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2. lhat. ~n ur4er m.xr fuily to pn?trct Ihe.rcun~p ul th~~ murtgaga. ~hr m~~~~gag~~~, t.~gr~hrr with. .ui.l ~n udJitu~n tu. ~hr nwmhl~
paymems undtr thr Irrmc ui the nutr ,cyur~rl hr~rhy, un Ihc h~.t day ut r:~h nwnth unul the w~J n.~tr fidly paiJ. N~II pay tu thr
nwr~gagtr ~hr folluw~ng ~um+.
lal ~1n am?un1 +uffx:~rnt tu prov~Je the fiuWer herrof wi~h furxl~ ~o pay ~he next mortgage ~nsurance premwm if th~. ~mtrument and
~he note secu~cd hereby are ~n~uraY1. ~x a munthly charge fin I~eu o( a mortgagt insurance p~rm~uml if they are heW by the
Secrctary .~f Hou~ing rnJ Urban ikvrlopmrnt, a1 fulk~wc:
11) If and so long ac ~aid note of even Jatc bnd thi~ ~nst~umen~ are ~nwreJ or arc rc~nsurrd urnler the nrav~~~um uf lhe
National Nous~ng Ac1, an amount wff~cient to accumulate in the hands of the hoWer une 1 U munth ~xiur to ita due datc thr
annual rrnxtgagr inwianer prrmium. ~n ~xdr~ tu pruvidr euch holJrr with fund+ tu pay wch premium w the tecrelury uf
Housing and UrAan [hvek~+ment punuant tu thr Nehuoal Nuusmg Act. a+ amrnJrJ, ~rx1 ~pplKabir Regulauun+
~Atreunde~; or
1111 If anJ w long a> >aid nule uf even date arxl Ihi~ imirumtnt are t~ek1 Ay Ihe Sccrctary of Hcw+ing ancl Urban Ikvelupmcnt,
a munthly charge lin I~ru u( a m.xtgagr in.uranre prrmiuml Nhich +hall I+r in an artx~unt eyual to onrtNrltih ~ll121 ~~i
une-half 1'~ 1 per centum of the avrragr uuuta~xl~ng b:?lancr Jue un the note cumputr~l w~thout taking ~niu aa:uunt
delirpurncie~.x {xepaym~ntc;
11+1 A~um eyual to thr ~rourxl rcntti, ~f any, nr~t Juc, plu. thr prrmiums ~ha~ will next become due arxi payabk on policies of fire
a~xi other hazard ~nsur~ncr cuvering thr mixtgegrJ pruprrly, plus taxn and atsessmenh nert due un the murtgaged property lall
as est~mated by tt~ nwrtgagee) less al! surtu atrcaJy pa~J theret~ dividcd by the number of months tu elapse be~urc unr month
prior to the date whcn such Qruund ren~+, prem~un~.c. laxes, arxi a~+r,smrnts will t+ecome delinyuent, such cumc to ?+e hrW by
mor~6agee in trust to pay +aid ground rents, prcmiums, taxrs, anJ special asx.~meot.: anJ
1c) AII payments mentioned in the two proceding subsections of this paragraph and all payments to be made under the note xcured
hrrcby thall Ix aJdal tugetMr and 1hr aggrega~r ~muunt thereof ~hall br psiJ by tht murtgagor ea~:h month in a~~ngle payment
to t~e applird 4y the murtgagre to the follow~ng item~ in Ihr urdrr +rt forth:
fll premium charge~ under tht contract of in~uranct xith the ~rctary of Housmg and Urhan [kvelupment, or rrn~nthly
charge (in I~eu of mortgage insurance premiuml. a~ the cax may b~;
111) grounJ rent~, taxes, a~ssment~+, fire, atN1 othrr hstard insurancr prrmium~;
1111) intercst on the note secureJ hrreby; anJ
(IV? amorlitation vf the Exincipal of said note.
Any Jefic~rtH:y in Ihe amuunt ul ~u.:h a~rrgalC nwnthly pa) mcnt ,h~ll. unlr,+ maJe g.axl by the murtgab~x priur tu thr Juc Ja~~ uf
the ne~t wch paymrnt. cunwtut~ an rva;nt of default unJer thi~ murtg~gr. fhe m~xlgager may cuUitit a~~late chargr" nut tu rxcrrJ twu
crnts ~2~1 for each Jullar ISU .~f r:nh paymenl mure than fift~rn 115) Jay~ in arrcars tu :uver the r~tr:, ex~nmr ~nvulvcYi in h:?~xlling
del~nyurnt p:+ymrnts.
3. ~hat if lhe tutal uf thr ~w~ment~ m:,Jr by th~ murtgagur utxlrr Ih1 uf paragraph 2 prr:cdin~ +hall c~crrJ thr arrn~unt uf the
paymrnts actually maJr by Ihr m~xtgagre, fur gruund rent~, ~aar. :?nJ ac,e*~ment~ and in+urarn~ p~emium+, a~ Ihr cnsa; may b~:, ~uc~. •
cxcess at the optiun of the mortgagee, shall, be creditcd un subsoquent payments to be made by the mortgagor, or refundai to the
rtwrtg:+gor_ If, huwrver, thr munthly payment+ m:wlr by the murtgagor under Ibl uf paragraph 2 pr~~eding ~hall nut tx ~ufficient to pay
gr~~urxi reot~, t:~xr+ arxl a+~e~+mrnt~ snJ inwrancc prcmium~, a. ~hr ca~r may be. Nhrn thz +ame ,hall becumr Jur :+rxi payable, thcn the
mortg:~ur shall pny tu 1hr m~~rtgagrr any amount nrt~USry tu rn:~kr up thr J~fxirrxy. un ~x brfure thr Jate Nhrn payment ~~f wch
grouncl rents, taar+, av~++mrnu, or insurance premium~ ~hall t+r Juc. If at any timr th~ m~xlgagur shall tender w ~he murtgagee in
acwrdance wilh the provi~~um of the notr ~ecurrJ hereby, full paym~nt uf thr rntirc irxlebietln~-t~ reprr,entrJ thereby, 1he rtx~rtgagte
ihall, in cumpuung the emounl uf ~uch inJebt~til~~~, crcylit tu thr account of Ihr m~xtgagix all paymcntti maJe unJer the provi~ions uf lu) ;
uf paragraph 2 herrof which thr murtgagee ha~ nw txcum~ ubligatetii to pay tu thr ktirctary of Huu~ing and l;rban Development •rnJ any
balan~e remaining ~n thr funJ. ac~umulatrJ unJrr thr pru~i.ium ~~f Ih~ ui ~aiJ paregr:+ph 2 If thrre shail Ix a Jrfauh unJet any uf the
pruvisium uf thi~ m~xtgage, rr+ulting ~n a public ~alr u( Ihc premn~~ cover~tii herchy, or if the m~x~gagrr acyuire+ the pruprrty otherwi~r i
a(ter Jef:~ult, the murtgager tihall apply. at the time uf thr commcrnrmrnt uf wch pr~xerding, ur at thr tim~ thr pruMny utherwne
acquirrd. the balance then rem~ining in the fund~ accumulatrJ undcr Ih~ of paragraph 2 pre~etling a+ a credit again~t ih~ amuunt of
pnnc~pal then rrmaining unpaid under .aiJ notr anJ ~hall pruprrly aJju~t any paymrnt. which ~fl:lll Fl'JYl' t+~rn maJe und~r (u) uf +aiJ
par~graph.
4. fhal hr ~+~II pay all taxr.. a.~r~~mrnl,, Natrr rat~~,. anJ u~hrr guvcrnmrmal ~x muniuprl chargc~, tinr., ur imFx~+~t~un.. fur which
prov~~iun ha+ nw heen maJe herrinhrfure, anJ in dcfcwlt ~her~Y.f thr mortgagrr ma~• pay 1hr ~amr: anJ thal hr N~II prumptlp drliver the
ofiic~al rcYeipl. thercfor tu tlx murtgagrr.
'i t. I hat he will prrmit, cummrt, ur ~uffer no Na~lr. ~mpairmrnL ~u det~riuraUun uf »id pru~rty ur any part Ihereuf: anJ in Ihc evrnt
~ uf thr fa~lure uf Ihe mor~gagur tu kerp thr buildin~s on ~aid ~remitit~ anJ tho,e to tx erected on ~aid prrmi,et, eK impruvemrnt~ thrrrun.
; in g~Mxl repair. thr murtgagee may make wch repain ati in its diurction it may drem necaysary for the proper prrxrva~ion thrreof. ~nd
thr full anwun~ ut~ rach anJ e~ery~ wch paymrnt ~hrll tx immrdiatrly Jur and payable. :+rxl ~hell t?e ~ecured b~ thr licn of thi+ rrn?rtgagr.
` 6. That hr will pay all anJ ~ingular thr c.?~h, chargr~, and ea~xmrs, including rra~onable lawyer', fer~, anJ cust. of at?stract+uf ~~Ue. ;
~ incurrcd ur p~iJ at any hmc hy Ihr murlgager Ixtiauu uf Ihr faiiu:r un th~ part of thc rrx~rtgagur prumptly anJ fully to prrfurm thr
~ agreemrnb anJ cuvrnantti u( ~aid promi..ury ~ute ~nd ~h~~ murtgagr, and ,aid ant,. ~hargeti. anei rrp~mr. ~h~ll Fx immediately Juc and
= payablr and +hall br ~t~urrd by Ihe lirn of lhi~ mixtgagc.
; 7. 1 hat hr Nill ?crp thc improvementti tx~w exi+ting ~~r herrafter erectctil un the nx~rtgaged pruprrty, imurrd ati may hr rrywreJ Irum
~ ume to timr by Ihr nx~rtgsgre against loss by fire anJ other hatards. ca~ulatit+, ~nJ contingencies ~n ~uch anx~unt~ anJ fur wch prn~tilti a+
s may t?e r~~quirrd by mixtgagre, anJ will pay prompUy, whrn due, any prem~ums on wch inwrance fur paymrnt uf whkh pnw~.iun ha~ not
~ been made hertinbefore. All insurance shall be carried in companies approved by mortgagce and the policies arxf renewals thereof shall
~ tx heW by murtbager anJ have attache~l thrretu I~n. payable cl~usr+ in favur uf anJ in Axm scccptablr to thr nwrtgager. In event uf los~
he will givr ~mmrJiate notice t+y mail to mortgagrr. anJ mortgager may make prouf uf li»s if n~u madr prompUy by m~xtgago~. and each
a ~murance company cuncernrJ i~ hercby awhunt.ed anJ JirrcteJ to make payment fur +uch fo+ti Jirectly to rtuxtgager in.lrsd uf to
~ rrwrtg~gor and m~xlgager joindy. a~d the imurance pnrcecd~, or any p~rt thrra~~f, may t~e applirJ by rewrtgagrr at it~ opUun r~thrr li+ thr
4 rrJucuun uf thr indeMedne~~ hereby tieca~eJ or tu thr re~toratiun or repair c~f the proExrty Jamaged. In rveat uf forecl~nure uf this
~ rrN?rtgagr ur uthrr Iran~fer of ude tu thr mortgagrd prupcrty in ex~ingui+hmrnt uf the inJebt~ln~. xa:ured hrreh~. ali ngM. UUe, and
~ interr~t uf the mortgagur ~n ~nJ w any ~murance ~x?licir+ then ~n force tha14 pa~ti tu Ihe purcha~er ur grsntr~.
R. fhat Ihe mctirtgagre m~y, at any time pending a~wt uEx~n thi~ murtgage. apply to the court ha~ing juriul~cuun thereof for the
~ app~~ntment uf a receivrr, and +uch court shall fixthwith appoint a receiver of the prcmises covered hercby atI :?rxl ~~ngulnr, ~rxlud~ng all
and ti~ngular Ihe mcomr, profitti, i~tiues, and revenue~ from whatever source Jerived, cach anJ r~•ery uf which, it F+ring exprr+sly
~ unJer~t~wd. n hereby murtgageJ ati if ~pec~fically set forlh anJ de+cribed ~n the granting and habendum clausr. hrreuf, anJ ,uch rrcrivrr
~ ~hall havr all thr hroad and effective functions anJ puwers in anywix entrusled by a court to a recrrver. and sixh ~ppuin~meot ~hall tx
~ made hy ~uch court ati an aJm~ttrd eyuity and a mall~r of at?x?lutr right tu ti:~iJ murtgagre. anJ withuut referencr tu tht adeyuacy or
~ inadeyuacy of the valur of the proprrty mortgaged ix to the solvency or insolvency of saiJ rtK?rtgagor ur the defendrnt.. :+nJ that tiuch
~
- rents, profits, income, is5ues. anJ revenue> >hall be applicJ by ~uch receiver rccording to thr lien uf thi~ mortgage and ~he pracucr of such
courl. in the e~ent of any default on the part of ~Ar rrwrtgagur hereunJer. the mortg~gur agrres tu pay to the mortgagee un Jern~nd a~ a
c~ reasonable monthly rental for the premiuc an amount at leact equivalent Io one-twelfth 111~ 21 of the aggregate of the tw-elve rrx~nthly
~ installments payable ~n the then currem year plus the acwal amount of the annual t:uts, assessments, water ratet, anJ insurance prcmiunn
fur ~uch year nut covereJ by the afure~a~J monthly paym~nts.
9. That la) in the event uf any txrach uf this morlg~ge ur Jrfauh on the part uf the rtxxlgagur, ur Ih) in the event thal any uf wid
' tiums of money here~n rrferrrJ tu Fx not prompUy and fully prid ~+ithout JrmanJ ur nuticr. ur Ic1 ~n thr rvem ~ha1 rach anJ every the
_ ,tipulaUun., agr~ementti, amdhium. anJ covenants of sa~d note anJ ~hn m~xtgagt, are no~ July, pmm~tly, and fully perfurmed: thrn in
~~ther or any +uch rvrnt, the ,aiJ aggregate sum mrnlioned irt ,aid note then rema~n~g unpaid. w ith inl~re~t :~ccrucJ tu that timc, anJ all
rtx~ney+ xcureJ hrreby. ~hall becume due anJ pay:~bk furthM i1h. ur thrrraflrr, at shr uptiun of ~aiJ mungager, ati fully :~nJ cumpletrly as
if all of the v~id tiumti of muney were unginally ~upulated to tx paiJ un ~uch Jay, anything in ~aiJ nulr ur in thi~ nxxtgag~ to thr cuntrary
no~wilh~tanJ~ng: anJ thercupon ur thereafter. at the uption of tiaiJ murtgagrr. Nithout rn~hcr ur JemanJ..uit a~ !aw ur in eyuily. may tx
pni+rcuteJ a+ ~f all rtwnry~ setured hereby baJ matureYl priur tu h? im~i~ution. lhe rtwrlgager m.:} furrclux th~c rtnrrtgagc, a+ tu the
- arrwwnt ~u JrclarrJ due anJ payable. .+nd thr ~aid premi~e. ~hall he wW to ~ali~fy anJ pay thr wme togrther with cu~h. ~~~x~ses, :~nd
~Iluwante~. In csx U~ Ff:ifU:ll ~Ufl'lIU1UfC U{ IFI1~ murtgxge, thr mortgagrd premne> >hall be wIJ wb~c~:t tu thr cuntinuing Gen ut th~ti
rrr~rtgagr fnr Ihr amount nf thr Jcht nu1 Ihrn Jur anJ unpaiJ. In wcfi ia+r 1hr pruvhium uf Ihi~ paragraph may aga~o t+r ava~lyd of
lhrreafter frum hmc tu umr hy thr murlg:~grr.
10. I ha1 the rrH~rtg~gur H~II give immrdiatr nouce by ma~l Iu thr murtgager ut any c~~mryc~ncr. Ir.~mfer. ~a ch:+nge uf uwnrnhip uf
thr prem~~r~.
F~~ I 1. 1 ha? n~~ ~aiv~r ~~t any ruv~nant h~rem ur u( Ihr obl~gaUun ,ctiureJ hrrrhy ~hall~+t ~ny umr thereafter t~r hrld tu t~ a w~rver uf
_ thr trrm~ hrrruf iK uf Ihc nutr ucurrd hrrehy.
I Z. ( ha~ i( thc nU~rlg:~gur Jefault ~n any uf thr wvrnanl~ ur :~grrrmrnh c~~m;unrJ hrrein. ~x ~n +aiJ nute, thcn ~hr miNtgagee may
perfurm Ihe wme, anJ all rxpenduur~~ ~ incluJing rrawnaMr au~~rnry'~ fre~1 nr.~dr hy thr m~xtgagre ~n w Joing shall drew intere+t at the
rate tirl f~xlh ~n Ihr rw~tr ~rwr~J hrrrby. ~nd ~hall F+e rrpryahle ~mmeJiatrly anJ wi~huut Jemand by the murlgagor to thr rrntttgaget', atx1.
wgether w~th ~nterrst and cu~~. accruing Ihere~~n. ~hall he ,ecureJ hy thi, murtg~gr.
V~~ ~UtJ11 ~w~c~~
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