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2. TMw ia cxda mor~ (ully to prwect iAe ~ecuntr ut this monsa~e. ~he +~wrtta~?x. t~Nher w~~h. a~t in add~twn ~a ihe mun~hly
paYmeeu uaJa lAe terens ot the ~wte socurai baebr. oe the Atsl Jsy of ca~h munth uM~l lhe s~Kt nute ~s f~lly pa~d. w~ll pay tu lAe
mort~a~ee tAe k~llowi~ wms:
l~) Ao amoual wfllc~eal to provide tM holde~ hereo~ witth fuadr w Wy the aext awrt~afe ~owr~na ptemium if this iaatrument snd
ihe note secuad herebY are iasurod. ar a ma~tNr char~e lia lieu d a mort~ye iawrsnce prem~~m~ ~t uKy .re n~a ar ~ee
SecreurY ot Nousin~ aad Urbaa Develo~mea~ as [dbws:
11! If and w lo~ as said rwte d evea date and tha ia~uumeat are iasured or ue rciawrod uader the Proviswns of the
Natioasl Housins Acb aa anauat wfliciea~ to aaeumulue io tbe Aand~ d tbe hdder one ( moath p~ior a its due daee the
=~pua1 mo~i~a~e inwranoe pr~ium. in o~iler to provide such hdder with funds to pay such premium to the Secretary of
Housin~ and Uraaa Developmeet pursuaet to the National Housins Ac~ u ameoded. apd applicabk Resulaiiorts
thereuader. or ~ `
(14 It and w lons as said oote d even date snd this instrumeat ue held by the Secretuy of Housin~ and U~an Devebpme~~
~ a monthly clwr~e tin lieu of a monp~e insurance premium) which shall be in an.amount equal to one-twelflh (1112) ot
one-IWt (44)~pe~ centum af ~he avera`e ouutandins b~lance due on the rtae computed without takin~ into aceount
delinquencia or propaymena;
(b) A wm eqwl to the ~round rents. if any. next due, plus the ~emiums that will next beoome due aad Qaysble o~ policies of fue
ud other hazard irounnce eoverint lhe mort~ased Property. plus tues and asxasmenu nex~ due on the mort~s~ed Property (sll
as estimstcd by the mort~asee) las dl sums alrudy paid thae[a divided by the number of months to elapse beforo one montA
prior to the date when such ~ound rents, premiums. taxes. and assessments will becwne de~in9ueet, wch wms !o be h~ld by
~ mort~oe i~ trust b pay said fround rertts. premiums. taxa, aad spaid assessmenis: and
Ici /UI pzymeats axationod in the two preoedias subaectioas d this Qaca~raph ~wd aU Mymtnts w be mad.e under tbe note ~ured
Ae~eby shall be added together and the aggregatc amount thereof shall be paid by the mort~a~or each moath in a sin~k payment
to be applied by the mongagee to the fdlowing items in the order set forth:
(D premiurti eharges u~der the contract of insuranes with the Secretary of Housing and Urba~ Devebpment. or mor?thly
char~e (in lieu of mort~ase iasurance premium~. as the case may be; ~
UI) ground rents. wxa, assessments. Cue. and other hazard insurance premiums:
(!N) interest on the note secured heroby; and
(IV) amortitstion of the principil of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortga6or prior to the due date ot
• the next such payment, constitute an event of default under ihis mortgage. The mortgagee may collect a"late charge" not to exceed two
cents l2c) for each dollar (SIl of each payment more than fiReen (1S) days in arrears to cover the extn expense involved i~ handlina
delinquent payments._
3. That if the total of the payments made by the mortgagor under tb) ot paragraph 2 preceding shall exceed the amount of 1he
paymenu actually made by the mortgagee. for ground rents. taxes and assasments and insurance premiums, as the case may be, suc~.
exctsa at ti.e optioa of tl~e mort~ee. shall. be credited oa subsoquent payments to be made by the mort~a~or. or refunded to the
mortgagor. If. however. the monthly paymenu made by the mongagor under (b) of paragraph 2 preceding shall not be su(ficient to pay
ground rents, tazes and assessments a~d insurance prcmiums, as the case may be, when the same shall become due and payabk, thsn the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date whcn payment of such
ground rents, taxes; assessmcnts, or insurance premiums shall. be dua !f at any time the matgagor shall tender to the mortgagee in
acoordance with the provisions of the note secured hercby, full payment of the entir~ indebtodness ~epraented thereby. the mortgagee
shall, in oomputing the amount of such indebtedness, crodit to the account of the mortgagor all payments made under the provisions of (a)
of pa~agraph 2 hercof which the mortgagce has not become obligated to pay to the Secretary of Housing and Urban Deve{opme~it and any
balance rcmaining in the funds acCUmulated u~der the provisions of (6) of~said paragraph 2. If therc shall be a default under any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the propeny otherwise
after default, the mortgagee shall apply, at the time of the commencement ot such proceedings or at the time the property is othervvise .
acquired, the balance the~ remaining in the funds accumulated under Ib) of paragraph 2 preceding as a credit against the amount of
principal then ~emaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said
Paragraph. .
4_ That he will pay aH taxes, acsessments, w•ater rates, and other governmental or municipal cAarges, fines: or impositions, for which
provision has not been made hereinbefore, and in dcfault thereof the mortgagee may pay the same: and that he will promptly deliver the
oRcial receipts therefor to the mortgagce. "
5. That he will permit, commit, or suRer no waste, impairment, or deterioratiun of said property or any part thereof; and in the evrnt
of the failure of the mortgagor to keep the buildings on said premixs and those to be erected on said premises, or improvements thereon,
in good repair, the mortgagee may make such repairs as in its discrotion it may deem necessary for the proper preservation thereof, and
the full amount of each and every such 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 cosit, charges, and expenses, including reaso~ble lawyer s fees, and eosis of abstracts of title.
incurred or paid at any time by the mortgagee because of the failure on the part oE the mprtgagur promptly and fully to perform the
agrcements and co~enants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and
' payable and shall be secured by the lien of this mortgage. -
f 7_ That he will keep the improvemeats now existing or hereafter erectod on the mort~aged property. insured as may be required from
0 time to time by the mortgagce against lass by fire arn1 other hazards, casulaties, and tontingencia~ in snch amounts and for such periods as
i may be rcquired by mortgagee, and will pay promptly, when due, any premiums on ~ich insurance for paynfent dwhith provisan has not
beea made 6ereinbefore. All insurance shall be carriod in companies approved by eion~yee and the pd~cies and c~mewa4 tbaeof slwll
be held by morigagte and have attachod thereto loss payable clauses in favor of and in form acceptable to the mortgagee- In event of loss
he will give immediate notice by mail to m~xtgagce, and mortgagee may mate proof of loss if not made promptly by matgagor, and each
insurance company concerned is hereby authoriud and directed to. make payment for such loss directly to mortgagce instead of to .
mortgagor and mortgagee joinUy, and the insurance procecds. or any part thereof, may be applied tiy mortgagce at its option either to the ~
reduction of the indebtedness hereby socarod or to the restoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged praperiy in eztinguishment of the indebtedness socured hereby, all right, title, and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaur or grantce.
8. That the mQrtgaEee may, at any time pending a suit upon this mor[gage, apply to the court having jurisdiction thereof for the
appointment of a receiver, andzuch court shall forthwitA appoint a receiver ot the premises coverod hercby all and singular, including all
~nd singular the income. prohts, ia,ues, and revenues from whatever source derived, each atxl every of which, it being expressly
understood, is hereby mortgaged_ as if specifically set forth and described in the gra~ting and habendum clausa heroof, and such receiver
shall have all the broad and efitetive functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted aquity and a matter of absolute right to said mortgagee, and without refercnce to the adoquacy or
inadoquacy of the value of the propcny mortga~od or to the solvency or iosolvency af said mortgagor or the defendents, and that wch
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mongage and the practice of wch
court. tn the event of any default on the Part of the mortgagor hereunder, the mortgagor aarees to pay to the mortgagee on demand as a
reasonabk monthly rental for the premises an amount at least equivaleot to onatwclfth (1/12) d the a~gesate of tl~e twelve monthly
installmenu payable in the then current ytu plus the actual artaunt of the annual taxes, acsessments, water rates. aod inwrance prcmiums
for such year not covered by the aforesaid monthly payments.
9. That (o) in the event of any breuh of this mortgage or default on the part of tF~e mortgagor, or (b) in the event that any of said
~ wms of money herein rckrred to be not promptly and fully paid without demand or naice, or (c) in the event that exh and every the
r stipulations, agreements, conditions, and covenants of said note and this mort~age. are not duly. prompUy, and fully performed: then in
~ either or any such event, the said aggregate wm mentioned in said note then remainig unpaid, with interest accrued to that time, ard all
moneys sccurea herebr. shall berome due and payable torthwit6: or thereafter, at the option of said mortgagee, as fully and completely u
if all of the said wms of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
notwithstanding; and tbereupon or thereafter. at the option of said mortgagee, without ratice or demand, suit at law or in oquity. may be
prosecuted a~ if all moneys sacured hereby had maturod prior to its instiwtion. The mortgagee may foreclose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same togcther wiih costs, expenses, and
albwances. In case of partial foreclosure of this mortgage, the morigaged premises shall be sold subjat to the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availod of
thereafter from time to time by the mortgagee.
10. That the rtwrtgagor will give immedia:e notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the premisa.
11. That no waiver of any covenant herein or of tht obligation socurad hereby shall at any time thereaher be held to be a waiver of
- . the terms heroof or of the note secured hereby.
12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note. then the mortga~ee may
perform the same, aad all expenditura (including reasonable attorney's fea) made by the mortgagee in so dan~ shall draw interest at the
rxte set tonh in the note secured hueby, and shall be «payable immodiately and without demand by the mort~a~or to the rtwrt~asee. and.
together with interat and coats aceruing thereon, shall be secured by this mort~e.
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