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2. Tha~ io order more fully to protect tho t~tity of this mortga~e, the mo~t~aaor, totether with, anJ in ~Jdition ta, ehe nwnthly
psymenu under the terms of ehe note securod~her~py. on Ihe 6nt day of' each month until tAe said note is fully paid. will pay to tha
mort~a`ee thc followin~ wms: • • ~ ,
(a) An smount sufMicient to provide the holder he~eoi with iunds iu pay tt?~ ~xt ~t~e iasursnte premium if this iasuument aad
the ~ote secured hercby arc insurcd. or ~ mo~thlY cbuR (in licu of s mort=ase insutance prcmium) if they ue held by the
Socretsry of Housin~ and Urban OeveloprnaY~. as tolbws: • ` '
(q It aad ao , lot~ ss said nott d even d'ate ard tfiis tmtrome~t ue insured or ue roinsured under the Drovisions of tho•
Nstioaal Housin~ Act. an amouM sutticienCM eccymulate in the hands dthe holder o~e (1) moothyrior to its due date the• _
~ - annusl mortpse insursnce premium, in ocder to pravide such hdder with funds to pay such premium to the Secrctary of'
Housias and U~ban Derelopment pursuant -t0 the Nalional Housi~~ Ac~ as amended. and applicabk Re~utations
. thereuade~; or ' - -
(ID !f and ~o lon~ ss said ~wte o(even date and this imtrument are held by the Secretuy of Nousin~ and Urban Developmertt,
a monthly charge (in lieu of a mort~a~e insurance premium) whieh shall be in an amount equal to one-twelRh 1!/!2) of
onrhslf (ya) per centum of the avera~e outsta~diu~ balance due on the note computod without tslcin~ into account
dei~nquenc~a or a~Payme~u:
(b) A wm equal to the ground rcnts. if any. next due, plus the premiums that will nest beoome due and payable on policia of fire
~,a oaw n~.ro~~~u~e ca.~cri~gcn~,nor~a~a proQeny. plus w[es and acsessaxnu next due on the mon~ased properry lnll
u eatimated by the mortsa~ee) las all sums already paid thaefor dividod by the aumber of months to elap`e be[ore one month
prior to ths date whe~ such ~round rents, prem~ums. tua. and as~sments wilt become delinquent. such sums to be held by
mort~ee in trust w pay said ground rrnts. premiums, taxes, and spaial assessmapts; and
-(c) All parments menianed in the tw~o precedias subsoctions of t6is puaspph aM aH paymtaes w be made under the note securcd
he~eby shall be added togtther and tt?e aggrc~ate amount thereof shall be paid by the mort~s~or cach mo~th in a sin~le psymen~
to be apptitd by the morigagee to the fdbwing ite~ in the order set forth: -
ll) premium charga under the conuact of i~uurance with the Secretary of Housin6 and Urban Devebpment~ or monthly
charse (in lieu of mon~a~e i~uursnce premium~ as the case may be;
Qq ~rouad reats, taaes, assessments. fire. and othcr ha~s~rd insuraace premiums;
pll) interest on the nae secured hereby; and
(1~ amortintion of the principal of said note.
Any deficiency in the amount of such aggregate monthly paymcnt shall, unless made ~aod by the mortgagor prior to the due date of
the next wch paymen~ constitute an event of default under this mortgage. The mortpgee may collcet a"late charge" not W exceed two
centa 1?c! for each dollar ltl) of exh payment morc than fifleen (IS) days in urears to cover the extra expense involvod in handlin~
delinQ~xnt payments.
3. That if ihe total of the payments made by the mortgagor under Ib) of paraaraph 2 preceding sAall exceed the amount of the
payments actually made by the mongagee. [or ground rcnts, taxa and assasments and inwraace premiums, as the case may be, suct.
exoess at the optiou of the mort~aiee. stWl. be croditod on aubse4uent payments to be made by the mortp~or, or refundod to the
mortd~~. !f, h~~ve~, the monthlp payments made by the mort~agor under (b) of pua~caph 2 preceding shall not be sufficient to pxy
ground rents, taua and assessments and insurance premiums, as the cue may be. when ti~e same shaii beoome due a~xi payabi~. tt~a,~ r
mortgagor shall pay to the mortgagee any amount necessary to make up the de6ciency, on or before the datc when payment of such
ground rents, taxa, assessmeots, or insurance premiums shell be due. If at any time the mortga~or shall tender to the mortgagee in
accordance with the provisions of the note secured hereby. full payment af the entirc indebtednas represented thereby, the mort~agee
shall, in computing the amouat oisuch irdtbtodaess, credii to the account of the monaagor all payments made under the provisions of (a)
of paragraph 2 hereaf which the mortgagee has not beoome obligatod to pay to the Saretary of Housing and Urban Devebpment and any
balance remaining in the funds accumulattd under the provisions of (b) oE said paraaraph 2. if therc shall be a default under any of the
provisions of this mortgage, ~aulting in a peiblic sale of the premisa coverod hercby, or if the mortgagee aoquires the property otherwise
aRer default. the martgaget shall apply, at the time of the commoncement oF such proceedings or at the time the property is otherwise
acquired, tht balanee then ramaining in the funds accumulated under Ib) ot paza6raph 2 preceding as a credit agaiesi the amount of
principal then romaining unpaid under said note and shall properly adjust a~y paymy?ts which shall have been made under (u) of said
Pa~8Ph• ~ .
4. That he will pay all taxes, assessmenu, water rates, and aher governmental or municipal charges. fines, er impositions. for which
provision hu not bcen made hereinbefore, and in default Ihereot the mortgagee may pay the same; and that he will promptly deliver the
of~icial receipts therefor to the mortgagee.
S. That he will permit, commit, or sufTer 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 premiscs and thase to be crectod on said prcmises,.or improvemeots thereon.
in good repair. the mortgagee may make such repairs as in its discrction it may deem nece~ary for the proper preservation theroof, and
th~ full ame?unt of each and every such payment shall be immediatety due and payaWe, and shall be secured by the lien of this mortgage.
~ :..rl..`lino nasnn~Me lawv
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DSt ttC Will Pitr ui a~wi a~+iauiea ua~. ~w:~, ~ a...., er
s fees, and costs of abatracts of title,
incurrod.or paidat any time by ihe mortgagee bocause of thc failurt on the part d the mortgagor promptly and fully to perform the
agreemenu and covenants of said promissory note and this mortgage, and said caets, charges, ard eaperues shall be iminediately due and
payable and sliall be setured by the lien of this mortgage.
7. That he will keep the improvemenu now existing or hereafter erected on the mortgagod property, insured as may be required from
time to time by the mortgagee against loss by fire and other hazards, cawlaties, and contingencits in sueh arrx~unts and for wch periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insu(ance for payment of which provisan has not
been n~ade 6ereinbefore. All insunnce sha11 be carried in companiea approved by aqrtp~ee and t6e policia aad reoewals thereof shatl
be held by mortgagee and have attached thereto ioss payabfe clauses in favor of and in form aoceptable to the mortgagee. In evont of loss
he will give immediate notice by mail to mortgagee, and mo~tBagee may makt proof of lass if not made promptly by mongagor, and each
insurance company ooncerned is hereby authoriud and directed to make paymeM for such Iass directly to mortgagee instead of co
mortgagor and mortgagce jointly, and the insurance praceeds, or any part theroof; may be applied by mortgagee at its option either to the
reduclion of the indebtedn+ess hereby socured or to the restoration or repai~ of the propMy damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged praQeirty in extinguishment of the indebtedness secured hereby, all right, titte, and
intereu of the mortgagor in and to any insur~ce policiea thrn in force shall pass to tAe purchaser or grantce.
8. That the mortgagee may, at any time pending a suit upon this mort~e. apply to the court having jurisdiction thereof for the
appoiatment of a receiver, and such court shall forthwith appoint a reeeiver of the premises oovered hereby all a~?d singular, including all
and singular the income, profits, iswes. and rcven~es from whatever source derived, each and every of wbicb, it being expressly
understood, is hertby mortgagod as it specifically set forth aad described in the ~rantiaa and habendum clauses heroof, and wch receiver
shall have all the broad and eRective functions and powers in anywise entrusted by a court to a raeiver, and such appointment shall be
made by such court as an admittal oquity and a matter of absolute right to said mortgagte, and witFwut rcference to the adequacy or
inadoqusZy of the value of the propeny mortgagod or to the solvency or insdvency of said mortgagor or the defendents, and that such
rents, pro6ts, inoome, iswes, and revenua shall be applied by such receiver xcordin~ 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 agrees to pay to the mongagee on demand as a
reasonabk monthly rcntal for the premises an amount at lesst equivalent to onatwelftA 11112) of the aggegate of the twelve monthly
installmenu payabk in the then current yeu plus the actual amount of the annual tua, usessments, water rates, and insurance premiums
for such year not coverod by the aforaaid monthly payments.
9. That (a) in the evem of any breach of this mortgage or default on the part of the mortgagor, or (h) in the event that any of said
wms of money herein referred to be oot promptly and tully paid without demand or notice, or (c) in the event that each and every the
stipulations, agrtements, conditions, and covenants of said nae and this morigage, are not duly, promptly, and fully performrd; then in
either or any such event, the said aggregate sum meotioned 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 tho option of said mortgagee, as fu!(y and completely as
if all of the said wms of money were originaily stipulated to be paid on such day, anything in said note or in this morigage to the contrary
ratwithstanding; and thereupon or thereafter, at the option of said mortgageo, without notice or demand. suit at law or in equity, may be
i prosecutod u if all moneys secured hereby had maturod prior to its institution. The mortgagte may foreclose this mortgage, as to the
i amount so declutd due and payable, and the said premises shall be sold 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 subject to the continuing lien of this
mortga~e for the amount of the debt not then due and unpaid. In such cace the provis:ons of ~his paragraph may again be availed of
thereafter trom time to time by thc mortgagee. ~
' 10. That the mortgagor will give immediate notice by mail ta the mortgagee of any conv~yance, transfer, or change of ownership of
the premises.
t 11. That no waive~ of any covenant here+n or of the ob)igatian socured hereby sball at any time thereafter be held to be a waiver of
I the terms hereof or of the note sccured hereby.
~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgaget may
perform the same, and all axpenditures lincluding rcasonable attorney's f~es) made by tht m~xtgagee in so doing shall draw interest at the
rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mort~agor to the mortga~ee, and.
together with interest and costs accruing thereon, shal! be ~ecured by tAis mortgage.
~ ~a~K ~t12 P~~ 396
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