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2. l hat. ~n urJt~ nwre fully w pr.~tctit ~he ~CCUflly o[ this murtg:+gr. ~hr murtg:?gu~. tugrthrr w iih, arxl in aJ~litiun tu. thr nx~nlhly
payment~ unJrr thc ttrm~ uf the nutr ,~tiunt) hereby, un ~hr fint J:~y uf ~~~h munih until ihr ta~d a>te ic fuily paiJ, w~ll pay to lhc
nwctgagr~ thr fa~lluMind,um~:
Ia) An amuunt .uffi:ient to provide ~hc ho1Ju Arrru( w?tA funJs tu pay the nrxt m~x~gage inw~e~cr prtmium if thi~ imtrumtnt anJ
~he nuce secured hereby are imurrJ. ~ a munthly charge (in lieu of a rrwrtgage inwrance pr~miuml if lhey atr hetd by the
Srcretary of Huus~ng and Urban Drvelupm~ot, as foltuws: ~
111 If anJ so long as said nota uf avat date,•rnJ this ~ruirumrnt are insurrd ur are rcin~ur~~1 urxl~r tha provi,ium of the
Natwnal HuusYng ACt, an amuunt wff'icient to accumulate in the hanJs of ~hr holder one 11) month priu~ w its due daee the
unnual murlgage in~urence prcmium, in orJer to pruvidr wch holJer with funds to pay wch premium to thc SrCre~ary uf
Nousing and Urban tkvelopment pu~want tu ~he Nauunal Hou.ing Act, as am~nJrd, anJ appli~:ablr Rrguladuo+
~hereunder; or
(11) If and so long as +aid note uf even datc arxf this ins~rumrnt are hrld Dy~l~ Si~eretary uf Hou~~ng arni Urban Ikvrlopmrnt,
a nwnthly chargr tin liru uf a murtgage ~murance prcmiuml which ihall tx in an artuwnt eyual to .~nr-twelfth 1 U121 uf
unrhalf 1' 21 pet Centum of the averagr uut~la~xling t+:ilance due un thr notr cumputrd withuut tal~ng intu a~ti:uunt
delinquencie~ or prt{+xyments:
(bl A wm eyual w the grourxi rena, if any, next dur, p{u5 the prrmiurtt,+ that will next become Jue arn1 payable on p~licies of 6re
a~xl uther hazard in.uracwe covenng the m.xtgagrd property, plus ta~~ anJ asaessments ne!et due on thr murtgageJ proprrty lall
as e~timateJ by the murtg~gee) Iru nll sum~ already paid therrfor divided ~by the numbrr of munth+ to el~pse before one month
prior to the date when wch grourxi rents, premwms, ta~es, arxi assessmenls will become delinquent, such sums to be hoW by
martgagee in trutt tu pay said ground rents, prcmiums, taaes, apJ special a~sGUm~~ts: and ~
Icl All payments mentioned in the twu prectding subsectiuns o( this paregraph and.all payments w b~ made uirler the nut~ ~tcured
hrrcby shall be adJni togethe~ and the aggregate ~mount thereof .hall be paid by the mortgagor each month in a single pa~ ment
tu I+e applird by the mortgegrr t~. the fulluw ing item. in the urder ,et forth:
(II premium charge+ under the tunlrs~t of incurance with the Secrctary of Housing and Urt+an I~velupmcnt, ur ~rx~nthly
charge lin lieu of m~xtgage ~nwr:~nce premiuml. :?s thr c:++e map b~;
11!) gr~?und rent,, t:~xe~, :+sseUment~, fire, arxi other hac:ud insurance {xemiums;
11111 interest ~~n the note tecured hercby; and
IIV1 amortication of the principal of said notr.
:\ny dePkir~x:y in the amuunt of wch aggrrgate munthly paymrnt ch:dl, unle.~ maJe go.xi by the mortgag~x priur tu the due Jatr of
thr ne~t ,uch p~ymrnt, cunctitutc an evrnt uf Jef:?uh und~r thic murtgage_ Thr m~jrtgagee may ~~~Ilect a' lat~ ch:uge" not tu etic~ed twu
crnt+ 12~1 fi~r ~ach dallar IS11 uf ~:kh paymrnt more than fiftren 115) dap~ in arrear, to c.~ver the ~~tra r+?prnc~ invulv~~i in ha~dling
delinyurnt paymcnt~.
3. ~l~hal if the tut:il uf th~ paymen~~ maJe hy thc murtgabor under Ib? i~f parabraph 2 prcti~ding +h~ll r~ceed th~ am.n~nt uf the
paymtnt, :~clually madr by thr mixlEagre, fur ground rent~. tax~~+ aod a+~e+~m~ntc and imurarkr prrm~um., a. thr ca.r ma}• br, .uct
excess at thc option of the mortgagee, shall, be creditcd on subsequent payments to be maJe by the mortgagor, or refunded to the
mongagor. If, huµever. thr rm~nthly paymenh m:K1r hy thr murtgagor under Ihl of parc+graph 2 prrceding .hall not t+e .ufficient to pay
grounJ reni~, taxc~ anJ a,srs.m~nt. and imurance premiumc. :u the ca.r m~y t+r. when the same chall brcomc due and payahle. then the
rtwrtgagor .h.ill pay tu lhr murtgager an~ am~~unt necet.~ry tu make up the deficiency. un ~x hef..re the date when ~+aymenl of wch
ground renU, W~e+, a.cr»mrnts. ur imuraner prrmiums chall tk dur. If at an~ tim~ thr m.xtgagur ,hall tr?xlrr to thr murtg.?gre ~n
accurdan~e with Ihr pro~i~iun~ af the notr +rcureJ hereby, full paymrnt of the entire indebte~inet~ reprecentcd thrreby. the rtx~rtgagee
shall, in computing the amuunt of +uch indebteJnr~.. credit to thr accuunt of the mortgag~x all paymrnh made unJer the pruvi.ionc uf 1~+1
of paragraph 2 hrreof which thc mortgagre ha. nut h~:cumc .~bl~gatrd to pay tu thr Sctiretan• uf H~~ucing aa.f l'rban DeveMpment an~i any
balartcr remaining in the funds xcumulateJ under the provisiom uf Ib1 uf ,aid p:uagraph 2. If thrre ~hall he a drfault unJer any of the
pruri~iunc uf th~~ n~urlgage. rr,ulting in a public ,:?Ir ~~f the prrmi,e,.:u~cr~y1 h~rehy. or if thr mur~gagec a~yuire~ the pruprrq otherN i~e
aftrr Jrfauh, the murtg:?gre +hsll appl). st th~ t~me uf the c~~mmencrmrnt uf ~uch prizrcdinb. ur at thc time the pru~xrt~ n utherwi~e
acquireA. Me balanct lhen rem:+~ning in thr tundt accumulat~til ~nder IA1 of paragraph 2 prr~eding a+ a crrdit•ag~~mt th~ amuunl uf
pnnc~pal lhen rrmaining unpaiJ unJrr ~.uJ n~~tr :~nd ~hall pruperl~ aJju+t an} pa)m~nt. whieh ~hall h:~ve hrcn maJe unJer Iu1 of wiJ
paragr:~{~h.
~l. fhat he will pa~ all ta~~~.. a.,r.+ment,. ..ater rat~.. anJ u~h~r g~~~ernmrntal ur municipal charge.. fine~, ur imEx~.~~u~m. f~~r uhi~h
pruvi.iun ha, not t+~rn ma.lc hereint+~tixr. anJ ~n Jatault thrr~.~f thr murtg:~~,« may pa~ th~ ,amr: anJ th~t he NiU prumptly Jrlivrr ~hr
uffiCU?I rctiript+ thrrefur lu lhe murtgager.
S. ~ha1 he W ill permit. cummit, ur wtter nu wa.tr, impairmtnt, ur drt~nur.~t~.~n uf .:~id pruperty or any part therruf: anJ in thr event
of th~ failurc of thr m~xtgagor to keeF+ the huildings on tiaid premise, :+nd thu~c t~~ h~ erctiteJ un .aiJ prrmix.. ur impru~rment. ther~un,
m
~n gixxl repair, the mortg:~gee may make ~uch repain as in its Ji~crrtiun it may Jrem nea:e+wry f~x the proper preservation thrr~o~ and
the full artxwnt of rach anJ every wch paym~nt ,hall tk immc~liatcl~ duc anJ pay able. and .hall br +x~urc~i by the licn uf Ihi+ rtwrtgage.
6. That he w~ill pay all and singular the ccrt~, charges. and expemes. includ~ng rea~onable faw~•er's feec. and cost+ of al+stracta of titfe.
E incu~r~-J ur paid 3t :.n~ time by the murtgag~c bctiau.r uf the failurr un thr part uf the nxirtg3gur prumptly and fully to perform the
! agrrrm~nts and coven~nt+ uf ,aid prumic,ur} nutr and thi, murtgagr. a~iJ .aid crnh. charge+. arxl expen~e, chall t+r immeJi3tely dur and
` payablr and ~hall hr ~ecureJ b~ the I~en of th~ti murtgage.
~ 7. ~h:?t he will lrep ~he impruvements nuw existing or hzre:titer erected on the mortg~geJ pro~xrty. inwred a~ ma}~ t+e r~-yuirrJ from
umr tu Nme hy thr nx~rtgagee against loss by fire anJ other hazard,, cawlaties. and amtingrrx~e~ in w~h anxwnn and fur ,uth peri.~J~ a+
may br required by mortgager, and ~ill pay prumptly. Nhrn dur. any premiums un+uch inwrance for p.t~ment oCwhi:h pru~i~iun ha~ not
~ been made hereinbefore. All insurance shall be carried in compania approved by mortgagee and the policies and renew~als thereof shall
: t+e hrlJ hy mortgagee and have attachr.l ~heretu I~», payahle clausec in favur uf anJ in form acceptable ti~ the rtx~rtg:?gec_ In evrnt uf losti
- he will give immetiliate notice by mail tu mortgag~e, anJ rtwrtgagee may make pnwf of toss if rwt maJe promplly by mortgagur, arxl each
~ in,urance company cuncerned ~s hereby authori~ed and dirrcted to make payment for such I~»s direct{y tu mortgagee insteaJ uf ti~
murtgagur anJ murtgagee juintly. and the insuranre pniceedc, ~x any part thrreof. may t+e applied My m~xtguger at its oplion either to the
~ reJuctiun uf the ~nJeMedne» hereb~ .eeurctil ur to Ihe rr~turation ur rep~ir of the property damageJ. In e~•~nt of f~xecl~»ure uf this
~ mortgage or uther tramfrr of tiUe-to the mortg:~ged property ~n extin~ui~hment uf the indrbtednes~ utiured hereby. all right, titlr. anJ
~ intere+t uf the murtgagur in and tu any ir~surance poGcies then in force .hall pass w the purchaser or grantee.
8. That the mortgagee may. at any time pending a vuit upon this mongage. apply to the court having jun+~fictiun therrof far the
~ appointment of a receiver, and such cuurt shalt (orthwith ap{wint a receiver of the premises covered hereby all and .ingular, incluJing all
~ arni ~ingular thr inc~~m~, profits. ~nues, and revenue+ from uhatever sw~rce derived, each arxi every of which, it t~ing expre5sly
~ unJent~t, ic hereby mortgagrJ ati if ti~ifically cet furih and descrit+ed in the granting and hat~enJum clause+ hereof, anJ tiuch recriver
~ ,hall havr all Ihe bruad and effectivr functionti anJ po~rn in •rnywise entrusted by a court to a receiver, and such appointment tihall be
~ made by wch cuurt sti ~n admnted equrty anJ a matter of abx~lute right to said mortg~gee. and withoot reierrnce to the adequacy or
~ inaJequacy uf the value uf the pruperty mortgageJ or to the solverx:y or insolvency of said mortgagor or the defenJents. arxi that wth
K rents, prafits. income, i~suc~, and revenucw shall t~e applied by sueh rece~ver according to thr lien of this mortgage and the practice of such
a~ court. In ihe event of any default on the part vf the rtwrtgagor hereurxler, the mortgagor agrees to pay to the murtgager un Jemand as a
reasonable monlhly rental for the premises an amount at least equivalent to one-twelfth ( t/121 of the aggregate of the twelve monthly
installments payablr ~n the then current year plus the actual amount of the annual taxes, asswments, water rates. and inwrance premiums
± for such year not covered by [he aforesaid monthly payment~_
9. That (n) in the event of any breach uf this mortgage or defauh un the part of the rnortgagor, cx (h) in the event that any of said
wm~ of monry herein referred to be not promptly and fully paid without demand or nolice, or (i~) in lhe erent that rrch anJ every• ihe
~ titipulations, agrrements. cunditiuns, and covenants of said note and this mortgage. are nut July, promptly. a~d fully performed: thrn ~n
~ either or an~~ such event, the ~id aggregate sum mentioneJ in said note then remainig unpaiJ, with interetit accrued to that time, arni all
r?wn~y. tiea:ured hereby, shall become Jue and payable forthwith, or thereafter, at thr upuun of wi~ mortgag~e. as fully and completely as
if all of the w~d ~ums of money were originally stipul~tcd to be paid un wch Jay. anything in taid note or in thi, nx~rtgage tu the iontrary
notw ithstanding; and thereupun ur thereaRer, at the option uf said mortgagee, wilhout nul~ce or Jemand. tiuit at law or in ryuily. may~ be
prinecuteJ as if all moneys secured hereby had matured prior to its in~tiwtion. The rtx~ttgagee may foredo~e Ihi~ mortg:igr. a. Io the
arttount ~o declareJ Jue and payable. anJ the ,aid premi~es chall be x~ld to satisfy ~nd pay the wme together with co+h. e~penxs. and
allowancc.. In case uf partial fureduwre of thi. murtgagr, the murtgagcd premi,e~ ~hall be wIJ .uhjctil tu the conunuing lirn of this
- rrk~rtgage fur the amount of thr Jebi not Ihen Jur anJ unpaiJ. In ~uch ca~e th~ pruvitiiun~ uf ihi~ paragraph m~~ ag.un tx a~:?iled of
_1 thereaRrr frum tim~ tu timr by thr m~~rtgagec.
- 10. fhat the murtgagur ~~II gi~~e immeJiatr nuu~e by msit to the murtgagec of any conveyancc. irsmfer. ur rh~nge of uNnertih~p of
- the prrmi~eti.
` I I: Chat no w~i~rr ui any ~uvenam hcrein ur uf thr ohhgatiun ~ctiureJ hereby .hafl at an}• timr thrreafter t~e helJ to he a Naiver o[
Ihr term. hereuf ur uf thr nute securcJ herehy.
12. that if the nwrtgag~~r Jrfault in any uf thr c~~v~nant~ ur agreement, c~~ma~neJ herem. or in wid rx~te, the~ the mixtgagrr may
" perform the wme. and all expenJ~ture, i incluJing reau~nable auorney'~ fer~l maJe by the murtgager in w d~~ing shall draw in[ere+t at the
- rate set forth in the rwte cecured hereby, anJ shall be repayable immediately and withuut Jemrnd by the rtwrtgagor to the mortgagee, and.
together with intrrest and axts accruing thereon. ~hall be +ecured by thit murtgage.
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~84K~ P~CE~~~
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