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2. Tha~. in ada more tully ~o prwaN the ss~unty o( tha m~xt~~e. the murt~u~. lu~ethe~ w~th. aixl in ~ldilwo to, the mu~thly
payments under the te~ms of tbe note securod haeby, on the 6~st Jay uf each month un~il the said nWe is fully psid, will psy to the
monrases ihe tollowins wms: '
A~ amount sufllciem to provide the holder hueof with funds to pay ~he next mort~a~e inwra~a premium if this instrumea~ and
the nde secw~ed hercby ue insured, ur a monthly cA~r~e lin lieu of a mortsye inwrar~ce premium) if tAey are held by the ,
Secrctary o~ Housini and Urbaa Derelopmrnt. as fdbws:
ll) If and ao lon~ as said note d even date and this instrument ve imured or ue ninsurcd under tAe provisioos of the
NatiaW Housins Act. an amouat wfI'~cient to aocumulue in the hsad~ d tbe holder ooe l l) month ~ior w its due date the
annual ~wrtp~e insunnce premium, ie otder to provide such hdde~ with funds to pay such ptemium to the Secretary of
Housin~ and Urban Development pursuant to the National Housinj Ac~ as amended. aad applicabk Re~ulations
the~eunder. or
flq If and so fons as said note of even date aod this insuument ue held by the Socretuy of Housin~ and Urban Development.
a monthly ebu~e lin lieu of a mo~tga~e insurance premium) which shall be in an amount equal to onc-twelRh (1112) of
one-hsli per centum ot the avera~e outstandins bxlsu~ce due on the aote computed without takins into aocount
delinquencies or prepayments:
(D) A wm equal to the ~ouod ~ents, if any. next due, plus the premiums tMt will next become due aad payable on policies of C~re
and.oti~i hazard i~aurance ooverina the mortgased property, plus wees and asseuments next due on the mortgaged property lall
as estimated bY the mortja~ee) less all sums alrady paid thaefor dividod by tt~e number of montGsb~lapse betore on~ awnth
. prior to the date when such ground rents. prom~um~s. tues. aad asus~u~eau will bocome delinquent. sucA sums to be held by
moM.~te in trust W pay said around re~ts. Premiums. taxa, and spoCia) assessmeats: and
lc) All psYa~eots meataned in the tw~o proceding wbsations of this parairaph and aN payments to be made wder the note xcurcd
heteby s6a11 be addod together and the aggregate amount thereof shall be paid by the mortgagor each month in a siagk payment
w be applied by the mortgagee to the fdbwing items in the order ut forth:
(4 premium chuges under the convact of insurance with the Secretary of Housing and Urban Devebpment, or monthly
char~ee lin lieu of ma~tpae inwrance premium~ u the case may be;
(Iq sround reats, taxes, assessments, fire. and otha hazud i~ssurance premiums; .
QIl) interest on the note socurod hercby; and
l[h amortiution of the principal af said iwte.
Any deficieocy in the amount o( such aggregate monlhly payment shall, unlesc made good by the mortgagor prar to the due date of
the nact such payment. constitute an event of default under this mortgaga The mongagee may collect a"late charge' not to exceed two
csnts 12c) fo~ each dollar (SIl of exh payment more than fifieen (15) Jays in arrsa~ to cover the extra expense involved in handlin~
delinquent payments. . -
3. That if the total of the payments made by the mortgagor under Ib) of puagraph 2 preceding shall ezceed the amount of the
payments actually made by the mortgagee, for ground rents. taxes and assessments and insurance premiums, as the case may be, suct.
exce~ at We option of t6e mortsa~ee, stWl, be creditod on subsaq~nt psymwts to be made by the mo~tsagor. or refunded to We
mortgagor. If, hovrever. the monthly payments made by the mortgagor unda (b) of paragraph 2 proceding shalt not be sufficient w pay
ground rents, taxes and assessments and insurance prtmiums, az the c~se may be, when the same shall become due and payable. then the
mortg~gor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such
ground rents, taues, assessments. or insurance prcmiums shall be due. If at any time the mongagor shall tender to the mortgagee in
accordance with the provisions of the note socured hereby. full payment af the entire indebtednas represented thereby. the mortgagee
shall. ia computing the amount of wch indebtodness, c~edit to the aacount of the mortgagor all payments made unde~ the provisions of (a)
of paragraph 2 hercof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Developmait and any
balance rcmaining in the funds accumulated under tht provisiom of (b) of said paragraph 2. If there shall be a default under any of the
provisions of this mortgage, resulting in a public sale of the premisa coverod hereby, or if the matgagce aoquires the proQerty otherwise
after default, the mortgagee shall apply, at the time of the commencemeat of such proceedings or at the time the property is otherwise
xquirod, the balance then remaining in the funds accumulatod under Ib) of paragrapil'2 e credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments whic~h sli~JF~i btsn ~e .µ[rder (o) of said
P$~8Ph• " ~ ~ . , • f.. , •
4_ T6at he wiii pay aii taxes, assessments, water rates, anii aher governmentai or munici~ ~h~rg~, fi+~s, ot impositions, for which
provision has not been made hereinbefore, and in detault thereof the mortgagee may-pay t6e~ same; ~fid~t6at !~e will pro~nptlp deliver the
of~icial receipts therefor to the mortgagee_ ' .
S. That he will permi4 commit, or sofTer no waste, impairment, or deterioration of said property or any part thereof; ~ed.iA-~he event
of the failure of the morigagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon,
in good repair, the mongagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and -
the full amount of exh 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 costs, charges, and expenses, including reasonable lawyer
s fees, and costs of abstracts of title,
incurrod or paid at any time by the mortgagee because of the failure on the paA of the mortgagor piomptly and fully to perform the
; agreemen~s and covenants of said promissory note and this mortgage, and said costs. charges, and eapenses shall be immediately due and
payaWc and shall be secured by the lien of this mortgage.
j 7. That he will keep thc improvements now existing or hereafter erected on the morigagod property, insured as may be roquired from
~ time to time by the awrtgagee against loss by fire and other hazards, casulatiec, and contingencies in such amounts and for such periods as
~ may be requirod by mortgagee, and wiU pay prompUy, when due, any premiums on wch insurance for payment of which provision has not
beea made hereinbdare. All iawrance shall be carriod in compaaies approved by morigagee and the policies aad rcnewals therwf st~all
be held by mortgagee and have attachod thereto loss payable clauses in favor of and in form acxeptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made prompdy by mortgagor, and each
insurance company concerned is hereby authoriud and directed to make payment for such loss directly to mortgagee instead of fo
mortgagor and mortgagce jointiy, and the insurance proceeds, or any part thereof, may be apptied by mortgagee ai its option either to the
reduction of the indebtodness hereby secured or to the restoration or repair of the property damaged. In event of foreclosurc of this
mortgage or other uansfer of title to the.mortgaged property in eatinguis6ment of the indebtodness securod hereby, all right, titie, and
interest of the morigagor in and to any insurance policies thrn in foree shall pass W the purchaxr or grantee_
8. That the mortgagee may, at any time pending a wit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and wch csurt shall fathwith appoint a rueiver of the premises covered hereby all and singular, including all
and singular the income, profiu, iisues, and revenues frorti whatever source derived, each and every of which, it beiag eacprcssly
understood, is hereby mortgagod as if specifically set forth and dacribod in the granting and habendum clauses heroof, and wch roctiver
shall have all the ixoad and eft'ective functiom and powus in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adoquacy or
inadoquacy of the valua of the property mortgagad or to the solvency or insolvrnry of said mortgagw or the defendenis. and that such
rents, pro6ts, income. iswes, and revenuts shall be applied by such receiver according to the lien of this mortgage and the practice of such
court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrea to pay to the mortgagee on demand as a
roasonable monthly rental for the premises an amount at least oquivalent to one-twelfth (11~2) of the aggregate of the tweFve monthly
installments paysble in the then current yeu plus the actual amount ot the annual tua, assessments, water ntes, and inwrance premiurt~s
for such year not coverad by the aforesaid monthly paymenu.
9. That (a) in the event of any breach of this matgage or default on the put of the mortgagor, or (b) in the event that any of said
4 surtu of money herein referrod to be not promptly and fully paid without dlmand or notice, or (c) in the event that each and every the
stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully perforrt?ed: then in
~ either or any such even~ the said aggregate wm mentioned in said note then remainig unpaid, with interest accrued to that time, and all
e moneys saurod hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely u t
~ if all of the said wms of monty wert originally stipulated to be paid on wch day, anything in said note or in this mortgage to the oontrary
notwithslanding and thereupon or the~eafter, at the option of said mortga~ee, without notice or demand, suit at law or in oquity, may be
prosecutod az if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, u to the
amount so declued due and payable, and the said premises shall be sold to satisfy and pay the same together with coats, expenses, and
albwances. In case of partial forecbsure of this mortgage, the mortgaged premises shall bt sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisioM of this paragraph may again be availcd of
thereafter from time to time by the mortgagee.
10. That the mortgagor w ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the premixs.
I 1. That no waiver of any covenant herein or of lhe obligation socured hereby shall at any time thereafter be held to be a waiva of
~ the terms hereof or of the note secured hereby.
12. That if the mortgagor default in any of the covenants or ageements contained herein, or in said notq then the mort~agee may
perform the same, and all cxpendiwres (including reasonable attorney's fees) made by the mortgaaee in so dang shall draw interest at the
rate set forth in the note secured hercby, and shall be repayable immodiately and without demand by the mort~agor w the mort~agoe, aad.
' together with intaest and costs accruing thereon, shall t?e secured by this mortgage. ~
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