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2. That, in ~xder murr fuily to protect the security of Ihiz rtwrt~aYr. thc murtg:~gur, tugtthrr wi~h, arnf in aJd~t~un t~~. ~hr nk~nthly
payments unde~ the termc uf the nutr ,ecured hereby, on tAc fir~t Jay uf rxh munth until tht ~aiJ nu~e is fuily paiJ. M~11 pay tu the
morlgagee thc fi?Uuwinb cum~~
(a) An artwunt suffk;irnt w prov~dc the holJer hereof witA funJs tu pay the next mortta~e inwrance prem~um it this imtrument and
~he nute secured hereby are inaurai, or a monthly charQe lin litu af a awrt~a~e ins4rance promium) if Ihey are held by the
Sccreury uf Housin~ and Urban Devtlopment, as fdbws:
ll) If and w lun~ as said ~wte of even date s~1 this irutrumenl ue insured ar are ~rinsurcd under the vrovis~ons of the
National Housine Act, an amaunt wtTicient to aaumulate in the han3i of ~he !x>IJer one 111 montA prior to its due date the
annual mort~age insurance premium, in ~xJer to proviJe such hoWer with funJs ta pay ~uch premium to the Secrctary of
Huusin~ a~d U~ban Development pursuant to the Nati~x?al Nous?n~ Act, as amrnJed, and xpplicable Rrgulat~un~
lhueunder, or
1111 IC anJ w lung as said note.of rvrn Jate arxl this uutrument a~e heW by thr Stcrctary of Hou.~ng aixl l:rban [kvelupmznt,
a rtwnthly charge lin lieu of a mungage insurance premiuml which shall be in an artxwnt cyual to onrtwrlf~h 11l121 of
one-half t'h 1 per centum of the average outstanding balance due on the note computod without taking mto aoawnt
delinquencies or prepayments;
Ib) A aum equal 1o the ground rents, if any, neat due, plus the pramiurtn that will pext becomr due arxi payable an policies o! fire
a~x1 uther hazard insurance covering lhe mortgagai property, plus taxec and a~essments next due oo the mor~gaged properry lall
as estimated by the mortgageel less ~all sums already paid therefor dividod by the nember of months to elapse bsfore one month
prior to the date whrn such ground rents, premwms, taxes, and assessments will become delinquent, such ~ums to be held by
rtwrtgagte in trust to pay saiJ ~round rents, premiums, tatta, and spe~ial assessments: and
Ic) All payments mentioned in the two proceding subsections ot this paragraph and all payments to be made under the note ucured
hereby shall tx added together and the agQreeate amount thereof shall bt paid by thC rtwrtgagor each month in a single p:?yment
to be applicd by the morlgagre to the following items in the wder set forth:
ll1 premium charges under the cuntract of insurarn:t with the Secretary uf Housing and Urban [kvdopment, or rtwmhly
charge (in lieu of mor~gage insurance premium), as the case may be;
I!U g~owxl rents, taxes, acses.sments, fire, and other hazud insurance Fxemiums;
1111) interest un the note securdd hereby; and
(IVI amortitation of the principal of said note.
Any deficiency in the emuunt ul' wch aggregate m~mthly paymrnt ,hall, unlr~s made g~wd by the m~xtgag.x prn~r to thr dur date of
the next such payment, constiwte an tvent of de(xull under Ihis morigagr. ~The mortg~gee may collatit a"late charge" not to exceed tw~o
cenu ~2c1 for each Jollar IS11 of each paymenl more Ihan fifteen 1151 Jays in arrears tu covrr the extra expense involved in ha~xlling
delinquen~ payment~.
3. That if Ihe 1a1a1 0£ the payment~ made by tht mongagor undtr Ihl of paragraph 2 prrteJing ~hall rrceed thr :~nxwnt of thc
payment~ acwally m:rite by 1he murtgagre, f~x ground rentc, tatts and atuYSments and insurarwe premiumc, as the rax may be, suc~.
excess at the option of the mongagee, shall, be crcdited on wbsoquent payments to be made by the monsaaor, or refundod to the
mortgagor. If, however, the monthly paymrnts m:xie by the mongagor unJer ibl of p•rragraph 2 preceding thall not be sufficient tu pay
grounJ rents, taxec arni a+~cessm~nts and insurance premiumc, ati the cace may be, when the ~ame shall t+e~~me Jue and payable, then ~he
mortgagor chall pay w the m~tgagee any amount necessary tu make up the deficirrxy, un ix brfore the date when paym~nt uf ,uch
grourxi rents, taxes. asse~cm~nts, or imurance premiums +hall tx dur. If at any time ~he m~x~gag~x shall tender to the mortgagee in
accorda~ce with Ihe pruvicions of !he oote ~ured hereby, full paymcnt of the entire irxleMednres reprrcentrd thereby, the mortgagee
shall, in cumputing the amoum of such indebtedness, credil to the ~ccount uf the mcxtgag~x all paymenls made under the provisions of (u)
uf paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urt?an Devebpmerit and any
balance remaining in the funJc accumulated urxier Ihe pruvisium uf Ibl uf ~aid paragr:+ph 2. If there chall t+r a default urxler any uf the
provi,iom of this m~xtgage, resulting in a public sslr uf the premuc~ cuverrJ hereby, or if the murtgagee acyuires the property utherw ix
after Jefault, the mortgage~ shall apply, at the time of the commencement uf ~uch pra:eeding~ or at thr t~me the property i+ uthrrwix
acquirc-~1. Ihe balancr thrn remaining in the fundc accumulateci unJer (hJ of paragraph 2 precttiiing as a creelit against the :~mount of
principal then rem:~in~ng unpaiJ unJer ~aid nutr and +hall pru~rly adju+t an~ paymentc Nhich ,hall havr txrn made under 1u) of .aiJ
paragraph.
4. "~hat he will pay all taxe,, s~+e+~mrnt~. Nater rat~~. :mJ iNher governmental ur municipal chsrge+. fine+, or ~mpositiun+. tor whirh
provision h3s not M1een made hereint+rfure. ~nJ in Jefrult thrreuf the m.xtgagre may pay thr ~ame; snd tha~ he will promplly delivrr the
official rccr~pts therefor tu thc murtgagrr.
; 5. l hat he will ptrmit, cummit. or.uffer nu w:~~te. ~mpairment,.x drterioratiun of.~id pruperry or ~ny prrt thereof; anJ in the rvent
E o( th~ frilure o( the murtg~sur to Lerp the buildingti on wid premisr. anJ thu~e to t~ errcted on said premix-~. ~x impruvements th~rrun.
I in gcx~el repair, the nx~rtgrgrr may male wch repain as in il+ Ji.cretiun it may dtem necc~sary fcx the pr~prr preservation thereuf. anJ
~ the full arrnwnt of each anJ every wch payment ~hall be immr.iiatel~• due :x~d payahle, •rrxl shall be xcure-~l by Ihe lien of this mortgage.
~ 6. That he wdl pay ali and ~ingular the c~u, chargr~ and rxpenses. ~ncluding reasonable lawyer's fre., anJ co~ts of abstracts of title. :
i incurr~tl ur paid ~t any time bq Ihe mortgagrr t+ecau~ uf the failurr uo the part of the rtwrtgagor prumptly and fuUp to perform the ,
3 agreements arxl covenants of wiJ pr~mi~+ury note and this murtgage. and said coats. chrrgec, anJ expense+ tihall be immeJiately Jue and
~ payablr and sh311 t+e secured by the lien of thi~ mortgage.
~ 7. Thal hr will Aeep the improvemena nuw exi~ting ur herrafter erecteJ on 1he murtgag~l property, imured as may tx reqwr~Yi from
E time tu time by the rtwxtgagee againu lo+s by fire and uther ha~ard~, casulaties, and contingetxies in such artx~unts and for such perivJs ati
e mey t+e requ~reJ by mortgager, and ~ill p~y prumpUy, when due, any premiums on such insurance for payment of which pru~i,~on ha, not
~ been made hereinbefore. All insurance shall be carried io companies approved by mortgagee and the policies and renewals thereof shall
be held by mong:+gre ~nd ha.~e attrched therrw loss payablr clauszs in favor of anJ ~n form acceptable to the mortgagee_ In even~ of Iens
y he N•ill give immediate notice by maii to murtgagee, arxi rrk~rtgagee may ma1.e pnwf of loss if ~wt made prompdy by matgagor, anJ rach
~ insurarxr rumpany cuncernrd i, hrrehy authuriceJ and JirctiteJ to make payment for s~ch lins directly to mortgagee imtead of to
mortgagur and m~xtgager juintly, anJ ihe insurance proceeds, or any part thereof, may be applied by morigagee at its option either to the
~ reductiun uf the inJebirJness hereb~ securcYi or to the rrstor.ition or repair uC the property damaged. In event of forcclinure uf this
mortg:~ge ur uther transfer of IiUe So the mortgaged pruperty in extinguishment uf the inJebtainess secured hrreby. ali ngh1. title. anJ
~ intere~l of the murtgagar ~n anJ to any insurance policicK thrn in force shall patis to the purchaser or grantee.
~ 8. -fhat the murtgagee m•ry. at any time penJing a suit upon this m~~rtgage, apply to the court having jurisdiction thereof for the
'`a,,, appuintmem of a rcYeiver. anJ ~uch rourt .hall forthwith rppuint a receiver of the premi~es cuvered hereby all and singular, ir?cluding all
anci +inbular the ~r?cume, prufit~. i~tiur+. anJ revenue.r Gom whate~~er wurcr deriveJ, each anJ every of ahich, it being expressly
~ undentuixi. i~ herehy mortgaged :+s if ~pe~ifically s~t furth anJ de+cribeJ in the granting and habenJum clauses herrnf, and such receiver
~hall havr atl thr bruad anJ rtTectivr functium anJ ~oN~ero in anywisr entru~ted by a court to a receiver. anJ ~uch appointment sball be
~ maJe by ~uch cu~rt a~ an admitteJ ryuhy anJ a matter of abwlute right to ~aid mortgagee, anJ NitF?oW reference to the adcyuacy or
inaJeyuacy uf thc valur of the property mortgagecl or to the tiolverxy or insolvrncy of said rtwrtgagor or the Jefendents, and that such
~ rents, profits, income, i~sues. ar?d re~•enur+ ~h~ll t+r applieJ by wch receiv~r according to the lien of this murtgagt and the practice of such
court. In the event of any Jefault on the part ef the rrwrtgagor hercunJer, the rtwrtgagur agrees to pay to the mortgagee on demanJ as a
~ rea~unablr munthly rental fur the premises an amuunt ~t teast eyuivalerft to one-twelfth 11/121 of the aggregate of the tNelve monthly
a
installment~ payahlr in the Ihen current yrar plus Ihe actual amuunt of Ihr annual ~axeti. :utes~ments_ water ratrs, and insurance premiums
~ for such year not covereif by lhe afcxecaid monthly paymentc.
9. fhat Iu1 in Ihe e~ent uf any breach of thi~ murtgagc or Jefault un thr part uf the rrN~rtgagor. .x Ih) in the event Ihai aoy uf ,aid
+um~ uf muney hrrein referrctii to t+r not prompUy and fully paid Nithuat demanJ or noUCe, ur Ic) m the evtnt that each arxi every~ the
- stipulatium. agreemrnts, conditium, anJ a~venants of said m»e and this. murtgagr. :~re not duly, prumptly. anJ fully performed: thr~ in
;3 either ur any tiiK h event. the +a~d ay,grrgate ,um mentiuned in tiaid notr then rrma~nig unpaid. w i~h interest accrued to that time, an.i all
moneys ~erurrJ hereby. ~hall brcume due anJ payable forthwith. ur thrrraftrr. at the upuun uf caiJ mur~g:~gee. as fully and comptetely as
if all uf the wid +ums uf rm~ney wrre orig~nally ~upulateJ to br paiJ on such Jay, any~hing in +aiJ note ~~r in thi~ mortgage ti~ the ton~rary
aotwith~tanJ~ng; and therru{wn or thercafter, at the option of ~aiJ rtwrtgager, Nithuut rwtice or demanJ, suit at law or in equity, may be
prutiecuted as if all nx~ncys secured hereby had maturetit priur tu its fmtitutiun. I-he mu~igagee may forecline lhis mortgagr_ a~ to the
amuunt u? Jeclared Jue :+nJ payahlr. anJ Ihe tiaid prrm~~e~ tihali be wld tu tiali~l} ~nd pay the wmz togethcr wiih ccnts, expenses, and
_ allowance~. In case of partial fureclutiure uf this m~irtgage. 1he murtgageJ premi.e~ ~hall he xrlJ tiub~ect to the continwng lien uf thi•
nx~rtgage for ~hr amount ~~f ~he Jrht nut thrn due anJ unp~iJ. In .uch c:~~e thr pruvniunti uf thi. paragraph may again t+e availeJ of
~
thereaflrr from timc tu ume hy the murtgagrr.
' 10. fh:~t the nu~rlgagur w ill givr ~mmrJiate nuticr by mail to the rrk~rtgagee uf any cunveyarxe. tramfer. or change uf ownership of
lhe prrmi~e~.
- I 1. I hat nu wr~~~rr of an~ cuvrnam herr~n ur uf thr uhhgatiun ,ecureJ hrreby .hcdl at an~ time thereaRer he htld to t+e a waiver of
- the trrm~ hereuf ur uf the nutr +rcureJ hereby.
r~F 12. That if Ihe rrH~~tgsgur drfauh in any uf the :ovrnants or agreemenls wntainrJ herein. or in w~J nc~te. then the mortgagte may
perfurm Ihe +ame. arxl ali exprnJitureti Iincluding reawnable auorney', feesl maele by ~he mcxtgagr~ in w doing chall draw• interest at the
rate +cl fexth in the ~wte secureJ hereby. anJ ~hall be repayablc immc~iiatdy and without demanJ hy 1he mortgagor to Ihe rtwrtgagee. and.
rogether wilh interest anJ co+ts accru~ng thereon. 4hai1 t+e ~ecureJ by Ihi~ mortgage.
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