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2. 1 ha~, in urdar murc iull~ tu pr~t~t the ,r.ur~t~ u( th~s murt~ege. ~ha murtgag.u, t.~gctht~ w ith, and (n~~~diuun t.,, tht rtx~nthl~
pa~mtnl~ un.irr ti~t ttrm. uf thr nute +nur~tif hrrah~, un the firat Jay uf crch mun~h until thr ~aiJ nutr i. fuUy pa~d, Mill pa~ ia thr
murlgagc~c thr fulluwing.um.:
tal An anwunt u?Cfi~:~rnt w pruviJt th~ hoider htrcuf with funds to pay the next mortgage insurance premium if this instrumerti snd
~he nute ~cu~n1 hercby are in~urrJ, or a mon~hly char~e (ia litu uC a monYaYe insurance premium) if they are held b~ the
JrLretary of Huua~ng a~d Urban Dcvclopmt~t, :?s folbws:
(II If anJ w long a> >s?id note d even date and this instrument ue insured or art reinsurcci uncier tAr provisions os the
Nationa! Nowin~ Act, an amount su~cient to aaumulate in the hands at the huide~ o~e ( U mon~h prior to its due dat, thc
annual mongaYe•in~urance premium, in order to proviJe such holder with funds to pay such przmium to the Secretary of
Huusing and Urban Development pursuant tu thr Natiunal Housing Act, as amendtd, and applkabte RrRulatiuns
thrraumler; o~
111) !f and so long as u~d note ot even date a~d this insuumcnt art held by the Secretuy of Hw?sin` a~x1 Urban D¢velupment,
a itwnthly char~e 1in liru uf a m.x~gagt insu~anct prtmiuml which shall be in an amuunt tqual to onr-twetfth tU121 of
one-hatf 1'41 per ~entum uf thr a~eragr out~tarxiing balarka dur on the note a~mputni without ta?mg mto acaount
Jelinquencies ur prepayments;
~b) A sum rqual to the gruurxl rents, if any, next due, plus th~ premiums thal will ntxt btcome due arn1 payablr un policies of Ste
atxl ather h:wrJ insurance cuvtr~rtg tht owrtYagn! pr~rry, plus taxa and z,.se~mrnts nexl due on the m~xtga~ed property lall
as r~t~matrd by the mortgagtrl less all sums atready,paid therefor divided by the number of months to rlapx before one month
prior to the date when such grournl rents, prem~ums, taxes, and acsassments will Aecomc deiinqueet, such sums [o be hrld by
' "mortgagee in trust to pay saiJ gruund rents, premiums, taxes, and special asussments; and
Ic? All paymeots menUuned io the twu preccJing subscctiuns ot this para~raph and all paymtnts to be made under the note .ecuraf
hrreby shall be aJded togtther anJ the aggrtgate amount therrof ~hxll be paid by the mortaagor esch month in a,~nglz ~+ay rnent
co t+e applied by thr mortgagee tu Ihe fu11uN ing ilems in the order set forth:
1h premium charge+ under the cuntract uf insurance with the Secre[ary of Housing and Urban Devek>pm~nt, ur munthly
chargr lin lieu of m~xtgaQe in~ur:?ncr premwo~i, as the case may be:
I lh gruunJ ~ents, tates, aa?eUmrnts, firc, and other hatard insurance prem~ums;
11111 interest on tAe note secured hereby; and
IIV1 am.xtization of the principal of'said note.
:~ny drf'wire?cp in the amount of cuch aggreg~te mortthly paymrnt .hall. unle.s maJe gixxf by the m~xtgag.x pru~r a~ thc due Jate of
thr ne~t wch payment. conc~itute an r~rm of default under thic mongage. Tht mortgagee may collect a~'lata chargr" not to e~crr~1 two
~ents ~2.1 fur carh ~Ilar IS11 of ea~:h payment more than fiCtcen 1151 days in arrears to cover the rxtra expen~ in~•otv~l in hanJling
delinquent pa~mentc.
3. That ~f the total of the payments made bc the mortgagor under ~bl of paragraph 2 preceding ~hall etcerd the amuunt of the
paymenh ac?uall~ made M• ~he mortgagee. for ground rentc, taxts an~i aise~~ments and imuran:r prrmium+, a+ chr ::+tir may t?e. cuct
excess at the option of the mortgagee, shalt, be crcdited on subsequent paymenu to be made ?+p the mortgagor, or rcfunded to the
murtgagur. If, hoHrvrr, thr n~.?~thly payments mado by the mortgagor under ~hl of paragraph 2 preceding shall not t+t eufficient to pay
gn.und rrnt+. t:?~r~ anJ as,escments and in+urance premiums, ac the case may t?e. when the aame chaN become due and payabte, then the
~nortgagur .hatl p~y to the murtgagee an?• amount nrcessary to mal;e up thr defxiency, on ~x t+rfore tht datr when payment .~f such
~ruunJ rrnt,, ta~e., a~tirs,ments, or insurance prtmiums s~all t~ due. If at am~ umr the m.xtgsgur ,hall terxler to thr murtgagre in
ec~ard:mer with the pro~icium of the nute x~urc~ hereby. full payment of the enure irxiebttdnesc rrprr~rnte~ thertb~, the mortgagee
~hall, in cumputing the amuunt uf wch inalrhtctlne+~. rrc~iit to the account of thr m~xtgag~x all payment. made under tht provi.iuns of lal
.~f paragr.~ph 2 hrreoF..hich thr murtgagee ha~ not t+ecome ~~IigatrJ to pay to ~hr tiecretan• af Nuu~ing arxl l rhan Develi~pment arxi any
h~laner remaining in ~he fund~ :i:cumulatcYl under the p~u~~i,iunc of Ib~ nf wid paragrapA 2. If thrre chaN l+t a default urxirr aa> of the
piu~ i~~om uf thi. murtgagr. rr+ulting in a pi?blic .ak uf thr }xcmi+es cu~rrrJ herrbg. ur if thr mixtgager a.y~irr. the prupert~ uthrrw ist
aftrr drfault, the m~x[gagee .hatl apply, at the umr ~?f tfic cumrrnnrrmrnt uf wch pr.u~-rding~ .x at the timr tha pu,{xrt> uiherN is~
acywrrJ. the h:1lAfll't thrn renia~ning m th~ fun~. a.eumulalctt under ihi uf parag~aph = pre~t~fing as a rrc^dit aga~n.t the :emuuni uf
pr~ncipal th~n rrm~in~ng unp:,iJ undrr .a~d nutr and ,hall pruprrl~ a,ju,t .~m pac~nrnl~ which .hsll h~vr hren maJr undrr I.rl uf ,a~d
patagraph.
J. I hat hr will pa~ :il{ ~a~r.. a„r.,ment.. H;~trr r.~tcy. ar..l othrr gu~~rnmen~~t ur municipal.harge,. tint.. ~~r ~mpo.~uun,. !ur Nhirh
pruc~.~.m ha, n.rt t+rrn ma.tr hrrr~nt+rfurc. anJ m Jrl:wh ~hrr«~i ~hr murt~,agee ma~ ~ay-trr ~anit; and that he Nil{ prompth JrlivNr thr
ufhcial r~tripl. ~herrfur tu thc m.rrtg.~c~c ~ ' - • ~ ~ .
5. fh:~l hr N ~II prrmh.:ununu. ~~r ,u1Trr n~, ..:~.t.. imp.~~rmrnt. .~r d~trnurati.,n b('fiA'prup~ecty~.ar any parj tt~rrc~~(; arxl in the rvtm
uf thr fa+lurr uf thr muttg.~~;.~r tu Ar~p thr huil.hng. ~~n ,:uJ prcm~k. .ind th~~~r to br trl~YtOd Ou said pfemixs, ur improveriients thtreun. ?
ir, g~raf rr{+:ur. thr r»~~rtgagr~ nz.~~ maAr .uih rrp.ur. a. ~n it, dn~reuun it ma~ J~zm:aecw:~ryr for the pr~+er pteservatiun.lhin'CUL and
~hr iull anwunt .,f c;rih :uid r~rr~ .i»h pa~ m~nt .hall tk immrJiatrh ~u~ ~nd pey ahlc_ anJ ,hal! t+e securrd t+y tMe iien~of thitnxNUtagr-
` h. fhal hr ~~~II pa~ all .~nd ,in~ular Ihr char~r.. and c~(+rmr+. ~n:luding rer+unsble lawyrr'~ frc~. und cuctsof aMtracts uf uUe. ;
~ in~urntl p~id at an~ umr M thr mu~t~.~g~r ht~au,r ~~f thr fa~lu:r un tht part uf thr tix~rtg~gur prumpth anJ full~ tu prrform thr
` :?grc~m~nt. :?~eJ :uvrnant..~f .:uJ prunu,.~,n n..tr an~ th~. m.~rtgage. snd aaid cu,t,. ch.~rgr~, a~i exprn,t~ .hal1 t+e rmmeJ~ately Jur ~nd
~ a.tble :tnd ~hal) ha w.tiurrd h~' ~h~ lian uf ih~. murlg~g~.
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7. 1 hat hr w~ll kr~p thr ~mp~v~~ment. nv~~ ri~.tin~.?r htreaftrr erectetii on the mortgaged pruperly, insured a. may t+e rrawrr~l fr~~m
t~me tu timr h} thr nwng:igrr .,g:un.t lu,. h~ tirc and ulher h:~tards, casulat~es, anJ contingenc~es ~n wch amuunts anJ fur wch prn.xl~ a~
~n;e~ hr rryu~rcJ hy murt~;agr~. :uid N dl pa~ prumptl~, W h~n due, an~ prrmium, un ~ueh imur:+nie f~x pa~ mtnt uf which pr.~~ i,ion hs. nut
been made hereinbefore. All insurance shall be carrietii in cumpanies approved by mortgagee and the policies and renewals thereof shall
h~ h~l.i hy mortgagee and hai~~ attache~i thcr~to ioc; p3~~btr clau.rs in f;~vu~ of aod in furm acceptabl~ tu the rrx~r~gagrr. In event of los~
hr w iU gi~•e immrJ~ate rwtirr h~ m:ul ~o m.~rtgage~. an.i murtgagre may mate pr~wf of Ivss if nvt mnJr prumptly b~ murtgagcx. arxi rach
~ ~n,urarkr r~anpam con~rrnrJ hrrrM authoncrd and Jir~~t~J t.. mel.~ ~a~m~nt tur ,uch k~+~ dircctl~ nx,rtgsgee in~trad ut lo
i nH~~t~.~gur .u~J murtgag~r i~nn~l~. anJ thr imur.~nrt pr~krrJ.. ur :~ny p.ui thrrc~~t. ma~ he ~eppl~eJ h} mautgegrr at it~ oprii>n rither to the
~ rrJu:u~m ~~f thr ~ndrhtr~tn~.. her~h~ ,ctiurrJ ur t~~ th~ rr~l~rr:iu~~n .~r rrp:ut .A~ the propert~ damacrJ. In c~rnt uf forr:linure .~f thcs
rn.~r~gagr ur .~th~r tramfer «f utl~ t~~ th~ murtgagrJ pr~~rrt~ in c~ungui,hm~~t uf the inJrhtrdnr,. u~urcd hrrrh~, ali nght. Utie, and .
imrr~.t ~t lhr m~rl~gur ~n enJ t.~ am in.urancr pulicir~ thrri m f~~r:~ .haN pe.. t.~ thr pur~ha.er ur grantrr.
:t ~hat thr munga~;rc m:~~. at ~nt Umr MnJing .iut u~~n thi. murtgagr. ~ppl~ to thr ~.,urt ha.in~ tur~vl~:tu,n therruf f~~r the
's ap~~intmtnt of a retiriver. anJ ~wh courl .hall f~xthw ith appuint a rr~eiver uf thr prrmru. co~~rrJ hereb~ all and ungular. uniuJ~ng atl
F anJ .~ngufar ihr ir?~un?r, prufi~.. ~„ua,, a~.1 rrvrnur~ Frum whatr~rr xwrcr der~vril, ra.h •rnJ t~tn ot wh~~h, it l~r~ng rxprc~+l~
E unJrr.tu~~i. hrrrh~ m~~rt~:agrJ :t+ if,petiific:ill~ ~~t fi~rth and dc~ril+~J in thc grant~ng .~nd hattindum:lau.r. hireuf. and ~u:h re~ei~tr
,h.~ll h.~cc all ~hr br~~:~~ anil rtf~titi~r funrt~um :inJ pu~rr. ~n amw~x rntn„trJ h~ a ~uurt ti. a rr~rnrr. and ,uch app~~intmrnr +hall t~t
; maJr M,u:h ~.~crt :i. :~n :~dm~ttrJ ~•yurty :~nd :i m,~ttrr .~f ah..~lutr r~ght tu .aiJ ~»urt~earr. :~nJ uith+~ut r~frr~n~r tu thr aJryua?> i,r
inadryua:~ .,i thr ~:Juc uf tnr p~uprrt} nwilgagrJ ur t~~ thr wl~enc~ ur m~~ilv~nc~ nf .a~d rtxxtga~.~r ~,r thr drfrndtnt~ und that .u~h
; rcnh. prutit.. ~nc~~m~. ~.~ur~. an.l rc~rnur"h:J) h~ appl~e~l h~ .uch rc~e~ver r.curding t~~ thr hrn uflhi~ murtg:~g~ anJ thr pra:ure.~(,u~h
~ court_ In ihr r~~rn1 of aoy drfauh un thc part c~f the murt~.~gur hrrrun.trr, ~hr nwrt~ag~~r a~rrati tn p.?y thc murt~agrr on drmand a. a
rr~.unahlr monthl~ rrntal fi~r the prrmi,es a~ amuum at lea,l eyu~~alent to onr-twelfth I I1121 .N the aggr~gate O~ Illi INCIYf mur.thly
't ~mlallmcnt~ p~~abt~ in Ih~ ihen currrnt yrar plu. th~ a~1u:J am.~unt uf the annual ta~e+. s.+t~.,mrnt., watrr ratr., anJ ?mur:~ncr prem~unu
f.rr wch ~rar nu1 cu~rrcd hy thr .~furc,aiJ munthty p,t~nirnh.
' y. I ha~ Inl ~n ~hr rvrm .,f :~m brrach of ~hi. murt~:.~gr ur drfault .rn thr pan ~,f thc nx~ttgag~~r. ix Ihl in thr r~rnt th:it am of ,:~id
' ,um, ~~f munr} hrrrin rrf~rntii tu t.~ nut prumpU~ and fully p:ud uilh~~ut Jrm.~nd .~r nun~~. or 1~ 1 in thr ~~rm th.u ~a:h and t~rn the
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,upulahun.. .~grrrmrnt~. :unJit~~~n.. :~nJ ~uvcn:int. uf nv~e ~n.l Ih„ pllNlb'db't. .lfl' nuI Jul~_ prumpll~. ~nJ full~ pcrti~rmrJ: thrn in
rithrr or ~u:h rvtm. lhr ~:uJ a~treg~le .um mrnu.~nrd m.a~d n.~tr thrn rrmairug unp:uJ, w uh inlrrr,t :+c:rurd to ihat umr. end .?II
~iwnr~,.r:urcd hrrrb~..h:~ll hr~~~mz du~ anJ p.~~.~hlr lorth.~ith. „r ~hrrr:Jtrr. el thr ~~I~un +a~J rn~~rtga~e~. fulh anJ :umplrt~h a~
- d ail af thr .:~i.i ,um. uf rrKiney «rrr vr~ginall} ,tipulalril t.~ hr p.uil un .urh Ja~. am th~ng in ~nJ ni,t. ur i~i th~. nwatcaar tu thr :untran
~ulwith,t:uul~ng: and Ihrrru~x~n ur thrreatirr, a~ ~hr upt~un uf w~J m.,rtgag~r. wuhutit nut~.r „r Jr~n.fl1~I. ~U11 .U IdN ~N i0 ~yuit~. m.t~ hc
prn.rcutr.l a. if all nxrn~~..atiur~J hrr~h} had nieturctit pn~~r t~~ it. ~n.tituu~,n. f hr nwr~g.~gr~ ma~ Ir~r:~~~,c thi. nh~r,gagr_ to thr
enxainl .r~ Jrcl:~rcJ ~ur anJ payahlr. .m.l thr wiJ prrm~.r. ,h.ill M+.~IJ t~~ ~au~f~ anJ pay thr ..~mr a~grthrr with cv.t.. ~~~xn.ec. anJ
all~~N.~n?c~ In ~~I pa~l~.~l turril~~~ur~ ut Ihi? ~n~r~lb.~ga. !he murlg.~grJ pr~m~.r, ~h:~ll h~ vrld ~t~h~a'il 1.~ ~h~ :unhnwng lirn ~~l lhi~
nk~~l~.~~;~ ~~~t th~ .uuuum „f Ihr ~leh1 nu1 thrn Ju~ :~nd unp:ud In .u:h :a.r ~hr pr~~~~.n~m uf Ihi, perag~aph rn:t .i~:un tti a~.ulcd uf
lh~rr.aflrr ft~~m I~mr tu ttmC h~ ihr m~~rtgagrr.
- I11 1 h.u thr m~~r~~a~:ui H~II gnr ~mmrJ~.~~r nut~.r b~ mr~l tu thr nwilgagrr.~l .~ny ~.,mr~.~n~~. tr.~mf~i. ~,r changr.~Y..Wnri.hip uf
Ihr pirmi,r..
11 1 het yAiYtr OLany u~Yrnanl hrrr~n ur ~~I thr ~~hhE:~h~~n .~-~urrd h~rrh~ ,h.Jl .?t _~n~ un~r Ihrrrafler t+~ helJ to hr .t wencr vf
Iha ta ~ m. h~ rt~~t ~i~ 1~1~ n~,tr ,ccurcJ hcrchy.
- I_'. 1 hat ~f thr nN~rt?.ig~~r deF~uh ~n an~ uf thr :u~ en:int~ ur ag~eemcnt~ ;.~ntainrd hrrrm. ~x in wiJ tti~tr, tAen the murtg.~grr ~na~
pr~fi~rm thr +.anr, .~nJ ~!1 riprnif~turr. iirxluJmg rea~unaAle ~twrney s fce.l ~naJe by the muitg.~~rr ~n d~nng ~hal{ JraN intere.t at the
rate ,et Gxth in the no~r .rcurc~l hrrrh~. :,n.l shall br rrpayable ~mmnliatrly anJ w~th.~ut drmanJ b~ the rtwrtgagur tu the rrw~rtgagre, anJ.
t~~grthrr w uh mtcr~~t anJ c~~,t.:~,~rwng thrreun..hall br .ecurrJ hy th~. m~.rtKagc.
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