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2. That, in ordtr more fully to prutoct the security of this martgage, the mortgago~, to~ether with, and in sxldition to, the monthly
payme~tz under the te~ms of Ihe note socured hereby, un the first day ui each month un~il the said ~wte is tully paid, will pay to the
mo~t~a~ce the following sums:
(a) An amour?t wfricient to provide the holder he~eof with fu~ds to pay the aeat mor~p~e insurance premium if this i~swmem and
the note secured hereby are insurod. or a monthly chu~e (in lieu of a mo~a~e insurance premium} tif they ue held by ihe
Secrctary of Housi~ and Urban Developmont. as folbws:
(p !f artd so lont ss said note af even date a~d this instrument ue insured or are rei~urcd u~k~ the provisiuns of the
National Housin~ AM. a~ amou~t wfl"~cient to aocumulate in the hands d the holda one l 1) month prior w ita due date the
annual mortsage insurance premium, in order to provide such holder wilh funds to pay such premium to the Secretary of
Housinj and Urban Developmcot pursuant to Ihe National Housing A~~ as amendal, and applicable Rcgulations
the~eunder; or
(111 If and so long as said note oteveo date and this i~atrument are heW by the Socrctuy of Housing a~d Urbzn Development,
a mo~tAly eharge lin lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) of
one-hali (ys) per ceatum of the average outstanding balance due o~ the aote oomputed without takinQ into aacount
delinquencies or propayrt?ents;
(b) A sum equal to the ground rcnts, if any. next due. plus the promiums that will ne~t beoome due and payable on policies of fire
and other hazard insurance w4e~ing lhc mortgaged property. plus tues and assessments next due on the mongasod property (all
u cstimated by the mortga~ee) less all sums alrady paid therefor dividod by the aumber of months w elape beforc oae month
prior to the date whtn such ground rents, premwms, taxes, and asxssments will become delinquent, such sums to be held by
mongagee in trust to pay said around re~ts. premiums, taxa. and special assessmenls: and
(c) All payments mentaned in the twu precedi~g subseciions of this parssrapb and all p*yments to be m~de under the note secured
hercby sha0 be addcd together and the ag~regate amount thereof shall be paid by the.mo~tgago~ each month in a sia~le payment
to be applitd by the mortgagee to the fdbwing items in the order set forth:
11) prcmium charges under the contract oi insunnce with the Secrttary of Housing and Urban Devebpment, o~ monthly
chuge (in lieu of mortaag~ insurance premium), as the esx may be:
(Iq 6round rents. taua, assessmenu. fue. and other hazud inwrance premiums;
(111) interest on the ~ote stcurod hereby; and '
Q1n amortizatio~ of the principal of said note.
Any Jeficiem.y in the amount of such aggregate monthly payment shall, unless mack good by the m~xtgagor prior to the due datc of
the next such payment, constitule an evcnt of default under this mongage. The lnortgagee may collect a"late charge" not Io exceed two
cenu t2c) for each dollar IS!) of exh payment more than fiflcen (IS) days in arrears to cover the extra expenx involved in ha~xiling
delinquent payments.
3. That if the total ot the payments made by the mongagor under (61 of puagraph 2 preceding shall exceed Ihe amount of the
payments actually ma~ie by the mortgagee. for ground rents, taxes anci assescmenes and insurance premiums, az the case may be. wct.
excess at [he optioa of the morttsgee. shall, bc cnditod on subsa~ueat payma?u to be made by t6e mort~a~or, or refundod to We
mortgagor. If. however, the monthly payments made by the mortgagor under tb) of paragraph 2 preceding shall not be sufYicient to pay
ground rents, taaes and assessments and insurance premiums, as the case may be, when the same shall booome due and payable. then the
mortgagor shall pay to the mortgagee any.amou~t nacessary to make up the deficiency. on or before the date when payment of such
grouod rents, taxes, assessments, or insurance premiums shaN be due. If at any time ehe mortgagor shall tender to the mortgagee in
accordance with the provisions of thc note secured hereby, full payment of lhe entire indebtodness represented thereby. the mortgagee
shall. in computing the amount of such indeMedne~s, credit to the account of the mortgagor all payments made under the provisions of (o)
of paragraph 2 hereof which the mortgagee has not become obligatod to pay to ihe Secretary of Housing and Urban Developmuit and any
balance remaining in Ihe funds accumulated undcr the provisions of (h) of said paragraph 2. If there shall be a default under any of the
provisions of.this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aaquires the property otherwix
a8er default, the mortgagee shalt apply, at the•time of the commencement of such proceedings or at ~he time the propeny is otherwise
acquired. the balance then remaining in the funds xcumulatal under (b~ of pazagraph 2 preceding as a credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments wfiich shall have been made under (a) of said
paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines, ix impositions. for which
provision has not been maJe hereinbefore, and in default thereof the mongagee may pay the same; aad lhat he wiN promptly deliver the
oflicial receipts therefor to the mortgagee.
S. That he will permit, commit, or sufCer no waste, impairment, or deterioration of said property or any part IhereoF, and in the evtnt
of the failure of the mortgaEot to keep the buildings on said premises and those to be erected on said premises, or improvements thaeon,
in gaxi repair, the mortgagee roay make such repairs as in its discretion iI may deem naasary for the proper preservation thereof, and
the full amount of exh and every such payment shall be immediate~y due anel payable, and shall be socurod by tht tien of this mortgage.
6. That he will pay all and singular the costs, charges, aml expenses, including reasonable lawyer's fees, and costs of abstracts o! title.
incurred or paid at any time by the mortgagee becauu of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note anJ this mortgage, and said costs, charges, and expenses shall be immediately due and
payabl~ and shall be secured by the lien of this mortgage.
7_ That he will keep the improvemenls now existing or hereafter erected on the mortgaged property, insured as may be required from ~
time to time by the mortgagee against I~ by fire and other hazards, casulaties, and contingencies in such arrwunts and for wch periocls as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not !
been ms?de he~einbeforc. All i~urance shall be carriod in companies approved by mort~ee and the policies and renewals thereof shall ;
be held by mortgagce and have attachcd thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, and mortgaaee may mate proototloss if not made prompUy by morigagor, a~ each
insurance company concerned 'u hereby authorized and directed ta make payment for such loss diroctly to mortgagee instead of to
mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by morigaget at its option either to the
reduction of the indebteelness hereby secured or to the ratoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfc~ of title tu ihe mortgaged property in eatinguishment of the indebtedness secured hereby, all right, title, and
interesi of the mortgagor in ami to any insurance pulicies then in force shall pass to ihe purchaser or grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, appty to the c4urt havirtg jurisdiction thereuf for the
' appointment of a receiver, and such court shall forthwith appoint a receiver of the premises cor~red hereby all and singular, including alf
~ and singular the income, profits. issua, and revenues from whatever source derived, pch and every of which, it being expressly
understood, is hereby mortgagod as if specifically set fonh and describod in the granting and habendum clauses hereof, and wch receiver
I shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
` made by such co~rt as an admitted oquity and a matter of absolute right to said morigagee, and without reference to the adcquacy or
! inadcquacy of the value of the property mortgaged or to the solvency or insolvrncy of said mortgagor or the defendenis, and that such
~ renu, profits, income, issues, and revenues shap be applied by such receiver according to the lien of this mortgage and the practice of such
couri. In the event of any dcfault on the part ot the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
E reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (f(12) of tt~e aggregate of the !wc{ve monthly
~ installmeets paytble in the then current year plus the aetual amount of the annuAl taxes, asxessments, water rates, and inwrance premiumS
for such year not coverod by the aforaaid monthly payments.
9. That (a) in the event of a~y breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any ot said
sums of moner herein referrod to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the
, stipulations, agreements, conditions, and covenants of said note and this mortgage, ue not duly. promptly, and fully performed; then in
tither or any such event, the said aggregatt sum mentioned in said note then remainig unpaid, w+th ieterest accrued to lhat time. and all
' moneys securrd hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagoe, as fully and completely as
it 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
notwithatanding; and thertupon or thereafter. at the option of said mortgaaee, without rrotice or demand, suit at !aw or in equity, may be
prosecutai as ef all moneys socurod hereby had maturod prior to its institution. The rta~lgagee may foreclose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and
allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the contiouing lien of this
rrwrigage for the amount of the debt not then due and unpaid. In such case the provisions of this pazagraph may again be avaited of
; thereafter from time to time by the mortgagee.
~ 10. That the morigagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or cbange of ownership of
the premeses.
11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of
~ tht terms hereof or of the note secured htreby.
!2. Tbat if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may
perform tha s~me, and all expenditures 1 including reasonable attpieey's ftas~ made by the mortgagee in so doing shall draw intercst at the
~ rate set forth in the note secured hereby, and shall be repayabfe immediately and without demaed by the mortsagor to the mortgagce, and.
f together with inttrai and costs accruing thcreon, shall be secured by this mortgage.
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