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2. 1 hat. in urdtr mort fully ti~ prutctil thr ,e~urity of th~~ rtxxtgag~. 1hr nwrtg~bur, tugrthrr u nh. and in aJditiun tu. Ihe nx~nthl~
paymrnt. unJrr the termc uf Ihr nulr ,c~:urrd hrr~hy, un thr fi~~t J-ry uf r:kh munth unul thr .:~~d outr i. IuUy pa~J, Ndl pay tu thr
nx~rigagrr ihr fuUuw~ng +um~:
(a) An amount wff~ienl tu proviJe thr holJrr herruf wilh fund+ w pay lhe ntat nwrtgage imurancr prcm~um if thn inctrumen~ and
the nc~te secured hereby are incurrd, ~x a monthly charge 1in lieu of a mortgage intiurarKC premiuml it~ ~hey act held by thr
Secrctary of Hausing anJ Urban Devel~~pmcnt, as falluws:
I11 If and u~ long as ~aid note of evcn date arul thi~ ~nstrumrnt arc ~murrJ or arc reimurerl unJer Ihe pruv~~iun~ of the
Natianal Nousing Act, an amount wfGcient to actumulete in thr h:+nJs of ~he twlJer une 11) rtwnth ~xiur ta its due drte the
annual m~xtgage inwrsrke prcmium, in ~Kdrr tu pruv~de .uch hoWrr w~ih funJ. tu pay wch premwm to thr ~ret~ry uf
Housing anJ Urb:?n [kvelupment punuant ~u thr Nal~ynal Nuu.~ng Act, a. smendrd, anJ appl?cab~t Regulatium
thereundtr; w
1{11 If anJ x~ long a+ tiaid nole uf even Ja~e arxt thi. imtrumrnt arc heM by the Srcretary of Hou~ing arxl Urhan l~vclopment,
a nwnlhly charge lin liru of a murlgagr m.urancr prcmiuml wh~ch ~hall hr ~n an anwunt ryual w unr-twrlfth iUl_') of
une-half l'•'~) per crnwm u£ the ~vrragr uuutanJ~ng balacH:e due un the nute cumputrd Nithuut laking intu aixuunt
drlinyuencir~ ur preprymrnt+;
Ib? A wm equal tu thr gruunJ rent~, if rny, next Jue, pluc thr prrmiums that veill nrx~ becume Jue arxi payable un ~wlicies of firt
arxl uther ha2arJ inwrarxt covering the nx~rtgaged property, plus taxes and asicssm~nt. ne~t Jur un thr m.xtgaged pruperty lall
as estimxtnl by ihe mortgagee) les~ all ~ums alrcady paid therefor diviJrii by the number uf month~ to elaps~ brfure une munth
pnur to tihe date when such grounJ rent,, prem~ums, tates, aixl :uses~mrnu N ill be~umr delinyu~nt, such +um~ to t+e held i~y
mor+dagee in lrust to pay saiJ ground rents, premiums, taxes, and special asse~cmentc: anJ
Icl All payments mentiuned in the two preceding sutuections of this paragraph anJ ~11 payment, to t~ made urxi~r ~he nute ucureJ
hereby shaU be sddal togelher and thr aggregate :~muunt thereof +h:+ll be paiJ by the rtxirtgagur rach munth in a~ingle payn~nl
~o t~ applied by the mongagte tu the fulluw ~ng itrm~ in the urJrr set forth:
111 premium charges unJer thr cuntract uf insuranet with tht Secretary uf Huu.ing and Urhan (~velopmrnt, or munthly
charge lin lieu of mortgage insurance premiuml, as the cax may t?e;
1111 ground rent~, taxes, a~ce~ments, fire, anJ other haiarJ insurarne prrm~um~;
11111 interext on tht nute+ecuretif hercby; and
IIV) amortizatiun of the principal of ~aid note.
Any Jetic~ene:y in Ihe anwunt uf ~uch a~regatr rn~~nthly pa~n?rnt ~ha1L unlr.~ maJe su~xl b~ thc murlgagur priur tu th~ Ju~ datr uf
thr ne~1 wch paymtM, ~un,titutr an rv~nt uf drfault und~r thi, murtgagr. I hr m~xtgagrr may cullcrt a latr chargt" nut tu ri~rrJ ~wu ,
cents ~2c1 for rach Juller IS11 uf r:kh p~ymcnt mur~ than fitte~n 1151 da~~ ~n arrcsn tu :uv~r thr ~~tra ~t~mr ~~~ulveaf in handl~ng
delinyurnl paymrnts.
3. ~~hal if Ihe total uf thr paymenl+ maJe by thr murtgagur unJCr Ihl uf paragraph pr«rd~ng ,hall c~crcJ thr anwunt uf thr
pryment~ actually mxJr by thr m~xt~agre, fur ground rent~, ta~r~ and a.u-~,m~nt, anJ ~muran:r pr~mium., a. ihe ~ax may be, suc~~
excess at the option of the mortgagee, shall, be creJiteci on subsequent payments to be made by the nwrtgagor, or refunded to the
rtwrtgagur. If, howrver, ~hr nwnthly paymrnt. mcwlr by Ih~ murtgagur unJcr Ibl uf paragraph 2 prn~Jinb ,hall nut t?r ~ufhcicnt tu pay
gruurx! rents, tazr~ arxl a,u:~smcnl+ anJ ~murancr pr~mium~, a+ the cs.r ma~ tx, whrn th~ wmr ~hall brwmr due arxl pay:sble, then thr
murtgagor ~hall pay tu the murtg~grr an} amuunt n~z~~wr~ tu m:tAr up thr Jrficitnc~. on ur br(or~ the Jatr Nhrn pa~ment u(.uch
grounJ rent~, tazes, a~tir»mrnts, ur in~uran~r prem~um~ ~h~ll t+r dur. If at ~ny t~me thr murtgagur ~hall lrnder w the murlgag~e ~n
xwrJance with thr pruv~+ium uf thr nute ~rcurcd herchy, full peymrm uf thr r~~tire inJebtcyinr+t rrpr~~entrd ~hereby, ~he mungagre
,hall, in a~mpuung the ~muunl uf.uch indrM~tifne~~, crrJil tu thr accuunt uf tht m.xtgagur all payment+ madr undtr the prov~~ium ~f iul
.,f p~rsgr:+ph 2 hrreuf which the murtgagrr ha. nut h~wmr uhGgat~Yl tu pay tu thr ScYretar~• uf Huu+~ng aixf l rban Dr~•rlupment anJ any
hal~ncr rcmaining in the funJ, ac~umulat~til und~r thr pruvi.~um of Ihl ut~ ~uiJ p:?ra~raph If thrrr ,hall hr a drLwlt un~rr an~ uf the
pruvi~i~~m uf Ihi+ murlgagr, re.uhing in puh6~ iale uf Ihr prrmi~c~+ ~u~ercyi h~rrhy. ur if thr m~xtgagr~ ~~qu~rc~ Ih~ pru~rly olherw ~~r
aflrr defaull. thr murlgagre .hall dp~1l}. :ll IFIt hmr uf thr .ummrr?crm~nt uf .uch pm:rrJ~ng~ ur at th~ timr tht pruprrt~ n uthrrwitir
a~ywreJ, th~ b~lanc~ thrn rcm:un~ng ~n ~hr fund~ ac~umulat~til unJ~r ~h/ UI (l:lf:l~`,f:lFfFl prrcrJing :i~ x credit aga~n~t 1hr :~muunt uf
pnncipal thrn rrmaining unpaiJ undrr w~d nutr anJ .hall pneperly a~lju~t ~ny paymrm. Hh~~h ~hall ha~r i+rrn maJr under lul uf vuJ
paragraph. _
4. l hat he Nill pay all taie+, ac~e~+mrnts. Natrr rat~+. anJ uthrr gin•ernmrntal or munic~pat chargec, finr~. ur imp.~.~uun+. fur wh~~h
prurniun ha. nut hrrn maJ~ herrinhrfurc. :md m dcfauli thrra~f the murtgagre ma~ pa~ th~ ,am~: and that hr will pr~~mpth drlo~rr thr
uffic~al rctir~pt, therrfur tu thr murtga~;rr.
i 1 hat hc will Exrmh. cummrt. ur ~uflrr nu Ha.tr. imp.urmcnL ~N drt~r~uraU~~n ~,f w~J pn~prrt~ ur :my par~ ~hrr~uf: a~d ~n thr r~rnt
~ ~~f thr failurc uf thr murtg:~gur tu I.erp thc hu~ld~ng. un +a~d prrmnrti anJ thu,e tu hr r~ctit~d un ,aid pr~m~u.. ur inzpruvement+ ~hrreun.
~ in g~xx1 rep.ur, thr nxtttgag~e ma~ malr ,uch rrpa~r~ a+ ~n ~1, diurrtiun it ma~ Jrrm n~Yr+,ary for ~hr pruper prrxrcati~,n thereut. anJ
s thr fuil anwunt of each and rvery• .uch pnymrnt ,hall hr ~mmcyliately Jur and payaM~. arn1 +hall t+r uYUr~YI b~ Ihr I~rn uf the. trnut~age.
~ 6. 7 hat he w~ll p~y all anJ ~ingular thr c~»t,, thargrti, anJ expensc~. ~ncluding rta~unahlr Isw~er"ti fee,. and cu~h ab~traetti uf litlr.
; ~n~urreJ or paid ~t :,ny timc hy the mortgagee t~rcau.r of the failurc un the pan of thr rtx?rtg~gor prumpUy and fully tu perform thr
agreements arxl corenanh i~f ~a~d prom~»ury note anJ Ihi~ murtgage, and .~id casts. ~hargr~, xnJ exprn~es +hall Ix ~mmediattl~ Jur anJ
? ~a}ahlr :~nd ~hall Fk ~rcured hy thr hrn of thn mu~Iga~e.
7. I hat hr will l~rp thr impruvemrnt, nu.+ rx~~Ung or hrrcaftrr rrcctrJ un thr mor~g:,grJ proprrt}. ~murcJ a. may t+c rcywreJ frum
~ timr tu ume h} thr nwrtgagre against lixs by tirr arxl other haiardc, casulatic~, and cunungen~ir, ~n .uch amuunt~ anJ fur ,u.h prnu~~ a~
may br rryuirrJ by murtgagee, and will pa~ promptly, when dur. any pren~iums on,uch ~nwrancr fur pa~ ment uf hi~h pr.~~ ~.iun ha~ nut
~ becn made hereinbefore. All insurance shall be cartied in cumpanies approved by mortgaeee and the policiet arxi renewals thereof shal{
br held hy murlgagce and havt attachetil thereto lir~ payable clausr. in fave~r ut and in fcxm :+cceptaMc ~u Ihe murtgag~t. In rvrnt uf luti~
~ he N ill ghe immeJ~ate n.Nicr hy ma~l t~~ murtgagrr. anJ m~~rtgag~c may maAr pn~if uf lu++ ~f n.~t made pn~mptl~ hy murtgagur. anJ ra~h
~murancr company .on~erned hrrcby authorizeJ and d~rect~d tu maAr paymen~ fur .uch lin, dirrctly t~~ nwr~gng~r m,t~ad uf tu
~ rtwrtgagur and murtgagee juinU~. and th~ imur:?nce pnxerJs. ur any part thrrc~f. may (x apphed h} rrx+rtg:~gre at ih i~ptiun rrth~r t~~ the
reduction uf thr ind~h~ecinr„ hrrehy ,ecurrJ or tu the re~tix:+tiun ~x r~pair oi' the propert~~ dama¢ed. In rvent uf forecl~xure uf ~h~.
~ rtu~rtgage ur uthrr Iramfrr uf uUr tu thc ~nur~gagrJ pr~~ertp m ~~ungu~+hmrnt uf thr ~nJehtedn~~~ .c:urr~ hrr~h~. ali nght. Utlr. anJ
~ intrrr~t uf ~hr mur~gagur m anJ t~. any imurance pol~circ thrn ~n furcr ~.hall p:t„ to thr purch:.+rr ur gramcr.
a S. fhat the nH~rtgagce m:+y, at any Ume penJing a+uit u~m th~~ murtgagr. :+pply tu Ihr cuurt ha~~ng ~un.Jirt~un thrreuf fur thr
~ apM~~mmrnt uf a rece~ver. ~nd wch court ~hall fixthwith apEx?in1 a receiver of the premices co~rred hereh~ all ~nJ ,~ngular. irxluJing atl
anJ ~ingular th~ incume, profiis, ictiur+, and revenues frum whatever source Jtrived. each :+n.l evrr~ uf uhi~h, it hring exprr~~l~
~ unJrr~tuual, i~ hrrrby murtgag~Y1 a+ if ~prcifically srt forth ~nJ d~xritxtii ~n the granUng and hatxn:lum clau,e, h~rruL anJ ,tkh rrtervrr ~
~hall h:~vr :Jf the bruaJ anJ rffectivr fun~tii~n+ anJ p~wer. in anpwi~e entru,ted by a eourt to a rrce~vrr. and wch appamtmrnl >hall br
m~dr hy wch cuurt a~ an adnntted ~~yuh~ and a matter e~f ahv:lute right ~u.aiJ nwrtgager. :+nJ u~lhuut rrferrncr tu thr aJeyuacy ur
inadeyuacy of the value ~+f Ihe propert~ murlgageJ ~ tu the wlvtncy or ince~lvrncy of +aid rtw~ngagur ~~r thr Jrfrndrnt+. anJ Ihat wch
- renu, profi[~, mcume, u+ue~. anJ revenue..h:~ll t+e applirJ hy wch receiver accurJ~ng to Ihe lirn uf th~~ murtgagr ~nd the pracUCe af wch
~ cuurt. In Ihe tve~t uf ~n~• default on the p.~rt uf 1he rrxirlgagur hrrrunder, the nturtgagur agrrr~ to pay tu thr murtg~gt~ un demand as a
rea~onahle monti?ly rental for the premi.eti an amuunt at least eyuivalent to one-tNelflh 11/121 ~~f the aggrctiate ~.f the twelve rtxmthly
" imlallmcnt~ pa~able ~n the then current year plus thr actu:~l amount uf the annual ~axes. aiseti~ment~. water ratc~. anJ ~nwrance pr~miums
fur ~uch yrar nut covrreYl by the afuresaid monthly payment~.
9. 7h~1 Iu1 in Ihr rvent uf an} hrrs~h uf th~, murtgage ur defauh u~ thr part uf the nwrtg:+g.~r. ur Ih) in ~he evrnt th:~t am ~~f .aiJ
_ +umc of monry herein referrctil tu hr ni~t pmmpdy and fully paiJ without drmanJ ur n.rtiie..x Irl ~n the r~ent that cach and r~ery Ihe
~Upulatium. agrrrmrnt+. cundrt~un.. anJ covrnanh oi ~a~d nutc and this m~xtgagt, arc nut July. prompll~. :~nJ full~ prrfurmrJ: thcn in
rithrr ur any ~uch r~•rnt_ Ihc ~aid aggrtgate 1um menhoned ~n ~aid txNC then rcmain~g unpa~J. with inlrrr~t actrueJ to thal I~mr, .+nJ all
rtx~nry+.riureJ hrrrhy. ,hall hccomr dur and pa~:~hlr furthw rth. ~+r ~hereaftrr, at thr c.pt~~m uf ~a~d m~ir~~;agrr. n~ fully anJ cumpletel~ a~
= ~t all uf the .aiJ wm. ot rrx.oey Nere uriginall~ ihpulatcd t~~ tx pa~J un ~uch Jay. .in~th~ng m.:+~d nutr ~~r ~n th~~ nw~rtgagr U~ Ihe cuntrar~
:_'3 rx~tw ~1h~t~nJing: anJ lhrreupon ~+r thrrea(~rr, a1 the upuun uf .aiJ m~~rtgagre. wrth~~ut n~~Uie ~~r dtm.~nd. .wt at law ur ~n ryu~t~. m:~~ hc
= pnnr.utrd ~f all nwne>> .ecurrd htrehy had mrturcYl pn~~r t~~ ih m.hwuun. I hr rtxirigagrr m:s~ fixe~lu~e th„ nH~rtgagr. :i~ ti~ the
enk~unt ,a drelarcd due anJ pa}aMr. .~nJ ~hr ..~iJ prem~~> >h.~ll t*e wW to .al~~fq and pay the ~:+me t.,grther N~th w.t~. c~pemr~. anJ
.Jf~,w:~nce.. In iak uf p:ut~:~l tu~rrlu.urr uf ~h~~ rn~~rlg:~gr. thr m~~rlg:~grJ prrmi.r. ,hall he wW .uhiec~ tu Ihr ~~.ntinumg lien ~~t Ihi~
- rtxrrt~;.igr fur ~hc amuunt ~~f thr drht nut thrn dur anJ unp:uJ. In ,u~h ~a.r thr pruv~~wm uf thn par:~giaph m:~y agein hr .~~ail~J uf
- thrrrattrr fr~,m t~me u~ timr h~ thr murtg.~g~c.
I11 I hat thr nN~rtE:~~:ur N~II g~~r ~mmrJ~etr nuh:r hy mail tu tbr rtxxtgagrt uf .~n~ cun.ey.~n:r. tr.~n.frr. ur chan~r uf uwncr,h~p .~f
thr prrmnr..
I I I hat n~~ w:u.rr ~~t .~m ~~~~rn:~n~ hcrem ur ~,f thr uhligau~m .ctiiirrd h~reh1 ,hell .rt :~o~ timr th~reattrn c~ hcW tu hc a Hri~rr uf
tnr trrm. hrr~uf ~~r ut Ihc nutr.riurcd hrrrh}.
12 1 hat ~1 the murt~;.~~;ur Jrf.~uU i~ an~ i~( ttir i~,~~enenh ur .~grrrmrm~ i~~nl.+inrd herrin. ur in ~a~d n.rtr. ~hen the murtgagrr may
- perturm Ihr wmr, arxl all r~prnJilurr~ i in~luJing rr:~.~~naMr aUornry'. fer~l maJr h~ the m~~rtgagec ~n u~ duing ~hall draw mletr~t al lhe
~ rute ut furth in the rxrte .rcurrJ herehy. :~nJ ~h.Jl F+r rrpay~hlr ~mmcYliatrly and NithuW demand h} Ihe murtg:~gur tu the m~rrlgagee. and.
tugcther v?ith ~nlerr~t :md c~nt. aiirum~e there~m. ~hall he ~ecurrJ by 1h~~ murlgagr -
=~r sQ« 1~ ~29~2
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