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2. That, in orJer rrxxe fully u~ praect Ihe ~un1y oi ~h~s mor~gagr. ~hr murlga~ur, tugcthrr N~th. :~nd in aJdiUun tu. Ihr nwnthly
payrnents under the ~r~ms of thr outr .ccured Arreby. ~~n ~he tin~ dey uf rach mumh umil the .a~d rn~tr fully pa~J, will pay to the
rt?artgagte 1he (ollowing sums:
(a) An amuuot sufficient to provide the holder hereof wilh fun~is to pay the next rtwnea~e inwrin~e premwm if tAis ~nstrument a~xf
the note securcd hereby are insureei, or a mnn~hly charge lin I~eu of a nwrtga~e insurance prcm~um) ~f they ue held by the
Secrc~ary of Hou~in~ and Urban Development, as folk~ws: '
lll If and so lung as said note of even date and this i~trument are insurcvi or are reinsured u~xier Ihe Prov~siuns of the
Natio~al Howin` /1ct, an amount sufTicient to aucumulate in the harnls oi the holder une (1) m~#th prior to its due dxte tAe
annual rtfongage insurance premium, in ~Jer to providc such holder with fund. to pay wch premium to the Secrelary of
Housins and Urban tkvelopment pursuant Iu the Nauunal Huw~ng Act, a~ amenJeJ, arnf applkable Regulauuns
lhereunder; or
1 f Il If and so tong a~ +aid note uf even date and this instrumcnl are held by the Secretary of Nou.ing and Urt+an Development,
a mo~tAly charge lin liru of a m~xtgage in.urance prem~uml wh~ch ahall be in an amount ryual to una~welQh I I1121 of
unrhalf (tih) per centum af the averagr uuWarnling bela~x:t due on the note cumputed withuut takin~ into aocount
delinquencies o~ prepaymznts;
11+) A~um equal to the ground rents, if any, next du~, plus the premiums that will nexl become due and payable on policies of fire
and other halard insurance covering the mortgaged property, plus taxes and a~iessmrnts next dut on thr mcxtgaged properry (all
as estim;ted by the mortgagee) less all sums already paid thcrcf~x diviJed by the numt+er of months to clapse before one month
prior to the date when such ground ~ents, premwms taxes, and assessments will bocome Jelinque~t, such wms to be held by
mc~r?~agee in trust to pay said ground rents, premiums, taxes, and special accessmenu: and
Ic) All payments mrntioned in the tvro proceding sutnections of this paraaraph and all paymrnts to be macle under the note setura!
hereby shall be aJJed t~e~her and thc aggregate amuunt tfiereoishall be paid by the murt~agor each month in a single payment
to be applied by )he mortgagee to the fdlowing items in 1he order set forth:
11) premium charges under the contract of incurance with Ihe Secretary of Housing and l;~ban Development, or rtwnthly
charge lin lieu of mortgage insurance premiuml, as the case may be;
111) grourni renta, tues, asxssments, fire, and othtr huard imurarke prcm~ums;
(1111 interest on the nwe secural hereby; arn1
(IV) amortization of the principal of said note.
Any Jeficiency in the amuunt uf wch aggrtgatr munlhly payment +hall, unlr.s maJe gixxl by the murtgagur pciur W thr due datr o!
~he nexl wch payment, curutitutr an event of default unJer th~c murtg:+ge. ~I~he mcxtgagte may cullec~ a"late charge" nut to rxcrrd two
cents 12c) for each Jollar tSl l of each payment more than fifteen tIS? ~1ays in arrean to covrr the eatra expeme invulvcvf in harniling
cielinquent paymenta.
3. 7~hat if Ihe tutal uf the payr?~nt+ maJc by the murt~agor unJer Ibl uf paragraph 2 prc~eJing shall exreeJ the emount of thr
paymems actually msde by IhC m~xtgagce, fur gruund rents, taxes arxl asseasmenls and inwrarne prem~ums, a~ the case mey be, suct.
excess at the optioa of the mort~asce, shall, be credited on wbsoqucnt paymeats to be made by the mort~a~or. or refuadod to the
mortgagor. If, huwever, the rtwnthly payments madr by th~ mortgagor unJer 161 of pxragraph 2 pre~eding ~hall not be sufficient w pay
gruunJ rents, taxes and :wet+mrnt+ ~nJ in~urance prrmium+, a~ thr case may be, wAen tl~e +:?me shell b~come Jue ~nei p•ayable, then thr
mor~gagor shall pay to the mortgagee any amuunt ne~~,ary to make up the Jeficirrky. on ~x t+eforr the Jate when payment uf wch
grounJ rents, taxcs, as.x~smrnts. .x insurarke premiums shall br Jue. If at any time the mortgagix shall trrxicr to ~he murtgagrt in
accordance with the proviuon+ uf !he nutr x~:ureJ hereby, full payment of tht entire irxlebtninc~s representrd thtreby, the rrarlgagee
shall, in computing the amuunt u( such irnlebtednns, creJit tu the account of the m~xtgag~x all payments maJe under tha provisiuns uf (ul
of paragraph 2 hereuf which thc mortgagee has nut becume obligatai to pay tu the Srcretary of Huusing a~xi Urban Develuprtxnt arxi any
bal3nce remain~ng in the funJs eccumulate.i unJer the provi.iom of (b~ of +aid par:~graph 2. If there shall be a defaull under any of the
provisions of this matgagr, rr~ulting in a public ~:.le uf thr prcm~~r~ coverrd herehy, or if the mcxtgager acyuirec thr prupcrty otherw ~sr
after default, the mortgagee shall apply, at the time uf thr commencement of ,uch pnx:erJings ix at tha umz ~he pruperty i~ utherNiu
acquired, the balance then remaining in ~he funds accumulatrd unJer Ih~ uf paragraph 2 preceding as a crnlit agaimt the am~~unt of
principal then rcmaining unpaid urxler ~aiJ note anJ shall pruperly adjusl any paymenls Which shall have bren made under lu) uf ,aid
paragraph:
~l. "That he will pay all tate~, a*ce~smenh. Nater ratr+, anJ whrr guvrrnmental or mume~pa~ ~h~rgc~, fintc, or im{x»itiom. fur which
provision has not txen maJe hrreint+efore. and in default thereuf the mixtgagre may pay thr ,arr~: and that he ~+ill promptiy drliver the
! of'Flcial receipts therefor to the morigagee.
~ 5. "Thet he will permit, commit, or sufTer no wa,tr. ~mpairmenl, cx Jeteriorauun ~~f ~aid pruperiy or any p•rrt Ihereuf; and in the event
~ of the fa~lure uf the mortgngur to Aeep the buildmgs on saiJ premiscs and thuse w be erecteJ un ~a~J prem~ses, or impruvements therron,
I in g~x~ repair, the mortgagee may make such rcpairs ac in its diuretion it may deem necessary (~x the proper prese~vation thereof, and
f the full artwunt uf each anJ every ~uch paymeot tihall be immeJiately due anJ payable, atxi shall be secureal by tht lira of this mort6age_
6. "~hat he will pay all arxl .ingular the co,ts, charges, and expenus, including rrawnable lawyer'x fees, snd c~nt~ of abstracts of title.
~ incurrcYl or paid at any lim~ M1y the mortgagec because of the failure on the part ot the mortgagor prumpUy and fully to perform tht
~ agreement+ anJ covenants of wiJ prumi~tiury note and this mu~tgage, and ~a~d ccxsts, charges, arxl exprnses shall bt immrJiately due and
E payable and shall be secured by the Gen uf this mwtgage.
~ 7. ~lha1 he will kecp the ~mprovemcnts now existing ur hereafler erectod on thr mortgaged property, ~mured as may t+c requir~d Gum
i t~me to time by the mortgsgrr ag~inst loss by fire anJ uther hazanls, cuulaties, and cuntingencies in suth 3rrwunt, and fur cuch perwxls as
~ may be required by mortgager, :+nJ will pay prompUy, when Jue, any prem~urns un sucA iasurance for payment of which pruvisi~n has not
been macle hereinbefore. All insurance shall be carriod in companies approved by mortaasee and the policies and renewals tbeteof shall
~ t+e h~ld by mortgagee anJ havr attacheJ thercto loss paysbie clauus in favor of and in furm acceptable to the rrartgagre. In event of loss
~ he will give immediate notice by mail to mortgager, acJ rtwrtgsgce may make proof of lo~s if not made prumpUy by mixtgagur, ancl each
~ insurance company cc?ncernrd is hereby authoriud and J~rectcd to makc payment for such loss J~recUy to rtwrtgagre instead of lo
; rtwrtgagur arxi mcxtgagee jointly, anJ the insurance pnx.ceJs, ur any part therrnf, may t+e applied by rtwrtgagre at its option cither to the
~ redu~tion of the irnlrbtedne~s hereby secured or to the rruoration or rrpair of the propetty damaged. In event of fureclosure of this
~ rrwr~gage or other transfer of tiUe w the murtgaged property in eatinguishmenl ~~f the indcMeJnss se~ureJ hereby, all righl, tiUe. and
~ interest of thr mortgagix ~n anJ w any inaurance policies ihen in (orce shall pasa to thr purchase~ or grantre.
8. 7ha~ thr mortgagee may, at any time penJing a suit upun this mortgage, apply to the court havmg junxl~cliun ihereuf for the ,
~ ap~wintment ot a recciver, and such court shall forlhwith appoint a receiver of 1ht premises covered hereby all arxl ~ingular, incluJing all ~
~ anJ singular the incume, prufits, issues, and revenues from whatevtr source derived, each a~x1 every of wh~ch. it being expressly
s~ understo«1, ~z hcreby mortgagrd as if spa.ifically set forth and dcscnbed in the granting and habenJum clauses herrof. and such receiver
~ shall have all lhe lxoad and efiective functions and powers in anywise entrusted by a court to a receiver, and ,uch appomtment shall be
made by wch cuur! as an admiltrJ equiry anJ a matter of abwlute right to said mortgagee, anJ withoW rcfcrerke to the adequacy ur
~ inaJequacy o( the value uf the property rtwrtgaged or to the solvency or ~nsolvrncy of said rtWrtgegor or the Jefendent~. and that cuch
~ re~ts, profits, income, issuea, and revenues shatl t+e apptied by ~uch receiver according to the lien of this rrwrtgage anJ the practice of such
= court. In the event of any default un the part of thc rrwrtgagor hercunder, the mortgagur :?6rees to pay to the mcxtgagee un demand as a
reasonable monthly renta! for the premises an amount at least equivalent to one-twcltth 11/121 of the aggregate of thc tw•clve monthly
installments payable in the thrn current ycar plus the acwal amount of the annual tues. usessments, water rates, and insurance premiurn~ ~
y for such year nol covered by the aforesaid munthly payments. ~
9. That (u) in the event of any breach of this m~xtgage or dcfault on thc part of the mixtgagor. or Ihl in the evcnt that any of said ~
sum~ of money herein referred to tx not promplly and fully paid withou~ demanJ or not~ce, or Icl in thr event that each arxi every the i
supulationt, agreementc, conditions. ~nd covenants of said note anJ this mortgage, are nw duly. prompUy. arni fully perfurmni: then m ~
` ci~her or any such even~_ !he w~d aggregate sum mentiuned in said nwe then remainig unpa~d, with intere,t accrued to that time, arnf all ~
rrwncys u~:ured hereby, shall t+ecomr Jue and payable f~xthwith, or thertaRer, at the option of said mextgaget, as fuUy and completely as
if all o( the wid cums of monty were cxiginally stipulatrJ lo t+e paid un wch day, anything in said note ur m th~. mortgage w the cuntrary ~
rwtwithstanJing; and thereupon ~x thercafter, at the c~?tioo of s:~id mortgagee. wuhvut rxitice or demarxl. ~u~t at {aw or in cqu~ty. rt?ay be
prinecuteci ati if all nwneys xcured hereby had mawreJ prior to its in+liwtion. !he mortgagee may forrclux this nxxtgage, as to the ~
" artxwnt sc~ Jeclared due and payablr, and the caid prem~xs chall t+e wld to tiatiify anJ pay the tiartx together with cvsts, eape~ses, and ~
allov?ance~. In case uf partial kxeclu~ure of th~s mortgagr, Ihe morig;~grd premisen shall tx wIJ +ubjtcl to the cont~nuing lien of this ~
rtwrtgage for ~he amount of the Jebt not lhen due and unpaiJ. In ~uch ca~e the prov~.~uns uf th~s paragraph may agam i?e availed u( i
i;herraCter from t~me to time hy the mixtgagce. `
10. (hat the rtx~rlgagur will give ~mmeJiate not~rr by ma~l Iu thr nx~rtgag~n uf any cunveyance. transfer, ur change of ownenh~p uf ~
the premise~. }
r`3 1 I. fhat no waiver of any cuvrnam here~n ur of thr ubfigaliun ~ecureJ hereby ~hall a~ any t~me thereafter be held w be a wa~ver of ;
- the terms hereuf or of the rxrie srcurrJ hereby. ~
12. l~hat i( the murtgagor drfault in any of the covenants ur ~greemr~b cuntaineJ herem, ix ~n saiJ twtt. Ihen the mixtgagee may f
perform thc same, anJ all eape~d~wres IincluJ~ng rra~unablr anurnty'+ fecsl maJe by ~hr m~xtgagee ~n w Joing shall Jraw intereu at ihe ~
: rate set f~xth in tht note SecureJ hcreby, and chall t+e repayablc immeJ~ately aod withuut Jemand by the mortgagur to the nwrt~a~ee, and. ~
~ wgelher wilh ~nterest and ccnts aceruing thereon. shalt t+e xcureJ by lhia mortgage. s
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