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2. TAat, in ~xder morc fulty ta p~utrct the secunty of thi~ murtgage. ~hr muriYa~ur, Iu~ethrr v?~th, anti in :ulJ~tiun W, Ihe nx?nthly
payment~ under the termc of Iht notr xcurnl hereby, on thr fin~ J3y of each man~h unUl the .aKf nute is fully peid, will pay to tht
mo~tg:?grC tht fi?Iluwing sums:
(a) An amount sufficienl tu provide the holde~ hereot with funds to ~+ay the neat morl~~~e insurance premium if this instrument and
the note secured hereby are insured, or a monthly charge Iin lieu of a mort~ast insurance premium) if thay are held by lhe
Secretary of Housing and Urban Development, as follows:
111 If and so lona as said note o( even date and this instrument are insured or a~e reinsured under the D~ovisions d' the
National Housing Act, an amount sufTicieM to aceumulate in the hands o( the holder one f I) mo~th prior to its due dyte the
annual mongage insurance premium, in urder to p~ovide such ho1Je~ with funds to pay such premium to lhe Sec~etary o[
Hausing and Urban Developme~t putsuant to the National Housing Ac~, as amended, and applicable Regulatiuns
thereunder or .
111) If and w long a~ said note of' even date ancl this instrume~t are held by the Secretary of Housing and Urban Ikvelopment,
a mon~hly charge lin lieu af a mortgage incurancr ~?remium) v?~hich ~hall be in an amount rqual to one-twelfth (11121 of
one-half l~ 1 per cznwm of the avtragr uutitanJ~ng balance due on the nute cumputed w•ithout taking into aauunt
delinqurncies ix prepayments;
Ib) A sum equal !o the gr.wrnl rent~, if any, neat due, plus the premiums that will next become Jue anci payable on policies af fire
and vther hazani insursnce c~verin6 the mortaaged propeNY, plus taxa and as.essments next due on the mortgaged properry (all
as estimated by the mortgagce) less all wms already paid therefor divided by the number of' months to elapse before oat munth
. prior to the date when such grounci rents, prem~ums, taxrs, arxl assessments will becume delinque~t, such sums to be heW by
morlgagee in trus! w pay saiil ground rents, premiums, taxes, anJ ~pecial asse~sments; and
Ic) All paymcnts mentioned in the two preceding subsections oi this paragraph and all payments to be made under the note securai
hereby shalt be adderi together and the aggregate amouat thereof shall be paid by thC rtwrtgagor each month in a single p:iyrnent
to be apQlied by the mor~gagee to the following items in the order set forth:
111 premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or ax~nthly
charge (in lieu of mortgage insurance premiuml, as the case may be;
l11) ground rents, taxes, usessmtnt+, fire, and other hazard insurance premiums;
U11) interest on lhe nwe secu~~i hereby: anJ
(IV) amortization of the principal of said note.
Any dtticie~x;y in the amount of ~u~:h aggregate munthly payment +hall, unlcv made guuJ by 1he mwtgagw priur tu the Jue datr uf
the next such payment, corwtitute an rvrnt uf drfault unJer this murtgage. fhe n~~xtgag~e may collect a-'late charge" not w excred two
cents 12c? for each Jullar IS11 of rach paymant morc thsn fiftern (IS~ day, in arrean to cuve~ the exlra cxpen~e im~ulveJ in handling
delinyucnt payments.
3- That if the total of thr payments made by tht murtgagur unJ~r Ihl of paragraph 2 prea:rding ~hall exceed 1he amuunl uf the
payrnents actually maJe by the murtgager, for grounJ rents, ta~es and aLCrs~mrnt~ anJ insurance prrmiums, as the case may be, suct.
eacest at the optioa of the morigagee. shall, be credited on subsequent payments to be made by the mort~agor. or refunded to the
mortgagor. If, how•ever, thr nwnthly payments made by the mortgagur unJr~ IA? uf paragraph 2 prctieJing shall not be sufficient to pay
gounJ rents, tazes anei a~ceumrnt~ anJ imurance premiums, as the case msy br, when the same shall be~:ame due anci payable, then the
mortgago~ shall pay tu the murtg:+gee any amuunt necr„ary tu make up the Jeficiency, on cx hefore the date v?•hen paynxnt of such
ground rents, tax~, assrssments, .x insura~x:e premiums shell I~r dur. If at any time the mortgagw shaU terxier to the mortgagee in
acconixnce with the provisiona uf the note xtiurcd hereby, full payment uf the entire irxleMeJness reprexnted thereby, the rtwrtgagee
shall, in computing the amount of such irniebi~in~.., credii ~o thr a~cuunt uf the m~xtgagor all payments made unakr the pruvisiuns uf lul
of paragraph 2 hereof which the ~rwrtgager has nut becume obligatz~l to pay tu the Secretary of Housing arxi Urban Develupmedt arxf any
twlance rrmaining in the funJs accumulated unJer the provisiuns of Ih~ of .aid paragraph 2. If there shall be a drfault urxfer any of the
provisions uf lhis m~tgagr, r~sulting in a public sale uf the premises coverai hereby, or if the mcxtgagee acquires the property otherwise
after dtfauh, ~lhe mortgagee shall apply, et ~he time of the commencement of +uch pr~eeJings cx at the time the pruperty is uthrrw ise
ucquireJ. Ihe balance then remaining in the fun~i accumulated under ~h? of paragraph 2 precc-~fing a~ a credit ag:~ins1 thr amuunt of
principal then remaining unpaid unJer said nott arnl~,ha~ pFop~rly adjust an~ payment+ which sh~ll have t?een maJe undrr 1~~) of said
paragraph. , , , • . , ~ .
J. That he will pay ~14lax4s, asse~smepts, water ratea. apd otAer govrrnmental ur municipal ch~rge~, fine~, ur imp~ritions. fur W hich
pn~vi,iun h~s not t+ren ~Je her~inbefore, and in de[~ult thereof thE~twtgager m~y pay the same; and that he will promptly deli~•er the
official rr:eipts therefor t~o th~,ttwrigagee. . -
S. I~hat hr will prrmit: toinmi~, or suffer n~~ W:L,te, impairment, oi Jeteri~~ration of said property or any part thereof: arni in the event
of thr failurr uf tht nwrtgagor to leep the buildings un said premists and thu~e lu t+e trected on said premisex, or improvements thercon.
in g~xxi rcpair. Ihr murtgagee may make ~uch, rep:?in as in it~ diccrrtiun it may Jeem necessary for thQ proper pre+~rvatiun thereuf. and
th~ full amuunt of earh and every such paymrnt ,hall t+e immediately Jur and pavable, and shall be secured by the lien of thic rtwrtg:~ge.
6. ~h3t he v?ill pay aU aix! singular th2 costs, charges. :~nc1 eXpen~e~, including rea,onable lawyer's feeti. anJ costs of at+.tracts of title.
! incurr~til ur pa~J,at any time by the:mortgagce becaust of tht failure un Ihe part of the mortgagor promptly anJ fully 1o perfarm the
agreemcnt. :~nJ cui~enants of taid promissory note and thi~ tnortgage. an~i ~aiJ crnts. charges. a~xi expensrs shall t+e immediately due and
; payable and +hall he ~ecure~ by the lien o!'this m~xtgagr. i
' 7. fh:~t hr will krrp the improvements nuw exisung ar hereaftrr erectctil un the murtgag~i pruprrty. in~ure~` ~ may he r~~yuireJ Gom
i umr to time by the rtx~rtgsgee against lins t+y fire anJ other hazardc, ca.ulaties, and contingencirs in +uch arrwunt ~nJ for ~uch peri~xls as
' may be rryuirnl by mortgager, and will pay prom~tly, when Jue. any premiums on,uch insurance for payment u hich pruvi~ion hati not
~ been made hereinbefore. All inwrance shall be carriod in companies approved by mortgagee and the policies renewals thereof shall
tx held b~• mortgager and have attacherf thereto loss payable claus~ in favor of and in form acceptable to the mortgagrr. In event of loss
€ he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if rot made prompdy by mwtgagor, anJ each
~nsurance company cuncerned is hereby authorized anJ Jireti:ted to make payment for such lods directly to rtx~rigagee in~traJ of to
4 rtx~rtgagur anJ mortgagee juimly, anJ the insurance proceeJs, ur any part thereof, may be applied by rtwrtgagee at its optiun either to the
~ reduction of lhe irxlebtednesc hereby secured or to 1he restoration ix repair of the property Jamaged. In event of forecl~nure of this
mortgage or other transfer of eitle to 1he mortgagrd pr.~rty in extinguishmrnt of the inJebtetilness securrd hereby, all right. tide, anJ
~nterrst uf Ihr mortgxg~x in arnf 1o any in~urance ~~licies then in fi~rce .hall pasc tu thr purchaser or grantee.
~ R. That the merrtgagee may, at any time pe~xling a suit upun this mortgage, apply to the court having jurisdi~:tian thereof for the
~ appointment of a receiver, and such court shall forthwith ap~wint a receiver of the premises covered hercby all and singular, including all
~ anci ,ingular the income. profits, i~sues, and revenues from whatever source derived, each and every of which, it being expresslp
~ underst~xl, is fiereby mortgaged as if spc+~ifxally srt forth and describcYi in the granting and habendum clauses hereuf. and such rtceiver
~ shall have al! the broad and effective furn:tions and powers in anyw i~e entrutited by a court to a receiver, and such appoinlment shall be
s maJe by such court ac an admitted equ~ty and a matter of abwlute right to said mortgagee, and without reference w the adoquacy or
~ inadequacy of the value of the property mortgaged or to the solvency or insdvency of said mortgagor or the Jefendents. anJ that such
~ rcnts, profi~c, income, issues, anJ revenues shall be applied by ~uch receiver accurding to the lien of thit mortgage arxl the practice of such
~ court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to ihe mortgagce un dcmanJ as a
~ reasonable monthly rental for the premises an amount at least equivalent to one-twdith (1/l2) of the aggregate of the twelve monthly
~ installments payable in the Ihen current year plus the actual amoun~ of 1he annual taxes. assessments, wate~ rates, and inwrance premiums
for such year not covered by the afaresaid munthly payments.
" 9. That la) in the event of any t?reach of this mortgage or default on 1he part of the mortgagor, ex Ib) in the event that any of said
x sumc of money herein referreJ to be not promptly and fully paid without Jemand or naice, or (c) in the event that each arxl every the
~ stipulations. agrcements, conJitiuns, and covenants of said notc and this mixtgage, are not duly, prompQy, arxi fully performccf: then in
either or any wch event, the said aggregate sum mentioned in tiaiJ nutt then remainig unpaid. with interest acc~ued to that time, and all
= moneyti x~ureJ hereby. tihalt becume Jue and payable forthN itb, ur thereafter. at the uptiun of taid mcxtgagte, as fully and completely as
if all of the said sums of mcmey were ~xiginally stipulated to be p~id un wch Jay. anything ~n said n~te or in this rtxxtgage to the comrary
notwilh~tanJ~ng; and thereupon or thereaftcr. at the opliun of said rrxirtgagee, w~thout r,utice or demarxi, sait at law or in equity. may be
prusecuteJ a~ if all rrwneys secured hereby had maturre! prii~r to its institution. fhe rtwrtgagee may foreclvse this trnxtgagr. a~ to tht
amuunt so declared due and payablc, anJ the said prcmi~c+ ~hall br sotJ to satisfy and pay the ~ame togethcr with costs, expenses, and
all~w;~ncet. In cace uf partiai fcxecknure of this murtgage, the m~xtgaged premi~es tihail be wIJ wbjeci tu the cuntinuing lien of this
rtwrlgage for 1he amount of thr debt not then due anJ unpaiJ. In wch cace the provi~ium o! th~s paragraph may :~gain t+~ availeJ of
';,3 ther~afler from time to time by the mortgagee.
10. That the rtxxtga~~r will give immrJiate nutice by mail to 1he murtgagee of any conveyance, transfer, or change uf owner~hip of
the premises.
I I. That ni~ waiver uf •any covenant here?n or uf the obligalion ~cti:u~ed herrby shall at any timr thereafter be he1J to be a waiver of
the lerm. hrreof or uf Ihe note seC+red ktreby_
' 12. That if the murtgagur default ih any of the covenantti or agreementr cuntainrJ herein, or ~n said rwte, then the matgagee may
_ perform the sartx, anJ all expenJiwres 1 in.ludi~g rea.unablc attorney'~ feesl maJr by the mixtgagee in so duing shall draw interest at the
rate set forth in thc note secured hereby, and sball tx repayable immediately aad without dcmand by Ihe mortgagor to the mortgagee, and,
wgether with interest a~d cvsts accruing thereon, shall be secured by this mortgage.
~ BGRK 200 ~ 1549
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