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2. That, in orde~ more fully to p~otect the security of this m~xtgage, the mo~tgaQur, tugelher with, a~xf io additian to, ihe monthly
payments under the te~ms of the note socured heroby, on the fi~st Juy of' each month until the said note is fully paid, will pay to the
mort~a~ee the foliowin~ sums:
(a) An amount wftkient to provide the holder hertof with funds to puy the next mortQi~e~nwrance premiuip if this insuument and
the note secured hereby are insured. ~r a m~~iit~iy ~har~ tin lieu ot a mo:iSa;t insu:sacs psesnium? I~y ~e held by the
Secretuy of Housin~ and Urban Development, u folbws:
(11 If and w long as said note d even date snd this imt~um~nt are insured or arc rriosured under the provisions of the
National Housing Act. an amount suRcient to accumulate in the hands d ~he ho~der ona l 11 month prior to its due date the
annual mort~ase insurance premium. in orda to provide ~uch holder with funds to pay such premium to the Stc~etary uf
Housina and Urban Development pursuant to the ,National Housi~g Act, as amencied, and applicable Regulations
thereunder; or •
(11) If and so lon6 as sgid note of even date a~d this instrument ~t~eld by the Sccretary of Housing a~d Urban Ikvelopment,
a monthly charge lin, lieu~ot a mortgage insurance premium) v?~hich ~hall be in an amount equsl to une-twrlflh 11112) of
one-hslf per centum of the avtraQe outstandin~ balaace due on the note computal without taking into aocount
delinquencia or prepaymeats:
(b) l1 wm equsl to the `round rents. if any, neat due, plus the prcmiums that will next become due and payable on policies of fire
a~d other huard insurahx ooveting the rt~ort~sged'propertY. Plus taxa a~~ asSes~ments nex~ due on themort8aged property lall
u estimat~d by tt~e mon~a~ee) less all wms atrwdy paid therefor dividod b~r the aumber of months to elapse bofore one month
pripr~~: _!*zA $rcw~ re~ts, preauums. taxes, and azsessmeAts will boco~e delinqu4nl, wch sums eo be he~d by
mongagee in trust to pay said grourid rents, premiuma. taxbs, and special assessmerits;
and `
(c) All paymeats me~tioned in the tw~o preoedin6 subseclio°s d~ha P~aSraph and a!I payments to t+e made under the note secured
hereby shall be adJed to`ather and the aggregs~te amount thered'shall be paid by the mortgagor each month in a single payment
to be applied hy the mortgagee to the fdlowing items in the order xt forth:
11) " premium cfiarges under the contract of insurance with the Secretary of Housing and Urban Devolopment, or monthly
charse (in lieu of mortgaae insurance premium~ u the case may be;
Ul} groumi rents. tues, assessmenu. fire, and other hazard insurance premiums;
(111) interest on the note secured hercby; and
(IV) amorti~tion of the principal of said note.
Any deficiency in the amount of wch aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of
the next such paymen~ constitute an event of default wxler this mortgage. The mortgagee may collect a"late charge" nut to exceed two
cenu 12c1 fur each dollar 1S1) of each payment more than fifteen (IS) days in ar~ears to cuver the extra expense invulved in hanJling
delinquent payments.
3_ That if the total ot the payments ma~ie by the mortgagor uncler Ibt of paragraph 2 preceding shall exceeJ the amount of the
payments acwally made by the mortgagee. for ground rents, taxes a~ assessments and inwraM:e premiums, as the case may be. suct.
ea~cess at the option of the mortga~ee. shall. be credited on subseQueat paymeaa to be made by the mort~agor, or refundad to tQe
mortgagor. If, huwever, the monthly payments made by the mortgagor under lb) of paragraph 2 preceding shall not be sutt'icient to pay
Qrou~xi rents. taxes a~xi assessments and insurance premiums, as the case may be, when the same shall become due a~1 payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or beiore the date when payment of such
gruund rents, taxes. aisessments, or insurance premiums shall be due. I( at any time the mortgagor shall te~xler to the mortgagee in
acconlance with the provisions of the note secured hereby, tull payment of the entire indebtedness represented thereby. the mo~tgagce
shall. in computing the amount of such i~xfebtedness, credit to the acc.wnt of the mongagor all paymenu made under the provisions of (a)
of paragraph 2 hertof which the mortgagee has not btcome obligated to pay to the Secretary of Hauing and Urban Development and any _
balance remaining in the funds xcumulated under the provisions of (b) of said paragraph 2_ If there shall be a default under any of the
prw~isions o[ this. mort~ag0. resy.lting.in a public sale of the premises covereal herebY, or if the mortgagee aoquires the property otherv?•ise
aftEr default, the mortgagee shatl"apply. at the time of the commtticement of such-~tuceedings or~at the time the property is otherwise
acquired, the balance then remaining in the funds accumulatul under fb~ of paragraph 2 preceding as a credit against the amount of
principal then remaining unpaid under said note and sha!1 properly adjust any payments which ~hall have been made under (u) of said
paragraph.
4. That he will pay aU taxes, assessments, water rates, arxi other governmenlal or municipal charges, fines. or ~mpositions, for which
pnovision b?s not beAa.made hercinbefort. and in default theroof the mortgagre may pay the same; and that he will promptly deliver the
offlciaF roceipts therefor iq the mortB~gee• •
5. That he will pe~mit, commit;
ot sutt'er no waste, impairment, or deterioration of said propetty or ariy p9Tt theteof; and in the event
of the failufe'of the mortgagor to keep tha buildings on said premises and those to be erected on said premises, or impro~emeats thereon.
in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the full amount of exh and every such payment shall be~immedialely due arnl payable, and shall be secured by the lien of this mortgage.
6. That he will pay all and singular the costs. charges. and expenses, ~ncluding reasonable lawyer s fees, and costs of abstracts of title.
• a • ~ i~.~... ~ ~f rl;i fg;l~~r~. ~sw ~1~r• nsrt i~f thr mnrtgavor ~rnmMly and fully to oerform the
Iltt;u~ICV vi Yniv ai nTi) iiiiiC ~y" •..:wn•~:•8~•~ r--
, agreements anJ covenants of said promissory note and this mortgage, and said casts, charges, and expenus shall be immediatrly due and
i payable and shall be secureJ by thc lien of this mortgage.
~ 7. That he will keep the improvements now existing or hereafler erected un the mortgaged property. insureJ ac may be required from
~ time to time by the morigagce against toss by firc and other hazards. casuldties, and contingencies m such amounts and for such periods as
may be roqui~ed by. mor{aasee, anJ will pay promptly, when due, any premiums on such insurance for payment of which provisiua has not
becn made hereinbefore. All insurance shall be carriod in companies approved by a~ortgagee and ihe policies and renewals thercof shall
r......_
b~ hCld by ~T.u~igsgct anu i~evr niieC,i~f~ 2'i~:C~a~ iw.'ydflu:~ ~iuu5.°"o iR fSYQT Q?.f 3.^.~ :T. f~.T. 3CC_^~~til. ~hr nr~rt~agrr. In evenl of loss
he will givc immediate notice by mail td moriaagce, aad mortgagce may make proof of loss if not made promptly by mortgagor, and rach
insurance company concerned is hereby authorized and directed to make payment for such luss directly to mortgagee instead of to
mortgagor and morlgagee jointly, anJ the insurance proceeds. or any part thereof, may be applied by mortgagee at its option either to the
raiuctiun of the indebtedness hereby secured dr to the restoratiorr-cx tepair d the prop~erty darnaged_ In event of foreclosure of this
mortgage or other transfer of ~itle to the mortgaged property in extinguishment of the indebtedness securecl hereby, all right, title, and
interest of the mortgagor in arxi to •rny Lncurance policies then ia fcuce shall pass to the purchaser or grantee.
8_ That the mortgagee may, at any time pending a suit upon tl~is morigage, apply to [he coart having jurisJiction thereof for the
appointment of a receiver. and such coun shall forthwith appoint a receiver of the premises covered hereby all and singular, including atl
and singular the income, profits, issues, and revenues from whatever sourte derived, e~h anel every of which, it being e!epressly
understood. is hereby mortgaged az if specifically set forth and dacribed in the granting and habendum clauses hereof, and such receiver
shall have all the broad and etfec.tive functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court ac an admitteJ equit~~ and a matter of at+wlute ~ight to said mortgagee. and without reference to the aJequacy or
inadequacy of the value of the property mortgagal or to the solvency or insolvency of said mortgagor or the defendents, arxl thal such
rents, profits, income, iasues, and revenues shall be applied by such receiver according to the lien of this mortgage aixl the practice of such
court_ In the event of any default on the pan of the mortgagur hereunder, the mortgagor agrees to pay to the mortg• ee on demand as a
reasonable monthly rental for the premixs an amount at least oquivalent to one-twelfth (1112) of the aagregate of~he twelve monthly
installments payable in the then currcnt year plus the actual amount of the annual tazes, assessments, wate~ rates. and insurance premiurt?s
for such year no1 covereci by the aforesaid monthly payments.
9. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor. or Ih) in the event that any of said
sums of moAey hueirt referred to be not promptly and fully paid without Jemand or notice. or Ic) in the event that each and every the
stipulatiuns, agreements, conditians, and cove~ants of saiJ note and this ~potigage, are nW duly. promptly, and fully perfixmed: then in
either or any such even~ the saiel aggregate sum mentiuned in said note then remainig unpaid, with interest accrued to that time, and all
moneyc secured hereby, shall become due and payable forthwith, or thercafter, at the option of saiJ mcxtgagee. as fully and complrtely as
if all of the said sums ot monty were originally stipulated to be paid on such day, anylhing in said note or in this mortgage to the contrary
notwithstanJing; and thereupon or thereafter, at the option of said mortgagee, without notice or demand. suit at law• or in equity, may be
prosecutai as if all moneys secured hereby had maturai prior to its institutioo. The' mortgagee may faeclose this rtwrtgage, as to the
amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together with: fosts expenses, and
allowances. In case of partial foreclosure of this mortgage. ~he mortgaged premises shall be sold subject to the continuing lien oi this
mortgage for the amount of the debt not then due and unpaid. In such cace the provisians of this paragraph may again be availed of
thereafter from time to teme by the mortgagee.
10. That the mortsa~or will give immediate nutice by mail tu the rrwrtgagee uf any conveyance, transfer, cx change of ov~nersh~p of
the premises. =
I 1. ~I'hat r~o waiver of any oovenant herein or of the obligation securcd hereby shall at any time thereafter be held to be a waiver of
the terms hereof or of the note secured 1?ereby.
12. That if the mortgagor default io any oC the covenants or agreements containeci herein. or in said note, then the morigagee may ~
perform the same, and all expenJiwra lincluding rcasonable attorney i fees) made by t4~e{/?or~gagee in so doing shall draw interest at the ;
rate set forth in the note secured hcreby, and sball b~ rep~yable immaliately a~ ~vj{~fp~d2m~d Dy the mortgagor to the mortgagee. and. ;
together with interat and costs accruing thereon, shatl be seCUrcd by this mortgage.
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