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2. That. ~n orde~ m.?rc fully to prottct thr a~cunly of th~s murtgage, the murtga~~r, u~ether wuh. an~i ~n a1Jih.m tu, the inomhl}
pa~ments unJer the trrms uf thc nutc sreu+wl herehy, un lhe firsi day ot rach munth um~l the aaui rwte i~ [ully ~~J, w~ll pa~ tu the
murtexQee tht fulluw~ng aum~:
lal An amount sufficient to pruvide the holder herc+af w~th funds to pay the next mortsa~e insu~snce premium if this iastrument an~1
thc note secured hereby are ~~surrd, or a monihly char~e lin l~cu af a mort~a~e insurance prm~um) if they are Aeld by the
Socretary oi Housina and Urban Development, zs folbws:
ll? If and so long as said note d even date and this instrument are insured or a~e rcinwred under the oroviswns oi the
National H~ws~nt Act, an amount wfiicient to sa:umulate m the handt d the Iwlder wx t 1> month priur to its due datc tAe
annual mottt~e ~nsurance prcm~um, in or~r io provide such hdder with funJs tu pay ~uch premium to the Saretary ot
Housinf and Urban Dtvelopment pursuant to the NaUOnal Housin~ Act, as amrnAed, and applicabk Regulati.x~s
thereunder; or
I!U If and so long as said note uf even date ard this instrument ue he!d by the Secretuy ot Hou~ing and l;rban De~elapmen~,
r rtwnthly cAaree 1in IiCU of a mcxtgage inw~ance premiuml Mh~ch shall tx in an amcwnt eyuat to one-twrlhh f t/121 of
one-hylf (~71 per centum of the averaet outstand~ng balatK;e due un ~he oote computed vr~thout ta?irtg mto axuunt
delinquencies or prcpayments;
Ibl A sum equal to the grourd rents, ~f any, ne~?t due, plus the premiums thal wil( next become due and payaDtt on poticies of 6re
and eMer ha~ard inwrence cover~ngtAs mosigag~d prop~rty. plus taaes and a.ssrssments next due on the monBaged property ~all
aa estimated by the mort`a~ee) less all sums atready paid therefor di.idcd by the number of months to clapse betore one month
prior to tht date N~hen such gro~+nd rents, p~em~ums, taxes, and assessments w~11 bocome detinquent, wch sums ta !+e hcld by
mortgagee in trust to pay wid ground rents, premiums. ~axc~, and special assessments; and
Ic1 All ~saymeau mentioned in the two procedinQ wbsect~ons oi thu par:~graph and all payments to be made under the note secured
hrrcby ahyll be uided wgethrr artd the aggregate amoum thered shalt be paid by the mo~tg:?gor each month in a si le
n8 Pa)'mcnt `
to he epplied by the rtx~ngagrr iv the following items in thc order xl forth: =
IU premium charges undcr thr contract of ~rourance with the Secrctary of Huusing and Urban Dcvebpment, or monthly i
charge ~in lieu of mortgage ?nsurance premiuml, aa the cYx may be; ~
1111 ground renis, taua, :u+esamenls, firt, and othrr hazard insurance ~xemiums; ~
(IlU intereu on thc note cecured hereby; and
(IV) amortization of the principal of said note.
An~ defic~erxy ~n tAe amuunt uf su~h a~reg•rie rtu?nthl~ payment .hall, unlr,~ maJt giwd by the murlg~gcx prior tu the due dat~ of ~
ihe nrxt ~uch pa>ment, wnstiwtr 3n e.•rnt c~f default uixir~ th~s murtsage. The mortgagee may cullec~ a~~late chargt' not to excteJ Iwo ~
cenb 12c1 tor cich dullar IS11 of e:~h payment m~ue than fiftren ~IS? dayti m arrears to cuver the eatra rxpentie invoh~ed in hanJi~ng ;
drli~puent paym~nti
3. That if thr tutal uf the pa~mrnu made by th~ murtgagur unJer Ibl of paragraph 2 pre.;rJing ~hall excr~d the amuum uf the
paymtnu actuaUy maJe th ihe murt~tag~e, fur grewnd rcnts, tn~ea arxi a~s~,~smrnts and inwran:r premium~, as tht cax may be, suct.
excess at the option of the mort~asee, s~ha11. be aodited on subsoquent paymcats to be made by the mort~agor, or refunded [o the
murtgagur. If, huwever, thr munthly paymenu maeie by the mungagor under Ihl uf paragraph 2 preceding ~t?all nut be suffici~nl to pay
grourxl rent~, taars anci :uar~sment~ and iruurnnc~ prcmium+, a~ the wse may be, Nhrn the wmt ahatl btccime due and payable. the~ the
rtwrtgagur ~hall pay to thr murtgsgre any amuunt neceswn ~u male up ~he deficirncy. an ~r tKfore Ihe Jate v+hen paymrnl of ~uch
gruund rrnt~ taues, a~sr>.ment~, ur inwrance prrmiurtu ~hell be due. If at an~ time the murtg:~gix shall terxfer to the mortgagre in
accurd:?nce w~th th~ pruvivuns c~f the nott ~ecured hrrcby, full payment uf the entire ~ndebtedness representrd thereby, the rttortgagee ~
shail, in evmput~ng ihr amouei ot ~uth itxfebtedness, credit tu the accuunt uf ~hr mortgagor all paymrnt~ made u~xler the provi~ions of lu) ~
uf paragraph 2 hereof which the murtgag~r has not becom~ obligateJ iu pa~ tu the Secreta~}~ of Hou~ing and t,~rban Development ent! any
halance remaining m the funds accumulated uncler thr provisiom of Ih~ of said paragruph 2. tf there shail t+r a detault undrr any of the
, pruw~ions of thi. mcxtgage, rcsult~ng in a public ~ale ~f thr prrmues cuvrr~ti hcreby, or if the mixtgaget eryuurs th~ p~oPen} uthrn~ isr
after drfault, the mextg~gee shall apply, at the time of th~ comm~ncrment uf wch proceetilin~ ~x at the time tht proprrty i~ otherNix
xqwretl. the balarx:e then rema~mng m thr fund+ accumulrtcYl under th? of pa?agrnph 2 prececiing a~ a CfC(Ili 3~ltIRSI IAC 3OTUUR! Vf
' pnncipal thrn remaining unpaiJ under w~d nute anci ~hall proprrly adjucl am paymenu which ~hall havr brrn maJe under lu) uf .aid
paragraph.
fhat he will pa} all tu~c~, a+xy~ment~. w~trr ret~, and utAer guvernmrntal ur munic~pst chargr.. finr~ ~x impenitiun~, f~r wh~ch
pru+~es,vn ha. nw hren made bereink+~efore, and ?n default thereuf the murtgagre may pay the ~ame_ and that he will prompUy deliver the
ufficial rrceipt, thrrefcx to the mongagee.
4 I hat hr will permu, cc~mmit, ur wf(er no waste. impairmrnt_ ~u Jrtenuratwn of,s~d property or dny part therrot: and in the rvrnt
; uf thr fuilurr uf Ihr murtgagur tu 1.eep the builJin~ on xaid premise. nnJ th~»r to br rrerted on said premise~. cx improvemems thereon. #
` ~n g~xKi repair. the nwrtgagee may ma?r wch repairs aa in its Jisa-eiion ~t may derm neces~ary for the pruprr pre~ervation thereof. and
t thr full :+rrx~um uf earh and r~er~ .uch payment .hatl t+r immctiliatrly dur anJ peyahle, anci sha11 be seeared by the lita of this mur~gage.
6. 7~hat hr will pay all and .ingular thr cu.t~. charge~. and e!~pemr~. including rea,unablr lawyer'c fees, and c~xt~ of aMtractti of title. i
incursrci ur paid at anp t~mr h~ thr trn~rtgsgre hetiau.r uf thr failure ~n thr pnrt o( the mortgagur prumptly and fully to perfixm the '
agrermrntti arxi cu.rnanh ut +a~d prumn~ury nutr and thi. murtgagr, anJ ~aid cu+ts. chargea, a~x1 rxprnsc~ ~haA be ~mmrdiately Jue an~!
parahle anJ ~hall hr ~rcurrd by thr lirn of th~s miNtg:~r.
7. That he N~II I.rrp the impn•vrmrnt. n~~w eai~ting ur hrr~after rrrctetii un the murtgage~i praprny, intiurrd as may lx rrywrrJ from
t~mc to t~me h~• thr nx~r[gagee ag:~in.t t~x, hy fire and uther hazar~. casulaties, and contingrrx~e, in ~uch vrnoun~+ ~nd f~~r uxh prr~uJs as
ma~ hr rrywred b} m.xtgag~r, and wdl pa~ prumptly. ahen due, any premium~ on wch imurancr fvr pay rr~nt uf NhKh pruvuKm ha+ nvt
t bten made hereinbefore. All insurance ~hall be carried in cumpanies approved by mortgaga and the policies and renewals thereof shafl
be held b~~ murtg:+gee and havr ettachcd theretu !~»s papeblr clau.ses in favur vf and in form acceptable to the rrwrtgagre. In ovent of lo~~
he N ~II give immeefiate nutice by mail tu mi~rtgager. a~x1 rnixtgagre may make proof of (osi if nut made prompdy hy mort~agur, a~x1 each
msurarxr cumpany concrrnrd hereh~ authuritrJ and di:r~teJ tu malr payment for suth luis dirretly tu nx~rigagre imte:~d uf to
t rrwrtgagur atx! murtgagrr juintly. ~rtJ Ihe ~muranct pritirrd~. ur any pnrt Ihrrcy~f. may be •sppLed by murtgagee ~t ~t+ uptiun rrthrr tu thr
rrJuctiun ~f thr ~ndrbtrJn~.. hrrrby u~urctil or tu thr re~wratiun ix repair uf thr pruperty J~maged. In rvem uf furc~l~nure of th~s
- nxxtg:agr ur other tramfer of titie W the mortgagrd prupeit}' in extingui~hmrnt of the ~ndeMrJnc,~ xtiure~l hereby. stI right. titlr. anJ
~ntrrc,t uf the mcxtgagur in and tu aeq inwrane:e p~d~c~cti ihrn ~n force ~hall pa,a w the purchaxr or granter_
' x. "fhat the murtgagrr may, at any time pe~xling a~wt upun ihi~ mvrtgage, apply to the cuurt having junxiicuun therruf fur the
' nppui~tmem ~.f a retieiver, arnl su~h cuur~ tihall furthMith appuint a receiver of the premises covered heretry ail and +i~gular. ~ncluJing ail
and ~ingular thr inrumr. prvfih. i~~ur~, at~J rr~rnur~ frum whatrvrr xwnr Jenvrd. each atu! every of wh~ch, it t+emg expressly
_ unJer~tuud, i. hrret+} rrx~rtg.~gcYi a+ if ~~ifxall} .rt furth anJ dc~nbeel i~ ~hr granting and habendum ~lau~cy hrreof, and .uch receiver
~hall have all the hruad and effe~t~vr functiuro anJ puwer. ~n anywi~ tntru+ted by a cuurt to a rece~rer. nnd ~uch appumtment shatt be
maJr hy ~~ch ~uur~ a~ :~n admrttrd ry:~~t~ ~nd a mattrr uf ahx>lulr rigM tu ~a~ci r?tortgager. and w~thuut refrrerke tu the adeyuacy ur
~nrdeyuacy uf the valur uf ~he proprrtq murtgagud ix w the wlvency or mwl~•rncy u( ~a~d rtwrtgagur ur thr Je(end~nt.. arxl that ~uch
' rents, profit~, ~ne~mr. n~ue~, nnd ~rvrnus'~ ~hall be :+Qplied b~ tiuch receivrr acc~rding to the I~en ol th~~ rrx~rtgage anJ trr pracucr uf ~uch
# court. In the etiem uf enr Jrfault vn thr part uf the rrM~rlgagur hrreuMler. Ihr murtgagv~ agrrt~ lo pay lo thr murlgager un Jemand as a
reawnahle monthl} rrntal for the prcmi~es an amuunt at lea~t equivalrnt t~~ unrtwelRh 11/121 of the aggregatr of the twelv~ monthly
mstallments payeblr in the thrn current ycar plus the actu:~l emuunt of the Ynnuai taxrs, asSe+Smrnts, water rates, and inwrance prrmiums -
f~rr +tnh ycar nui cuvrreJ b~ thr afurr,atd rnuntb!> paymrnt~. ~
f 9. fhat Iu) m thr e~rm ~~f any hrrach of this mortgage ur default un the p~rt uf ~he rtwrtgagor. ~x 1b? in the e~~en~ ~hat :~ny of ~aiJ ;
~um~ uf munr~ nrre~n referrcYi tu hr ~ut prompU~ and fuitp paid withuut drmand ur nuti~r. ~N I~ i in !he event that r:uh ~ncl evrry the
; .upulauum_ aErremrnt~. cunJ~uun~. and cuvenents of sa~d nar and this mixtgage. are ~H duly, promp~ly, and fully perfurmeJ: thrn in ~
e~thrr or aoy auch evrnt, the uK1 aggregatr ~um mrntiunrd in ~a~d nute thrn reme~nig unpa~d, w ith ~nterest accrued tu that time, anJ all
moncy~ u~urrd hereby. ~hall t~come due and payahlr furthN ~th. ur thrreafter, a, thr uptiun uf ~a~J mixlgagre, a. fuHy anJ c:umplrtrl~ a~ s
if al! of the said wms nf nwnry ++ere ungin~ll~ ~t~pula~rd tu tk pa~d un wch day, anyth~ng ~n ,aiJ note ur in thi~ rrnrrtgage tu Ihr cuntrary j
twtwith~tanding; and lhrrrupon ex thereafter, at the uptiun uf ~aid nx~rtgagre, withuut nutice ur Jrmend. wit al law ur in ryuily. may tx ~
_ prv~c~uteJ a~ if all nwnrya xtiurrJ hereh~ h~d malurcYl priur tu il. in~titutiun. ihe rrwrtgngCe m~y fexe~lo~r th~~ mc?rigagr. 4~ [hr ~
artwun! ~o dedared due and payablr. and the saiJ prem~xy ~hall tx wld to tiatizfy and pay the ~n~nr tugether with cu~~s, exprnse~, and
i alluNancr~. In ta~e uf parUal fureclu~ure uf.thi~ murtgagr, the murlgagrJ prem~uy ~hall br wld ~ubje~t tu 1he amunwng I~en uf this
= rtwrtgsgr fvr thr amuunt uf thr Jebt nut thrn dur anJ unpa~d. in .uch ca~r thr pruv~siun~ uf thi~ paregraph may egain I1C :1V;11IC1~ U~
_ lhrrraflrr fri~m t~mr tu limr hy thr murtg3gec.
10. That thr nx~rtg~gur wi11 gi~r ~mmed~ate n~ri~cr by mail lu the rrx~rlgageC ut any cun~r}arxc. tramfrr, ur change of ownenhip uf '
thr prrmix~. ;
11_ I hat no Naitier ul ~n~ cuvrnant t~errin ur uf the uhligatiun utiured hereby ~h~ll at an} Umr therealler be held to br a waivrr uf ~
the trrm. herruf ix uf ~he rwtr srcured hrreby. ~
12. fhat ~f thr rrx~rlgagur detauit m anp ~if thr cu.•rnants ur agrermrnh cuntamrJ herrm. vr m said rwte, then ihe m~xtgager nuy
perform the aame. a~x1 all expcnditurr. ~ iMlud~ng rca+unahle etturnry'~ fer~l maJe by thr murtgagee in w du~ng stull dr~w intereat at the
a
rate xt furth in the nute ~ecureJ hereby, and ~hall be repayable immwliately and with~wt demand by the nwrt~agor lo the rtwrtgxgee. ~nd. ~
wgether w~th mterest and cu,t, accru~ng therevn. shaH t+r ucured t+y this murigage. l
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