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I. Ihat, in .~r~tar nx~rr tull~ tu prui~~.~ ihr ,aiui~t~ i~l Ihi. inuit~:,~gr. thr mu~~~;.~g.~i, t.~g~lhrr K~th, anJ ~n ~.l.iitiun t~~, thr nw~:ihl~
ps)mrnh undrr thr l~im..~f thr nutr .c:w~til hrrrh~. ~~n thr !ii.l ~1.~~ ul c.~ch m.~nlh unul thc ~:u~l outc ?1 (ully paiJ. wIi pa~ t~, ~hc
nx~~t~agt~ Ihr fi,l!ut~ing ~.um. '
la) An wiwunt >ufti:~rnt ta p~uviJa ~hr huWrr hrrruf v+i~h fun~, tu pa~ thr nr~t nw~tgagn imui.~n~a p~~mium if th~~ ~mtrum~nt anJ
~hr nut~ +C~ured hr~rb~ arr ~nwrrd. ~x a munthly ~h:ugr I~n licu ul~ a nwrtgabe in.uran:r piruuum) ~f thry arr hrid hy~ thr
S~cr~lary uf Huu~~ng and l:rb:,n ik~rluptnrnl.'sa fullu~.:
111 If and ~a fung a~ w~d rn~tr uf evcn J:?tr a~xl th~+ in+trumrnt arr ?nwrcd ~~r ar~ rcimur~J und~r thr pruvi.iun. ~~f ihi
I~atiunal Nuu.ing :~Cl, an amuunt .ut'f`icient tu a~cumuL~te in tAr hanJ+ ~~f ~hr hulder unr 1 t 1 munth ~+rior tu it~ dur J~~e the
annuai nx~itgagr imuruncr prcmwm. ~n u?Jer tu pruviJe .u:h h.d~er w~th fun.l, ~n pay ~u~A pr~mium tu thr ti~~r~tary uf
H~~u~mg and tirban Urvrlupatrn! pur~uant 1hr Nauun:~l Huu,ii~K :~~t, a. amrndrd, anJ .~ppl~~:~hlr Rrrui.~t~.~n~
?hcreunder; ur
1111 li :?nJ x~ lung a> >eid nute uf even datn an~i th~~ in.uumrnt are h~W by thr Sccrctary of ~fuu.~ng anJ lirban Ih~~l,~pm~m,
a munthly ~hxrgr lin licu ul a muttga~t u»wanc~ prrmium? Nhi:h +hall he in an am.~unt ryu.~l tu .mr-ta~llih 111121 uf
one-hul! 1':1 {kt crntum uf ihr .~vrr.ibr uut,~a~Kling h:ilancti.slyK.uq {he nute ~umput~d ~.~thuut tal~ng intu accuunt
drlinquencie+or prep:?ymrntti; S '
Ibl ~ wm ~yual ta the gruurn! rrnt+, if any, nr~t duc, plu~ thr ~xem~unu that wiU ne±~~ brcume .luc anS payablc un pulKie. uf firc
arxl uthrr h:~4:~rd in.ur,~ncc c.~~•tring thr mortgag~~l pruExrty, plu. taae, anJ :?~+e..mrnh n~xt Jur un Ihr murlgageJ pru~[ty lall
a+ e.timatrd Dy the murtg~gre) le.~ all sum~ atrcady paid'therefor dtvides by thr aumher of m.~nlh~ tu ~laps~ hrfi~rc one munth
p~iur to th~ date Nhcn .n.h grourxi rrnts, prem~ums, taa~s, arxt a++ecxmrntc will t~e~omr J~~inyurnt, .uch sums to tx hrlJ Dy
mortgngr~ ~n trust to Pay said ground rents, premium~, lexrs, and ~pecial ~sscauuecil.i; an~
(c? All payment~ mtintioneJ in the two prra:eding wbsertiuns o( this paragraphan~J all paym~nu w t+r maJr wxier the nutr xcurrJ
hercby .hal! br addc-~i t.~gether snd ~he a~r,rrgate amuunt thereof shall be paiJ~ 1he m.xtgagur rach munth in a.mgte paym~nt
a~ hr applied hy lhe murtgabrr tu the fullua ing i~cm, ~n th~ urJer ~et f~xth: _
111 prrmium chsrgr. undrr th~ cuntract uf ~nsur~nrz w~th thr ~crrtary of N.~u~~ng and l:rb~n UrvelupmrM, ur rtx~nihly -
charg~ lin lieu uf m~utgagr ~nsurancr pr~mium), thr:a+c maq t+r; '
! 111 gruund rcnts. ta~e+. a~.r~~mrnt+, firr, and uther hsiard imur;~rne prem~umc: :
11111 interest on thr note .erureci hereby: arxi ~
flVl amorlization Of III~ }NI(K1~1:1I Jf 1:111I M)IC. '
lny J~hs:i~n::) in 1h~ amuunt ~~f ~uch a~cregate mun~hly p:~ym~nl ,h:Jl, unlc., n~ade g.tin1 hy th~ m.~nga~ur priur tu thc du~ date of ~
the ne~t cuch pa~mrnt. ~omtitute ;~n r.rnt ~~f drfault undrr Ihi~ murtgu~.e. 1 h~ m~~rtgagee tnay r~~llctit a'1.~IC chargt' n~~t to exc~ed twi~ ~
:rnt, 12c1 ii~r ~ach dollar ~Cl+ uf ~:kh pa>n~rnt murr ihan fiftren 1 t~l ~lay~ in arrr;u. tu cuv~r thr rttr.i e~prnk in~~,lv~til in handimg i
delinyucnt pa~m~nts.
s. That ~f the tutal ut th~ p:i~ment~ ma~!e hy thr martg:tgor urtdrr ihl uf paraeraph ? prcrrding ~hall excecd thr anxnmt uf the z
paymrn~. ~ctually mada h~ the m~xtgagee, tor gruund rent,, taree an~ a,.r"mcnh and imur.ux~ pr~mium~. as the ca.c ma~ fx. ,ucL f
eacess at the option of the mortgagee, shall, t+e credited on sub5equent payments to be made by ~he rtwrtgagor, or rcfundud to the ?
rtwrtg;igur_ If, howe~•tr. Ihe m.~n~hly pa~mcnt. m:x1r by the murtgagur undrr ~h1 uf paragr.?ph 2 pre~rding shaU not Ix cuthcient ta pay
grournl rcnh. tax~~ anJ :~ssc..mrrtt~ and io,urance prcmium,. :i. thc :.itir may t+c, Hhen thc +ame .hall hr~vme due and payable. then the -
nwrlgagar .hall pay tu the mortgagte :~ny amuun~ ncties<ah~ to malr up Ihe drfici~rwy. on cx t+rfurc Ihr Jate vvhen payment e~f ~uch `s
gr:~urx1 rcnt., tatr.. a~+~~~ment~, ur inwrance pr~miums SF111II Fk dur. If a~ an~ timr the m~xtgagur .hall Irnder Io the murt~.~g~e in `
accurJartce with the pru~•i+i~~m of the nine u-~urrd hrreby, full p:~ymcnl uf the entirr indebtrdn~~c reprr+enlyd thereh~. thr rtxxtg,~gee
,hall. in a~mputing the amuunt of ~uch inJrbtrdne.,, crcdit to thr arcuunt uf thr rnurtgagur all paymentc madr under thc provi.iom uf Iril
uf paragraph 2 hCreof v~hi~h th~ murtgagcC ha~ not t+rcomc ~~hligat~Yf tt~ p:iy to thr Srcrrtary of Haeising and t rb:?n Devrl~~pmcnt arxf any
halanrr rrm:~ining i~ thr funds .ercumulatrd under thc pruvi~iom of Ih? uf wiJ paragraph 2. If'thrrc ~h:dl hr a default urnlrr any of the
pru~•i~ium uf Ihi~ murtgagr, r~~ulting in a public ~al~ uf th~ prrmi,r, co~rretil hrrrh~, ur ~f thr murtgeger arywrr~ the pr~~perq uthrrH ix
after defaul~. ihr murtgag~r .hall appl~. at ~he umr uf ih~ cummrnrrmerit uf ,uch pnkr~.ling..>~ at ~he time ihr prupert~ i. uthcr~~
.~~yuirrJ. thc h:J:u~a:r ih~n r~mai:ung ~n thc fund+ accumul:urJ un.lrr ~h~ uf paragraph ' prrcr.ling a. a crcdit ag:~in,~ thr amuunt uf
pnncipal th~n rcm:~ining unp:ud undrr .:u~1 nutc anJ ,hall pruperl~ :i~ju~t an~ p:?}m~nt~ ~~hich .h:Jl ha~r tkrn maJr un.lrr lul uf u~~J
paragraph.
fh~t he NIII P:?) .ill ta~r~. a~+r.~m~nt~. Hat~r rah~+. anJ uthrr gu~rrnm~nt:tl ~~r muni.ipal charge., finr~. ur ini{+~~~~ti.~m. fur ~~hich
pruvi,~un ha~ not t+cen madr hercint+efurr. anJ in deCsult ther~ui thr mortgagr~ ma~ pa~ thr +ame; and ~hat he Mitt pn~mptt~ ~trli~cr the
ufhci:~l rtticipi~ ~hrrcfur tu thr m~~rtgagrr.
5. fh:~t hr wil! prrmit, r~~mitait. ur .utlrr ~u ~~a.tr. imp:urn~rizt. ~.i .lrt~r+ur:~tiun.~i ,:uJ prupcrt~ ur any p~rt thrr~~,f'.~ind in thc ~vent
uf thr failurc uf th~ mort~agur tu k«p thr huildi~zg~ .~n .:,id prenu.r. an.i thu.~ to hc rrctitr.l un ,:~iJ premi~e~. ur impruc~mcnt. thrrron-
in g.xKi rep:rir. th~ rtxxtga~~r ma~ ma~r .urh rrpair, a. m ih .I~.:rru~m it may ~rem nerr~,ary fur th~ pruprr pr~~enatiun lhereuf. and
' the ful! .u~x~unt ~~f r:kh and rvcr~ .uch p:iy mrnt ~h:~ll h~ ~mm~~iat~l} Ju~ :mJ p:i~ ablr. :md ,hall beyc~ ur,~xl t~y lhe liep Uf tdiS~ttc?lfitage-
, 6. ~hat he N III ~+:lY SII :~nd ,~nguLu thr c.nt.. ,hargr,. and e~~xn,r.. in~luihng rea.unaMe lawq~r'Sjtec~. an~1 costa uf abatr:~h uf title.
incurn~f i~r paid at am tim~ h~ :hr m~~n~.~grr hrcau,r uf thr failurc ~~n thr part nt~ th~ mp~agor ptomptly~aad lull~ to pe~form 1he '
i
.igreemrm. and co~rn.int. ~~f ~:uJ pr.~:m,.un nu~~ :?nJ thi, m~~rtgagr. an~l ,:ud cu,t,. rhargry ~rd~e~pt~cahalrl+e imnxdiately duC .+nd ~
p:~}aM~ and ~h:tll Ik ~rcured hy th~ hrn ~~f thi~ mu~ttagr. + . . . , . . ,
7. f h:tt hr will lrep tht impru~~m~nt~ n~~w ~~~.ting nr hrrraftrr rrcit~tii ~~n ~hc mnrtgageil property, inwred as ma} tk rryuir~d frum '
timr to umr h} ~hr nx~ngagc~ :~g:+~n.t 1~~.~ hy firr an~1 i~thrr h:v:~rJ.. ~:?.ul:iti~~,_ :ind ~.~ntingcix~c~ ~n ~u~h ar?xiuni~ :?nJ fur.uih p~ri~xi. a, r
ma~ he rryu~rrd by mi,rt~agc~. :inJ ~dl p.?y prumptl}. ~h~n dur. an}' pr~mium~ un.uch ~ntiur.in~e fur paym~nt uf whkh pru~i,iun h:u noi
made hereinbefore. All insorance shaH be carried in companees appruved by mortgagee and the policies arxl reneuals thereof shall
bt !J hy m„rtgager and ha~r atta~h~tii thrr~tu I~n~ pa~ahl< <lauu~ io favur uf and ~n fi,rm acceplable tu the nwrtgager. In r~rnt uf lu~. ~
' ill g~~~ immediate nuticc h~ m:ul tu rn.ntgagce. and rm~rtga~rrma~ makr pnwt uf to,~ it rH~t made pr~,mpdy hy murtg:~gur. anJ rach ,
~murarxr cumpan~ cun«rn~d i, hcrrh} ~uthuri~rJ anJ d~rctiteJ tu makr pa}sn~nt fur ,u~h I~r. d~rectl} tu rrx~rtgagr~ iml~aJ uf tu
«x~rtg.~g~~r and mvrtga~,ee jointly. :md Ihe imur:~ncr pr~kerJ.. ur any part th~r~uf. m:n be applied hy nwrtg:~~r~ at itc optiun chhrr to thr
reductnm c~f the indebt~~lne.~ hereh~ x-cur~tif ur tu the re~t~xation ix repair of the property Jamaged. In c~rnt uf t~~rrrl~~uere ~,f dii+
rtxxtg.igr ur uther lran.f~r uf utlr tu th~ murtgagrd pri~crt~ in catingw,hmrnl uf the ~ndrbtednc~s x~ureJ hrreh~. :~II righl. ntk_ :md
interr.t ~~f ihe mur~gagor in aod a~ :~ny in.uran~t puliric. thrn in ti~rce ~hall pa., tu thc pureha.rr or grantrr.
- 1t. Ch:ri thr rrxxtE:i~r~ ma~. at :~n~ timr ~rnJinti a wit uExm Ihi~ murtgag~. appl~ to Ihr cuurt having junuiictiun ~hcrru( Pur thr
ap~nn~m~nt uf a re~ci~cr. anJ ~uch cuurt ,h.~N furthw eth ap~x»nt a recci~rr uf thc premiu~ cuccrrd hrrrh~ al! and ~ingular, it?~IuJing all
and ~~ngular thc incum~. prufit~. i.~ut,. :~nJ rr~rnur~ fr~~m Mh:~tc~rr wur~t Serived. each and e~tr~ ~~f ..hich. it b~~ng rxprr.~ly
~ uoder.tu~Kl. iti hrrcby nx~itg.~E~tii if .~xti~ficall~ .rt furth :~nd J~knixYl in th~ grant~ng anJ hat+~ndum:iau.r+ hrreuf. :tnJ .:hh re:r~~er
,hall ha~r .Jt tht hr~~:id :~nd rtii~:h« funrtium and p~~~~ri~ in amwi+< <mru,lyd by a:uurt tu a rec~iver. :?nd ~uth ap~x~inUncnt ~hall tx:
maJe hy ,uch i~~urt a. an admitt~J ryuit~ and a m:~ttrr ui :+h.olut~ nght tn ~aid murtgagre. an~ ~ i~huui rrf~rcrkr to thr .~Jeyuacy ur
~naJ~~yuat) uf thr ~.Jur uf thr pr~~p~rt~ nx~tt~,ag~Yl .a Iu thr wh~~ni) ur imuf~en~y uf,:?iJ nxirt~;agur ur th~ Jefrndrnt.. anJ thal ,urh
~ reatti, pruht.. incumr. i~wc~. :md rr~rnur..hall t+r applir~! hy ~urh rrcri~•er aca:rding to thr hrn uf thi, m~,rsga~,r ~nd thr pr.icuc~ of wch
court. In the ecent iif any defauh un the p;~rt of the mart~agur hercundrr, the m~.rtgagur agre4y to pay t~~ thr murtgager un Jrm:?nd a~ s
reasonahle mumhly renwl fnr the premi.e. an amuunt at Ira~t eyurvalrnt tu une-tw~Ifth (1/121 uf ~he ag~regate of the ~NClve rrxmthly
m~tallmrntt pay ahie in the th~n ~urrent yrar plu~ ihe a~tual ~muun~ uF Ihc annual tar~.. a.~~~+~mcnt,. Hat~r ralct, and imur:~n.e premiums
fur ~u~:h yrar n~~t cuvrr~tii h~ thc afar~waiJ munlhh paym~nK.
` 9. "f hat ~u? in the evrnt uf anc hreach uf thi~ m~xtgagc ~~r defauh un th~ part ~if 1he nxxtga~~~r, ur (61 +n the e~•em that am ~~f +aid
wm~ uf munr~ hrrrin refr~rrd t« hc nut prompU~ aoJ fully paiJ wiih~~ut dr~nanJ ~~r n~~ticr. ur Irl m thr e~cnt that rach anJ cver~ thc
+tipulauun.. :igr~rmrnt,. :~~niLtii~n.. :~Rd cu~en:~nt, uf saiJ nuta anJ thn murtgage. .~rc nu~ July. prumptly. anJ fully pcrfurmrJ: then in
euhrr ur am .uch rvrnt. ~h~ .aid aggrcgatr .um mentionrd in ,aiJ notr then rcmainig unp:uJ. with intere.t accrueJ t~~ ihat time. and aN
rtxmr}~. x:ured herrby_ .hall heasme Ji~e and pc~y:~hlr forthNith. ur thrrr:~fter. at th~ upti~~n uf.aiJ mortgag~r, a. full} and i~~mplrt~l~ a.
if all uf ihe .aiJ .um. uf nx~ney Here ~~nginall~ .tip~d.~teJ to he p.nd .~n wch da~, amthing io ,:uJ nute ur in th„ nwrlgage ti, thr cuntrary f
i
nWNith~t:~nJing: anJ ~hcrru~in ur thcr~aft~r, at th~ uptiun of ~~iJ inortgagee. µithuut nuncr ur drm:~nd. ~t+il :+1 !aN ~~r in eyuity. ma) he
pnrecuteJ a~ if all rtw~nr~. ti~rured herrhr• haJ maiur~til priur tn it~ imtiwtion. ~he murt~agrr m:~~ turr~lu,r ihi~ nH~rtEagr, a. t~~ thr
artxrunt co declared dur :~nd payablc, anJ the ~a~i1 premi.r~ ~h:Jl he Krld ta ~atitify anJ pay Ihe wme tugeth~r wilh co~t+. rx~xmec. ;~nJ
alluw:mc~+. In cax ~,t' pani.~l f~~rrci~~.urr ~~f thi. rnurtbagr. ~hr murtgagcd prcmi.r, .hatf hr wdd ,ubjcct to the cuntinuing lirn „f thiti
~'~~K~K~ fur th~ :~mount thc Jrht nw inrn due anJ unp:uJ. In ~u~h ~,?~c thr pro~~~~ium ~rf th~~ paragraph m:?y :igain tx av:ulrJ uf
thercafler fr~~m timr w ~imr hy thr mixt~;:~kec.
10. t hat thc nN~rt~:ag~~r ~Il g~~r immrJwtr nuticr hy mail tu thr murtgabcr ut any ~un~•cyancr. tramfcr. ur changr uf ~~uncnhip uf
thc prtmi;r..
I 1. f hat na H.u~rr an~ ~u~rnant herc~n ~~r uf Ihr i+hligatiun ~ecur~Yl herrh} ,hall .it any time there:~tcn c~ hrlJ tu Ix :l Naivrr uf
Ihe trrm~ hercof ~~r uf the ~~~<<,«<,«d n«<ny.
12. t hst if thr rnurtgag~~r detault in any of the aa~•enant~ ~.r agreemenl+ containcJ hcrein, ur in ~aid rwte. then ~he murtbager may
pe~form the wme. anJ all ~rpcnJ~u~rr, ! incluJing reaconable att~~rney's frt~l made by the mortgager in tio Juing ~hall draw interctit at the
rate set fcxth in the rx~te.ecured herehr. and shall t+e repayahle immed~ately and aithout demand by the mortgagvr lu ~he mortgagee. anJ,
together with interc~st anJ co.t~ accru~ng there~+n. ShnU 1+e secured by Ihi. mortgagc.
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