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2. Th•rt, in ixdtr more fully w prute~~ tAe secunly uf this murt~a~e. thr nwrtgago~, tuYethe~ vvith, irnf in sddi~iun tu, thr nx~mhly
paymtnts under lhe ttrms uf thr nutr ,rcurcti! hcreby, un tAe fi~t Jay uf r:?ch mamh until the sgid rwte is fully pai~, will pay w the
murtgagc~ thr fuliuv?ing wm~: -
la) An amount wf'ficicn~ ~o pruviJc the hddcr hercvf Mith funds ta pay the nex~ ma~tYaQe insurance prcmium if this inst~umeni and
the noto secured hereby are insure~l, or a monthly char~e lin lieu of s mort~a~e insurance premium) if they are hrid Dy the
Secretary of' Nous~ng and Urban Oevdopment, u fdbws: f
U) !t and so lon~ as said note of evea date aad this instrumeot ue insured or are reinsurod uader the p~ovisions uf the
Natiunsl Nousin= Act, an amc,unt sutficiea~ to accumulate in the hands ot the holder one (1) month prior to its due date the
annual mortgage inaurance premium. in order to proviek such hddrr with funds to pay such prcmium to the Secretary of
Nousina and U~ban Development punuant to the National Huusing Act, as amerxfed, ~nd applkable Regulauuns
thcreunder: or
11p If and so long as said note of evcn dale and this iasaument ue Aeld by tAe Secretary of Hous~r?~ and Urbrn Develupment,
a monthly charge lin lieuof a mortgase insurance premium) which shall be in an anwunt eyual to une-tv?•elfth 11112) of
one-half (yi) per centum of Ihe average outslanding balanCe due on the note compute~l w~~thout taki~g into account ~
dclinquencies or prepaymr~ts;
!b) A wm rqual tu the g~ounc! rents, if any, neat due, plus the prrmiurra that w~ll next become due ~nd payaWe o~ policies ot fi~e
arxl other hazard insurance covering the ~rwrtgaaeJ prope~ty, plus taxes anJ astessmrnts ncxt due on the mortga~al property (all
as cstimated by the mortgaQee? less all sums alrzady paid therefor ~ividtd by the number of months to elapse before one month
prior to the Jate when such ground rcnts, prem~ums, taxes, and atsessments will become delinquent, such sums to be held by
mort~agee i~ lrust to pay said ground rents, premiums, laxes, and special assessments; and
lcl All paymena mentioned ia the two proceding suEsections of this puagraph and all payments ta be made uader the note secured
he~eby ahall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single paymen:
t~ be appliod by the mortgagee to tAe fdlowing items in the order set forth:
Iti premium charges undcr the contract ut insurance with lhe Secretary of Housing and Urbzn Devebpment, or monthly '
cAuge ~in lieu of m~xtgage insurance premium), as the case may be; . ~ ~
lll) grou~xl rents, taaes, ascessments, fire, and olher hazard insurance premiums; ?
(iil) interest on the note secured hercby; and ~
lIV) amortization of the principal of said nota ~ `
Any deficiency in the amount of such aggrrgate monthly payment shall, unless made g•wd by the mortg•rgur prior w Ihe due date of =
the next ,uch payment, constitute an event of default und~r this mortgage. The mextgagee may collect a"late chuae" not to ezcead two
cents (2c) fur each dollar ISI? of exh payment more than fifteen I ISI days in arroars to cover the extra expense involved in hamlling
~ielinquent payments.
3. That if the total of the payments made Dy the mortgagor under (b) of paragraph 2 preceding shal! excted the am.wnt of the ~
payments actuaily made by the mcxtgager, for ground rents, tates aixl assessmrnts and incura~ne premium~, as the case may be, suct.
excess at [he option of the mortaagee, shall, be creditai .x? subsoquent paymenu to be made by the monaapr~ or rcfundod to the ~
mortgagor. If, huwever, the monthly payments made by the mortgagor under Ib) of paragraph 2 preced'eng sAall not be sufficient to pay
grourxi rents, taxes and as.xssments and insurance premiums, as the case may Dc, wheo the same shall lxcomc due and payable. Ihen the
mortgaga~ shall pay to the mortgagee any amount nec~cwry to mai:e up the deficicncy, on or betore the date when payment ot such ~
ground rents. taaes, asxssmcnts, or insurance premiur~c shatl be due_ If at any time the m~xtgagor shall tender to the mortgagre in _
accordancc with the provisions of the note securrd heroby, full payment ot the entire indebiedness repraented thereby, the mortgagee
shall, in computing the amount of such indebtedness, credit to the account of 1he mortgagor all payments made under the provisions of (ot
ot paragraph 2 hereof w~hich the mortgagt~ has not become obligatc~i to pay to the Secretary of Housing and t.rban Devebpmerit and aoy ~
balance remaining in the funds accumulated under the provisions of (b/ of said paragraph 2. If there shall be a default under any uf the ~
pruvisioiu of this m~xtgage, resulting in a public sale of the premises coverctii hercby, or if the m~xtgagee aoquires the propert~• otherwix
after default, the mortgagee shall apply, at the time of Ihe commerxemem uf such proceedings or at Ibe time the property is olher.. ix ~
acquired, 1he balance then remaining in the funds accumulateJ under Ib~ of Paragraph 2 pr~ceding as a crreiit against the amvunt uf
principal then remaining unpaid uexler said note and shall properly :uljust any payments which shall h~ve beert rnatie under lul of said i
, paragraph. t
4. "That he will pay all t3xes, asxysments, water ratc~, anJ uther governmental or municipal charga, finrs, ~x impositions, for which
pruvision has no~ been made hereinbeforc, snd i~ default thercof the m~xtgagee may pay the same; and that he wi11 prompdy deliver the
official receipts therefor to the mortgagrr. j
~ 5_ That he will permit, commit, or suffer no waste, impairment, or deterioration of said proQerty or any part thereof; and in the evcat ~
of the failure of the mortgagor to keep the buiWings on said premises and those to be erected on said premises, or improvements thereon, ~
~ in gwd repair, the mortgagee may make such repairs as in its discrc~eon it may deem nceessary for the proper preservation thereof, •rnd
~ the full artwunt of ta~:h and every ~uch paymcnt shall tx immediately due and payable, and shail be secured by the lien of this mortg:tge. i
6. -that he will pay all rnJ tiingular the cmtx, chargrc, anJ expenses, including rea~onable (aw•yer's fees, and co~[s of abstracts of title, ;
incurred or paed at any teme by thz rnortgagee because of' the failure on the pan uf the rtartgagor promptly and fully to perform the ;
~ agrtements arxl covenants uf tiaiJ pro~n~ssory note and this m~xtgage, and saiJ costs, charges, and e~pznses shall be immediately due and ~
~ payable and shall be secured by the lien of this m~xtgage_
; 7_ That he wilt keep the improvements now txisting on c~reafter erected on the morlgageJ property. insured as may be rcquired from
j ume to ume hy the rtwrtgagee against Icxs by fire arxl othe~ hazards, casulaties, and conting~~xies in such amounts and for such prri.xis as
may t?e required by mortgagee, and will pay promptly, when due. any premiurru on such insurance for payment of wlrich provisiun has not
~ betn made hereinbefaa Al! insurance shall be carriod in companies approved by mortga~ee and the policies and re~ewals thereof shall
~ be held by mortgagce and have attached thereto loss payable clauses in favor of and in form acceptablt to the mo~aaee. In event of loss
s he wi11 give immediate notice by mail to mortgagee, and ~rwng~gee may make proof of lo~,s if not made promptly by mortgagor, and ra~h
~ +nsurance ci~mpany concerneJ is hereby aothorized and ~lirected to make paymtnt for such loss directly to mortgagee insteaJ af to
' mortgagor aixl mortgagre juindy. and th~ insurance proceeds, or any pari thereof, may be applied by mortgagee at its option either to the
reduction of the inJebtecinrts heref*y seeured or to the restoration or iepair af the property damaged. In event of forectosure of thes
mortgage or other lrantCer ut title to the mor[g~ged praperty in extinguishment of the indebtodness secural hcreby, all right, title, and
` interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. 1"hat th~ mortgagee may. at any time pending a suit upon this rtwrtgage, apply to the court having jurisdictic?n thercof for tht
appointmrnt of a receiver. and such court shall f~xthwith appoint a receiver of the premises covered hereby all and singular, including all
and zmgular the income, pn~fits. ~s~ues, and revrnues from whatever source derived, tach and every• of which, it being expressly
u~er,tu~xi, is hereby mortgage~i as if specifkatly set forih anJ descrit+ecf in the granting and habendum clauses he:eof, and wch receiver
shall have all the bruxd and eBcctive functions anJ powcn in anywise entrusted by a coun to a receiver, and such appo~ntmCnt shall be
4 maJe by such court as an admilted equit~~ and a matter of at+wlute right to sai~ mortgagee, anJ a ilhout reference to the adequacy or
i inadequacy of the value of the property mortgagod or to thr wlverx:y or insalvency of said mc~ngagor ur the defendents, a:~d that sucA
cents, pro6ts, income, issues, ancl revenues shall br applied by +uch receiver according to the lien of this mortgage and the practice of such
court. In the event of any default on the part vf thc mortgagor hereunale:, the mortgagor agrea to pay to the m~tgagee on Jemand as a
reasonable montfity rental for the premises an amount at Icast equ+valent to one-twelfth t 1/12) d thc aggregatc of ihe twelve monthly
installments payaWe in the then current year plus the actual amount of the anr.ual taxes, assessments, water rates, and insurance premiurtu
F for suth year n~t covereJ by the aforesaid monthly payments_
` 9. i~hat (a? in the event uf any breach of tfiis mortgage or default on the part of the mortgagor. w th) in the event that any of said
sums of money herein referred to t+e not promptly and fully paid without dcmand or nwice, or Ic) in the event that exh ~nd every the
stipula~iuns. agrezment~, conJitiunti, and covenants vf said nott and this m~xtgage. are not July, prompdy, atxt fully performed; thtn in
e~thrr ur any such event, the said agbr~gatt sum mentioned in said note thrn remainig uopaid, with irtterest accrued to that time, and all
rrn~ney~ xtiured hcreby, shall t+ccome duc and payable kxlhveith, or thereafter, at the optiun of said mortgager, as fully and completely as ?
if all of the said sums of money were origin:~lly stipulated to be paid on wch day. anything in said note ar in th~s mortgage to the contrary ~
~ notwithstandi~g; anJ thereupon or there:+ftcr. at the optiun of said rtx~rtgagce. N~ithout rwtice w demarxl, suit at law or in equity. may be
~ prosecuteJ ac if all moneys srcured hereby had mawreal prior to it~ institution. The murtgagee may foreclose this mortgage, as to the }
amount w declared due and payable, and the said prcmise~ shall t+e sold to satisfy and pay the same together with costs, expenses, and j
allowances. In case of partial foreclusure of this mvrtgage, the murtgaged premises shal! be wld subjecl to tbe continuing lien of this -
~~t&~ M' d~~4Murt~f'A~di11~ ndl tfien due and unpaid. In such case the provisions of this paragraph may again be availed of ~
ehtrf~j~~~~i{j~ 4~~i:4~'a'~rtw!td'a8ee. 4
t6 a['tyf~t~agqr.Yva~velq~¢w~iate nutice by mail to the martgagee ot any cameyarne, transfer, or change of oKnership of '
~~1lp~ehi~e~s....~, . . s
11, ~hat no waiver ur any'ZjElvenant ~erein vr of thr obligatio~ sctiurctii hereby shall at any ume thereafter t+c held to be a waiver of '
the terme hercof or ot the note secured hcreby.
12. "~hat if the rt?origagur Jef~ult in any uf Ihe covenants ur agreemenh contained herein, or in said nott, then the mortgagee may
perform the same, anJ all e~pendilures Iiruluding reasonable aUoroey'c feesl mad~ by Ihe mcxtgagee in w doing shall draw interest at the
rate ut forth in the rat~ ucureJ hereby, and sha!! bc rcpayablc immediatdy and wilhout demand by the mortgagor to tht morigagee, and. ~
togcther wilh interest and ccxts accruing thcreon, shall be secured by this mortgage. #
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