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2. "That, in ~xder m~m fully to protect the ucuri~y of this mortYaye, thr mungag.u. lugCihtf Nllh, a~xl in ~d~iuun tu, thr nx+mhly
paymznt~ under Ihe terms of ~ht natt ~ccureJ heret+y, on ~he first Jay uf ra~h mumh unti~ ~hr ~aiJ nute is fully p:~iJ, will pay tu tht
rtwrtgaeee the Wllowing xumc:
(a) An anwunl sufficient tu provide the holder hereof with funds to pay the nzxt martga~e insurance premi~m if this instrument and
the rwte xcural hereby are insured. ~x a monthly char~e ti~ lieu of a mortgage insu~aoce premium) it they are held by the
Ssti:reta~y of Housing and U~ban Development, as folluws:
111 If and w long as said no~e of even date and this instrument ue insured or are rcinsurctii under the ~~ovisions of the
National Housin~ Act, an amount suflicient to accumulate in the hands d'the holder one (1) month prior to its Jue date the
annual mortgage insurance prcmium, in order to pruvide such holder with funds to pay such premium to 1he Secretary of
Housing and Urban Developmrnt pursuant to the Natiun~l Huusing 1ct, as amrnded, arxi applkable Regula~ions
thereunder, or
UI) If anJ so long as said nute of'zven date ancl this irutrument are heki by the Secretazy of Housin~ and Urban [kvrlupment,
a monthly charge lin lieu of a mo~tgage insuca~ce premium) which shall be in an amount equal to une-twelfth 11112) of
one-hali 1!~) p~r centum of the average outstanding balance due on the nute computed without taking intu aucount
delirpuencies or prcpaymenu;
lb) A aum aqual to the ~rournl rents, if any, next due, plus the premiums that will nex~ becomt Jue arxl payablr on policies uf fire
arxi other hazard insu~ance covering the mortgaged property. plus taxes and auessments ntat due on the mor~gaged property (all
as esiimated by tfie m.~rig•ag~eSTess al~sums aTready paid~thercfw divided by the number of months to elapx bcfo~e one month
prior to the date when such ground rents, premwms, taxes, and assessments will become delinquent, such sums to be held by -
• nw~tgagee in t~ust to pxy said ~round rents, premiums, taxes, and special assessments; and
Ic) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under Ihe note secured
hercby shall be added together and the aggregate amount thcreof shall be paid by the mortgagor eacA monlh in a single payment
to be applied by the mortgagre to the follawing items in the order set forth: -
prtmium cha~ges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly _
charge l~n lieu of mortgage insurance premium), as the case may be; .
1111 ground rents, taxes, assessments, firc, and other hazard insurance premiums;
(1111 intercst on the note s~curod hercby; and
UV~ amortization of the principal of said note.
Any Jeficiency in the amount of such aggregate mo~thly payment shall, unless made good by the mortgagor prior tu the due date of
the ncxt such paymrnt, cunstitute an event of default under this mongage. Tht mortgaQee may collect a"late chuge" not to excccd two
cents 12c1 for each dollar IS11 of exh payment more than fifteen l15) days in urears to cover the eztra expense involvai in hanJling
delinquent payments.
3. That if the total of the payments made by the mortgagor under Ibl of paragraph 2 preceding shall eucced the anwunt of the
payments actually made by the mortgagee, for ground rents, tazes and assessments and insurance premiums, as the case may be. suc~.
excess at the option of the mortsagee, shall. bc credited on subsequent paymeau to be made by the morcgago~, or rcfuaded to thc
morlgagpr. If, hoN~ever, the monthly payments made by the mortgagor under Ib1 of paragraph 2 preceJing shall not be sufficient tu pay
ground rents. tatiec ancl as~xssments and insurance premiums, as the case may be, when the same shall become due and payable, then thr
rYwrtgsgor shall pay to the murtgagee any artwunt nnessary to make up the deficiency, on or before the date when payment of such
ground rents, ta~es. aisessment~c, or insuranct premiums shall 1+e due. If at any time the mortgagur shall tcnder to ~hr m~rtg~gre in
xcordance wilh the pravisions of the note secured hereby, full payment of the entire ir?debtednesc represented thereby, the mortgagee
,hall. in computing the amount of such indebtedness, credit to the account of the mortgag~x all payments made under the provisions of Iu1
uf paragraph 2 hereuf which the mortgagee ha+ not become obligatetil to pay to thr Secretary of Housing arxl Urban Devebpment and any
hal~nce remaining in the funds accumulated under the provisiunc of Ib1 of said paragraph 2. If thrrc shall be a default under any of the
pru~~i+iom uf thic m~xtgage, resulting in a public sale uf the premises cuve~cd hereby, or if the mixtgagrt acquires the property otherwise
aiter defsult. t~t m~xt~agte ~hail apply, at the time of the commencement of such pra:eaiings or at the time the property is otfierwise
a~;ywr~tii. the balarke then remaining in ~he funds accumulated under ~h~ of p:uagraph 2 precetifing as a credit against the am~~unt of
pnncipal thrn remaining unpaid uruter ~aid note ~nd shstt pro{+erh• :Nljuci any payments which shall have been m:K1e under lu) of said
p~ragraph.
J. fhat hr NIII P:l\ dII Ct\l'C. :lSSt'~1Rll'IIlS. NBIC< <:iltti, iiOll other sovernmental or municipal charges. fines, or impositions, for which
pruvniun ha, not bren madr hereintkfure, and in defauh thrrruf thr morigagec ma~ pay the same; and tbat hr will promptly deliver the
official rrcript+ th~refu• to th~ murtgagtr.
5_ fhat he will permit. cummit. ur,uffer no µ:?~te. impairmrn~, or deterioratiun of said property or any part thereof: and in the event
uf thr failure af ihr mortgsgor to keep the builJings un saiJ prrmise~ and thuse to be erctited on said premisrs. or improvement. thereon.
! in g«x1 repa:r. th~ rrx~rtgagrr may male xuch repain as in it5 Jixretiun it may deem nectssary for the proper preservatiun thtreof. and
~ thr full art?~~unt uf r.rih and every ~uch paymrnl sh~ll t+e imme+iiately due anJ payaMe, arn1 shall be secured b~~ ihe litn of this murtgage.
~ h. That h~ w ill pay all and singular thr c.xts, charges, :~nJ txpensrs, including reawnable lawyer's fer+, and cost. of aMtracts of title.
incurr~til ur paiJ at any time ny ~ne murtgagte br~:au~e of the failure on the part of the mortgagor prompUy anJ fully tu perfurm the
~ agrrrmrnt, anJ co~•enanh uf ~:~id prumi,.ury note anJ ihis murtgage. anJ ~aiJ costs, chxrges. anJ expenses lhall be immediatily Jue and
~ pa~ ahl~ anJ ~hal! 1+~ ~ecurcJ by the lien c~f thi+ mvngagr.
~ 7. l hat he w ~II keep thr improvemrnts'now existing or hereafter erected on the mortgaged proprrty. imured as may br requirc~f from
4 t~mr tu tim~ by the rtwrtgaKrr ~gain~t lus~ by fire and other haiards. ca~ulatiec_ a~J contingerkies in w~h arm~unts and for such ptri.xls as
! msp be rryui~rd by mortgagee. anJ will pa}~ promptly, when Jut, any prcmiums on w~h inwrance fur pay me~t of w hKh pruvision ha~ not
` been made hereinbefore_ All insurance shall be carried in companies approvedby mortgagee and tht policies and renewals thereof shall
~ he hrlJ hy murtgagre anJ hare attachcYl thercto los~ payable clauses in favor of and in form acceptable to the mongaget. In e.ent of loss
~ he N~II gir~ immed~xte nutice by mail w moctgagee. anJ r~wrtgagte may make proof of kne if avt made prompUy by m~xtgagor, anJ each
- imur:~~xe company runrerneJ i~ hereb~ authorired ~nJ dirreted to make pa~ment for'such lusx direcdy to rtwrtgagee instrad of to
~ rrn~rt~agur and mcxtgagee jointly. and the insurance prcxeed~. or any part thereof, may be applied by rtx~rtgagee at its option either to the
~ reduct~un ~~f thr indrMeJne.~ hrrehq .~lurctil ur to thr rr~t.x~ti.~n ur rrpair of' the proprrty .IamagrJ. In rvrnt of foreclenure uf th~s
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murtgage ur uthrr tramfer uf tiUr tu th~ maxtg.iged pn~?crt~ in r~tinguitihmrnt uf the ~ndeMeJnc~+. +eiured hereb}_ all right, title. and
~ intere.t uf th~ n:ortgagor in anJ tu am imurance puh~ie. thtn in furcr .hall paw. tu thr purchasrr or granter.
~ K. That the mortgagee may. a~ :,ny time p~nding .uit uExm thi~ murtgagr. apply tu thr court ha~ing juriuikuun thereof tur tht
.~pp~~intmcnt of a receiver, arxl such awn ~hall f~~rthwith ap~x~int a re..e~vrr of thr premises covereJ hereby aN and singular, including all
~ and ,ingular the irrcome, pruht.. ~vur,, anJ rev~nu~~s I'rum whal~ver wur.:t denved, each and every of wh~ch, it being exprecsly
w~drr.tu~xi. i~ herehy mortgagrJ ac if ,~ificall~• ~et forth and dc~scribrd in the granting and habendum clau+es hereof. :~nd such re~river
~ ,hall have ~II thr broaJ anJ e17~tti~r functium and puwen in anywi+r entru.ted b~ a cuurt tu a recei~rr. ~nd such appu~ntmtnt tihall be
~ maJe by' w~h ~~~url a~ :~n admiltrJ ryuit~ anJ a maurr uf ahx~lutt right tu wiJ nxirtgage~. anJ Nithuut reference tu ihe adequaCy or
~ inaJryuacy ~~f Ihr Y:1IUt uf th~ pruperty n~urtga~ctil .x tu the wi~•crecy ur in,~~lvrncp of ,aiJ m.xtgabor ~~r the defendent~. anJ that wch
~ rcnt~, pru6t.. incume. i~tiur~, anJ revrnueti +hall he ~pplied t?y .uch receiver accurding to the lien of thi. mortgage ar?d the practice of,uch
~ court. In the event of any defauh un the'p:ut of Ihe murtgagor hrreunder. the morlgagor agrr~~ to p:~~ tu thc murtgagtr on Jemand as a
~ rea~unable munthly rental for the prrmi~+n an amuunt at kr~t cyuivalent to onc-tw~lfth 11/121 uf the aggrrgatr uf the twelve rtwnthly
` instailments payable in the Ihen current year plu~ the actual amuunt of the anoual taxeti, as+e+timent~_ watrr rates. •rnd insurance premiums
fi~r such year not coveretil by the afore.aid mun~hlp paymentc.
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9. That lu) in the event i~f any hreaeh of th~c mortgage or default on thr part c~f the mortgagor. ix Ih1 in the tvrnt ~hat aoy uf ,a~d
~ .um. uf muncp herrin refrrre~l tu hc nut prumptly anJ [ully paid w~thuut Jrm:~nd ~~r nixiir, or 1~~? in thc c~•ent Ihat ~ach and e.rr} the
~ .u ulation.. a rrrment,. iunJ~ua.m, anJ covenan~, uf ~aid nutr anJ Ihiti murt a•r, :~rr nut dul . rom tl}. atxi tull ~rfurmcJ: thrn in
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either or any au~h event, the wiJ a~regate wm mentioned in ~aid n~~tc Ihrn remainig unpaid, w ~th intcrr.t ~s~~1ed tu that ume. anJ all
- rmmc}c u~urcd hereby. chall hecume due anJ pa~ablc f~uthN hh, ur thcrea(trr. at the ~~tiun uf ,a~J murtgagrr. a. full~ c?nd cumplrtrl} a.
~f all of the ,aid,um, of rtwrey Ncr~ ungin;,lly .upul3~rJ tu br paiJ un wch da~. :~mth~ng in w~d note ~~r ~n thi~ nw~r~gag~ t~. ~he ~.~ntrary
nuta ith~tarJing; anJ thtreuEx?n or ther~after. at the uptiun uf ~iJ m~~rtgagre. withuut n~xicr ur JemanJ..uit at laM iir in cywt~. ma~ h~
pnxecuR~J a. if all rrn?ne~ti ~r~ured hertb}~ had maturett priur t~. ih ~n+t~wtiun. Ihr inurtg:~grr ma~ f~xe:lu.e th~, m.xtgagr_ a. tu the
~nx~unt +o declarrd Jue anJ payablr. anJ thr saiJ prcmi,r+ ~hall tx wld to ~at~.fy :~nd pay thr .amr tugetF?er with a~*h. r~{xn.es. and
- alluwanrr.. Irt i.i.e uf partial furrcl~KUre uf thi. m~~rtgagr, the m.xtgageJ prrm~,~~ ,hall h~ wIJ wbjrct to thr cunUnuing lien uf th~~
~ rtx~rigag~ f~,r thr amuunt ~,f thr Jrht nut th~n Juc anJ unpaiJ. In w~h ca.r Ihr pruvi,iom uf thi~ p:uagraph ma~ ~g.un t+r a.culc~ uf
thrreaftrr frum um~ tu Umc h} the murtgag~r.
"=4 I11. 1 hat ih~ rrn~rtgagur w ill givc imm~Jiat~ nuticr h~ mail tu thr rm?rtgagcr uf any cunvr~ancr. tr.m,(cr. ur changr af uw nrr,hip uf
thr prrmi~e~.
1 I. l hat nu waiver uf any cuvenam herrm ur ~~f thr uMigatiun cctiureJ herehy ~hall :~t :~m Umr Ihereafter be held tu hr a wahcr uf
_ the lerm~ hrreut or uf the rx?IC ~r~ured herrhy.
~ i 2. I hat if the nx~rlgagur default in any uf thr cusrnanl~ ur agrermenh ~un~~~ncd hrrrin. or ~n ~aid ru~te. thrn the mixtgagrr may
perform the .:imr. ~rxi all rx~xnJiturcti ~ incluJing rca~onshlr :~uurnef s fe~¢) tYade h~ thr m~Ktgegre in iu Ju~ng +hal1 Jraw ~ntercst at the
- rale ut forth in the rate ~rcureJ herchy, anJ shrll be repayaMc immeYfiately anJ Nilhuut dcmanJ by the mortgagor w the rtxxtgagee. anJ.
tugrlhrr v?~th ~nterr5t anJ cu~ts accruing ~hereun. shall he ~ecureJ hy thiti m~xtgage.
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