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2. Ihal. ~n ~xJer murc fully tu prulc~t thc +rcunty uf th~~ nx~rt~;a~r. ~hr m~~~~g.,g.~r. tugr~hrr wu~. an~l in addiuun t~~, thr nw~nthl~
payments unJrr the tcrms .~i ~hr nutr .rcurati hrrrhy, on thc fii.t J~~ ui ra:h m.~n~h unul ~hr +•r~J MNC i~ ~UIIy' ~81~I. NIU ~lA~ lU ih~
nwrtgagee thr fi~ll.?v?~ng sum.:
(al An amount wfficitnt ta pruvide 1he hulder htra?f wilh funds ta p:+y thr ntxl m~utgagt ~nsuran~r premium ~f 1h~~ ~mtrumrnl anJ
~he note securcd hereby are in~ureJ, or a inonthly charge ~in lieu of a m~utgage msurarxe prem~uml ~f thty are hrW by the
tiecretary of Nousing and Urban [kvelopment, as folbw•s:
111 If and so long ac ~aid rxite of' even datt and this ~nctrume~t art ~nsurul or art reimurc~l unJer the provu~un~ uf tht
National Howmg Ac~, an amouni sufi~ic~ent to aaumulate in 1he hanJs uf the holder u~e I 11 munth priur tu ~t~ duc Jate lhe
annual nwrtgage mwrance prem~um, in .Kder to proviak ,uch huldar with funJ~ to pay ~uch prrm~um tu 1he Secrelary uf
Housing and lirt+an [kvelopmcnt purou~nt tu thr ~auunal Nuu~~ng .A~t. amrndcJ, and applkable Rrgulauum
thcreunder, or
111) If and so long as .aid note ~~f evcn date anJ thi~ instrurternt are held hy ~he Secrc~ary of Hou~ing arnf Urban [kvelopment,
a monthly charge Iin lieu uf a murtgagr inwrance premiinnl Nh~ch ,hall br in an artxwnt ryuel tu unr-IKelf~h III121 uf
une-half ly~l per c~nwm of the averagc oulatanJ~ng b:tlsn.;r due on thr nute cumputrd N~thuut taA~ng inw aa:~wnt
del~nquencin ~x prepaymzms;
Ib? A wm equal tu the grou~xl rent+. ~f any, nex~ duc, plus the premium~ that will next becomr due anJ payable on pctlkies o( 6re
arxi uthe~ haurd insurance covering the mortgageJ property, plus taaes and a~sr~+meou next dur un ~hr m.xtgageJ prope~ty lall
as est~mated by the mort~:?gee) Icss ell sums alreaJy paid the~efor d~v~ded by the number of month~ tu elapx before one munth
prior to 1he date v?hrn such ~ound rents, premwms, taxec, a~xf a+sr+smenu will t+ecome Jelinqucnt, .uch sums to be hrld by
mordagee in trust to pay sasd grounJ rents, premiums, taxcs, and special assc~ments; and
1c? AII payments men~ioneJ in the two p~xeding subsectio~n of this paragraph and all payments to be made urxier ~he note sccurni
hercby thal7 be added togtlhtr and Ihe aggrcQate amount theraof'shall be paid by the murtgagur rach month in a s~ngle paymrnt
w br applied by.lhe murtgagee to the folluwing ?trm~ m ttK urder set forth:
111 premi+~m charge. under the contract of i~~surance wilh the kcrctary of Housing and Urhan Development, or munthly
charge lin lieu of mortgage insurance prcmium?, u the cax may t+t;
111) grou~ui r~nts, taxe~, aacessmenGc, fire, and other hacard in~urance prrmium,;
(1111 interes~ on the nae secureri hereby; aod
IlV) amortiration of the principal of said note. ~
Any drfic~ency m thr :?nwunt uf ~uch a~rrgate munthly paymrnt ,hall, unlr.~ maJe go.xl b~ thr murlgag.K priur tu thr Ju~ Jate ~~f
thr next wch paymeM, cun~~iwte an ~vent uf default undr~ th~~ murtgagr. 1 hr m~xtgagre may cullrii ' late charge" nut to rxcerJ Iwu
cents ~2c1 for each Jullar IS11 uf rach p~ymrnt morc than fift~en 1151 Jay~ in arrr:u, to cu~er the e~tra e~~xn,r ~muh•~v1 in hanJling
Jrlinyurnt paymenu.
3. ihat if the wtal of the paymenu maJe by the murtgagur urxier Ihl ui par:~raph prerrding ~ha? e~ce~J the anxwnt uf the
paymenu actually made by ~he m~xlgagrr, fur ground rent~, taxra a~x1 a..cvm~nt. and ~murancr prcmium+, a. the cax may be, suct.
eacess at the option of the mortgagee, sAall, be crediced on subsWuent paymenu to be made by the mortgagor, or refunded to the
nwrtgagor. If, huwever, the rrn?nthly paymrnt. m:rle by the murtgagur unJer Ih1 ui parxgraph ~ pr~titJiog ,h~ll nut he ~ufficiem tu pay
grounJ rent~, ~axe+ arwi a+u:~~mr~h and imurancr prrm~um~, a~ thr:a~ may Ix. Nhrn the,:smr ~hall b~cume dur a~xf p:~yablr, thrn thr
inurtgagur .hall pay to the mortgager any am.?unt ne~~~+wry tu mal,r up the Jrfic~rrxy. un ~K t+rfore thr datc whrn p~yrt~ent of wch
gruurxl rents, taxe+, e~sc»me~ts, ur inwrance prrmiuma ~hall be due. If at uny ume the mixtgagur shall trrwlrr to thr mungagee ~n
accurdance with thr prurivon. uf thr nutr +rcured hrrcby, full paymrnt uf' thr enurr ~ndet?trdne.~ reprr,zntrJ ~hereby, the rnurtgagee
~hall, m ~umpw~ng thr amuunt uf.uch inJebt~~ine~~, crrJit tu the accuu~t uf th~ m~x~gag~ all paymrnt~ madr u?xltr the pruvisiuns uf lu)
uf pxragraph 2 hereof wh~ch thr mortgagce ha~ nut brcume ubligated lu pay Io ~h~ Secret:~ry of Nou~~ng and l;rban [hvetupment anJ sny
balxncr remaining ~n thr fund. accumulatc-~I under Ihr pruvnium uf Ih~ uf .aid paragraph ff ~here .h.dl t+~ a dcfauh unJrr any of the
pruviciom of thi~ murtgagr. rr,ulting in a public .alr uf thr ptemnc~ ~uvrr~til hrrrhy. ur if Ihe m~xtgagr~ acywr~y thr pru~+erly utherw ~u
after default, the murtgagre ~hall apply, at the timr uf ~he romm~ncrmrn~ uf wch pnxerding. ur at the t~mr Ihr pruperty uthrrwix
acquirrJ, the balan.e then remain~ng ~n thc fun~. accumulalrJ undcr Ih~,uf paragraph 2 prece.fing a. a cre.l~t aga~mt Ihr amuunt uf
princi~l thrn remaining unpaid urxier wid ~otr and +hall proprrly adju~t any payments which shall ha.•e bren made undrr lul of wid
paragraph.
4. Ihal hr Nill pay all ta~r,. :~~~~~+~mrnh. watrr rat~Y, and uthrr guvarnmrntal ur municipal ch:ugr.. tinr., or ~m~~,iuun+. fur ..hich
provn~un ha~ nut hrrn m:?Jr hrreinhrfurr. ~nd ~n drt:wlt ther~t~f the murtga~,rr ma~ pa~ thr .amr: and that he Nill prun~tly drlh•rr the
offic~al rece~pt+ th~rrfi~r to the m~~rtgagee.
< ~hsl hr w~tl perm~t, rummit, ur wffer no wa~tr. ~mpairm~nt, ~x drtrriurauun ui +:uJ pruprrt} or any part thrrcuf: arxf in th~ rvrnt
f u( the failurr uf ~he murtgagur tu Arep the building, un wiJ prrmix~+ anJ ~huu Iu br errctrd un ~a~J pr~m~w:~. ur impruvrmrnu Iherrun,
in g~xl repair, the mortgagre nrsy make tuch repain at in it. discretion it may deem n~rescary for the pruper pre~rvation Ihereuf. ~nd
{ the (ull artx~unt of exh and every such payment .hall he immcdiately due and payable, anJ +hall be secureJ by the lien vf thi~ rrwr~gage.
E 6. That hr will pay -sll anJ ,mgular thc cwt~+. chargr~, anJ uprn~cs, induJing reasunable I~Nyer'~ fr~~+. anJ ~usts of ~b~trac~s uf tiUe,
~ incurrrJ ur paid at any time by 1he rrx~rtgagte bc~au~e uf thr failurr un the part uf the rtwrtgegur p:nmpUy and fully to ~erform ~he
€ agreement+ snai co~enant. uf ,:ud prum~~+ury nute and th~, murtgagr. ~nd ~aiJ c~rh. ch~rgr+. snJ rxpeme> >hall t+e ~mmrdiatrly Jue anJ
- payahle anJ ~hall tx .ecured hy thr hen uf th~~ murtgagr.
~ 7. 7hat he w~ll keep the impr~vcmenh nuw rxnuog ur hrreaftrr ereu~til un the murigagrJ pruprrty. ~nwreJ a~ may he rryuir~tii frum
~ t~me tu timr by ihr rrkirtgager against Icx~ by fire anJ othet hatards, ca~ul:~tieti. anJ ~oMingrnc~e~ in w~h amuunh :+nd fur ~uth prn~xl~ a~
A may br rrywrrJ hy mortgagrr. and will pay prumpUy, when due. any premiums on wch insurance fur paymrnt uf whkh pru~i.~on ha. not
~ been made hcrembefore. All insurance shall be carried in companies approved by mortgagte and the policies and renew•als thereof shall
~ i~t held by murtgagre and bavr auachre! thrrel~. lint pa)'ahle clamrti in favur uf and in form acceptahle to th~ nxirtgagee_ In evrnl uf lus~
~ he will gne immediatr nut~ce by mail tu murtgagee, arxl murtgagrr may maAe pnwf uf lo„ if rxit made prump~ly by murtgagor, arxl each
~ insurance cumpany concerne~! is herefiy aulhurized •anJ dirteted to maAr paymen~ Cor such I~~ Jirn;tly to murtgagrr in,read of to
~ rix~rtgagur anJ m~xtgager jointly, anJ the inwrance procreJti. or any part thereuf, may bt applied by rtx?rtgagre at it~ ophun eithrr tu the
~ reJuctiun uf the indeblydn~~. herehy .e~ur~! or tu the rr~tixa~iun ur rrpair uf the pruperty Jamagrd. In rvrnt of furcclrnurr of ~h~s
~ rrwrtgage ur ~ither tran~fer uf t~tlr t~~ the morlgageJ pr~~crty in ex~ingui+hmrnt uf thr inJrht~ytnc~+ ~ureJ hrreh~. ~U right. titlr, anJ
~ interest uf thr mortgegor ~n and to any io+tuanct puficie~ then in force ~hal) pat~ to thr purcha~rr ur granter.
~ 8. fhat the mextgagr~ may. at any lime penJing a surt upun thi~ murtgsge, apply to the cuurt ha~~ng jur~.J~cuun thrreof fur Ihc
~ app~?in~mrnt i.f a receiver. and +uch court shall forthailh appuint a rece~ver of thr premices covereJ her~b~• all and +~ngular. incluJing elf
and ,ingular thr ~ncume. prufitc. icsues, and revenues frum whatever souree derrved, each arxf every~ uf which, h heing expre~sly
~ unJerstouJ_ n hereby murtg~grJ as ~f ~pecifically xt forth anJ JescribeJ in the granung rnd habendum clautie. hereof, and ~uch recriver -
~hall have all the bruad anJ r(feclrvr funciion+ and puwerti in anyw ise entru~trJ by a cuurt to a receiver, and ~uch appuimment ~hall tx
~ made by wch cuurt as an adm~tteJ eyuity anJ a mattrr uf aMulute right to tia~d nxxtgagee. :+nd N ith~~w referrrne ta the aJeyuecy or
inadeyuacy of thr valur of Ihe pruperty mortgageci ur to the solvency or ~nsolvency of said rtwrtgagor or the Jefendent~, arxl that +uch
~Y rcnti, profits, mcome. ~+.+ues, and revenurti shall be applird by iuch rece~ver -sccurding to the lien of thn mortgagC anJ the practice uf such
court. In the event of any defauh on the par~ ~~f the rrx~rtgapor hereunJer, the rtwrtgagor agrees to pay t« the mortgagee on demand as a
reasonable monthly rental for the prcmius an amount at least eyu~valem to one-twdRh 111121 of ihe aggregate of the twclve rtwnthly
~nstallments payable in the then current year plus the actual amount of the annual taaes, asussments, water ratec. anJ inwrance premiums
fur such year not coveral by the afurrseid :nonthly payments.
9. That lu) in the event of any breach of thi~ mextgage or default un the part uf the rrx~rtgagur. or Ih) in the event Ihat any of .aiJ
~ ~umt of money herein rcferrrcf to br not promplly and fully paid withuut JemanJ ur noti~e. ur 1~ ) io thr evrm that rach anJ every thc
sdpulauun+. agreementti, cundiuom, and covenants of sa~d nae anJ this mixtgage, are not duly, prumptly, anJ fully perforrtxd: then in
- e~ther ur any wch evenl, Ihe ~aiJ aggregate ~um mentiuned in said note thrn rema~n~g unpaid, w~~h intere,t accrued to that time. arxi all
:nuneyti +ecured hereby, shali become due anJ payable forthw itb, or thereafter, at thr .~puun nf ~a~J m~xtgagre. a. fully and tomplr[ely as
; if all of the tiaid wms of money wert orig~nally ~t~pulalrJ to be paid un wch Jay. anything in +aiJ note ur ~n thi~ rrr~rtgage to the cunliary
~ notwhh~tanJ~ng: and thereupon or thereafter, at the opuun uf saiJ rnortgagee. withuut rx?1~ce or demanJ. ,uit al law ur ~n eywty, m~y tx
~ pr.necuteJ a~ if al{ rm~neye ~ecureJ hereby had m~wrc~i prior tu ~t~ imutuuun. fhe murtgagee m:+y fixtclu+r thi. rrx~rtg~gr, as to the
artx~unt tio declared due and p:syable. anJ ~he ~aiJ premi~r> >hall he wld to ,aticfy anJ pay the ,amr tugether uith cu~h. ripenties. :tnJ
alluMancrti. In ca~e uf parUal fureclulure uf ~hi. m~xtgagr. the murtg~grJ premi~e. .h:~ll be .1~IJ ~ubjec~ tu the com~nu~ng lirn uf !his
_ nx~rtgagr tur Ihr amuum uf thc Jcbt not Ihrn duc and unp:uJ. In ,uch ca~r Ihc pruv~~ium uf th~ti paragr~ph ma~ aga~n be availrJ of
thereafter frum time !u hme hy the murtgagea.
' 10. ~hat the rix~rtgagnr w ~ll givr immedr.+tr nuUCe by mail tu ~hr rtu~rtgagee uf any wmcyanie. Ir.~n,ter. ur change o( uwnenh~p uf
- the prem~~r,.
~ 1 I. Ihat nu wai~er iif any cu~•rnant herem ur ~~f Ihr uhl~galiun ~ecureJ herehy ~hall a~ any ume thereaft~r br hrld to be a waiv~r uf
- 1he term~ hrrruf or uf thr nute,ecured hrrrby.
- 12. I hat ~f lhr rtw~rtgagur Jefault ~n a~y uf thr i~~vrnanl~ ur agrcemrnl~ cunta~ncd hercin, or in ~:siJ nute. then the m~xlgagee may
_ ptrfixm the 4ame, anJ all r~prnJ~turcti ~ incluJing reawnable anurney'~ frc~l maJr by the murtg~gre ~n w duing shall Jraw ~nlerest at tht
rate xt forth in the rx~tr arcureJ hcreby, anJ ~halt bc repayable ~mmcYfialcly anJ w~thuul JcmanJ by Ihe rrwrtgagor tu the rtx>rtgagee, anJ,
tugether with interesl ~nd cu~tti :~ccruing Ihereun, tihall besecured br [his murtgagr.
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