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2. lh~t, ~s o~da nwre (ully ~u prwect tAe +s~ur~ly uf Ilus m~xt=~e. ~he murt~x. l~ell~a with. a~1 fA addhioe a. tl~e nwe~hly
p~Ymeeb ueda ~he te~aa d the ~wne socu~al !?e~ehy. the Hnt Jay u( each mon~A wK~l Me aad nwe n tully pad, will pay to the
mon~ytt ~he folkrr~nf wm~:
l~/ Aa amou~t s~fMcieet ~o ptovidt lAe holde~ he~eof with fuads w p~y tbe neat mon/a~e inw~ance premium if this ~nwumeat aad
tAe note securod hereb~r ue mwrod. ar ~ inonthly char~e lia lieu d a mort~ye irour~nce prem~uui) if ~her arc held bp the
Secretary o~ Howins a~d U~an Developmenl. as fdbws:
lll If aad ~o la?~ as ~aid note d even date and ihis inurumrnt are inwred ar are roinw~ed uede~ ~he orovaic~s,d tAe
NatiaW Housi~ Act. sn amouat wfficient to ~aumulste in the Aanda d tbe hdder one l l l moath prwr w iu due dsu tbe
annual nwnp~e insuranoe premium. in order ~o provide such hukkr with tunds to pay such p~emium to the Socrctary of
Housi~ and Urban Development punuanl to the National Nousin~ Ac1. as amended. and applicabk Re~ulat~on:
thercunder or
(11) If ~nd so lons u said note of even date Rnd this instrument art held by the Secrotuy of Housit~ and Urban Developme~t.
a monthly cha~e lin lieu of a mort~age insurance premiuml which shall be in an amount eQual to one-tweltth 11f12) of
w~e-hslf t'y41 per antum of the avera~e outstaadins balance due on the nwe computed without takins into aceount
delinquencia or prepayments;
Ib) A wm equsl to the sround ronts, if a~y, oex~ due, plus the premiums that will next beeome due and payable on policies of 6rc
and otMx huud insurantt covering tfie mort=aSedFopenr. plus tuos and aciess~nents next due on tMr mortp~ed property (all
u e~imued by the mortpsee) las all wms already paid tt~ae[or dividod by the numbu of months to elapse before one mwuh
prior to the date when such yround renu. prcm~ums. {axes. and as.sessments will become delinquent, such sums to be held by
mor+~asee in trust to pay said ttound rents, premiums, taxes. and specid asscssmenu: and
le) AI~ WYmeats ment'aned in the tw~o praading subaections d' this para~aph and all parmena to be nnde unde~ the note secur+ed
hereby shall be addod to~cthe~ and the agg~regate amount thereoi shall be paid bq the mortgagor each month in a sin~k payment
to be applied by the mortgaaee to the fdbwing items in the order set forth:
(1) premium charges under the conuact of insurance with the Secretary of Housing and Urban Devebpment, or monthly
charse (in lieu of mortsa6e iawrance premium~, as the case may be:
(14 ~ound rents. taxes, assessments. fire. and other hazard iosurance premiums:
(Ilp interest on the note securod hereby; and
ll~ amortization of the principal of said note.
Any deficiency in the amount of wch aggregate monthly payment shall, unless made good by the m~tgagor priwr to the due date of
the nact such payment, constitute an event of default unde~ this morigage. The mortgagee may collect a"late charge' not to exceed two
cems 12c1 for each dollar lSl) of each payment more than fifteen (IS) days in arrears to cover the extra expense involvod in handling
delinquent payis~eats.
3. That if Ihe tolal of the payments made by the mortgagor under lbl of paragraph 2 preceding shall excced the amount of the
payments actually made by the mortgagee, for ground rents, taxes and asussmems and insurance premiums, as the case may be. suct.
euess at the optioQ of tbe mort~oe. s6a11, be aedited o~ subsequent payments to be made by the mort~agor, or refunded to the
mortgagpr. If. however. the monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be suf'Tciont to pay
ground rents, taxes and assessments and insurancc premiums. as the case may be, when the same shall become due and payable, then the
rtaRgagor shall pa,y to lhe mortgagee any artaunt necessary to make up the deficiency, on or before the date when payment of such
grouad rents, taxes. assessments, or insurance premiums shall be due. If at any time the mortgaga' shall tender to the mortgagce in
acoordance with the provisions of the note secured hereby. full payment of the entire indebtedncss repraentcd thereby, the mortgagee
shall, in computing the amount of such inJebtodness, crodit to the account of the mortgag~x all payments made under the provisions of (a)
of paragraph 2 he~eof which the mortgagce has not become obligatod to pay to the Secretary of Housing arn! Urban Developmerit and any
balance rcmaining in the funds accumulated under the provisions of (b) of said paragraph 2_ If there shall be a default under any of the
provisions-0f this mortgage, resulting in a public sale of the premises coverod hereby, or if the mortgagce aoquires the property otherwise
after default, the martgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwix
acquired, the balance then remaining in the funds accumulated under /b) of paragraph 2 preceding as a credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said
paragaph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines, or impositions, for which
provision has not been maJe hereinbefore, and in default thereof the mongagee may pay the same: and that he will promptly deliver the
official receipts theretor to the mortgagee_
5_ That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof: and in the event
of the failure of the mortgagor to keep the buildings on said premises and those to be erectcd on saiJ premises, or improvements thereon,
in good repair, the morigagee maY make such repairs u en its discrction it may deem necessary Cor the proper preservation thereof, and .
the full amount of each and every such paymcnt shall be immodiately due and payable, and shall be secured by the lien of this mongage.
6. 'R~at he will pay all and singnlar the costs. charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title.
j incurral or paid at any time by the mortgagee because of the failurc on the part of the mongagor promptly and fully to perform the
agrcements and covenants of said promissory note and [his mwtgage, and said costs, charges, and expenses shall be immediately due and
~ payable and shall be secured by the lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erectal on the mortgaged property, insured as may be required from
time to time by the mortgagee against loss by fire and other hazards, catulaties, and contingencies in such amounts and for such periods as
may be requirod by mortgagee, and will pay promptly. whrn due, any premiuau on such insurance for payment of which provision has not
beea made hereinbefore. All insuraae s6a11 be carriod in compaaies approvsd by mortpgee and the Policies and renewals thereof shafl
be held by mortgagce and have attached thereto lass payable clauses in favot of and in form aoceptable to the mortgagec. In event of loss
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each
~ insurance company concerned ~ fiereby authoriud and dirocted to makF payment for such loss directly to mortgagee instead of to
mortgagor arid mortgagee jaintly, and the inwrance proceeds, or any part thereof, may be applied by mortgagee at its option either to We
reductioo of the indebtedness hereby socurod or to the restoration or repair of the property damaged. In event of fbreclosure of this
mortgage or other transfer of title to the mortgaged property in eatinguishment of ihe indebtedness secured hereby, all right, title, and
interest of the mortgagor in and to any imurance policies then in force shall pass b the purchaser or grantee.
8. That the mortgagce may, at any_time pending a suit upon this mortgage, apply to the court having jurisdiction thereof tor the
appointment of a receiver, and such court shatl forthwith appoint a~receiver of the premises covered hereby all and singular, including all
and singular thc income, profits, issues, and revenues:from whatever source derived, each and every of which, it being expressly
undentood, is hereby mortgaged as if spocifically set forlh and describod in the granting and habendum clauses hereof; and such receiver
shall have all the broad and effoctive funCtions and powus in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted oquity and a mauer of absolute right to said mortgagce, and without reference to the adequacy or
inadequicy of the valut of the propcrty mortgaged a to the solvency or irodvency d said mortgagor or the ddendents, and that such
rents, profits, income, iswes, and revenues shall be applied by such receiver according to the lien of thi~ mongage and the practice o( such
court. In the event of any default on the put of the mortgagor hercunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least oquivalent to one-twelfth (11~ 2) of the aggregate°of the twelve monthly
inuallments payable in the then current yeu plut the actual amount d the annual taxes, assessments, water rates, and insurance premiurt~s
for such year not coverad by the aforaaid monthly paymcnts.
~ 9. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
sums of money herein rcferred to be nat promptly and fully paid without demand or notice, or (c) in the event that each and every the
~ stipuiations, agrccmenu, conditions, and covenautf of said note and this mortgage, are not duly, promptly, and fully performod; thcn in
either or any such event, the said aggregate wm meAtioned in said note then remainig unpaid, with interest accrued to that time, and all
moneys secured 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 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 thereupon ar ihereafter, at the option of said mortgagce. without notice or demand, suit at law or in oquity. may be
prosocuted as if all moneys socured hereby had maturod prior to its instiwtion. The mortgagee may forecbse this mortgage, as to the
amount so ~:4clared due and payable, and the said premises shall be soid to satisfy and pay the same together with eosts, expenses, and
_ albwance3: Ifi tsq¢ qf partial forecbsure of this mortgage, the mortgaged premises shall be sold subjoct to the continuing lien of this
mortg for the amounl d the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of
Iherea~#OfQ ~i4pe lo fi~d~! by the mort~es. ,
I~t~~~e~r16H;a~or wil) ~ive immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the p .
11. That ~o waiver of any'corenant herein or of the obligation socured hereby shall ::t any time thereafler be held to be a waiver of
the terms hereof or of the note stCute¢ rerfbr." j~~
12. 7'hat if the mortgagor default i1F aajr pF,~ covenants or agreements contained herein, or in said nc?te, then the mortgagee may
perform lhe same. and all expenditures lincluding ~easonable attorney's fees) made by the mortgagee in so dang shall draw intereu at the
" rate set forth in ihe note secured hereby, and shall be ~epayable immediately and without demand by the mort~a~or to the mort;agoe. a~.
together with interest and coses accruing thereon, shall be secured by this mortgage.
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