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2. TAat, in cxde~ nwre fully to prutcct ~he security of this mo~tgaga ~he rtwrtgagu~. wgt~her w~1h, arn! in adJ:t~un tu, the munthly
paymen~s unJer the terms of thC n~ur ~ecured herchy, un the fint day uf tach munth unul the LaiJ nWe is fully paid, will pay to'thr
mangagce the folluwing +um+:
la) An amount wffkient t~ provide thc hulder hereof with funds to pay thc next mor~ga~e insutance premium i[ lhis instrument and
~he notc xcurcd hereby are insu~ed, or a montAly chu~e lin lieu of a mo~tsage insu~ance prcmium) it they are held by the
tiecrctary of Huuuog and U~ban Derelopment, as follows: i
111 If and so long as said note oi even date aod this instrumrn~ are insured or are reinsured under the arovisiuns of the ~
National Nousing Act, an amoun~ sufiicient to accumulute in the hanJs of ~he holder one l l l month p~ior to iu due date the
annual rtw~tgage insu~ance premium, in urJe~ to provide +uch holder with funJs to Ray,~uch premium to the tiecretary of
Housi~g and Urban Development pursuant tu 1he National Huusing Act, as alaea~ed.. and applicable Regulations
. theteunder; or
~~~)1~1(ar~1 so long u said note of even date and thic instrument are held by the Secretary of Huusing and Urban Development,
a monthtr charge lin lieu of a mor~gage in+urancr premium) which shall be in an amaunt cqual tu one-twelfth 111121 of
• une-half per ceatum of the ave~age uuutanJing bal~~e dur on the note computal without taking into accou~t
Jelinquencies or prepayments;
Ibl A sum equ'al to the gruund renu: i( any, next dua, plus the prrmiums that will next become due and payablc on policies of fire
aixl other hazard insurance covering lhe mortgaged proF+erty, plus taxts and assessments next due an the m~xtgaged property lall
as estimated by the mortgagce) less all wms already pa~d lherefor dividal by the number of months to elapse before one month
prior to the date when such grourxi rcms, prem~ums, taars, and a.u-uments will become delinQuent, such wms to be heW by
mortgagce in trust to pay saiJ grounJ rents, premiums, taXes, and ~pecial a~sectmenu; and
(c) All payments mentioned in the two proceding subsections of this pxragraph and all payments to be made under the note szcured
hereby shall be adde+l together anJ 1he aggrrgate amoun~ thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mort8agee to the fdlowing items in the urder srt forth:
11) premium charges unJer the cuntract of insurance with the Secretary of Housing and Urban Dtvelopment, or rtx~nthly
charge (in lieu of mongage insurance prcmium), ac the case may be;
(11) g~ound rents, taxes, asse~sments, fire, anJ other hazard insurance premiums;
(111) interest un thr nWe securni hereby; and
IIV) amortization of Ihe principal of said note.
Any defxiency in lhe amuont of such s~rrgate munthly payment ,hall, unlr~+ maJe g~xx1 by Ihe murtg:.gix priur ti~ thr Jue datr of
tht nert wch paymrnt, cunslitute an event uf drfault unJer thi~ murtgage. Ihr murtg:~gre may rullecl a°latt charge'~ nut w excerJ twu ~
cents 12e) fur rach Jollar IS11 of ra:h payment mure ~han hfteen 1151 Jay~ ~n arrr:u~ tu co~•er thr extra expense invulvrd in handling ~
delinquent p:syments_ ' s
3. That if the Wtal of thc payments maJr by the murtgagur uixler Ihl of paragraph 2 prc-~eding shall eacred the am~wnt uf tht ~
p~yment~ actually maJr by th~ mixtgagee, fur g~uunJ rents, texr~ arxl a~.ta~ment~ ~nd ~mura~x:e premiumti, as thr case may b~, wct. ~
excess at the option of the matgagee, shall, be credited on subso4ueot payments to be made by the aartgagor, or refunded to the
mortgagor_ If, huwever, the munthly payment. m:xle by the mortgagur unJer Ihl of paragraph 2 preceding shall not be sufficient to pay ~
grourxl rents, wxes and a+a~ments and insurance prrmiums, as the ca~ m3y br, when the same shall become due arxi payable, then the
rtwrtgagor shall pay w the murtgagee any amuunt nece~tiary to make up the Jrfxierky, on ~x before !he date w~hen payment of such ~
grou~xi rents, tdxes, asscun~nts, or insu~ance premiums shall be Jur_ If at any time the murtgagor shaU tenJ~r to the murtgagre in ~
accorJance with the pruvi~ions of ihe nute ~e~:urcd herrby, full payment of the rntire indebtrdntss represented thereby, the mortgagee
shall, in computing the emuunt uf such indebt~lness, cretifit 1o the accuunt uf the mix~gegur all payments made under the provisians of la) #
of paragraph 2 hereuf v?hich the mottgagee h:u nut brcume ubligateti! tu pay~ tu the Sc~retary of Huusing and Urban Develupment asxl any ~
balance remaining in the funJs accumulate~l under thr pn~visium uf Ibl of ~aid paragraph 2. If there shall t+e a default unJer any of the 2
provi~ions of this m~xtgage, resulting in a public sale of the premisr, coverrJ hrreby, or if the m~xtgagze a.~uirrs the properry othrrvvise ~
after default, the mort~agee shall apply, at the time of' the commencemrnt uf such procecdings or at the time the property is.otherwise
acquired, the balance then remaining in Ihe funds accumulated under ~hJ of paragraph 2 preceding ac a credit against the amount of
princ.ipal then remaining unpaid urxler saiJ note arxl shall properly adjust any paymtnts which shall have bern maJe under la) of said
paragraph. .
4. ~hat he will pay all taxc~, a~sr~~ments, water rate., and uther gu~ernment~l ur municipa~~c~hat~gl~, ~fines,`ar ifiposiNWts,tor yrhich
provi~iun has nW t?een maJr hereint+rfore. ~nJ in default ther~~~f the murtgagee may pay the 4artk: ~tldihat_he wi~l pEVgy~y~zl~ver th~ti,,. ~
~ ufficial rrceipts therefor to the murtgagee. r • - = : . . • .
S. "('hat he will permit, commit, or suffer nu wa,te. impeirment. or deteriorauun uf wiJ property or any part thereof: ~Ad +n ti~e erent
; of thr t~ailure of Ihe mortgagur to keep the buildings un snid prcmi,es and ~ho+e to be err~.ted on said premises, ~r impruvements thereon.
; in giwd repair, the nwrlgagee may make ~uch repain a~ in its Jiscretiun it may drem necescary tor the prc+per preservation thrreof. and
E the full :+muunt of each and rvery such payment shall t+r immeJiately due and payable, arxl ~hall t?e secured by the lien of thi~ mortgage.
~ 6. Thst he will pay all anJ singular the c~ntt, charg~~. arnl r~{?rnses, including rea~unable lawyer's fees, snd costs of ah,tracts i~f Iitle. :
mcurr~~i or paid at any timr by the rtx~rtgagrr tx.iautie of thr f:~ilure un thr part of the mortgagor prompUy ar.d fulty to perfi~rm the ~
~ agreemrnt~ arni c~wenants ~.f saiJ promi*.ory nute anJ ihic murtgage. and ~aid c~»ls. charges, arxl expenses shall be immeJiately due and
~ a sble and sh:~tl be ~ecured by the lirn ~f this mixtgagr_ i
~ P y~ '
~ 7. ~hat he will keep 1he impruvements rx~w existing or her~fter erttiteJ on thc rtwrtgaged property, imureJ as may be rryuirecl from
~ time to timr by the rtwrtgagee against losti by fire arxi other hatanh, c:uulaties, anJ contingencies in such atrwunts anJ for su~:h periuds as }
~ may be requireJ by mortgagee, anJ w ill pey prompdy, when due. any premiums on such insurance for payment of whkh provision has not x
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and rcnewals thereof shall ~
K be helJ by murtgagee and have attachcyl therew I~ payable clauses in favor uf anJ in form acceptable to the rtwrtgagee. In event uf loss
~ he vrill give immediate notice by mail to mortgagee. arxi rtxutgagee may make proof of loss if not made prompUy by mixtgagor, anJ each ~
~ insurance company concerneJ is hereby authori~ed and Jirected w make payment for such loss directly to murtgagce insteaJ of to ~
~ mortgagix arxi mortgager jointly, and thr inwrance pnxerd+, or any part thereuf, may be applied by rrartgager at its option eilher to the
~ reductiun uf the indebtexlness hereby secure~i ur to the retitor:~tion or repair of the propeny JamageJ_ In event uf forecl~nure of this
~ mortgage or other transfer of' title to the n?ortgageJ pr~perty in rxtinguishmenl of Ihe inJcbteJness secured hereby, all righ4 title, anJ =
~ interest of the mortgagor in anJ to any +nsurance policies then in furce shall pass t~ the purchaser or grantee. -
8. That the mortgagee may. at any time pencling a suit upun this mortgage, apply to the court having jurixliction thereof for the ~
3~ appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, incfuJing all ~
~ and singular the incame, profits, issues, and revenues irom whatever source derived, each and every oi which, it t~eing expressly
~ undentooJ, is hereby mortgaged as if specifically set forth and dexribed in the granting and habendum clauses hereof. anJ cuch receiver ~
~ shall have all the broaJ a~x1 effective functionti and powers in anywise tntrusted by a court to a receiver, and such appointment shall be '
made by such court as an admitted equiry and a matter of at+s~lute right to said mortgagee, and wittwut reference to the adequacy or ~
inadequacy of the value of the properry mortgaged or to the solvency or insolvency of said mortgagor or the Jefendentx. arx! that such i
rents, profits, incume, issues, and revenua shall be applied by such receiver according to the lien of this mortgage and the practice of such
.i' court. In the event of any Jefault on the part of the rtwrtgagor hereunder, the mortgagor agrees to pay to the mcxtgagee on demand as a
reasonable monthly rcntal for the premises an amount at ieast oquivalent to one-twelfth ( II~ 2) of the aggregate of the twelve monthly
~a installments payable in the lhen current year plus the actual amount ot the annual taxes, assessments, water rates. and inwrance premiums
- for such year not covered by the aforesaici munthly payments.
9. That (n) in the event of any breach of this mortgage or default on the part of the mortgasor, or (b) in the event that any of said
sums of muney herein referred to be not prompUy and fully paid without demand or notice, or Ic) in the event that each arxl every the
- stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly. ~omptly, anJ fully performed; then in
eiiher or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, atxi all
rraneys secureJ hereby, shall become due and payable fcxthwith. or thereafter, at Ihe ~{?tion of said mortgagee, as fully and completely as
if all of the said sums af rr~ney were originally s~ipulated to be paiJ on such day. anything in said note or in lhis mortgage to the contrary
~ notwithstanding; and thereupon or thereafler, at the option of said mortgagee, withuu~ rx~tice or demand, suit at law or in equiry, may be ?
prmecuted as if all moneys secured hcreby had matural prior to it~ institution. The mongagne may foreclose this mortgage, as to the
artwunt so Jeclared due and payable. and the said premicn ~half t?e wW to satisfy and pay the same together with costs, expenses, and
aUuwances. In case of partial fcxeclmure of this mortgage, the mcxtgaged premisec chall be xild tiub}ect to Ihe continoing lien of this
`~~j rrx~rtgage for the amuunt of ihe Jebt not then Jue anJ unpaid. In such case the provi+ions of ihis paragraph may again be availed of
~;Y thereafter from time to lime by the mortgagee.
- 10. "~hat tht mortgagur will give immeJiate notice hy mail to the mortgagee uf any canveyance, ~ransfer, or change of ownersh~p of
,~~=s the premises. '
1 I. ~hat no waiver of any covrnant herein or ~~f the obligatiun secured hereby shall at any t~me thereafter be held to be a waiver of ~
the term~ hereof cx of the rwte secured hercby.
~ 12. That if the rtxxtgagur iiefault ip any the cuvenants or agrtements containrJ herein, or in said note, then the mortgagee may
°~y;:; perform the sartx. ancl all expenditures ( includina reawnable attorney's fees) made by the mcxtgagee in w doing shall draw interest at the
rate set forth in the notc secureJ hereby, anJ shall be repayable immecliately and withuut demand by tht mortgagor to the mortgagee, and.
together with interest and costs ucruing lhereon, shall be secured by this mortgage.
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