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2. That, in orJrr rrare lully to protcct tht x:urity of tMs mortgagr, the nw~tgsXur, tugriher M'11I1. JfIII ~n aJ.l~t~un tu. thr nr~~thly
peymrntc undr~ tAe ttrm. .~f ~he nute .ctiurrJ hcrrby, un Ihr hrst day ~~f racA munth unt~l the said ~wte i~ fully pa~J, w~ll pay 1u lhe
mortgagce tht folluw~ng wms:
lal An ~mount suffxirnt ta provide !he haider he~ec~f' with futxls to pay Ihe next mortgage inwr~nce premium if th~~ instrumtn~ anJ
the note sccu~ed hereby arc i~urrd, or a monthly chsr~e lin lieu of s mortsage insurance premium) if they are held by the
Sucretary uf Hausing and Urban Development, as folbws:
11) If and so lona as said note ai even date and th~s instrument are insured or are rcinsurcd unJer the provis?uns of thr
National Housins Act, an amount suflicient to aaumu~ate in tAe hands of the hoider one l I) month prior to ~ts due date thc
annual mongage insuranct premium, in ~xder to prov~de such h~~idtr witA funds a~ pay wch premium to the Sczrrtary of
Housing and Urban Developmen~ punuant to tht Neuonal Nuu~ing Act, a~ amenJed, anJ applkablr Regul.~ti.ms
thereunder; cx
(111 If and so long as ~aid note of even date anJ this instrument are held by Ihr Secrctary o[ Nousing and Urban [kvelopmenl,
a rttonthly ~harge Iin lieu of a m~xtgage ~nsurance prrmium) wh~ch ~hall t~ ~n an anx~unt rqual to unn-twrlfth Iill'_) af
unt-half 1~ 1 per centum uf the avera~r uubtatxl~ng balante duc- on the note cumputal withuut ta?~~g inw aaount
dclinqueacia ~x prepayments;
Ib1 A sum equai to the grounJ rents, if any, nrx~ due, plus the premiums lhat will next Drcome due and payable an policies of fire
and otAerhazardinsvrantecorem~thrmc+n~til~p~~opetq: plus taxes and xssessmeoti next due on the m~xtgaged properly lall
u estimated by the rtartga~ee? less all sums already paid there[~x divided by the number o[ awnths W dapse before one rnunth
priur w the Jatt when such ecournl rents, prem~urtu, taxes, and a~sessments will become Jelinquent, such sums tu be heW by
mortgagee in trust ta pay said ground rcnts, premiums, tazes, and special asussments: and
lc) All payments mentioned in tAe twu proceding subsections of tha para~aph arni all payments to bt made under ~he note securnf
hertby shall be added together and thr aggregate am~~unt thereof shall be paid 4y~h~.aDortgago~ cach month in a single p:?yment
w be applied 6y the mortgagee to the follov? ing items in thr orJer set forth:
111 premium charg~ unJer the cuntract of ~nsurance wilh the Secrctary of Housing and Urban Dtvebpment, ur nxinthly
chargr lin lieu of mart6age insurance premiuml, a~ the case may be;
1111 grcwnd rrnta, taxu, assessments, fire, a~x1 other hacard in~urance premiums;
llll) interest on the nute secured hereby; and ~
11V) amortiiation of the principal uf said notc.
Any defxizrny in th~ amuunt uf ~uch a~;rrgate rtwnthl~ paymrnt ,hsll, unle,s maJe g.xd b~• thr mixtgag.x prior w thc dur date o[
the nea~ wch paymrnt, cunsiiwte •rn cvent of dzfault ucxirr this murtgagr. ~fhr m~xtgagre may culle~t a'latr charge" nut w exceeJ twu
cents ~2c1 for each ciullar 1511 uf r:ah paymznt mare than fiftecn 1151 da~. in arrcan w cuver the rxtra eapenx invoh~J in harxlling
delinquenl payments_
3. That if the tota) uf the payrtknts mrJe by the murtgagi~r unJer Ihl uf paragraph 2 precrd~ng ~hall rxceed thr arm~um uf the
paymrnts actuelly madr by the mortgager, fur ground r~nt~. t~~es and aix~sm~nt~ xnJ ~n~wance premwms, as the rasr may be, wct.
eaccess at the option of the mort~ee, shall, be credited on wbaequent paymrnts to be made by the mortgagor, or refundod to the
murtgagor. If, however, ihe munthly payment+ m:nie by the mortgagur unJer Ib? uf paragraph 2 prcceding shall nut hr wCficient to pey
gruurxl rents, taxrs anJ asx+smrots anJ ~nsurence prem~ums, a~ the cau may br. M~gn the .ame shall become due anJ puyable, then the
mortgagor shall pay w the murtgagre any artwunt nctia~.wry to male up the Jrtxiency. un ~x brfore the date when payment of such
grounJ rents, tares, asar~sments, ur inwrarke premiums shall be Jur. tf ~t any t~me the murtgagor shaU ternler tu the mortgagre in
accontance w•i1h the provisions of the note srcured hereby, full payment uf the entire iixiebtrdnns re~uented thereby, the rrwrtgagce
shall, in cumputing the amuunt of wch hxiebteJn~, cruiit to ~he account of thz m~xtgagix all payments maJe unJer the provisions uf Iul
of paregraph 2 hereof whi.:h the murtg~gee ha~ not brcume a~bligated to pay tu the Socret~ry• of Housing anJ Lrban Developrt~ent arxi any
balance remaimng in the•fund~ actumulat~Y1 urxler the pruvisions uf Ih/ of ~:~iJ paragr:tph 2. If there ~hall t+e a default urxler any of the
pruvi~ions of thi~ m~x[gage. ra:sulting ~n a public sale uf the prem~ses cover~xl hereby. ur if the mortgag~e aayuires the pr.~xrty u~henrise
after dtfault, the mortgaget shall a~+l}~. at thr time of the :ommencrmrnt uf w~h proceeding+ w at the timr the pruperty i~ utherN ix
acyuire~l. the balar?cr thrn remaining m thr fund+ accumulate~f undrr ihJ of prragraph 2 preceding :u a credit agaimt ~he amount ot
priniipal thrn rema~ning unpaed unJer wiJ nutc anJ sh~ll pruExrly rJju+t 3ny paymentc whi:h ~hall have l+e~n made under 1~~1 of saiJ
, paragr~ph.
-t. fhat he Nill pryall taxls,•atse~smarus. v?ater r~te~, anJ uther guvernm~ntal ur municipal chuges, fitx~. or impwitium. fur Nhich
; provi~~un h~. nut t+ren madq~ce~t~jT~~j:~nJ in d~fault thereof the murtgager m:+} pay the samr: and that he will prumpUy drliver the
; offici~l r~tir~pt+thrrcfur~Wth~qiurt~aQee. • .
~ s. ~h:it hr N~II prr~it, eu~i~it, or stt~'!F noLrantG itl~pai(ment, ~x Jetrrii~ratiun uf ~aiJ pruperty ~x any part thereof; and in Ihe rvent
E uC thr f~ilure ~~f thr rrx~rl~ag~r to~ceep t~ie"t+uilding~t o~q sni~pcyn~s dnd tho+e tu be erecled on said premises, ur impr~vements thereun,
g.xxi rcpa~r. the r*x~rtgager ma~ mak~ wch repairs as in itc discretion it may Jerm necessary for the pruper prnervation thereuf. and
~ thr full ank~unt uf r:+~h snJ e~~ry .uch pa~ ment ,hall he immc*d~stel~• Jue and payablr, and shall b~ securrd by the lien of thi~ mortgage.
i b. fh~t hr H~II p~~ ~II ~nd .inguiar thr c.rtti. charge+. anJ exprmc~, induding rrawn•rblr IaNyer's frrs, and cos[+o( abstracts uf ~i~le.
~ mcurrrJ ur pa~d at an} time h} Ihr murtgagec t+ctiau+e uf thr failure on thr parl of the rn~rtgagur prumptly and fullp to perform 1he
~ agrrrmrnt, anJ cuvenant~ uf +aiJ promi»ury nute anJ thi~ murtgage, and tia~J c~nts, chargrc, anJ e~pens~ shall t+e immeJi:+tely due and
~ pa)aMc anJ ~hall he ~ecureJ by thr lien of th~ti mortg~ge.
~ . That he w~tl Aerp the impru~emrnt~ rww rxi~ting ur herenfter rrectctif un the m.xtgxgr~l propc rt~, inwr~J a+ may he reyuin~.i frum
~ t~m~ tu timr b~ the rrn~rtgagee ~gain,t lu.+ b~ fire and uther hatard.. ca~ulatir+, and contingerxie~ in ,uch arrwunt. and fur .uch Fxn~xf, a~
; map hr requir~l b~ mcxtgagre, and w ill pay prompdy, when due. any premiurro on such insurance f~x payrtxnt of whkh pru~~i.iun ha. nut
a been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policics and renewals thcreof shail
~ ~e hrlJ by mortgager and have auach~f thrreto loss payable clauses in favor of anJ in fam acceptable tu the rtx~ngagee. In rv~nt of lus~
he w itl givt immediate nutice b} mail to mortgagce, and mortgagee may make praof af (os~ i~'not madt prompUy by mortgagur, anJ each
imur~nce company concerned is hereby authorizsd and Jirected 1o make payment far such loss direcUy t~~ nwrtgagre in.traJ uf to
y rrwrtgagur and m~xtgagee juintly, and the imurance pr~teds, o~ an~ part thercvf, may br applied by murtgngre at i(s uptiun Cith~r u~ thr
; reductiun of the indebteJnes~ hereby securrd or to the re~~~xatiun ~x repair of the property damageJ. In rvent of furecl~nure uf thi+
~ rtwrtgagr or other lramfer uf tiUr t~~ the mortgagrd pr~~rty in c~tmgui+hment uf ~he inJrbteJnecs x~ur~'J herehy, all right, Ullr. anJ
~nterr~t ~~f the murtgagor in anJ tu any in.ur:~nce policie, then in force +hall pa~~ tu the purcha~er ur granter.
S. 'Ihat Ihe morlgagee may. a1 an} Iime penJing a~uit up~m thic murtg3ge. apply lu the cuurt ha~ing jurixi~cliun thereuf lur the
~
~ appointment uf a receiver. anJ ~uth court ~hall forlhwith appoint a receiver of the premiuw covtred hereby all anJ ~~ngular. ~r?cluJing ~II
anJ ,~ngular Ihe income, profitc, ic,ue,, and revenues trom whate~~rr wurce' derived. cach and every ot which: it t+c~ng exprrt,ly
'y undrr,tu~xf. hereby rtwrtgagrcl as if Specifically set forth and dexnbed in ehe granting anJ habendum dxuses hera?f, and +uch recervrr
~ +hall ha~r all the hruad anJ cfTec~ivr functions and puwert in ~nyM ne rMrusted by a court to a receiver, and ~uch a~+p~iintment tihall I+r
~ maJr h~ ~uch court a~ :m :,dmitteJ rquit~ and a matter uf atnulute right tu .riJ rtwrtg:,ger, enJ wittxwt referrnce tu Ihe adeyuac~ or
; inaJryuac~ uf the .alue uf ~hr prupeny mortgaged or to the solvency or ~nsolvrncy of said nwrtgagor or the Jefendent.. anJ that wch
rents. prufit3, incomr. ~~~ues, and re.•enuc~s ~hall be applird hy wch re~eivrr according lo thr lien uf ~hi. rtx~rtgage aiui the pracUCr of ,uch
court. In the event uf any~ defauU un the part uf the rrx~rtgagur hereunder. thr rnortg:+gor agree~ to pa~ to the mur~gaFre on deman.l a~ a
~ reasonahle monthly rcntal for the premius an amount at Irast equivalcnt to one-tw~elfth I!/121 of the aggregate of the twelve monthly
~ mstallment+ payable in the then current year plus the actual amount of the annual taxes, atsessments. water ratec. and insurance prem~ums
~ fur ,ixh year not covereal by the af~xeuid munthly paymenl~.
9. That lu) in thr rvenl uf any hrrach uf this mixtgage ur Jefault un the p:+rt uf thc rtxirtgagur, ix Ib) in the evcm that ~ny ~~f .:?iJ
~umti uf munry herein rrferred to he nut promplly and fully p:~id withuut demanJ ur nutice, ur 1~ ? m the evrat that each anJ r.en thr
s~ipulat~uns. agrcement~, cunJitiunc, aod covenants of iaid note anJ lhis m~xtgage, are not July. prumptly, anel fully performrd: thrn m
' either or any such evem. ~he said aggregate wm memioneJ in ,aid nutr thrn remain~g unpaid, w ith intrrrst accrued tu that timr. ~rxi all
monzy+ utiured hereby. tihall becume due and payahle forlh~ ~th. ~~r therrafler, at lhe opuun of wid m~xtgagee. as fully and completrlp as
if all of the +aid sums of rm~ney were originally ,tipulated a~ h~: paiJ un wch Jay. anything in tia~d nutr ur in thi~ nwrlgagr tu th~ c.~n~rary
notwith~tanJing: and thereu~n or lherrafter, al the opUun of wid nurr~gagcr, wilhuut nuticr ur Jemand. +uit ~t IaK i~r in ryu~ty. may t~e
pnnecuteKi a~ if all moneys ~rcurrcl herehy haJ matureJ priur tu h, ~muwdun. Ihe rtxtttgsgee may fureclu~r thi~ rrx~rtg~gr, a~ tu the
amcwnt x~ decl:~red Jue and payable. enJ the caid premiu. ,hall he uild to .aticfy and pay lhe wme tuge~her with co~tti. expenses, and
;'~a allowanceti. In catir ~~f partial foreclowrc of thi~ murtgagr. the miKigaged premne~ .hall he wW whj~tit t~~ the continuing I~~n of thi~
murtgage (or thr amuunt of the drbt not thrn Jue anJ unp:uJ. In wch ~:..e Ih~ pruvnium of Ihi~ paragraph may again hr avail~d ot
Ihereafler from Ume to umr hy the mor~gager.
10. That the rrn~rigagor v~ill give ~mmrJiatr nul~cr bp mail W the nx~rtgagee of any ~on~eya~xe, tramfer. ur change uf uwnenh~p uf
the prem~ses_
~'`'t 1 I. Ihat nu warver i~f any covcnant hereio ur uf thr uhl~~aliun ~riured hcreby ~hall at an~ ume therrafter be hclS tu be a wa~rer of
the term~ hereuf ur of ~he ~ute ~ecurrd hereby.
12. Ihat ~f thr rtx~rtgag~~r Jefault in any of the cuvcn:+n~. ~~r agrermemti cunta~neJ herein. or in said note. then the murtgagee mry
~r~ perfurm the samc, anJ all expenJrty~e~/~ntl~~rlg rea~unaMr auorne~'. fce~l made by the m~Ktgagee ~n w dcNng shall draw interest al lhe
~~5 rate set forth in the nute +ccureJ hercby, and sfia0 tx repayahle immeJ~atcly and withoW Jrmand by the mortgagor to lhe mortgagee, and.
tvgether whh interesl anJ ant~ accruing thercon. shall be ucured by th~c mortgage.
~ ~~~x 1~y ~ 43~