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2 lhat. ~e ~xder m~xe [uq) ta~ ~iNOCI 1Ae ~eiunly ot 1h~~ mu~rt~a~e. tAe m.xi~~pK, t.~c1Ac~ w~h. ~nJ ~n nJJ~~N~n ~u. Ihr nruahl~
paYment~ under ~Ae term~ af ~he nae .c~u~cd herehy. .w~ ~he b~ Jiy af eacA m.~M um~l ihc v~f e~e n fully panl. Mdl pay a. the
nw.rt~a~ec ~hc follurr~ns sumc .
la) An am~wnt wtlicient tu ptuvKie the hol~ie~ he~cof wqh funds tu pay tAe ne~1 mort~s~e +nwtance pre~aium it ~h~. instrumem ind
tAe note xcurcd Aereby are irou~ed, or s mon~hly cAa~Re tin lieu of a m~xtsase insurance premium) if they ue Aeld the
Socretsry of Housins +uW Urb+?n Qevelupment, as fdbws:
ll! If and so lons u~aid nole ~ even da[e and Mis instrument ue imurtd w are roinsured unJet ihe nroviswna of the
Natiooal Howinj Act. an smouat wfriciem to aocumulate in the nuids d the holder w~e 111 ~rwi?th yrior ta iu due da~e the
anawl morlssse insu~arne ptemium, in ~xJer to pn~v~Je such hoWer with funds to pay >ucA premium to tMe Secrrury of
Ho~uin~ aad Urbsn Oevelopment pursuant to thr Nst~unal Nuu~n~ Act. as amernfaf. and applkabk Resul~Uons
thcre~~da: ~x
1111 If arnf so lon~ as aaid note of even date and tAis in,trument ue AcW by ~he Secre~uy of Housin~ arni U~bnn_Develupment,
a monthly charte (in lieu of a mort`a~e in~ur~oce premium) which shall be in an amewnt equal !u une-twelflh 11/121 uf
one-half l~) per cen~um oi the avera~e outstarniing balu~ce due oe tAe note oomputed wi~hout tatin~ into aocuunt
delinque~ies or prepaYments: .
Ib) A wm e~il(9 t~ `iourd ~ents~if anys next due, plus the premiums that wil) ~ext beooine due and psyable on policies of Bre
add otf~er ha2ard insuram:e coveiing tlie rtart~a~ed prope~ty, plus taxes a~d assewnents next due on ~he mort~a~ed property lall
as estimate~ by the mort~a~ee) less all wma alrady paid therefor dividod by the aumber ot months to elapse beforc one moath
prior to_1be dst~ wh~n wch 4round ~eats. prcm~ums, taues, and assessments will become delinquent, such sums to be held by
mor~~ee in trust b pay said ~round rents, prtmiums, taxes; and special assessmenu; and
(c1 All payments meMioned in the two precedine subscctio~n of this pan~raph and 'all paym~ts to be m~de uader the note secured
hereby shall be added tosether and the aggrogatc amouni thereot shall be paid by the mort=agor each month in a sin~k payment
~o be applied by the mortgagec to the folbwing items in the order set fo~th:
11) premium char~es under the canvact of insurance with the Secrctary ot Housing and Urban Developme~t, or monthly
' charge (in lieu of mortgage insurance prcmium~ as the case may be;
111) g~ound rents. taxes, assessments. fue, and other hazard insura~ce premiums; -
U11) interest on the note secured hercby; and
(tV) amortitation ottAe principa! of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgxg~x prior to the due datc of
the next such payment, constitute an event of default under this mor~gage. The mortgagee may collecl a"late charge" not to exceed two
cents 12c) for each dollar ISI1 of each payment more than fiRee~ ( IS) days in arrears to cuver the extra expense involved in handling
ciclinquent payments.
3_ That if the total of Ihe payments maJe by the mortgagor under Ib1 of paragraph 2 preceding shall exceed t~e arrwunt of the
payments acwalty rtude by the mortgagee, fix graund rents, taxes and assessments and insurance premiums, as the case may be, sucF.
eauas at the option of the mort~ee, shall, bc creditcd oa subaoquent payments to be made by the mortsa~or. or rcfuadad to the
mortgagor. If, however, the monthly payments macie by the mortgagor under (b) of paragraph 2 preceding shall not be su(6cient to pay
grourxi rents, taxes and assessments and insurance premiums, as the cau may be, when the same shall become due and payable, then the
morigagor shall pay to the mortgagee any amount necessary to makt up the deficiern;y, on or before 1he date when payment of such
ground rents, taxes, assessments, or insu~ance premiums shall be due. If at any time the mongagor shall ttnder to the mcxtgagee in
acoordance with the provisions of the note secured hereby, full paymenl of the entirt indebtednas represental thereby, the mortgagee
shall. in computing the amount of such indebtednesc, ereJit to the account of the mortgagor all payments made under the provisions of (a)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Socretary of Hu~;:~:: g~nd Urban Development und any
t?alance remaining ia the funds accumulated urxler the provisions 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 premises cuveced hereby, ur if ~he mortgagee auquires the property otherwise
after default, the matgagce shall apply, at the time of the cummencement of such prceeedings or at the time the proprrty is otherwise
acquired, the balance then remain+ng in the funds arcumulaled under !b~ of par•rgraph 2 precetiiing as a creJit against the amount of
principal then remaining unpaid unJer ~aid note and shall properly adjust any payments which shall heve been made unJer lu) of said
paragraph. _ _
a. That he will pay all taxes, assessmenta, water rates, and other governmental or'municipal charges, fines, nr impinitions, for which
provision has no~ been made hereinbefore, and in default therc~f the m~xtgagee may pay the saroe; and that he will promptly deliver the
official receipts therefor to the mortgagee.
S. 77rat he will permit, commit, or sufTer no waste, impairment, or deteri~~ration of said property or any part thereof; and in the event
uf the failure of the mongagor to keep the buildings on saiJ przmises :?nd tiwse to be erected on said premises, ot impruvements thereon.
in giwci repair, the mortgagee may make such repxirs at in its dixretion it may.deem nececsary for the proper preservation thereof, and
the fnll amount of eacb and evary ~uch payment shall be immodiately due and payable, and shall be securtrf by the lien of this mortgage_
6. That he will pay all arn1 singular the costs, charges, and expenses, including reasonable lawyer s fees, and costs of abstracts ot ti[Ie,
incurred or paid at any tirrle by the mortgagee because of the failure on the part ofVhe. r+wrtgagor promptly and fully to perform the
agreements and covenants of said~rotnissory note and tbis mortgage, and saidca~ts, chuges, and expenses shall be immediately due and
payable and shall be secured by the lie~ of this mortgage. ~ ,
7. That he will keep the improvements now existing or hereafter erected ort the mortgaged property. insured as may be required from
time !u time by the mortgagee against loss by fire anil other hazards; casulaties, and contingencies in such artwunts and for wch periixls as ~
may be required by mortgagce, and will pay promptly, when due, any premiu~ on such insurance for payment of which provision h~s not
been made hereinbefore. Atl inwrance shali 64 carried in companies aQprovtd by mortgaEee and the policies and renewals thereof shall
be held by mortgagee and have attached theteto loss payable clauses in favor of and in form aoceplable to the mongagec. In event of loss
he will give immediate notice by mail to mixtgagee, and mortgagee may make proof of loss if not made promptly by mixtgagor, ancl each
insuranee company concerneJ is hereay authorized and directed to make payment for such loss directly to mortgagee instead of to
mongago[ and mortgagce joinUy, and the insurance proceeds, or any part theroof, may be applied by mortgagee at its option either tu Ihe
reduction ot the indeMeJness hereby sccured or to tho ratoration of repair of-thc property damaged. tn evrnt of foreclosure af this
mortgage or oiher transfer of title to the mortgaged property in eatenguishment of tlse indebtedness secured hereby, all right. tide, and
interest of the mortgagor in and to any i~surance policiesihen in force shall pass to the purchacer or grantee.
8. That the mortgaget may, at any timt pt~xling a suil upon this mortgage, apply to the courl having juri.,diction thereof for the
' appointment of a receiver, anci such court shaN forihwitb appoint a rativer Af the premises-covaed hereby all arxi singular, incluJing all
and singular the income, profits, i~ua, and revenua from whatever source derired. each and every of which, it being exprrssly
understoal, is hereby mortgageJ az if spoci~ically set fonh and described in t(~e g~aating.and habendum clauses hereof: anJ such receiver
i shall have all the broad and efTective furxtions and powers in anywix rntrusted by a court to a receiver, and such appointment shall be
; maJe by such court as an admitteJ equity and a matter of absolute right to said morigagce, and without reference to the adequacy or
inad2quacy.of the value of the property mortgagod or to the solvency or insolvency of said mortgagor or the defendents, and that ,uch ~
~ rents, profits, inaome, iswa, a~xi revenaes shall be applied by such receiver accorJing to the lien of this mortgage and the practice of such ~
court. In the event of any default un thc part of the mortgagor hereunder, the mortgagor agrees to pay to the mottgagee on demand as a
~ reasonable monthly rental for ~he prcmises an amount at least equivaient to one-twelfth ( Il121 of the aggregate of the twelve monthly ~
j instaHments PayaMe in the ihen current year plus tho aetual amount of the annual ta~ces, auessments, water rates, and inwrance premiums t
' for such year not coverod by the aforesaid monthly payments t
~ 9. That (a) in the event of any breach of this mortgage ur default on the part of the mortgagor, c~r Ih) in the event that any of said f
sums of money herein referra! to be not promptly and fully paid without Jemand or notice. ur (c) in the event that each anJ every the
stipulations, agreements, conditions, and covenaots of said note and this mongage, are not July, prompUy, aixi fully performed; then in '
either or any such event, the said aggregate ~um mentioned in said rwte then remainig unpaid, with interezt accrued to that time, anJ all ;
moneys secured hereby, shall become due and payable fonhwith. or thereafter, at the option ~f said mcxtgagee, as fully and completely as
if all of the wid ~ums of money were originally stipulated to be paid on such Jay, anything in said note or io lhis mortgage to the cumrary
~ notwithstarxling; and thereupon or thereafttr, at the option uf said mortga~et, without rantice or demanJ. ~uit a1 law or in rquily, may be
pn~secuted as if all moneys socural bereby had mawrod prior to its institution. The moltgagee may foreclose this murtgage, as w the
arrwunt x~ JeclareJ due and payable, and the said prerf~ises shall be sold to satixfy and pay the same togethcr with costs, expenses, and
allowances. In case of parUal foreclosure of this mortgage, the mortgaged prcmises shall be sold +ubject.lo ~he wntinuing lien of this
murtgage for the amuunt of the debt not then due rnd unDaid. In such cace the provisiuns of this paragraph may again he availai of
thereafter from time to time t?y ~he mcxtgagec.
I0. -~hat the mortgagur will give immediale notice by maii to the mortgagee of arty converarice, tranafer, or change of uwnership of
; the premixs. .
; 11. That no waiver uf any covenant herem ur of the obligation socured heret+y shall at •rny time thereafter be held to be a waiver of
the tcrms hereof ix of the ne~te xcured hereby. ,
!2. That it tbe mortgagor de[ault in any of the covenants or agreements containal here~n, or in said note. then the mortgagee may
; perform the ssmt, and all expenditures lincluding reawnable altorney's feesl maJe try the murtgagee in so doin6 sha(I draw inlerest at the
! rate set forth in the note secured hcreby, qnJ shall be repayable i rQ ~att) a~d ~iihoul demanJ by Ihe mortaagor to tht mortjagee, and.
~ tojelAer with intaat anJ ccnts xc~uing thereon, shall be secured~~;l~rtp~,
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