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2. That, in onler mure fully to prutecl tAe ~cunty of th~s mui~ga8r, the murt~x, t~~ethtr wnh, arxi ~n aJd•.iwn tu, the nrmtAly
paymentx umicr lhe terms of the nute saured hcret~y, un the fint Jay uf each monlh unul the ~aK1 nutr fully paid, w~ll pay iu thc
mort~a~ee lhe fullow~ng wms:
la) An amount wfficient ~o provide the hdJer herwf wuh funds to pay the aeat mort~e inwra~ce p~emium ~f th~s inurumen~ and
the note sccurcd hereby are insured, a a monthly chute (in licu of a mort~a~e iroucance premium) if they ue held by the
Secsetary of Housin6 and Urban Development, as folbws: •
(1) If and so lan~ as said note d even date and this inurument ue iasurod or are rcinsu~ed urnie~ the ~rovisions o( the
National Nousin= Act. an amouM wtt`~cient to aocumulste in the hands d the holdu one l l l month prior to its due date tAe
annual mott~e insu~ance premium, in order to provide such hdder with funds to pay such premium to the Socretuy of
Housins and Urban DeveloQment pursuant to the Na~ional Hauins Act, as amended, and applicable Resulations
thc~eunder; or
fll) If and so lon` as said note~deven date aod this imtrument ue held by the Secretuy of Housie?a and UrDan Devebpment,
a rtwn~hly cMr`e lin lieu of A mortgage in~urance premium) which shall be in an amcwn~ equal to one-twelfth (1112) of
w~e-half I~i) per centum of the avera~e outstuxlina balance due oa the aote computal without tatins ioto aocount
delinquencies or prepayments;
(b) A wm equal to the ground renu, if any, next due, plus the premiu~ that will next beoome due and payable oo policies d Rrc
and other haurd insurance coverin` the mortgageef propertY• plus tanes aad as~nts next due on thc mortgs~ed propertr (all
as atimated by tbe morisasee) less all wms already pzid tAcrefor divided by the number of months to elapse before oae month
prior to ihe d~le whe~ such ~ound «nts, premwms, tues, and axsessmenls will bocome delinquent, such sums to be held by
moN~asee in trust a pay wid 6roond rents, premiums, taxes, and specid assessments: and
lc) All paymeats mentioned ia the two proceding subaectio~ of this parssraph a~d all payments w be made uader q~e note socurod
herehy shall be addod to~tther and the aagegate amount thereof shall be paid by the mo~t~sgo~ each month in a sinsk payment
to be applied by the mortgagee to the fdlowing items in the order set fortA:
(1) prcmium charges under the contracl of i~uurance with the Secrelary of Housing and Urban Devebpment, or montAly
chu6e (in lieu oi matga~e insurance premiuml, as the case may be;
lll) tround rcnts, tues, assessments, fue. and othe~ hazard insurancs ptemiurtu:
(111) interest on the nWe securod hercby; and
lIV) amortiution o( the principal of said note. .
Any Jeficinncy ~n the amount of such aggrcgatt monthly payment shall, unlas made ~ocx! by the marty~~~x prior to the due datt of
the nex~ such payment, curuutute an event of default unJer this mortg~ge. The mortga6ee may collect a"late charge" not tu exceed two
cenu 12e) for each dollar ISI1 of exh pxyment m~xe than fifteen (IS) days in arrean to cover the extra eapense involved in hantlin~
delinquent payments.
3. That if the tota! of the payments made by the awngagor un~kr lb) of puagraph 2 preceding shall excccd the amiwnt of the
payments acwally ma~ie by the mixtga~ee, for ground rents, taxes and zss~ssments and insu~ance premiums, as the czse mar be. wct.
excess a~ ~he op~ioa of ~he morcQatee. shall, ~e credi~ed on subsaquea~ paya?enu eo be made by ~he mor~apr. or refunded to the
mortga~or_ If, however, the monthly payments mede by the mortgagor under lb) of para~aph 2 preceding shall not be sutficitnt w pay
ground ronts, taacs a~xi assessments and insurance premiums, u the case may be, when the same shall become due •and payable, thea the
mongegor shxll pay to the mortgagte any am~wnt necusary to ma?e up 1he deficienc.y, on or before the date when payment of wch
ground rents, taxes, assessments, or insurance premiunu shall be due. lf at any time the mortgagor shall te~uler to the mortisaee i~
xwrcla~ce with lhe provisions of the notc secured hereby. Cull payment of the entire indebtedness repraented thereby, the mortgagee
shall, in compuung the amount uf such inJebtalncss, crodit to the account of the mortgagor all payments made under the provisions ot (a) ~
of paragraph 2 hereof which the mortgagee hu oot bccome obligated to pay to the Secrcury of Housing and U~ban Developmet(t and any _ 1
balance rema~ning in the funds ascumulatal u~xier the provisions of (b) of said paragraph 2. If there thall be a default under any of the ;
provisions of this mortgage. resultiog in a public sale uf thc premises covered hereby, or if the mortgagce aoquires the pruperty otherwix i
after default, the mortgagee shall apply, at the timc of the commencement. of such proceeclings or at the ume the property is otherwix
ac.quiral, the Da{ance then remaining in the funds accumulated under (bJ ~ paragraph 2 preccYling as a crcaiit against the amount of
principal then r~maini~~ unpaid urxier said note arni shall properly adjust any payment~ which shall have becn a~ade under lo) of said ~
~~~aPh {
4. That he will pay all taxes, asxssmentt, water rates, arni other governmcntal or municipal charges. fines, or impositions, for which ~
provisiwn has not been ma~1c hrreinbeforc, and in Jefault therrof the mortgaget may pay the same: anJ that he v~~ll promptly deliver the
offitial reieipts therefur to the mortgagea #
i S. That he w~ll permit, commit, cx suffer rw waste, impairment, or deterioration of said propeny ~ any part thercof: and in the event
of thc failure uf the mortgagor to Iceep the builJ~ngs un said premises and those ~o be crected an said premises, or impruvements thereon.
; in guoJ repair, the mwtgagee may make such repairs at in its discretion it may dcem necessary for the proper prexrvation thereof, xnd
! the full amount of exh and every such payment shall be immaiiatdy due and payable, and shall be secured by the lien of tfiis mortgage. ;
6. That he w•ill pay.all and singular the costs, chugcs. and expenses, iocluding reasonaMe lawyer s fees, and costs of abstracts of tiUe, :
E incurra! or paid at any time by thc mortgaaee because of the tailure on tht part of the mortga6or pmrnptly and fully to perform the F
~ agreements and covenants of said promissory nae and this mortgage, and said costs. charges, a~x1 expe~ua shall be immediately due and ~
~ payabk and shall t+e secured by the lien of this mortgag~. ~
7. That he will keep thc improvements now existing or he~eaher ercctod on the mortgaged property, insured as may be requirod from
t~me to time by the mortgagee against loss by firc and other hatards, cawlaties, u?d contittEencies in such anwunts and for wch periixls u
; may be requiraf by mortgaaee, and will pay promptly, when duc, any premiums on such insurance for payment of ahkh provision has not
~ been made hereinbefora All inwrance shap be carriod in companita approved by a~ort~a~oe and t1rc policies and reoewals theroof shatl $
~ be heki by mortgagee and have attached thercto I~ns payable clauses in favor oi and in form acceptable to the mortgagee. In event af loss }
~ he will give immediate notice by mai! to mortgagee, and mortgagee may make proof of bss if not made promptly by mortgasor, and each ~
~ imurance company concerned is hereby authoriud and directed to make payment fw such lass directly to mortgagee inAead d to g
s mortgagor and mortgagte jointly, and the insurance proceeds. or any part thereof. may be applied by mort6agee at iu option either to the ~
reduction of the indebtadness hereby socured or to the restoration or repair d the propaty dama=ed. In evrnt of foreclosure of this ~
" rtwrtgage or other transfer of tide to the mortgaged property in eatinguishment ot the indcbtedness secural hcreby, all right, tiUe, and i
~ intercst of ~he mortgagor in anJ to any insurance policies then in force shall pass to the parchaser a grantee_ ~
~ 8. That the mongagcc may. at any time ptnding a suit upon this mortgage. apply to the court having jurisJiction thercof for the ~
~ appointrixnt of a recciver, a~x1 such coun sfiall forthwith appoint a rtceiver o( the premisa oovered hereby all a~x1 singular, including all
~ and singular the income, profits, issua, and revenua kom whatever source derived, each and every of which, it beins expressly ~
~ underst«xi. is hereby mortgaged as if specifically set forih and described in the granting and habendum clauses heroof, and wch rceeiver
~ shall have all the broaJ anJ effective functions and powen in anywise entrusted by a court to a recciver, and su.;h appointment shall be ~
made by such court as an adm~tted aquity an~! a matter of ahsolute right to said mortaagee, and without rcference to the adoquacy or i
madequacy of the value of the propcrty mortgaged or to the solvency or insdvency of said mortgagor or the defendents, and that such ;
~ rents, profiu, income. iswes, and revenua shall be applied by such receiver xcordin~ to the lien of this mortgage and the prxtice of wch ~
court. In the event of any default on the part of the mortgagor hercunder, tbe mortgaaor a~rces to pay to the mortgagee on demand as a
- rcuonablt monthly rcntal for the premises an amount at least oquivalent to one-twelfth 11112) of the aggregate of tht twelve monthly
~ installments payable in the then current year plus the utual amount d the annual taues, ai.xssments, water ratcs, and inwrance premiums
for su~:h year not covered by the aforesaid monthly paymcnts. '
- 9. That (u) in the event of any breach of this mortgage or defauh on ~he pan d the rtwngagor, or Ih) in the event that any of said '
sums of r~wney herein referred to be not prompUy and fully paid without demand or naice, or Ir) in the event that exh and every thc ~
stipulations, agreemeots, conditions. and covrnan~s of uid nae and this m~xtsaae, ue not duly, promptly, aod fully performed; then in ~
t~ther ~x any such event, thc said aggregate wm mentioned in said note then remainig unpaid, with intcrest accrued to that time, and all
- moneys secural hereby, shall bccomt due aod payable forthwith, or thereafter. at tht option of said mixtgagee, as fully and completely u
` if all of the ssid sums of monty werc orig~nally stiputatcd to be paid on such day, anything in said note ur in this mortgage to the contrary i
~ notwhhstandine: and ~hereupon cx ~hereafter, at the option of said murtg~ee. without notice or demanei. suit at law or in equity, may be ~
- pnKecutal as i( all rrwncys socuret! hercby had mawred priur to its instiwtion. The mortgegee may forecknt this mortgage, as to the i
amount so declara! due and payable, and the ~aid premisec shall be wld to salisfy and pay the same together with costs, expenses, and
- aUowances. In cax of par~ial f~xeclrnure vf this mortgage, the mixlgaged premises shall be sold subject to the continuina lien o( this
murtgage for the amount of the debt not thcn due arxi unpaid. In such case Ihc prov~sions of this paragraph may again be availal of
- thereafter from time to [ime by the mixtgager. ;
10. That the rn~rtgagor w il: give immed~ale nouce by ma~l to the rtwrtgagee of any comtyance. transfer, or change of owneRi?ip of _
tht prem~ses. ~
1 I. "That no warver of any covenant here~n ur uf lhe obligation ucureJ hereby shall at any timt thereafter be held w be a waivu of ~
the terms hereof or of the rwte secured hereby. '
12. That if the +rwrtgagor default in any nf the covenants or agreements containcYl herc~n, or in said rwtt. then the mort~ee maY ~
pe~form the same. atri all cxpendiwres I incluJ~ng reasonablc •rttorney"s fcesl madc by thc murtga~ee ~n w doing shall draw interast at the ~
nte set fath in the note ucured hcrcby, and shall be rcpayable immcd~ately and without demand by the mort~agor to the mort~a~es, and. ;
- tu~ether w~th intuesl and costs acc~uing thereon, sha11 be xcured by this mortgage. j
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