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2. Iha~, in .udt~ nwrc full~ tu prutctit Iht srcurity u[ th~~ mungagr. ~hr murtgagur, wgt~htr Mith. arut in uld~t~.~n ~u, thi m~mthl~
paymrnts undrr the terms uf thr nutr ~curtJ hercby, un tAr fint J:~y ut~ e:xh ~nv~~th unul ihr .:uJ nutt fully paiJ, will pa> tu tAr
mungagrr ihr fuUowing ~ums.
la1 An anwunt .uffic~ent tu provide th~ hulJer herrof whh funJa to pay the nrxt murtg;~g~ in~urance prrmium if thi~ instrument and
the n~~tr securcd here6y are inwrtd. ~x a munthty cAarge tin licu of a rtwrtgage imuran~:r prrmium) if Ihty arr hrld by the
Secretary of Hous~ng anJ Urban Develupmrnt, a. folluws:
111 If and w long as ~aid note of tven Jate and this in~aumcnt are in~ured or are rrimu~~Yi unJer tht pruvi~ium uf the
Natiunal Housing Act, an amuunt suRcient to auumulatr in thr hands of the hulder une l I) month prior tu its due dsle the
annual nwngag~ mwrance p~rmium, in urder to provide ,uch holJnr whh fund~ t~~ pay +uch premium tu thr Sec~rtary uf
Nous~ng and Urban Ikvelopment pursu:?n1 tu thr Nut~un~l Nuus~ng Act. as amenJrd, anJ ~pplia:ablr Rrgulalwm
~hereunJer,~u
t111 It and cu long as ,a~d note of tven date anJ this ~nstrum~ot are heW by the Sccretary of Hau+~ng and Urban ikvelupment,
a nwmhi~ chargr ~in lieu ~t a murtg;~ge insurancr prrmium) whrch ~hall t+e in an ann?uot eyu31 tu unr-tNtlfth I II121 of
une-haq~ 1°~ 1 prr centum uf the ave~age uut~tanJing balance due on the no~r computctil w~thuut taking intu accuun~
delioyuencie, c.r prepayments;
Ibl A,um tyual tu the gruurxl rents, if any, nrxt dur, plu+ the prrm~ur?u that will nes~ become dur arni payable on pol~cies of firc
arxi uther hatard imurarke w~ering the murtgaged {xuprrty, plw taars and as~ls~rnentc ntxt Jue un ~he mor~gngeJ properry lall
a+ rsurrealed by the mortgageel Irss all sums already p~iJ therefor diviJed by the number of muntM to elapse t+efore one month
priur to the date when wch grourxi rents, premiwn~, taxes, and asses~ment~ will brcumr delinyuent, such sums to be heW b~•
mortgagae in trus~ to pay said grounJ ronts, premiums, taxes, and sprcial a~.r~~mrnt.: :~nJ
Ic) All paymenu mrntiuned in the two preceding subsections of'this paragraph and.all payaients U~ t~ m:ule urxier the nute ~ecured
hrrcby shall t~r addrrl togethrr anJ thr aggregate amount thereuf shall tK paid by the martgagur esch munth in a singte ~w~•mrnt
tu tK applirJ by the murtg:?gee W tA~ fultowing itrms in thr order set for~h:
U? premium cha~ges under thr co~tract of insurarx:c with the Secrc~ary of Housing and Urban ikvek~pment, ur rRUnthly
cha~ge tin lieu of mixtgage insurance premium), a, the ca~ m3y be;
1111 ~ruund rents, taxes, a~se~ment+, fire, and other hatard imuranc~ premiums;
1111) intere~t on the note stt.ured hereby; and
IIYI amortization of the principal of said nole.
:~ny drficicnry ~n the aimwm of such a~regate munthly payment .ha1L unte+~ made gu~K} h~ the mortg:~g~>r priur to Ihe due dale uf
the nr.~t .uch paym~nt, runtititute ~n tv~nt uf JefauU urxirr this mungage. I~he murtgagee m:+y roU~tit :i "latt ~harge" nut tu ~xcrrJ two
ccnt, 12c1 fiir rach Jull:,r ~511 uf r:Kh p:?yment mure thun hftee~ 1l~1 da~~ in arre:~r. tu cuver the e~tra ~xpemr im•ulvrd in handGng
d~l~nyuent paymenh.
"fhat if the tutal uf Ihr payment+ made by ~hr murtgagur unJer 1b1 of paragrupA 2 precrding ,h:dl r~ce~J the arix~ual uf the
p~ymrnt+ actually maJe b~ th~ mcx~gagec, for gruunJ rents, taxr, and a+~e~+mcnt. and in.ur.~n:e premium., a, thr r:~x may be, wct.
eacess at the option of the mortgagee, shall, be creditai on subsequent payments to be made by the mortgagor, or refunded to the
murtgagor. If, hu?+evcr, the munthly paym~nt. madr M the mortgagor under Ihl of par~graph 2 prcti~ding ,hall not t+e sufhcient to pay
grouixl rrnh, t:?~c~ and :?sK.,mentc and in+urancr premium., ati ~he case ma~ t~. w he~ thr same .hall I+ecumc due arxl payabte, then the
, . rrx~rtgagor ~hall pa~ to th~ mortg:~get any amuunt niti~y~ary t~~ make up the deficirocy, on ix t+efure the Ja1r v+fien p:~ymrnt of wch
gruund ren1+, ta~r,, a,sttitimrnts. ur intiur.incr premium~ sh:ill tk dur. If at an~ um~ thr m.xlgagor sAall tender tu the murtgagrr in
xcor.lanc~ wiih tht pru~i~ium of thr nute,ecured heraby_ fidl paymrrsl uf the entire indebletilne+c reprc~sented thereby, the rtx~rtgagee
shall, in cumputind ~hr amuunt uf,u~h inJrMitilnr~,, crrJit tu the accuu~t uf ~hr murtgagix all paymcnl. maJe under the provi.iom uf lui
uf paragraph hereof Nhich !h~ mortgagtr ha. nut hecume ubligat~~l to pay Io the Se~rrtary uf Huu~ing and l'rban fkvelopmrnt :~nd any
balance ~em:+ining in the fund. accumulatrJ unJcr .hr pro~ieion. ~~f (h~ uf ~aid paragraph 2. If thcrt ,hall he a default under any of thr
' pruvi~ium of lhi~ murtgage. rr,ulting in a puhli~ ~alr crf the prrmi.c~ ~u~rrctif hrrrby. ur if thr m~Nlgag~r acyuires the pn~ert~ u~hrrwise
aftrr Jrfault. the murlbagee ,hall :+ppfy, at the ume uf iht cummrncemrnt uf wcA priwerJingti ur at th~ timr the pruprrty n uthrrw i~e
acqwraxl, the balarnr then remaining in the fund~ ac~umulatcd undtr Ibl uf parab~aph 2 prrcctiling a. a cr4tilit agaimt the amuunt uf
principal then remaining unpaict under ,ai~ rnne and chall pru~+erl~ aJju.t any paymenll which shall h3~e t+ern madr und~r Iu1 ut wiJ
paragraph.
l hat h~ wi11 pa~ all tauti, a,~e»meah. Hatrr r,ttr+, and uth~r gu~rrnmrntal ur mumc~pal ~harg~~. tinr._ ur imFx~,itiun., fur ~hich
pruvi.iun ha+ nut brc~.ma~r hrr~inhefurc. and ~n Jefaidt therc~.~f Ihe murlgag~e may p~~ Ihe.amr: anJ that h~ will prumptly Jrlhrr the
ufhcial rcYeiph therefur to the murtgagce.
5. fhat he will permit. commit, ur wffer no wa,te. impairmrnt, ~x JCtrn.~r:~uun uf.:wiJ pruperty ur any part thrreuf: and in thr r~~rnt
~~f ~hc failure uf the mortgagor tu keeQ the huilJing~ on wiJ prem~~ra ~nJ Ihu~r to be ernted on saiJ premix~, ur improvemenn thrrrun.
~n gixxl repair, the rtwrtg~¢ee msy makc +uch rrpair~ a. in itti Jucretiun it ma~ deem nrce~~ary far the pruprr prrkrvation thrrcuf. and
~ the full amount of each and every such payment .hall be imm~viiat~ly due anJ pa~~able. and ~hall be ucured by the lirn of thic rtKrrtg~gr.
~ h. ( hat he w iH .t} .dl :~nJ .in •ular the ru~t~. thar e+. anJ r.~
P" 6 g pemc~+, incluJing rrasunable IaNper~s fe~~. anJ ~ush uf ab.tract+uf tiUe.
~ncurr~tii ur paid at any time h~ thr murtgage~ hr~:~ux ~~f th~ failure un 1he par~ uf the nwrtgagur promptly and fully to ~erform the
agrea mrnt~ and covtnant~ uf ~:uJ prumi»ury nule and thi+ murtgage. and ,aiJ cu+t~. charge.. arxi expenses shall he immrdixtel~ dur ~nd
pa~ -shle anJ +hall trr .ecured by the liert of ihis m~utgagr.
7. That he will kerp tht ~mprovemcnt~ r?ow ezi,ting or hereafier erect~d un thr mortgagcJ property. inwrrd a. ma~ tk rry~irr.l from
time tu tim~ by the m~~rtgagrr against loss h}• fire arx! other ha~ardi. c~~ufaur.. and ;ontingrrwics in such artxsunt~ :tnd (i~r ~uih pc•ri~xl~ a~
may t?c reyuircJ hy mortgagee. and wil! pay promptly, uhrn iiut. any premium~ on cuch insurance for payment uf..hi:h pruv~.iun ha. not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagce and the policies arni renewals thereof shall
be held by mortgagee and have ~ttached thereto Ivss payable clauses ~n favor uf ~nd in form accrptable tu thr rtx~rtgagee. In event of l~~sti
he wiN gi~•r immeJiate nutece by mail W mortgagee, anJ rm~rtgsgee map mal:e pr~wf of los~ if rwt made promptly by mvrtgagur, and each
incur:~nce company concerned is hereby authorized and directed to m~Ae pa}men~ for .urh loss direcUy to m:?rtga¢ee instead of to
murtgagur and murtgagrr jointly. anJ the insurancr pr~x~rds, ur any part thrrcY~f. m:+} he applird by murtgagre at its upuon eiihrr to thr
reducuun of ihe indrbte~nr~s hrr~by tiecur~tii ur ~u the rcht~~rstiun ur repair of the property damagrd. In ecent of furecknurr uf thi+
mortgage ur oth~r tramf,r of utle tu Ihe mortgaged pruperty in ~~tingui~hment uf the inJebtcYiness u~urrJ herchy. :~II r~ght. tiUe. and
intere~t ~,f the murtgagur in and tu anp insurance pulicies then in fixce .hatl pass to thr purch:~tirr ur gr~ntrr.
R. rhat the nx>rtgagee may~, at any time penJing a wit upon this mortgage, apply to the ca~urt ha~ing ~uriulittiun thrreuf fur the
appointmrnt uf retieiver, anJ ~uch court shall f~xthwith appoint e receivrr of ~he premises cuverecl hereby all arxi ~ingular. incluJing all
arni singular the ~ncume. prufit,, i~,ues, and revenues Gom whatrver worce derivecl, each anil tvery vf whirh, et heeng rxpressly
undertituaxi. i, hereby morlgageJ as if ,pecific~lly ~~t forth and de4crit~ed in the granting and habeadum clauses hereof. and ,uch receiver
shall have all the broaJ anJ effective functiom anJ power, in anywise rntrutited by a court to a receiver, anJ ~uch appuintment shall be
maJe by wch court as an aJmitleJ equit~' and a mattrr of atnolutr right to .aid mortgager, and without reference to the adeyuacy or
inadequacy of the value of the property martgagecl or to the solven~y or insolvency of saiJ rrxxtgagor or the defenJents, anJ that such
rents, profits. income. istiues, arxl revenues shall be applirJ by wch receiver according to the lien of this rtxxtgage and the practice of cuch
court. In the event of any defauR on Ihe p~rt of 1he rtx~rtgagor hercundrr. the rtxirtgagor agreec to pay to the mortgagee on demand as a
rcasnnable monthly rrntal far the premices an amount at least equivalent to one-twelfth (1/f21 of the aggregate of the tw•eh~e monthly
installments payable in the then current year plus the actual amuunt of the annual taxes, auessinents, wa~er rates, and insurance premiums
•e
for tuch year not covered by the aforesaiei momhty payments.
9. That (a) in tbe event of any breach of this mortgage or default on the part of the morlgagor. or (h) in the event that any of said
sums of money herein reFerreJ to be not prompUy and fully paid without demand ur notice, ur Ic~l in the event lhat each and every the
st~pula~ions, 3grrementc. cunditiom, ~nd cuvenan(s of saiJ nute and this mortgage, are not cluly, prompUy, aod fully perfi~rmed: lhen in
rilher or any such event, the,aid aggregate sum mentiuned in said note then remainig unpaid, with ~nterest accrueJ to that time, arnl all
moneyti xcureJ hereh~~. .hall t+ecome due and payable fcxthwith. or thereafter. at the opliun of ~aiJ murtgagee. as fully and completeiy as
if all of the said sumc of mone~• were uriginally ldputateJ to hr pa~J an such day, anything en ~aid note or in thi~ nwr~gagr t~~ the contrary
nolw ithstanding: anJ thcreu~rn .x thereaiter, at the opiion uf saiJ rtwrtgagre, w~thout nolice or demand, suit at law or in ryuity, rtwy be
pnnecuted s, if aI! rtx~ney, ~ecured hereb}• haJ malured priur t~i its instiw~ion. ~fhe rtwrtgaget may fcxeclu~r thi~ rtxxtgagr. a~ to the
arrxlunt ~o declareJ due anJ p:?yable. and thc wid premi~cs ~hatl be w!J to sati~f~• and pay the .:ime a~gether with co,n. rxpemes. and
allowance,. In cau uf partial fureclusure uf thiti mortgage. !he m~xtgaged premi~eti ~hall be x~IJ ,ubjcti:t tu the continuing I~en of thi~
rrxlrtgagc !or Ihr amuunt uf the deht nut th~n Jue :+nJ unpaiJ. In ,uch ra,e thr pruv~~iunc uf Ihis paragr~ph m.ry :?gain tx av:~iled of
lherraftcr frum timr to timc bp thr mi~rtgag~c.
10- fhat the morlgagur w~ll g~~~e immrdiate nutice by mail to thr murtgagre uf any comeyancr, tramfer. ur changr ~~f uwn~nhip of
the prcm~~c~.
1 t. I hat nu w,?~~•rr +tif any cu~rnant herem or uf the obligat~i~rt ~ecureJ hereby chall a1 any time thereafter he held tu tx N;fl~'l'f O~
the term, hereof or of thr nutc ce~urrJ hrrcb~.
IZ. "~hat if the murtgagor Jef:~ult ~n :~ny uf the covrnant, ur aFreement~ cuntaineJ herein. or in +sid nirie, then the mortgagee may
perform the wme. and all rxprnJ~tureti i~ncluding rea+onable auurney'~ feesl maJr by tbe murtg~gee in w Juing ~h~ll draw~ inlerest at the
rate set forth in the note secured herehy. and shall be repayable imm~~fiately and without Jemand by Ihe rtwrtgagor to the rtx~rtgagee, and. ~
tvgether with interest and cmtc accruing ~hereon, shall be xcured by this ~artgs~a
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