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2. iha4 ~n u~~fe~ ~c IuU~ w p~v~~ ~bc re:uru~ d eha a~~~a~c. ~M mw~j.s.N. i~?~e~??ei w~?h ~hI ~II ~IIIINM (0. lll~ IIM1f11M~
~)~s~rzis c:a~3cr t!~ taress vI ~!?e ~+.w .~ureJ I~cbr. ua lAe finl Ja~ .~f each oMMth unul ~he uwl rnNC a(ull~ paKl. ~dl p~~ tu the
nwnaa~ee the (ulbv?~n~ wms.
1~1 Ae amouat wtllnen~ tu provde ths hol~k~ Aeroo( ~rnh fuads w par tlie nes~ nxxt~s~e +asw:rn.- ~emwm ~h~• ~~~trument a~1
the rwte ~awa! hereby are ~awred. ar a mua~tAly ¢Aar~e I~a I~eu uf s nw~taa~e ~as~uaat prem~uml J thcy are hcld bY the
Sa~etary d Nous~u~ aad l/rbaa Utvelopmen~ as folbMi:
UI It sed ao lo~ as +a~d nwe d evcn date aad this ~nstrument are ~aswcd ur ut re~nsurrd unSer ~tk c-^~~~wns u( the
Natioud Housin~ Act. ;a ~mouot wrficka~ to aaumulate ie tMe hu~1t d the hddet w~e 11) montA pti~ to its due date the
annuai m~x~sa~c ~iwu•iwc pt:.miu:a. in a~ pruvide such huWe~ wnh fue~fs to pay such premium to the Secrcury af
Housin~ ~nd Urb~n Development punu~nl ta the Nstionsl News~n~ Ac1, u aaxnrfal, arxt appl~csMe Re~ulauuns
thertundcr: cr
t!!1 !f and sn lon~ as s~id ~te af eveo date aad this ~nstrumeat ue held by the Secreluy o( Housin~ aad Ufi~e [kve{opmenl,
a monthly chyr~e lin lieu uf a m~t~?~e insurance prem~uml whir~i ~i~aii ix in an amuunl equsl to une-twilflh 11/12) oi
une-half (Si) per centum of the avera~e ewtstandine bxlance dur un the noto computed w•ithout tak~n~ into aocount
Jelinquencies or prepaymenu;
Ib1 A wm equal to the ~ruund rents, if aoy, next due. plus tlx premiums that wtill oex~ become due snd payable ou policies of Brc
and oihK haau~i insunnce tovcring the mori~a=eil pr~+eny. plus taaa and aysessme~t~ next due un thc mort~a~ed prope~tY lall
as estimated by the mort~a~ee) less al{ sums already paid the~efor divided by the ~umber of awnths to elapse beforc one month
prior to the date when such ground reats, premwms, taxes, and asscssments will become detinquent, such iums to be held by
mortaagee in trust w pay sa+d ground rcnts, premiums. taxes, and special assessments; and
Ic) All payments mentioned in the tvro precedins subsectioas af this puagraph and aU payments to be made under the noee secured
ti...tiy ~h,ll he added coaether and the a~gregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mongagee to the following itertu in ~ne urde~ ut forth:
ltl premium charges under the contract ot i~u~ance with !he Secretary of Housing and Urban Devebprtxnt, or monthly
charge (in tieu af mortgage insurance premium~, as the cax may be;
(IU ground rrnts, ta.ies, asxssmcnts, fire, and other hazard insurance premiums;
(1111 interest on the note secural hereby; and
(IV1 amortization of the priacipal otsaid nde.
Any deficieocy in the amount af such ag,gregate monthty payment sha0, unless made good by the mong:+gor prior to the due date of
the neat sucl? ~yment. constiwte an event of default urnier this mortgage. TAe mortgagee may collect a"late charge" not to exceed two
cents (2c1 fo~ each dollar ISI1 of exh payment mort than hftcen fti~ ~ays in arr~:us t~ ca~er i;te rxtra rxpense involved in handlin6
delinquent payments. ~
3. That if the total of the payme~ts made by the mortgagor under (6) ot pa~agraph 2 preceding shalt excced the amount of the
payments actually made by !he mortgagee, for ground rents, taxes and assessments and ~nsurance premiums, as tho casr may be, suct.
excess at the option of tbe mongasee. shall. be credited on subsaquent payments to be made by the mort~agor, or rcfunded to the
mortgagor. If, however. the rtx~nthly payments made by the mortgagor under (61 ot paragraph 2 prxeding shatl not be su(~icient to pay
ground rents, taxes and assessments and insurance p~emiums, az the case may be, when the same shall beoome due and payable, then the
mortgagor shalt pay to the mortgagee any artwunt necessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall 6e due. If at any time the mortgagor shall tender to the mortgagee in
accordance with the provisions ot the note secured hereby. full payment of 1he entire indebtedness represented ~hereby, the morlgagee
shall, in rnmputing the amount of such indebtedness, crodit to ihe account of the mongagor all payments made under the provisions of (a)
of paragraph 2 hereof which the morigagee has not become obligated to pay to the Secretary of Nousing and L'tban Developmerit and any
ba(ance remaining in the funds accumutated under the provisions of (b) of said paragraph 2_ If there shall be a default under any of the
provisions of this mwtgage, resulting in a public sale oi the premises Coverod~hereby, or if the mortgagee aoquires the property utherwise
aEter default, the mortgagee shall apply, at the time of•the commencement of such proceedings or at the time the priiperiy is otherwix
xqui~od,:the balanee thrn remaining in the funds accumelated under (b) of paragraph 2 preceding as a craiit against the amount of
principal then remaining unpaid u~xier ~aid note and shall properly adjust any paymeets which shall have been made under (a) of said
paragraph.
4. That he will pay all taxes, asse~sments, water rates, and wher governmental or municipal charges, fines, or impositions, for which .
provision has not been made hereinbefore. and in defaalt the~eof the mongagee may pay the same; and that he will psomptly deliver the
official receipis therefor to the mungagee.
S. That he wiU permit, commit, or sufl'er no waste, impairment, or deterioration of said property or any part thereot: and in the event
of the failure of-the mostgagor fo keep the buildings on said premises 8nd.thox to be erected on said premises, or improve~nents thereon,
in good repair, the-mortgagee may make such repairs as in ia discretioo it may deem necessary for the proper preservation thereof, and
the full amourtt of each and every suclf payment shall be immediately due aixf payable, and shall be secured by tAY lien of this mortgage.
6. That he vvill pay all a~ siagul8r the costs, charges.~and expenses, including reasonable lawyer
s fees, and cost~ of abstracfs of tit(e,
incurred or paid at any time by the mortgagee because of the taiiure on the part of the mortgagor promptly and fully !o perform the
agreemrnts and covenants of said promissory nae and this mortgage, and said costs, charges, a~ expenses shall be immeJiately due and
payable anJ shall be secured by the lien of this mortgage. _
7_ That he will keep the improvements now existing or hueafter erectod on the mortgaged Qropeny, insurc~l as may be required from
t+me to time by the rrwngagee against loss by 6re and other hazards, casulaties, and oontingencies in such amounts anJ for such peri~is as
may be required by mortgagee, and will pay promptly. when due, any premiums on such insurartre for payment of which provision has not
boen made hereinbefore. All insutance shall be carriod in Companies approved by mortpgee and the p~licies and renewals thereof shall
be held by mortgagee anJ have attached thereto lass payable clauses in tavor uf and in torm acceptable to the mortgagee. In event of loss
he will glve immeciiate notice by mail to martgagee, and ~nortgagee may pwke proof of Ioss if not made promptly by mortgagor, and each
insurance company conce~ned is hereby authoriud and directed to make payment for such loss directly to mortgagee instead of to
morigagor and mortgagte jointly, and the insurance proceeds, oi any palrt thereof may be applied by mortgagee at its option either to the
~ reduction of the indebtedness hereby secured or to the restoration or repair of the property damagcd. In event of foreclosure of this
i mortgage or other transf'er of tiUe tv,-the maEtgaged property in extinguishment of tht indebtainess secured hereby, all right, tide, and
€ interest of the mortgagor in and to any insuranes policies then in force shall pass to the purchaser or grantee.
f 8. That the morigagee may, a[ any time pending a suit upon this mortgage, a,pply to the court having jurisdection thereof for the
~ appointment of a receiver, and sueh couR shalt7orttiwith appoint 8 rect.iva of ihe ptunises coverod htreby all and singular, including all
and singular the income, profits; issues, and revenues from wba~ever source derived, each and every of which, it being expressly
f understood, is hereby mortgaged as if specifically set fo~rth and described iA the graoting and habendum clauses hereof, and such receiver
~ shall have alI the broad and etiative functions anJ powers in anywise entrusted by a court to a receiver. and such appointment shall be
? made by such court as an admitted oquity and a matter of absolute right to said mortgagee, and without r~ference to the adoquacy or
? inadeqoacy of the value of the property mortgaged a to the solvency or insolvency of said mongagor or the defendents, and that such
j rents, profits, income, issues, and revenues shaH be applied by such receiver accordieg to the lien of this mortgage and the practice of such
~ court. In the event of any default un the part of the mortgagor hereunder, the morigagor agrees to pay to the morlgagee on demand as a
~ rwsonable monthly rental for the premixs an amount at least cquivalent to onatwelRh ( II12) of the aggrcgate of the tw~elve monthly
~ instaUments payabie in the then current year plus the ~ctual amount of the annual taxa. assessments, water rates, and insurance premiums
for such year not coverod by the aforesaid monthly payments_
~ 9. That (a) in the event of any breach of this mortgagt or default on the part of the mortgagor, or (b) ia thc event that any of said
; sums of money herein referred to be not promptly aod fully paid withoue demand or notice. or (r) in the event that each and every the
stipulations, agreements, conditions, and covenanls of said note and this mortgage. are not duly, promptly, and fully performed; then in
either or any such event. the said aggregate,sum mentioned in said note then remainig unpaid, with interat accrued to that time, and a!I
moneys secured hereby, shall become due and payablt forthwiih, or lhereafter. at the option of said mongagee, 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 cootrary
notwithstanJing; and thereupon or thereafter, at the optio~ oi said mortgagee, without notice ~x demand, suit at law or in equity, may be
E proxcutrci as if all moneys secured hereby had maturtd priOr to its instiwtion. The mortgagee may foreck~se this mortg,ge, as W the
; amount so declared due and payable, and thc said premises shall be sold to satisfy and pay the same together with Fosts, expenses, and
~ allowances. In cax of partial foreck~sure of this mortgage, the mortgaged premises shali be sold subject to the continuing lien of this
~ mortgage fa the amount of the debi not then duc and unpaid. In such case thr provisions of this paragraph may again be availed of
thereafter from time to time by the mortgager.
~ 10. "That ~he mortgagor will give immediatt notice by mail to the mortga~ee ol' any comeyance, transfer, or change of ownership of
~ the prem~ses_
~ I 1. That no waiver of any covenant herein or of the obligation socured hereby shall at any time lhereaRer be held to be a waiver of
t the terms hereof or of the note sccurcd horcby.
~ 12. That if the rtwrtgagor Jefauh in any of tbe covcnants or y~rterrlepts ~untaincJ herein, or in ~aid note, then the matg~gee may
i perform the saine, znci all eapenJiwres lincluding reaxmablc attor~y j,tle~ r~iadt by the mixtgagee in w doing shaU draw interest at the
; rate set fonh in the note secured hereby, and shatl be ~epayable immodiately and withcwt demand by the mort~a~or to the mort~ee, and.
~ t~ether witb enterat and cosls xcruing thereun, shall be secured by Ihis mortsage.
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