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2. That, ~n urdrr rtwrc fully to prutect thr srcu~ity of this mong:sge, the mu~tgagur, wgether with, an~ in adJuiun tu, thr nx~nthly
papmtnu undtr thi te~ms of the nutt ~ecureJ hereby, un tht fint Jay uf e:?ch munth until tht ~aid nute is iully paiJ, N~11 pay tu the
nwrtgagrr tht lulluNing wms: '
la) An anwunt suffic~en~ tu pruviJe thr hulder hereuf with fun~is to pay the next mo~tga~e insurance prcmium if this initrumtnt and
ahe nutr xcu~ed hereby a~e insured, or a moathly char~t lin lieu of a mort~a~e insurarn:e premium) if they are h~ld by the
Secrc~ary c~f Housing and U~ba~ Development, as folk~ws: j
U? If and so lun~ as said note o[ even date and this irstrument ue insurui or arc rcinsuraf under the ~rovisions of ihe ;
National Hou~in~ Act. an amount sufficient to accumulate in the hands ot the twlde~ one (1) month prior to its due date the !
annual mort~age ~nsutince premium, in order to provick such hulJer with funds to pay such premium to 1he Secretary oi
Howing and Urban Development pursuant to thr Nat~onal Hous~ng Act, as amrrnleJ, and applicable Regulauons
thrrcunder: or ~
111) If and so long as said note of even iiate and this instrument are held by the Secretuy of Housing and Urban Development, ~
a monthly charge lin lieu of a mortgage insurance premium) w~hich shall be in an amount equal to one-taelfth t1112) of
o~a-half 1~) per centum of the average uu~strrxiing balance due on the note computcvf without taking into account
delinquencies or prepaYmems;
(bl A sum equal to the ground rents, if any, next dur, plus the premiums that will neat become due and payable on policies of fire
acul oth~[ haiaul.insurancecufecing tbt D~rtQaged properlY• Plut taxts and asstssments neat Jue on the mortgaged property lall
as estimated by the mortgagee! less all sums already paid therefot divided by the number of months to elapse before one month ~
prior to the date when ~uch ground rents, prcm~ums, taxes, and assessmen~s will become delinquent, such sums to be hetd by
mortgagee in trust to pay said gruund rents, premiums, taxes, anJ ~pecial assessmenu: and
1c? All pnyments mentioned ia the two prcceding subsectiuns of this paragraph and all payments to be made under the note secured
herrby ~hall be addc-~f together and the aggrrgate amount thereof shall be paid by the mortgagor each month in a single payment t
w t+e applied by the mortgagae to tha fdlow•ing items in the order set forth:
11) premium charges under ~he comract of imurance with the Secretary of Housing and Urban Devcbpment, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
U11 ground rcntti, taxes, auseismenu, firc, and other hazard insurance premiums;
(1111 interest on the note secured hereby; and
IIV1 amortization of the principal ofsaid note.
Any defic~cncy in the amount of wch rggregate monthly payment shall, unl~~cs made g.wd by the mortgagor priurto the due date of
thr ne~~ wch paymrnt, comtitutr an event uf Jefault uncier this m~xtgage. The m~xtgagee may collect a"late charge" nM to exceed two
crnts 12c1 fur rach dullar ISI i of rach payment more than fifleen I IS? Jays in arrears to cuver the extra expense involved in handling
delinyuent payments.
3. That if the total of the-payments made by the mortgagor under Ibl of paragraph 2 preceding shall e~ce~d the amount of ihe
paymrnh :riwally maJe by Ihe mortgagee, for ground rent~, ta~es •rnd assessments anJ inwr3nce prrmium~, as the case may be, suct.
excess at the option of tAe mortgagee, shall, be credited on subsequent payments to be made by the monaagor, or refunded to the
nwrtgagor_ If. however, the monthly payments made by the mongag.ir under Ihl of paregraph 2 preceding shall not bc sut'ficient to pay
groun.l rents. ta~e~ a~xf assessments and insurance premium~, ac the casr may t+e. Khen the same shall become due and payabfe, then the
m~artgagur shall pay to the mortgagee any amount necessary to mal;e up the deficiency, on ~x before the datr whrn payment af such
grourxi rents, ta~~. assessments, or insurance premiums shall be Jue. If at any time the m~xtgagur ~hall tenJer to the mortgagee in
accurJance Nith the provisions of the note secured hzreby, full payment of the enlire indebtainess represented thereby, the mortgagee
,hall. in cumputing the amount of such indrbt~~lnes~. credit to ~he accaunt uf the mcxtgag~x all payments made u~xier the provisions of 1~+1
uf p~ragraph 2 hereof which the murtgagee ha+ not become obligatrJ to pay to ~he Sctiretary of Housing arxl Urban Development arxi any
halance rem:~ining in the funds accumulated unJer the provisiuns of (b~ of .aiJ p•rr~graph 2. If there sfiall lx a Jefaull urxier any of the
pruvi,iun+ of thi. mortgage, re+ulting in a public sale of the premise, cuvrrrd hereby, ur if the mixtgagee acquire. the property ~~therwise
after drfault, the morigagee +hall apply, at ihe time of the commencemertt of ,ua,h pru~teding~ ~x at the time the property i~ otherN ise
acquired, the balance thrn rcmaining in thc funds accumulated under ~bl uf paragraph 2 preceding as a credit ~agaimt the amuunt of
principal thrn rcmaining unpaid under +aid nu~r anJ shall properlp aJjust sny payment~ ahirh +hall have been made unJer I~r) of said
F1df:t$f:l(1~1.
a. I h:+t ht will pay all taxr~, :wr~sments, water rates, and uther govtrnmental or municipal chsrgt+, hne~. or impusition~, for which
provision h~~ nut t+een m3de hereinbrfurr, and in default therrof the mwtgagee may pay the same: and that he wi~l promplly deli~~er the
' ufficial rct~~ph th~refu~ to tht m~~rigag~e. _ " • . . ' . -
i - S. I hat h~ N itl ~rmit..ummi~, ur .u0-rr nu w a.t~. impairment. or drterioration uf sa.id prope[},~ os a1~y ~ry}h!ereof:ean{I in the event
.~f thr failurr uf ~h~ murtgagur t~~ Aerp th~ builJingti on ,aid premisrs and thuse to be ereCted o~ ~c~ Qc[tlis~, p[.~mpirclv€rt,yepts~hereon.
~ in g.xHl repa~r, th~ nwrtgagrr ma~~ mal.e ~u.h repa~n a~ in itc dis.retiun i1 mey aletm netess~ry~or 1'Fit~ro'tier prese~Y~t~oq t~ereof, and
f thr tull :~nwunt uf each and ~~rry .uch paym~nt .hall be immediatrly due anJ pa~ abls, a~d sh~ll be secured by ffie ~e116f this rtiorlgage.
~ h. fhat hr H ill p;~y all and .ingular th~ artc. chargn, and exptn~~. including reawnahle lawyer't feeti. and costs of absiracts of title.
in~urrctil .~r paid at any tim~ h~ thr rrx~rtgsgrt tx-~ause uf the failure on the part of the mortgagor prompdy and fully ta perform the
` agreem~nt. :~nJ c.~vrnant. uf w~J pmmi~+ury nutr anJ this mortgage. and said a~tti, charges. and expenses shall be immeJiately due and
~ pa}ahlr and .hall t+r ~e~ured b) ihe lien of thi, murtgage.
~ 7. That he will Arrp th~ ~mpruvrment. now exiuing or hereafter erected on the mc~rtgaged propeny, imured as may be required from
i umr tu umr M thr ~mrrtgagrr agaimt lu.. h~ fir~ and'other hazards. casulaties. anJ contingen~:ies in such amuunts snd for such ptri~xls as
m~~ t+r rrquirrJ hy mortg~gee. anJ Nill p:?y promptly, when Jue, any premiums on such insurance fw payment of ~hich pruvision has not `
been made hereinbefore. All insurance shall be carried in companies approved by nlprtgagee and the policits and renewals thereof shall '
~ he hrid hy murtgagrr anJ h•rvr att~chr.1 thereto li»s payable clauses in favor of and in f~xm acceptable to the nxmgagre. In event of loss
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he w ill give immeJiate notice by mail to mortgag~e. arxl mortg:+gce may make prcwf of lu+~ i[ rx~t made promptly by m~xtgagor. arxi each
~ imura~r wmpxny cuntcrneJ hereby authurited and directed to m~ke payment for such lins dircr:tly to murtgaget in+teaJ of to
@ mnrtgagur anJ murtgag~r jaintly. and the imurance procecdc. ur any part therc~~F, map t+e applieJ b~ rtx~rtgagee at its option either to the
Q reducuun uf thc indehtrJnr~~ herrh~ .ctur~til or to thr rcsturatiun ar repair ~N the prope~ty~ damaged. In event of fore~l~xure of thi~
k murtgage ur uthrr tr~mfer uf titlr to the miu~g~geJ pn~{?erty in e~tingui,hment uf the indebttdness ,ecureJ hereby. all right. tide_ and
" iaterr,t uf thr murtgsgor in anJ 1u any imuranc~ pulicie+ thrn in forcr ,h~ll pa» to the purchaser or grantee.
~ K. ~(h:~t the rtxtttgag~r may, at any tim~ pending a,uit uExrn thi. murtgage, apply to the court ha~ing juriuiiction thereof for the
~ ap{x~intment uf a receiver. anJ ~uch court tihall f~xthw ith appoint a receiver of the premises covered hereby alI and singular. including all
~ arxi .ingutar ~he income. profit.. ic,ues, and revenues from whatever source derived, each and every of which, it being txpressly
~ undrr.tiNxi, i. nr~eny morlgag~Yl a. if,~x-~ifi.:~lh ,rt furth anJ Jexrit+r~l ~n the granting and habendum clauses hereof, and such receiver ~
:r_ .h:1II I1:1Yt all ~hr hruad and eff~Yti~r functiun, and puwen in aoywi~e entrustrd by a court to a receiver, and such appointment shall be
~ madr by +uch cuurt a. an ~JmittrJ ~yuity ~nJ a m:~uer ~~f aMulutr right tu saiJ rtwrtgagee, and w ithout reference to the adequacy or
~ ~naJryu:ic} uf ~he value uf thr pru~xrty murtgage~l ur tu thr wh~cnc~ or imolvency of said mongagor or the defendents, and that such
rents. protit~, incume, u+ur+. anJ rr~~enucy ~hall be appli~J h} wch receiver according to the lien of ih~s mortgage and the practice of such
~ court. In thr evcnt of any Jcfault izn 1he parl uf thc rmxtgagon c~reunder. ~he mortgagor sgrees to pay to the mortgagee on demand as a }
~ rea+onable montMy rcmal for the premi.ec ao amuunt at I~act ryuivalent tn une-tw~dith 11/12) of the aggregate of the twelve monthly 2
~mtallmc~h pay~ble ~n the then current yca~ plu+ the actual amuunt uf the annual taxes, assessments, water rate~, and insurance premiums ~
- fur ,urh year not cuvrred hy the afure+aiJ monthly paymtnh.
9. fhat lu) m 1he e~~ent i~f any breach .~f thi~ murtgage or default un thr part uf the rrx~rtgagur. ~x Ih1 in the event that any of wid
~ .um, uf monr} hcrrin ref~rr~-d tu t+e not prumpll~~ and fully pa~J withuut drm:~nJ i~r notice. ur li~) in the event that ~ach anJ e.•e~ the
- .upulatiun.. ~gr~cment,. rundi~ion+. anJ wvenan~+ ut ,aid nwe and thi~ m~xtgagr. are nu~ duly. prompUy. anJ I'uUy ~xrformeJ: thrn in
~ either ur aay ,uch event. the .aiJ aggrrgate ,um mrnti~meJ in ~aiJ nutr ~h~n rrmainig unpaiJ. w ith intere~t ac:rued to that time. and all
rrxmry~ xYUreJ hereb~•. .hall hea~me due :+nJ payahlr farlhH ilh, ur thrrraflrr, at 1he optiun uf ,a~J m~xtgagrr. a. full~ and cumpletely as
if all of the tiaiJ wms of money were unginall} ~tipulatrd tu he paid on ~uch Jay. amlhing in wiJ nute ur in thic rrwxtgage Iu the cuntrary ;
`r notNithst~nJing; anJ thereupun ~x lherealtrr, at thr uption uf wiJ nwrtgagtt. whhuut rx~u~e ur dem:~nJ. ~uit at law ur ~n cyuit~. may be ~
pn~+ecuteJ a~ if all muney, seYUred hereby had matur~til pri+~r tu it. imtitutiun. fhe rrx~rlgager may f~xrclux ihi, rm~rlgage. a~ tu the ;
- :~rtx~unt tio declareJ Jue and payabte. and the caiJ premicrti ~hall F+r wIJ to wticfy and pay the .:+me tugether with ~unts, r~~xnces. and a
aUuuancr.. ca.r of partial fureckrure of thi~ murlgage. the murtgaged prem~~~~ shall bc wld wb~~tit to the cuntinuing lirn uf this ?
- rr~,rtgage f.~r thc amuunt uf thr debt nut then Jue anJ unpaid. In ,uch c:?,e thr pruvi,~um uf thi~ paragraph Ill:l) :lg:~in tx .rvailrJ of 3
_ thereaflrr frum t~me to time by the murtgagre. 1
10. Chat the rrn~Agagor will g~ve immrJiatr nuucc b~ mail tu the rtwrtgagee uf an~ cunveyarxe. Irancfer. ur chang~ of ownership of s
_ the prem~u.. ~ " +
I I. l hal nu waiver of any c~~vrnant herein ur of the uhlig~liun tiecurcYl he~eh~ .hall at any ume therrafter br held to t+r a wai~•cr of
_ the term~ h~reuf or of the note tircurrd hrreby. '
- 12. I ha~ if the murtgagur Jcfault in ~n~ i~f ihe cuvrnants or agrermenu con~aineJ herein. or in +aid rwte, ihen the mortgagee may
- perform the ~rtu. anJ all e~prnJiturr. ~ including re:uonable aUorney's fees) maJe hy the mortgagee in w Juing ~hall draw interest at the
rate xt forth in the note cecureJ hereby, anJ .hall be repayable immediately and withuut drmand by the mortgagor tu the rrWrtgagee, anJ.
tugether with interrst anJ axts accruing thereon. ~hall be xcured hy this mixtgage.
~ - ~ ~ ~ ~n a R ~gg i65~
- ~ ~ ' t~OK~VtJ ~1tCE E~uK f~r:f
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