc fully Iu prutt~l Ihc +t~unty of lh~s maxlgagC, tAr mui tlagur, tudethr~ NIIII. :lfN! ~n n.lJhiun i~~. ~hr nw~nthly
paymcnts unJrr thr ~rrn~. ui ~hr nutr ~rcur~d he~rhy, un the hnt Jay ~~f each munth unul the ~~d rx+tr tully paiJ. Nill pay w ~ha
nxutgag~ thc ii~liu.?~ng.um~:
Ia1 An anx~unt wihcicnt ta provi.ie thr ~dJer hereof with (utK1s to pay thr next m~xt~a~e inwranre premwm if thi~ ~nstrum<nt and
the nrne secured F?trcby arc ~ncured, ar a momhly chartt tin lieu d a mort~age insurance premiuml if thty are heW by the
Srcretary of Houvng and Urban Develc~pment, as folbws:
111 If and so long as sa~d note d tvtn date snd this ~nstrument ue ~~ura1 or are rcinwrcd urwie~ the orovisium uf the
National NousinQ Act, an smount wtf'~cient to accumulate in the hands of the M~lder upe 111 munth priix cu i~i duc date the
anliual mungage in.urance prrmium, in cxdrr ta pro~•iife sueh h~~lder v?~ith funJ~ tu ps~ wch prcmium tu the Sc~rc~:?ry of
Housing and Urhan Development put~uanl to lhr Nauunal Housing .~1ct, a+ anxrxlyd, arxi applecablr Rzgul:tU~m
the~eunder: cx
1111 If and so long as said note of even date ami thiti imtrumrnt are held by the Secre~ary ot Hcwtiing and l~rt+a~ [k~elupment.
a rtwnthly charQe lin lieu of a mortgage imurancr prem~uml wh~ch shall br m an anwunt equal to unr-t~~clfth 11?121 of
u~-half l~n_> per cenwm ~~f the average outstarxiing balaiuz due on the nute ~ompu~rd without tal.ing ~~cu r.xuunt
delinquencits ur pre{wyments;
Ib) A sum equal ro tht gruunci rents, ~f any, next dut, plus tA~ premiwns Ihat will ne~t Decome due and payable c~n Fwlicies of firc
and otfier hazard unurancr coverin6 tne monsa6ed pro~ry, plus tsurs anJ assEssment~ nr~t due un the mortgaged pr~{+eny Iall
as estimated by thc nwrtg:~eel lus all wms atrudy paid tMref~ divide~l by the num5er of months to elap~r before onr munth
arior to the datt when swh grcwni rents, prcmiums, ta~es, arxl a,sr,.mcnts will t+ccume drlmquent, ,uc.h wms ta t~c hzld by
mortgagee in trust to pay saiJ gn~und rents, premiums, taxes, and special ac,e+smtnts; and
tc) All paymenu mentiontd in the two praceding wbsections of tha parsgraph and all paymena w be maJe under thr note .ecured
hereby shall be added togethet and the rggrtgatt amount thareot+Aall be paid by the_mortgagur rach munth in a~inglr payment
W t+t applied by the trx~rtgaget to tt?e fdluw ~ng item~ in thr orJer set forth:
(1) premium charges under the contract of insurance ~+~th the Secrctary ~~f Nousing and Urban [kvelopment, or rtx~nthly
chargc liqlieu of m~tgag~ ~ns~uance premiuml, as the cax may be;
(111 ground rent~, taxts, a.aesioxnts, 5re, aexi other hazard ~nsurance prrmiums;
~IIU intercst on the note secured hereby; and
IIVI artwrtization of the principal of said note.
:iny dtfic~ecw:Y in thr anwunt uf au~h aggregate munthly paymrnt ~t?all, unlcv maJe b.wd by the murtgaa~x priur w thr Jur datr uf
thr ntat ~uch paynxnt, c~n~uwte an event ut Jrfault unJtr this murtgage. 1 he m~xtgdgrC may cullrct a~-late rharge" nut w rxcred iNu
cenu ~2c1 for rs+ch Jullar ~511 uf r:wh pa>ma:nt m~e than fiftecn (IS! day. in arrrar~ w~uvrr ti?r e~tra exptnse inrul.rci in han~:iing
drl~nyucnt paymcnt~.
3. Chat if the tutal o[ ihr paymenu madt hy the mongagor urxier lb~ of paragraph 2 prrcrding .h~ll e~ctrd th~ a?rx~unt ot the
pay~nrnts actually made b~ ehr mixtgagce, for ground rent~, taaes a?xi a.~s~m~nt~ and inwran~r prem~um~, as the cax m;ty be. ~u~G
~rr~ca ~t tM ~v+ti~v+ nf ths m[vtoa~re- cl~all. he credited on SIIbSlOUC~I paYmUf~ l0 bt nade by the I~flY1g0I, Of (tfUlldtd IO l~l~
-r"'~
mortgagur. If, hoNrver, the munthly paymcnts madr by th~ mungagur undrr Ih! uf paragraph 2 pretiCJ~ng stwll not be +ufhcirnt to pay
gruund renta. 1a~es anJ a~xvment. anJ imurancr premiums, a~ the cnse may t?r, whrn the s:?me shall beu?me due ~~xi payablr, then the
rtwrtgngur ~hall pay ta the murtgsger rny amuunt n~cysary tu m:~Ae up Ihe deficienc~. un ~K hefixe the date w~hen p~yment uf ~uch
grourxl rentc. t~es. a~~mrnts, ur insurarxe premiunu shall br due. If at any umc the m~xtg:?gix shaU ternltr tu ihr murtgagee in
ecwrJanct with thr pruvi,~um uf the nute xtiured hereby. full p~~mrnt c~f ~he tntirc irxlebtaaineti~ rcprc5enteJ thereby, the rtx>rtg:?~,te
ahall, in computing thn amuunt uf ~u~h ?rxlrMrJnry. crcxlit to thc acwunt uf the murtgag~x all paymrnu made under the pruv~siuns uf lu?
uf paragraph 2 hereuf wh~ch Ihe murtbagre has nw brcumt ot+ligwtaJ to pay w thr Scxretary of Huu~~ng and l;rban Development rnJ ~ny
balance rem~ining in thr funJ. accumulatrd urxfrr thr pruvn~um of (h~ uf .aid p:uagraph If therr ,hall t~e a Jefault urxi~r am uf the
provi~ium of thi~ murtgage. r~wlting in a public .alr of the prem~u~s ~o~ercti hereby, or if the mixtgagre a~wre~ thr pru~rty uthrrw ise
after defeult. the mungagee shatl ~~+ly. at the time uf the commencement of ~uch proceed~ng~ ~x :~t the time Ihe properq n uthen~itie
acquir~tif, the halarx:e then remaining ~n the fuod~ sc.umulat~-d unJer ibJ ~f paragraph 2 prr.:ed~ng a ~rrJit aga~mt thr amuunt of
principal thrn rema~n~ng unpaiJ unJer wid not~ and ~hall p~uprrly adju,t an~ payment. Nhich ~hall h:~ve t?rrn maJe under !ul uf +:~id
paragraph.
-t. fhat hr will pay all tauw, a+.e~+menh. watrr rate~. and uth~r grnrrnmrntal ur municipal chargtt. fine~. cx imp~»itiuns. fur which
pruv~~ion ha~ nut t~en made herrint~fore, and in default thtrcY~f thr m~xtgagre may pa~ lhr same; and that h~ wil{ p~omptly deliver tht
ofl~icial r~~r~pts thtrefo~ to thr mortgaxee.
S. fh:~t he wttf pefmit. Commit, or suffer n~. wa.ue. impa~rm~nt, or detcriurat~on uf ..ud pruperly or any part thrrcuf: anJ in the evrnt
~ of thc failurr the martgagor to keep ihe Iw~ldings on s+1id prrm~~e+ anJ thu~r to be err~trd on said premists, ur impruv~menu thrreun.
in g~xx1 rrp:~ir, the murtsaga~e may maAe such repa~rs ~s ip its Ji~cretion ~t m~q deem nr~;essary for tAr proper preservatiun thereof. and
~ thr tuil ~muunt of cach snd rvery such paymrm sh~ll 1+e immrdiately Jue snJ payable, arxl ~h:tll br x~ured by~ the lien of this nx~rtg~gr.
F h. I fl'11 Flt N III (13) all :~nd ~ingular th~ c~»ts, chsrgr., arxl r~pemrt, ~ncluding reawnable law~yer's fees. and costs of ab~tracts uf title.
~ incurrctii ur paid at ~m timr b~ ihr mortgagte txti~ux uf thr f:+ilure un the pert of the murtgagor prumpUy and fully tu perfixm the
' agreement. arxl co~•rnantti uf ,a~d prumi~,ury nu~r and thi. m~rtgagz, and ~aiJ c.rta. chargrs, anel expenses ~hall be immeJiately Jur and
p:?yable and tihall F+e +tcured h~ the I~e~ ~~t th~~ mixt~age. _
That hr will I.eep the ~mpr.~.emrnh nuu c~i+t~ngur hercafter rrrctctii on the murtgagrJ proprny. insurcJ a, may be requirrd Lum
t~mr tu timr b~ thr m.~rtgagre ags~mt I.nti b~ firr anJ other hazardc. catulatie~, and cuntingencie. in tiuch :,mewnt. and fur ~uch per~~~J~ a~
- mag tx reyu~rrJ by mortgagee. ~nd Nill pa~ prumptly, wheA due. any prem~ums on Such insurance fcx payrmnt ot wh~h prov~.iun ha~ nut
~ bcen made hereinbefore_ All insurance shall be carried in companies apprmed by mortgagee and the policies and renewals thereof shal!
- t+e hrld b~ mi~rtgagee and have attachcYi Iheret~ I~x~ pay~hlr clau,ec in favor of and in fixm acceptablr tu thr mortgagte. In r~~rnt of losti
j he Nill gi~e immediate nutice hy mail to morigagre, and morCgagee may make proof of loss if rK~t madz pmmptly by mortgagur. and rach
~ ~rourance cumpany eoncernrd ~e hereby autho[ized and direc~ed to maict paymtnt for such loss directly to mortgagee imtrsJ ui~ to
~ nwrtgagur and mortgaKre joinUg. anJ the inwr:ince pr.krrd.. ur ~n~ part therevf, ma~ hr :+pplied h}• rrntttgagcti at its optiun eithrr tu the
rtductwn uf thr inJrbtrJnrti~ herebp scYUrrd ur to thc r~+tur:~tiun ~x repair uf the pruprrty JamageJ. In event .rf forecl~»ure ~~f this
mortgagr i~r uther trarofer uf tiUe tu the mortgaged pnpeny in e~linguichment uf the irxlebteJnt~s+ xYUr:d hereb~, ali nght. Utlc. anJ
~ ~ntrre.t of the murtgsgur ~n 3nd tu any in~urance puliric~ thcn in furer +hall pao tu the purchatirr ur grantee.
_ K. Th:,t the mortgagee mey, a~ any time perxiing ~ wit upun thu mortg:+gr. :?pply tu ihe a~urt h~~~ing ~unKl~ruon thereuf fur the
ap~x~intment of a re~ei~er. arxf wch court shall forthwith xppoint a receiver of the prem~~ coverc~i hereby ail anJ singular, ~rxluding all
1 arxi .ingulnr the incomr. profits_ iti~ue+, anJ revenue+ trom whatcver wurce derived, eacb ~ncl every of which. it being expresaly
- unJrr~t~K~1. hereby m.~rtgagesi as if ~pacifically xt forth and Jrxrit+~d in ihe granting and habendum clauses hereof. anJ such recrrver
- shall havr all the hruad and rffeiti~e funciium and powen in anywise emrutited by x court to a receiver. anJ such appointm~nt shall tx
maJe by +uch c~wrt a+ ~n adm~ttrd rqu~ly anJ a matter ui ~~+wlute right tu said rtwrtg:+gre. anil without re(ertnce to the aJeyuacy or
~nadryuacy uf the valur of thr pruperty murtgagod or to the solvency or insolvency of saiJ mortgagor or the Jefendents. anJ that tiuch
a rents, profits, income. ~UUe~, anJ r~venues shall be applied M~ wch receiver accorJing tu thr hrn uf thi~ nwrtgage and the practice uf ,uch
court. In the r~~ent uf any default un the prrt of the rrx~rtgagur hereunaier, the murtgngur agree~ to pay to the murtgagee on demand a, a
; reawnable monthly rental for the prem~ses an amount at least equivalent to one-twelfth 11~12) of the aggrrgate of the tw~elve monthly
~nstallments payable in ~he then currem year plus the acwel ~mount ~N ~I~e annuai taxes. azsessments, w~aier rates, anJ in~urance prcmiur~u
for tiuch yrar nut cuverctil by the afcxrs~~d munthly payment~.
9. That (u1 in the rvent uf any hreach of this m~Ntg:~ge ur Jefauli un the part uf thc rtx~rtgagor. ~x Ih) in the event ih:,t any of ~aid
~um. uf muney herein referrcYf tu hr not promptly and fully paid withuut demanJ ur nuucc, ur 1~ 1 ~n the evrnt thal e~ch anJ evrry the
- ~Upul~twm. ngreementti, canJhi.,m, and covenants of ~a~d nute anJ this m~xtgagr, are rwt July, prumpdy. arxi fully prrformeJ: ~hen in
= either or any such event, the wiJ aggregate +um mzntionrd in ,aid nute then remainig unpaid. W ith interest accrued to that Umr. anJ all
monrqti +erureJ herebp_ ,h~ll ~cume due snJ pa~able forihw hh. ur therr:ifter, at ~he c~ptiun uf .aid murtgagee. a~ fully :~nJ ~ompfetely as
if all of tht said sumc of mcmey werc ung~n:~ily +tipulated to hr paiJ un wch d~y. anything in ti:?id note or in Ihi+ rrx~rtgage tu the cuntrary
`=z notw~~h~tanding; and therruFwn ur Ihereafter. at the optiun vf ~aid mortgagee, withuut notice or Jem:+rnf. wit at law nr in eyuity, rt~ay be
prc»ecutai as ~i all rtwnrys ~ecured hrrehy haJ maturec) pnur tu dti ~nstitution. I he murtgagee ma}• f~xeclutie lhis rtwrtgage. a~ w tht
amvunt w decfared due and payable, anJ thr ~aid prem~.~, ~hall t+e wld to satisfy and pay thr ,ame tugether wi~h cust~, expenses, nnd
- alluHan~e~. In ca~ uf p~rt~al forecl~rure of th~~ mortgage, the mixtgageJ premi~rs chall tx wW tiubjeet ta the cuntinwng Gen uf lhis
rtwn~tage for thr amuunt of thr Jeht not then dur and unpaiJ. In w~h ca~r the pruvi~~~~m ~~f thi~ paragrsph may again hr availed o(
therr~ftrr fmm t~mr tu t~me by the mortgagre.
` 10. fha~ thr itwrrtgegur ~ ill give ~mmediatr nutice by mail tu the mortgagee of any conveyance. transfer, or change of ownenhip of
=-a the prrmisrs.
I I. Iha~ nu wa~ser ~~f any cuvenant hrrtin or ~f the uhligatiun ~rcur~d hereh~ shall at any time thereafler be heW [o tx a waivcr of
~ the te~m+ hereof ~~r uf thr nute secured herehy_
- t2. ~ha~ the rrx~rtgagor default in any ~~f ~tic a~~cnant~ ur agreemeot+ cun~aineJ herein. or in saiJ nute, Ihen the morlgagee may
perform the same. anJ all raprnJitures i iruluJing re:..~mahle atturney's fcesl made by the mor~gagee in u~ dwng shall draw ~nlerest at the
ratc set forth in Ihe note secured hereby, anJ shall t+e repayahlc immediately and Mithoul demand by the mortgagvr to the mortgagee, and.
wgether with interesl aod c~n~s accruing thereon, shall he secured by Ihis mcxtgage.
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