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n~u, ~n or~ more tWiy a aa.a ~s .ecw~~y or u~ ~tK morts~~. tu~eiAa witA. and ia aiWi~ioe ta the munthly
paYmena unda tAe te~ms of tNe ooee secured Aaebp. on the bn~ Jay o~ ssch moeth until the sNid eote ia Wlly pud. will p~y to the
mort~a~ee lAe followiry, wms: .
lal An am~ount wf~icient to provide the AoldW Asreof witb fuad~ to par the nest mortp~e inwianoe promium itthis ia~trua~ent and
the note stcurcd hmebr ar~ ia~ursd. or a ma~thlr charae liA lieu ot a a~ort~ye imurance premium) i~ tMy rre held by the
Secretary oi Housins and Utban Devslopmq~ as tolbws: -
IU It apd ao .lo~ as said note d even d~te aad tAis imuumeat ve iawrod or art reinwred ueder the arovuioas d' the
Nstioe~al Housiaj Act~ an airioun~ w!llcieal to aocumulue in the hand~ d che holder a~e l11 month priur w i~s due date tAe
annwl nartp~e insunaa premiwa. in order to provide such hdder with [unds w psy wcA prcmium to the Sarctuy of
Housin~ aad Urbui Developmeat punua~t to the Natioaal Housin~ Ac~ u ~n?ended. and applicabie iteeutations
thereunder: or
Ilq If and so lo~ u ssid note d even date snd this instrument are held by the Secretuy oi Housi~ and Urban Developme~t, .
a monWy chu~e (ia ljeu o[ a mon~a~e insurance premium) which shall be in an amount equal w onrtwetfth (1/12) of '
ono-half (~i) per oeatwn o( tbE avera~s ouwandins balarks due oa tbe note oomputed without tskin~ into sacouat i
deliaqueacies or PnP~Yments;
lb) A wm oqual to the p~ouad rcnts. if any, neat due. plus the premiums that wiit next beoome due and payable on poficies of Rre
and other-haaM insmance-carerins the•mottsaae,d-propertp. piu~; tua and assasments next due on the monpsed property (all
as atimued by tbe mortsa~ee) less all sums already paid tt~efor divided by the aumber of awaths to dspae before ocrc month
, priot to the date whea such sroudd rcnts. prem~ums. tues, and assasments will become deliaquent, such sums to be htld by
mortsa`ee i~ uast to p~y said ~mwd nnts. Qremiums. taxes. and s~ecial assestments: and
lc) All paymeMs meataaed ia iM t~o praoedia~ wbsectioas d this psragraph aad all paymarts to be m~de uader the note secured
hereby shsll be added to~ether aad the a~eaate amount thercof stiail be paid bY tl~ ~nortp~or eac6 month in a sin~le paYmeAt
ta bc applied by ihe mort~oe to the fdbwing items in thc order stt forth:
ll) prcmium charaes under tt~e convact of insurance with the Secretary of Hausi~ aad Urban Devebpment. or monthly
charae (in licu of mort~ase iasurana premium~ ~s ehe case may be;
UI) sround nnts. taxea, assessmeats. 6re, aad other hazsrd inwranoe premiums;
(ill) interat on the note saurod hereby; aad .
(1~ amortiuuon of the principat of said note.
Any deficiency in the amoant oP wch aggregate monthly payme~t shall, unless made goc~d by the mongagor prior to the due date of
the next wch payment, coRStitute an cvent of default under this mortgage. The mort~agee may colixt a"late chazge" not to exceed two
cena (2c) for each ~tollu (Sl) ot each payment moro than fifieea (IS) days in azreara to cover the extra expe~ue involved in handling
delinquent payments. ,
3. That if the total of the payments made by the mortga~or under Ib) of paraigraph 2 preceding shall exceed the amount of lhe
paymenu xtually made by the martgagee. for ground rents. taxes and assessments and insurance premiums. as the case may be. suct.
eacoas st the option of t6e mort~,~~ shall. be ciodited on se?b~equeat paymeats to be made bY tbe mort~?~, or refunded to the
mortgagor. If. however. the monthly paymen~s made by the mo~tgagor under (b) of para~raph 2 preceding shall not be sufficient w pay
ground rcnts, taxes and assGssments and insurance premiums, as the case may be. when the samc shall beoome due a~ payable. then the
~«BaB~r PaY ~o ~+~rtsagee any amount nocessary to make up tAe deficiency, on ar beforc the date when payment of such
grouad rents, wces. assessments, or insuraace premiums shall be dua If at any time the ma~tgagor shall tender to the mortgagee in
acoordance with the provisio~u of the note secured hereby, futl payment af the entirc iodebtodoess represented thereby. the mortgagee -
sha!!. in computing the amount of such indebtedness, credit to the ucount ot the mortgagor all payments made under the provisions of (a)
of para~raph 2 hereof which the mortgaga has not become obligated to pay W the Soeretary of Housing and Urban Devebpmetit and any
balance rcmaining in the funds accumulatod under the provisions of (b) of said paragraph 2. If ihere shall be a default under any of 1he
provisions of tbis mortgage. resulting in a public sale of the premises covered hereby, or if the mortgaqee aoquires the property otherwise
after de[sult, the mortsagee shall apply, at the time of the commencement of such proceedings or at the time the property is othenvix
acquired, the balanee then remaining in the funds accumutated undcr (b? of paragraph 2 preceding as a credit against the amount of
principal then remaining unpaid undtr said note and shall propcrty adjust any payments which shall have been made under (a) oi said
Pa~agraPh•
4. That he will pay all taxes, assessments, water rates, and other governmenta! or municipa! charges, fines, or impositions, for whicd
provision has not beew m~de I~reiab~fprc~ and in default theroof the mortgagee may pay the same; and that he will promptly deliver the
ofBcial receipts therefor to the mortgagee.
S. That he will permit. commit, or wffer no wute. impairmeni, or deterioration of said property or iny part thereof; and in the event
of the failure of the mortgagor to koep the buildings on said prcmises and those to be erected on said premisa. or improvements thereon,
in good repair, the mort~aae~ may make such repain as in its discretion it may deem necasary far the proper preservation thereof, and
the full artaunt of each and every wch Qayment shall be immafialely due and payable, and shall be socured by the lien of this mortgage.
6. That he will pay all and singular the costs, charges, and expenses, including reazonable lawyer
s fees, and co6u of abstracts of title,
incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note and lhis mongage, and said casts, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage.
Tha1 he will keep the improvements now exiuing or hereafter erected on the mortgaged property, inwred az may be roquired from
time to time by the morigagee against lass by fire and olher hazards, cawlaties, and oontingencies in such amounts and for wch periods as
may be required by mongagce, and will pay promptly, when due. any premiums onsuch insurance for payment of which provision has not
been made hereinbefore. All ic~urance shall be carried in companiea approved by mort~a~oe and the policies and renewals thereof shall
be held by mortgagre and have attached lhereto lass
payable clauses in favor of and in form a~eptable to the mongagee_ In event of loss
hc will give immediate notice br mail to mortgagee, and mortsaaee may make proot'of bss if not n~de prompUy by mortgagor, and each
insurance company rnncerned is hereby authorized and directed to make payment for such foss directly to mortgagee ir~stead of to
mortgagor and mortgagee jointly, and the insurance proceeds, or any part theroof, may be applied by mortgagee at its option either to the
reduclion of the indebtednas hereby socured or to the reuoration or repair d the propetty damagcd. In event of foreclosure of this
mortgage or other t~ansfer of title to the mortgaged propeny in extinguishment of the indebtedness xcured hereby, all righ4 title, and
interest of ihe mortgagor in and to any insur~nce policies thtn in force shall pass to the purchaser or grantce.
8. That the mortga6ee may, at any time pending a suit upon this mongage. apply to the court havipg jurisdiction thereof for the
appointment of a roceiver, and such court shatl forthwith appoint a receiver of the premises oovered he~eby al! and singular. including al!
and singular the income. profiu, iswes~ and revenues from whatever source derived. eaeh and every of which, it being ea~pressly
understood, is hereby mortgaged as if spocificafly set forth and described in the granting and habendum clauses heroof, and such receiver
shall have all the broad and efTxtive functions and powers in anywise entrusted by a court to a roceiver, and such appoietment shall be
made by such court as an admitted aquity and a matte~ of abaolute right to said mortgagee, and without reference to the adequacy or
inadoquacy of the value of the property mortgaaed ar to the solvency or insolvency of said mongagor or the ddendents, aod that such
rents, profits, income, issua, and reveaues s6all be appiied by such receiver according to the liea of this morigage and the practice of such f
court. In the event of any default on the part of the mortgagor herounder. the morigagQr agrees to pay to 1he mortgagee on demand as a ~
reasonable monthly rental for the prcmises an a~nount at leau equivalent to ono-twefRh (1/12) d the agaregate of the twelve monthly ~
iastallmenu payable in the then current ycu plus the actuai amount of the anauaf taxes. assessments, water rates, and insurance premiums
for such yeu not coverod by the aforaaid monthly payments. -
9. That (a) in the event of any breach of this mortgage or default on the part of the mortga6or, of (b) in the event that any of said
sums of money herein reterrod to be not promptly and fulty paid without demarid or notice, or (c) in the event that each and every the
stipulations, agreements, conditions, and Covenants of said aote and this mat~e, are not duly, promptly~ and fully performed; then in
either or any such event, the uid aggeaate sum mentioned in said note then remainig unpaid, with interest xcrued to that time, and all
moneys secured hereby, shatt bccame due and payable forthwith, or thereafitr, at the opiion of said mortgagee, as fully and completely as
if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
ratwithstandins; and thereupon or thereaRer, at the optan of said mortgagee, without notice or demand, suit at law or in equity, may be
prosecutod as if all moneys socurod hereby had rnatured prior to its institution. The morigagee may fortclose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same togother with costs, expenses, and
albwances. In case of partial forecbsure of this mortgage, the mortgaged premises shall be sold subjoct to the continuing lien ot this
mortgage for the amount of the debt not ihen due and uopaid. In such cau the provisions of this paragraph may again be availed of
thercafter from time to time by the mortgagee.
10. That the mortgagor will give immediate notice by mai) to ths mortgases of any co~veyance, transfer, or change of ownership of
the premises.
I 1. That no waiver of any covenant herein or of the obligation socurod hereby shall at any time thereafter be held W be a waive~ of
the terms heroof or of the note secured haeby.
12. That if the mortgagor default in any pf ~pe c~vs, or agreements contained herein, or in said note, then the mortga~ee may
perform the aame~ and all expenditures lincludi~ ~a~d~a~torney's fees) made by the mortgagee in so doing shall draw interest at the
rate set forih in the note secured haeby, and shall be repayable immadiately and without demand by the mortsaior to the mort~a~oe~ and,
toiether weth ioterest and costs accruina thereon. shall be xcured by Ihis mortgage.
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