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That, in urJrr mo~e fuiiy to prutcff the ,rrurity ut thh QwrtYugr, Ihr nx?rlgagur, lugithrt with, arxi in aJJ~liun to, tht munthly
paymcnb unJer !he terms of thc notr securrP ubrehy, un ~he fi?st Jay uf rach munth un~il lhe ,aiJ n~~tr i. fully paid, will pay tu ~he
mart¢ager thr falluwing,um+:
la) An amount sufficient to provi~ie ~he hol~fer hercof with fun~ts tu pay the ~ext mo~~ga~e insurance acmium if thic instrument and
the note secured hrreby are inaured, or a munthly chargo lin lieu of a mortga~e insurance premium) if they are held by the
Secretary oi Housing and Urba~ Devrlopme~t, as folbws:
111 If anJ so long as said ~ote of even Jace and this instrument are in~ure~i or are minsured urxler the Drovisions of the
National Housing Acl. an amount aufi"icient to accumulate in tt~c hands o~ the lx~lder one l l) monih prior to its due date the
annuxl mortYa~e insurance premium, in ixde~ to provide such holder with fum6 to pay such premium to the Secretary of
Housi~?g a~d Urban Development pursuant to the National Hausing Act, as amrrxle~l, and applicable Regulatiuas
the~tunder; or
UU If and so lon~ as said note c~f even Jate arni this instrument are bekl by the Secrrtary of Housin~ and Urban [kvelupment.
• a munthly charge (in lieu of a mor~gage insurance premium) which shall be in un amewnt equa! io one-twelfth (1/!2) of
orte-half !y4) per cenlum of the average outstantfing balance due on the note computed without taking into account
delinqu~ncies or prepaymenu;
(b1 A sum equal ~o the g~ound re~ts, if any, next duq plus the premiums that will neat become due and payable on policies of fire
and other hazard iruYraq~ coverin~ t~ mortg_agod property, plus taxes and assessments next due on the mortgag~d property (all
as estimated by the mortgagee) less all sums al~eady paid t6ercfor divided by the number uf months to elapse betorc one month
p~ior to the date when such ground rents. prcm~ums. taxes, and as.ussme~u will become delinquent. svch suras to be held by
mongagee in trust to pay said grouad reats, pcemiums, taxes. a~d special acxssments; and
le) All paymonts m~ntioned in the two preceding subsections of this parag~aph anci all payments to De made unde~ the note secured
hercby shall be added togethe~ and tfx aggregate amount thereof shall be paid by the mortgagor each month in a single payment
tu bt applicd by the mortasgee to the follow ing items in the order sel forth:
(I) prcmium charges under the contract of i~aurance with the Secretary uf Housing and Urban l3evelopment, or monthiy
chuge (in lieu ot mo~tgage insurance premiurnl, ac the case may be;
Up grournl rents, taxes, a.ssessments, fire, and olher haiard insurance premiums;
(111) interest on the ndo secured hereby; and
11V) amortization of the principal of said note.
Any deficiency in the amount of such aggregale nwnthly paym~nt shall, unless made gcxxl by the mortgag~x prNx ta the due datc of
the next such payment, constitut~ an event of default u~xler this mongage. The mortgagee may collect a"late charge" not ta exceed two
cents 12c) for each dallar ISl l of each payment more than fifleen 1151 days in arrtars to cover the extra expense involvc~f in harxiling
deliayuent paymenis.
z. That if the total of the payments madr by the martgagor under t6) of paragraph 2 prrceding shall eaceed the amount of the '
payments acwally made by the mixtgagee, for ground rents, taxes and assessments and iasurance premiums, as the case may be, sucF
excess at the option of the mortgagee, shall, be credited on subseqaent psyments to be made by the mortgagor, or rcfunded to the
mortgagor. If, how~ever, the rnonthly payments made by the mortgagor under Ih1 of paragraph 2 preceding shal) not be sufficient to pay
gruund rents, taxes and asses~meo~s and insurance premiums, as the case may be, when the same shal! t+ecome due and payable, then Ihe
mortgagor aFeal! pay to !he enortgagee any amount necessary to make up the deficiency, an ~x before the date when payment of such
gruutxl rents, taxes, asse~cments, or insurence premiums shall tK due. If at any time the mortgagor shall tenJer to the mortgagee in
accordance with the provisions of the note secured hereby, fuil payment of the entire indebtedness represented thereby, the mortgagee
shall, in mmputing the amount of such indebtedness. credit to the account of Ihe mortgagor atl payments maJe under the provisions of la)
of paragraph 2 hereof which the mortgagee has nat become ~t+ligateJ to pay to the Secretary of Housing aixi Urban Development and any
balance remaining in the tunds accumulated under the provisions of (b/ of said paragraph 2_ If there shall t~e a default under any of the
pruvisions of this mortgsge, resulting in a public sale of the premises covered hereby, or if the m~xtgagee auquires the property othervvise
after default, the mixtgagee shall apply, at the time of the commencemenl c~f such proceedings ~x at the time the pmperty is otherv?ise
acquir~i. the balance then remaining in the funds accumutateJ unJer Ibl uf para~raplt 2 precoding a~ a credit agains! the a~rwunt of
prirecipal then remaining unpaid unJer s:?id nute anJ shall properly adjust 3ny payments which shall have been mrcle undcr (u) of said
paragraph.
4. That hr K~ill pay a11 taxes, a.sr~,ments, w~atrr rates, and ~Nhrr governmentaf or municipal charges, fines, or impositions, for which
provirion has not bcen made hereint?efore. ~nd in default thereof thc mortgagee may pay the same; and that he will promplly deliver the i
official receipts therefur tu the mortgagee. ,
S. ~That he will permit, commit. or suffer rw wa+te, impairment, c~r drterioration of wid properry or any part thereo(; anJ io the cvent
of the failure of the mortgagur to kerp the buildings on saiJ premise~ anJ ttwse to be erecteJ ~~n said prem~ses. or improvements thereon.
in guoci repair. the mortgugee may make such repairs as in it~ discretion it may deem necessary for thr pruprr prr~ervation therrof, and
the full amount of each and evrry ~uch paymea! shall be immediatrty Jue anJ payable, anci shal! t?r xecu~rd by the lien ~+f this mortgage.
6. Tha! he wi11 pay al! anJ singular the costs, charges, arxl expemes, including re3sunable lawyer s fees. aod costs of abstracts of title,
incurred or paiJ at any time by the mortgagee t?ecause of the failure on the part of the mortgagor promptlv and tally to perform the
agreemrnts and covenants of saiJ promisscxy pote and this mortgage, and said costs, charges, a?x1 expenses shal! t?e immediately due and
payablc anJ shall be secureJ by the lien of lhis m~xtgage. i
7. That he wi11 keep the improvement~ iww eaisting or hereaRer erectcYl un the mortgagcJ prupeny, insureJ :u may bc requireJ from
timr to time by the murtgagee against loss by fire and other hazards, Cawlaties, and rnntingencies irt soch artwunls anJ fur ,uch perioJs as
mey be rrquireri by mortgagee. and will pay prompUy, when due, any premiums on such insurance for payment of w•hKh pmviciun has not
been made hereinbefore. All insurance shall be carriad in compania approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attached thereto lo~s payabie ctauses in favor of and in form acceptable to the nwrtgagee_ In event i~f loss
he wiU give immediate notice by mail to mortgagee, and mortgagee may make proof of luss if nut made prompUy by~ mortgagor, anJ each
insurance company co~x:erned is hereby authorized and Jirected to make payment for such Ioss directly to mortgagee insteaJ of to
mortgagur ancl murtgagee jointty, anJ the insurance proceeds, or any part thereof, may be applied by nwrtgagee at its optiun eilher ~u the
reduction of the inJebtedness hereby secured or to the rtstoration or repair of the property damaged. In e~ent of foreclosure of this
rrwrtgage or other tran.fer of title to the mcxlgageJ propeny in extinguishment of the indebtednes~ se*cureJ hereby. all right, title, and
interest of thr mortgagor in :~nJ to any insurance policies then in Force shall pass to the purchaser cx grantee_
That the mortgagee may, at_any time pending a suit upon this mortgage, apply to the court ha~ing juri~tliction thereof for the
appointment of a receiver, and snch court shall forthwith app~int a receiver of the ~remises eovered hereby all a~xi singular, including all
and singular the income, profits, issues, anJ Peveaues from whatever source derived, each and every vf which, i~ being expressly
underst~wJ. is hereby murtgaged as if specifically set ferth and describeci in the granting and habenJum clause+ hereof, and such receiver
shall have all ~he bro~J arxi rt'Fective functions and puwers in anywi.e entrusted by a court t~ a receiver, and such appointment sha(I be
maJr by ~uch cuurt as an aJmitteJ equity and a matter ~f at~uilute right to said morigagee, artd withou! reference Io the adequacy or
inadequecy of the value of the proprrty mortgaged or to the solvency or insolvency ot said mortgagur or Ihe defenden~c anJ that ,uch
rents, profits, income. ixcues, and revenurs shall t?e applied by titich receiver according to the lien of this rrKxtgage and the practice of such
court. In !he event of any default on the part uf the mortgagur hereuncier, the mortgagor agrees to pay tv the mortgagee oo JemanJ as a
reasonable monthly rental for the premises an amount a1 least equivalent to one-twelfth 111121 of the aggregate of the twclve monlhly
installmentt payable in the then current year plus the actual amount uf the annual taxes, assessmen[s, water rates, and insurance premiums
for cuch year not coverc-~i by the aforesaid monthly payments.
9. 'rhat la) in the event o( any breach of this mortgage or default on the part of the mortgagor, or (h) in ihe event that any of said
tiums of money herein referred to be not promptly and fully paid without demanJ or notice. or (c1 in the evenl that rach ancl every the
stipulatiuns, agreements, conditions, and cuvenants of said note and this mortgage, are not dul~•, prompUy. arxl tully performed: ~hen in
either ~~r any such event, the wid aggregate sum mentioned in said note then remainig unpaid. with interest accrued to that time, and all
money. xcureJ hereby, shall become due anJ payable forthwith. or ihereafter, a~ the option of said mortgagee. as fully and completely as
if al( of the said sums ot money were originally stipul:~ted to be paid on such day, anythirtg in saiJ note or in this mortgage to tbe cnntrary
notwithat~nding: anJ thereupon or thcreafter, at the optiun of saiJ mortgagee, v?•ilhout rxitice or demanJ, suit at law or in equity, may be
pnnecutcYi as if all nwneys secureei hereby had matured prior to its instiWtion. The rrx~rtgagee may foreclose this mortgage, a~ to the
amount so declared due and payable, anJ the saiJ premices shall be sold to satisfy and pay the xame together with costs, expenses. a~d
allowances In ca+e of partial fored~nure of this mortgage, ihe mortgaged premises shal) be u?Id subject to the continuing lien of Ihis
mortgage for the amuant of the Jebt not ~hen due anJ u~paid. In such case the provision~ of this paragraph may again he availrJ of
thereafter from time tu time by the mortgagee.
10. That the mortg~gor will give immedi:~te notice by mail to the rtwrtgagee uf any comeyance, ~ransfer, ur change of ovvnenhip of
the premises.
I I. That no waiver of any covenant herein or of the obligation securecl hereby shall at any time thereafter be hrld to be a waiver of
the terms hereaf w of the note secured hereby.
12. Thai if the mortgagor default in any of the covenants or agreements containeJ herein, or in said note, then the mortgagee may
perform the same, and afl expenditures tirnluding reaconabte attorney's fees? made by the m~xtgagee in so doing shall draw inlerest at the
rate set forth in the note secured hercby, and shall be rcpayaAlt timlhpdmtcly ~nd w~ithout demanJ by the mortgagor to the mortgagee, and. .
together with interest and costs accruing thereon, shall be secured ~y tMs mongage.
- SOOK ~~J~. PACE (764 • " -
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