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2. That, iA order mo~s tully w~~wati ~he +ecurity o( ~hn mwt~a~e. ~Ae m.Ni~s~p+r. t.Ke~he~ v?~ih. a~xf ~n rJJitiai i~.1M nr~n~hl>
pspmcnu under ths terms d ~Ae ~wte ~uraf hetel+y. on the fin~ Jay a~f cach rtwelA unul lhe saK1 mwe b fu11Y paMf, wdl psy ~o ~he
mon{a~te the tMlow~n~ wms:
fa) An amoun~ wflk~enl to provide tAe hol~er hsrcd vrith (unds to par the neat monp~e inswance premwm if this ~nurumeut and
the note ~ecurcd herebq are iroured. ur ~ mo~thly cAar~e lie lieu d a mort~e insurance p~n~ium) if theY are h~~d b~ the
Secretary d Housin~ and Utban Developmenl. as [dbws:
Ip If and w lo~ as xaid note d even date ind this inurumea~ are i~aurcd or ire reirts~rod uerder the oroviswos ai the
Natiwal Nousin~ Act. an amount wRicieM to saumulstt in the handa of the Aolder w~e l I1 mon~h pri~x to its due date the
annusl mo~tpse insurance premium, in ~iier ~o ptavide such Adder with funds ta paY +uch premium tu the Secrctary uf
Housin~ and U~ban Development pursusot to the Nauonal Housio~ Act, u amended. and applicablt Rt~ulations
thereunda; or
Itl) If and so lon~ u said note uf even datt and ~Ais initrumen~ ue heW by ~Ae Setretuy of Housins a~x1 U~ban Oevelopment.
a moathly Chsr~e lin lieu of a m~t~e insurance premiuml which shall be in an am~wnt equat to one-twelf~h 111121 uf~
one-Mlf (44 ) pe~ centum of the ave~a~e ouwaodin~ balu~ce due on the note a>mputod with~wt takins iotu aacouat
delinquencia or prcpayments:
Ib) A sum eqwl to the eround rcnts, if any, next due, plus the promiums that witl neat beoome due and payaWe on policies of An
and ~ott~ huard inw~ance oovering the mortta~ed propertY• Mus taues and assFssufenls ~ext due on the mortsa~ed property lall
u estimated by the mort~ssce) las a11 sums already paid thaefor divided by the numba of months to dapse before oae monW
prior to the date when such ~ound rents. premiums. taxes. and astessments wi~~ become delinqucnt, such sums to be held by
mortpaee ~n trust w pay said ground rents, premiums. taues, and special assessments; sad
lc) All paYmeats meotioned in the two preccdin~ wbsoctions of this parsgraph aad d1 Wymeats w be made under the note secured
hereby ahall be added together and the aggegate amount thereof shall be paid by the mortjagor each month i~ a sin~le payment
to be applied by the mortgagee to the fdbwing items in the order set forth:
(1) premium char~es under the contract of insurance with the Secretary of Housina and Urban Deveiopment, or monthly
charse (in lieu of martgs6e insurance premiuml, as the case may be; -
llp ground rents, taues. assassments, fue. aad aher hazud insurana promiums:
(111) interest on the note securod hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate ~rwnthly payment shall, unless made good by the mortgagix prio~ to the due date of
the next such payment, constitute an eve~t ot default under this mortgage_ The mortgagee may colloct a"late charge" not to eaceed two
cents 12e) for each dollar ISI l of each payment more than fiftee~ 115) days in arrears to cover ihe extra expense involvod i~ hanciling _
delinquent payments.
3. That if the total of the payments maJe by the mortgagor under (bl of paragrapb 2 preceding shall eucced the amewnt of the
payments actually made by the mortgagee. for ground rents, taxes and assessments and insuraace pr~miums, as the case may be. wct.
ezu~ ai tite agticsn tf!' thc mars~a~u. ahs!!. be uedited on subseq+tent n~?y~ueats to be made by the awrtga~or, or refunded to the
mortgagor. If, howeve~. the monthly paymen~i made by the mortgagor under lb) of paragraph 2 preceding shell not be sufficient to pay
ground rents. taxes and assessments anJ insurance premiums, u the wse ::s; ~hen the same shall bewme due a~xi payable, then the
mortgagor shall pay to the mortgagee any amount nacessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, assessments. or inwrance premiums shall be due. If at any time the mortgago~ shall tender to the mongagec in
acconlance with the provisions of the note secured hereby, full paymcnt of the entire indebtedness represented thereby. the mortgagee
shall. in computing the amount of such indebtedness, crodit to the account of the mortgagor all payments maJe w~der the provisio~ of (u)
of paragraph 2 hueof which the mongagce has not become obligated to pay to the Secrctary of Housing and Urban Development and any
balance remaining in the funds accumulated under the pruvision~ uf (b? of said paragraph 2. If there shall be a defsult u~er sny of tht
provisions of this mortgage, resulting in a public sale of lhe premises covereJ hereby, or it the mextgagee aoquires the properq• othervrix
after default, the mortgagee shall apply, at the time of the commern:ement of such prceeedings or at the time the property is otherwise
acquired, the balance then remaining in ~he funds accumulated under fbl of paragraph 2 preceding as a creJit against the amount of
principal then remaining unpaid ureder said note and shall properly adjust any payments which shall have bren made under la) of said
paragraph.
4. That he will pay all taxes, assessments, water rates, arxl other governmental or municipal charg~s. hnes, or impositions, for v?hich
provision has not been made hereinbefore, anJ in default ~hereof the martaagce may pay the same: and that he wilt prort~tly deliver the
ofTicial receipts therefor to the mortgagee_
S. That he will permit, commit, or sufTer no waste, impairment, or deterioration of said property or any part theroof: a~x1 in the event
of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, ar improvements thereon,
in good repair, the mongagce may make such repairs as in its Jiscretion it may deem necessary for the proper preservation thereof. and
the full amount of each and every such payment shall be immeJiately due and payable. and shall be secured by the lien of this mortgage.
6. That he will pay all arxi singular the costs, charges, arn1 expenses, including reasonable IavJyer
s fea. and costs of abstracts of title,
incurreci or paid at any time by the mortgagee because of the failure un the part of the mortgagor promptly and fully to perform the
agreements anJ covenants of ~aid promissory note and this mortgage, and said casts, charges, and expenses shall be immediately Jue and
; payaEle and shall be secured by the lien of this mortgage.
~ 7. That he will ?eep the improvements now existing or hereafter erected on the rrartgaged property, insured as may be required from
~ time to time by the mortgagee against loss by fire and other hazards. casulaties, and contingencies in such amounts and for wch perioJs as
~ may be required by martgagee, and will pay promptly, when due, any premiums on such insurance for payrtxnt of which provision has not
been made hereinbeforo. All insurance shall be carriod in companies approved by mortgagee and the policies aod renewals thcreof shaU
be held by mo~-tgagee and h'ave attached thereto lass payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
Ae will give immediate notice by mail to mortgagee, arxi mortgagee may make p~oof of {oss if not made promptly by mortgagor, and each
~ insurance company concerned is hereby authorized and Jirected to mate payment (or such loss directly to mortgagee instead of to
mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied bZ mortgagee at its optiun either to the
reduction ot the indebtedness hereby secured or to tht rtstoration or repair d the property dam~d~. In evenl of foreclosure of this
mortgage or other transfer of title w the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and
interest of the mortgagor in and to any insurance policies thenin force shall pass to the purchaser or grantee. _
8. That the mortgagee may, at any.time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointrixnt of a rectiver, ~nd such court shall forthwiEh appoint a raeiver of the premeses covercd hereby all and singular.ineluding all
and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly
understood, is hereby mortgaged as if.specifically set forth and described in the granting and habendum clauses hereof, and such receiver
shall have all the broad and eRective functions and pow•ers in anywisr 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 ta saiJ mortgagee, and without reference to the adequacy or _
inadoquacy of the value of the property mongaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, issues, and revenu~s 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 Me mortgagor hereunde~. the mortgagor agrees to pay to the mortgagee on demand u a
reasonable monthly rcntal for the premiscs an amount at least equivalent to one-twelfth (1112) of the aggregate of the twelvt monthly
installments payable in the then current year plus the xtual amount of the annual taxes. assessments. water rates, and insurance premiums
for such year not covered by the atoresaid monthly payments.
9_ That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ib) in the event that any of said
~ sums of money hercin referred to be not.promptly and fully paid without Jemand or notice, or Ic) in the event that each and every the
~ stipulations. agreements, conditions, and covenants of said note and this mongage, are not duly. pramptly, and fully performed: then in
either'or any such event, the said aggregate sum mentioned in said r?ote then remainig unpaid. with interest accrued to that time, and all
moneys securevi hereby, shall become due and payable forthwith. or thereafter, at the option of said mortgagee. 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 contrary
notwithstanding; and the~eupon or thereatter, at the optiort of said mortgagte, witfiout ratice or demand, suit at law or in equity, may be
prosecuted as if all moneys s~cured hereby had maturod prior to its institution. The mortgagee may foreclose this mortgagc, a.s tn the
amount so declared due and payable, and the said premises shall be so1J to satisfy and pay the same together with costs, expenses. and
albwances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subjoct to the continuing lien of this
mongage for the amount of 1he debt not then due and unpaid. !n such case the pruvisions uf thi~ paragraph may again t?e availed of
thereafter from time to time by the martgagee.
10. That the mortgagor will give immediate notice by mail lo the mort~agee of any conveyance. transfer, or change of owne~sh~p of
the premises.
11. That no. waivard~n~c~v~ant herein or of the obligation secured hereby shall at any time thereaftcr bc hcld to be a waiver of
the tcrms hereof or di tAE i~ote seeurCd hereby.
12. That if the mongagor default in any of the covenants or agreements contained herein, or in said note. then the mortgagce may
perform the same, and all eapenJiwres i irrtludin~ reasonable aitomey's feesl made by the matgagee in so doins shall draw interest ai the
rate set forth in the note secured hereby, ahd shall be repayable immediately and without demand by the mort~agor to the mortja~a. and.
to~ether with intuest and costs accruing thereon, shall be xcured by this mortgage.
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