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2. TTi:~ ia ~.icr c?wts lutty to ptottct tht secut~ty ot ~his ~tja,=e. iAe m~rya~o~. tc~ethet w~th, aed in add~tion 1a the mw~~hly
WY+~na unda ~he ierna d the ~we secured bereby. on ~ne A~ dyr a~ each mauh uMa ~he ~.d e~ae is tulb wid, w~11 par ~o u~e
~ae the followm~ wms:
l~) An amount wilkieAt to provide tbe halde~ Aereol' with tWnda to p~y tM ae~t mor~~ye inwrmoe prcmium it tbis iasvumeu~ aad
the note secured Aa~e!?y an irourad. or : mo~tNr charse (ia lku a~f a mort~e ieswsnos preanium) it ther ~re AeW b~r tbe
Secre~ary d Housin~ aod Ufiaa Oev~elopmeo~ a tollov~~s:
lq it aad s~ lo~ u said aoce d even date ~ad this i~strument are iawred or are reiawred uader tAe emviaiw~ d ~Ae
Nuioasl Howins Ad. an aa~ouat wR~ieet to aacumulate ia the handt d the holder aae t 1) a~outh p~ior w ia due date tl~e
annual mortpse insuran~e premium, in or~ to provide such hdder with funds to pay sOch premium to tt~e Secrctary of
Housiu~ and Urban Development pu~suant to the Natia~al Housin~ Ac~ as smended, aad applicabk Re~ulatiau
thereunder; or .
ll l) If and so la?s as said aote af even date and this instrumeat ai~e held by ihe Secretsry of Housins aad Urban Developaxa~
a monthly cAarte lin licu of a mat~e insurance premium) which shalt be in an amount equal to one-twelfth (1/12) o!
oao-dalf (~i) per ceatwn of the avera~e outusndi~ balance due on tbe iwte oomDuted without tatius into aocouat
d~linqueacies or prepayme~ts;
(b) A sum eqwl to the ~ouad reats, if any. next due, plus the prcmiums tMt will aext beoome due and payable on policia of An
and other~hatarayRwtat~te WverMB'11~mo~ssed PrW~~Y• P~us taues aad sssasmeats neat due on the mortAi~ P~~nI' (all
as atimated b~r We a~ort~aiee) Iesa all wm~ alrady paid therefor divided by tde aumba of moaths to elaqe befoce oae mouth
. prior a the date when such =round rents. premwms. taxa, and assasments will ~ecome delinquent, such wms to be held by
murt~aaee io trust b p~sy ssid jronnd reats. premium:. taues. and spaial assessmeats: and
i~; ~;'scw~LS trteatiotttd 'te ihe t~ro grc~ins sub~octiom d this pars~raph ud aU paymenls to be m~de under tbe note secutcd
hereby sball be added toge~her and tAe a~re~ate amount thereof shall be Paid byshe mortpgor each month ia a sit~k paYmeat
to be appi~i oy ~l~c nivji~.~o c~ ~ix ~~t~:::::~ ite :s~ in *.*:c ~*~cz sr; fn*~!*_•
(1) premium charges unda tAe convact of insurance witA the Secretary of Housins and Urban Devebpment, or montAly
charge (in lieu ot matga~e ins~anoe preauum~ ss the can may be;
(Ip jI0U11d flDlS~ I~CS, iSSCSSf11CIflS, tlfC.~and othec hazArd inwraaoe premiums;
(111) iaterest on the aate securod hcrcby; and
(IV) amortization of the priacipal of said note.
Any deficiency in the amount of wch aggregate monthly payment shall, unlas made good by the mortgagor prior to the duo date of
the next wch paymen4 coc~titute an cveat of default under this mortgage. The mortgagee may colloct a"Iate charge° not to eueed two
cents (2c) for each dollar ISl) of each payment more lhan 6Rern (IS) days in arrears to cover the eactra expense involve~ in handling
delinquent payments.
3. That if the toW oi the paymcnts made by the mortgago~ under (b) of paragraph 2 preccding shall exceed the amount of the ~
paYments actually made by the mortgagee. for grou~d rents, taxes and assessmonts and insurance premiums. as the case may be. suct,
e~oas u~he op~iou of ~be awr~y~, shs», be aed;~ed on subsequen~ psymena co be msde by the ma~a~or. or refunded eo We
mortsagor. If, however, the monthly payments made by the mortgagor under (b) oi para~raph 2 precedi~ shall aot be wfficient w pay
ground rcnu. taxa and assessments and insurance premiums, as the case may be, whea the sanee shall beoome due and payable. then the
morigasor sball pay to the mortaagee any amount nceessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, ass~essments. or iosurance premiums shall be due. If at any time the martgagor shall tender to the mortgagee in
accordance with the provisions of the note secured hereby, fuU payment of the entire indebtainess rspresented the~eby. ihe mortgagee
sha!!. in oomputing the amaunt of wch imiebtodness, credit to the aceouot of the mortgagar al~ payments made under the pmrisions of (o)
of parag~aph 2 hereof which tbe rtartgagee has not become obligatod to pay w the Secretary of Housing aad Urban Devebpmait aad any
balance remaining in the funds accumulated under the provisions of (b~ of said paragraph 2. !f there shal! be a default under any of the
provisions of.this mortaage, raulting in a public sale ot the premises coverod hereby, or if the mort~aga aoquires the property otherwise
after default, the mortgagee shatl apply. at ihe time of the commencement of such proceedings or at the time the property is otherwise
acquired, the balance then remaining in the funds accumulated under (bj of paragraph 2 preceding as a credit against the amount of .
principal then remaining unpaid under said notC and shall property adjust any paymenls which shall have beeu ioade under (a) of said
naraa~aoh. . . -
4. That he.w jU pay all taxes, a~essments, water ntes, and other governmental or municipal chsraes, 8nes, or impositions. tor wl~ich
provisitii~ has not beeq m~de he~ei~beforeJ and in dd'ault thereof the mortgagee may pay ihe same; and that he will promptly deliver the
ofRcial raceipt's tAerefor w the mortsa~ee. , .
S. ; That he wiN permit. commit, er a~'ffCr ~fp waste. impairment, or dettrioration of said property or aaX part thercof; and in the event
of the f~ilure clj tbe mortsagor to keep tho buildings on said premixs and those to be erocted on said premises, or improvements thercon,
in good repair, the mortgagee may make such repairs as in its discretion it may deem neceswy for the proper prcservation thereof, and
the full amount of each and every wch payment shall be immediately due and payable, and shall be secured by the lien of this mortgage.
6: That he will pay all and singular the costs, charges, ar?d expenses, including reasonable lawyer
s fees, and costs of abstracls of title,
incurr~d or paid at any time by the mortgagee because ot the faituro on the part of the mortgagor promptly and fully to perform the
agreements arxi covenants of said promissory note and this mortgage, and said casts. charges, and oxpe~ues shall be immcdiately due and
payable and shall be xcured by the lien of this mortgage. ?
7. That he will Iceep the improvements now existing or hereafter e~ectod on the mortgaged property, insured az may be required from
time to time by the mortgagee against loss~by fire and other hazards, cawlaties, and contingencies in such amounts and for such periods as i
may be required by mortgagee, ~a W~ii Pay aomaiy~ vvhen due, any premiums onauch i~uance for payment af which provisan has not ~
boen ma~de haeinbefore. All iasurance sbail be carcied in compaaies ap~oved by ntort~a~ee aad the policies and renewah Wcreof shall F
be held by mortgagee and have attachtd thereto loss payable clauses in favor of and in fcxm acceptable to the mortgaIIee. In event ot loss {
ho will give immediate notice by mail to mortgagee, and mongagee may make proof of loss if aot made promptly by mortgaEor, aixi each ~
insurance company concerned 'u hercby authoriud and directed to make payment for such loss directly to mortgagee instead of to
mortgagor and martgaget joinUy, and the insurance proceeds, or any part thereof, may be applied by mortgagce at its option either to ihe
reduction of the indebtodness hereby securcd or to thc restoration or repair of the propMy damaged. In event of foreclowre of this
mongage or other t~ansfer of title to the mortgaged praQerty in extinguishment of the indebtodness secured hereby, al! right, title, and
intereu of the mortaagor in and to any i~nurance policies thon in force shall pass to the purchaser or grantee.
8_ That the mortgagee may, at any time pending a suit upon this mongage, apply to the court having jurisd~ction thereof fa the
appointrixnt of a receiver, and such court sAall forthwith appoint a receiver of the premises corered hereby all and singular, including aU
and sinaulu tl~e income, profits, issues, and revenues trom whatever source derived~ each and every of wfiich. it being expressly
understood, is hereby mortgagod u if specifically set forth a~nd described in the granting and habendum clauses heroof; and such rceeiver
shall have atl the lxoad and effoctive functions and powers in anywise entrusted by a court to a rtceiver, and such appointment shall be
made by such court as an admitted oquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inadoquacy of the value of the propeny mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents. profits, income, issues, u~d revenues shall be appiied by such reccive~ according to the lien of this mortgage and the practice of such
court. In the event of any defaylt on the part of the mongagor hereuncler, the mortgagor a~rees to pay to the mortgagee on demand as a
reasonable monthly rcntal for ihe premises an amount at least oquivalent ta onrtweifth (1112)-af the aggegate of the twehe monthty
i~taliments psyabie in the thrn wrrcnt ytu plus the actua! amount d the anaual ta~[es, assessments. wata nies, snd insarance premiums ~
ior such year not coverod by the aforesaid monthly payments.
9. That (a) in the event of any breach of this mortgagc or default on the pari of the mortgagor, or (b) in the event that any of said
sums ot money herein referred to be not promptly and fully paid wethout demand or ndice, or (c) in the event that each and every the !
sdpulations, agreemenu, wndit'ans, and covenaa~s of said nde and this mortaage. are ~ot duly, promptly, and fully performed; then in
either or any such event. U~e said a~re6ste sum mentioned in said note then remainig unpaid, with intaest accruod to t6at time, aod ail '
moneys socured hercby, shall beoome due and payab~e forthwith, or thertafter, at the uption otsaid mortgagec, as fully and completely u '
if all of the said sums of money were originally stipulatod to be paid on such day, anything in said note or in this mortgage to the contrary
notwithstanding: and thatupon or ihereafter, at the option of said mortgagee, without notice or demand, suit at iaw or in oquity, may be
prusocuted as if alt moneys sacurod hercby had maturod prior to its institution. The mortgagee may foreclose this rtarigage, u lo the
amount so dcclared due and payable, and the said premisa ahall be sold to satisfy and pay the same together with costs, expenses, and
albwances. In case of putial faecbsure of this mortgage, the mortgaged prcmises shalf be sold subjoct to the continuing iien of this
mortgage for the amoeint of the debt noi then due and unpaid. In such case tht provisions of this paragraph may again be avaikd o(
thereafter from time to time by the mortgagee. ~
10. That the mongagor wll give immediate notict by mai) to tbe mort~,aaee of any conveyance, transfer. or change of ownuship of
the Qremises.
11. That no waiver of any mvenant herein or of the obligation soeurod hereby shall at any time thueafter be held w be a waira of
the terms hertof ar of the note securcd hereby.
!2. That if the morigagor default in any ot the covenants or agtements contained herein, or in said nole, then the mott~a~te may
perform che same. and all ezpenditura (including reasonable attorney's fees) made by the mortgagee in so doing aball draw interest at the
rate set forth in lhe note secured hereNy; ~ be tepayabte immodiately and without demand by the mort~a~or to the tnortys~ee~ and,
wgether with iaterat and cos~s accruing there0n. sAfH be secured by this mortgaae.
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