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2. 1 hat, in ~x~le~ mure fully to protect ihe xcurity of thix mo~tguge, thr m:?rtg:~Yu~, tugrlhrr with, anJ i~ aJdition to, thc rtwnthly
payments under the terms o1' the nwr secured hereby, on ihr hnt Jay uf each munth unlil ihe ~aid nu~r is fully paHi, will pay to the
mo~tgagze Ihr fulluwing suma: '
la) An amount sufYicie~t to provide the holde~ herrof with funds to pay the next mo~te,age insiuance premium if this inserument and
the note secured hereby a~e insured, or a montAly charge !in lieu of a mortgage insurance premium) if they ue hel~ by Ihe
Sccrctuy of Housing and U~ban Development, as folbws:
U) If and so lo~a as said note of even date and thic instrument ue insurod o~ are reinsured under the orovisiuns of the
Natio~at Housing Act, an amount wPiicient to accumulate in the hands of the holder ax (1) mont~ prior W its due date the
annual mortgage insurance premium, in order to p~uviJe ~uch hdder wilh funJ~ to pay such p«rruum tu the Sec~etary af
Housins and Urban Development pu~suant to ~he Naliix?al Housing Act, as amended; aiKt apQlicable Reguletiu~s
thereu~der; or
(11) If and so long as said note of even date and this instrumen~ are hold by tAe Socretuy of Housing and Urban Development,
a monthly char~e (in IiFu of a martgage insurance premium> which shall be in an amount eqyat to one-twetfth (1I12) of
oae-hal[ (~i) per centum of the average uutstanding dalarn:e Jue on the note computed without taking into axount
delinquencia or prcpayme~ts;
(b) A wm equal to the grou~xi rents, it any, ~ext due, plus the premiums that will next become due and payable on policies of 8re
arwi other hatard insu~ance
co'vFring trie morlgajlYtprDptrry, plus tanes and asiessments next due on the mortgaged proptrty (all
~~tiutite3 by t!k riwrt~a~c: )!~s s!! sums al~eady ~+aid rheref~ divided by the aumber of mw~ths to elapse beto~e one month
prior to the dalp when such ground re~ts, Rremwme, taaes, ~nd auessmeots will become delinqueet, such sums to be held by
mortdagee in trust w pay said ground rents, premiums, Ivees, and~special as.xss~ems; and
Ic) All psyments mentaned in the two preceding subsections of this pars~aph and'all payments tb be made under the note securcd
hercby shall be added together and the ag~regate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied byehe mortgagee to the fdlowing itrms in the orJer ut fo~1h:
lll premium charges under the contract ot insurance with the Secretary of Housing and U~ban Development, or monlhly
charge (in lieu of mortgage insurance premiuml, as Ihe case may be;
(It? g~ound rents, taxrs. assessments, fire, and other hazard insurance premiums;
(lll) intercst on the nae secured hereby; and
qV) amortizatio~ of thc principal of said notc.
Any deficiency in the anwunt uf iuch aggrtgate rrantAly payment shrll, unlcys maJe g«x! by the mortgagur priur to the due Jate of
the next such payment, constitute an event uf default unJ~r thia murtgage. The m~xtgagee may collect a"late charge" nut tu exceeJ twu
cents 12e) for each dollar IS11 uf ~ach payment more than fifteen (IS) days in arreers to cuver the extra expense invulved in hanJting
eklinquent payments.
That ii the tutal u( thr psymrnl~ n~aJr by ti~e rrwrtg,agor utxier f61 of paragr~ph 2 preceding ~a!! exceed tt~e arrx.u~t ~~f the
payme~ts actually made by the mixtgage~, fw g~ounJ rents, taxes arn1 assessment~ and insurarn.e premiums, as the case may be. sucF.
eaecess at the optioe of the mortgagee, shall. be creditod on subsequeat payments to be made by the mortsa~or, o~ refu~ufed to the
mongagor. If, however, the rrwnthly paymen?s male by the mortgagor under Ib) of paragraph 2 preceding shall not be sufYicitnl to pay
ground rents, taxes aixl accescmem~ and inwranee premiums, as the case mey be, when the same shall become due anJ payable, thea the
mortgagor shall pey to the mortgagee any amuunt nece~ary to make up 1he deficiency. on or before the date when payment of such
ground rents, taxes, assessments, ur insurance premiums shall be due. If at any time the mortgagor sAall tender to the mo~tgagee in
accvnlance with the provisions oF the note secured hereby, ful! payment of the entire indebtedness ~epresenteJ thereAy, the mortgagee
sAatl, in computing the amount of such ineiebte~iness, creeiit to the account of the mortgagor all payments made u~xier the provisions uf (u1
of paragraph 2 hereof which the mongagee has not become obligated to pay tu the Secretary of Housing and Urban Devebpment a~x1 any
balance remaining in the funds accumulatevf under the provisions uf (b? of said paragraph 2. If there ~hall be a defauit uncler any of the ~
provisions of thix mortgage, resulting in a public sale of the premises covereJ hereby, or if the mongagee acquires the property athervvise
after default, the mortgagee shall apply, at the time of thr commencement of such proceedings or at the time the propeny is otherwise
acquire-~i, the balance then remaining in the funds accumulated under fb) of paragraph 2 preceding as a creJit againu the amaunt of
principal then rtmaining uRpaid under said rwte arn! shall properly aJjust any papments which shall have been made under lu) of said
paragraph.
4. That he will pay all tazes, a+iessments, water ratcy, and wher governmentat or municipal charge+, fines, cx impenitions, for which
provision has not beert made hereinbefore, •rnd in Jefault therrof the m~xtg•rgee may pay the same; and that he will prompUy Jeliver the ~
of'ficial receipts lherefor to the mortgagee, f
S. That he will permit, commit. or wfTer no w:iste. impairment, or deterioration of said property ur any part thereof; and in the event ~
of the failure of the mortgagor to keep the buildings on said premises anJ those to be erected on said premises, ~x improvements thrreun,
in good repair, the rtlortgagee may make such rtpain as in its iliscretion it may deem nece~sary for the proper preservation thereof, and
the full amount oteach and eve~y such payment shall b~ immediately due and payabte, and shall be securecl by the lien of this mo[tgage.
b. That he we!! pay al) and singular Ihe cexts, charges. and eicpenses, including reasonable lawyer's fees, and costs of ~bstraets of tt11e,
incurrai or paid at any time by the mortgagee because of the failuro on Ihe part oi the mortgagor promptly and fully to perform thr
agreements arxi covenants of said promissory note and this mortgag~, and ~aid coRts, charges, anJ expenses shall be immed"ealely due anJ
payablr anJ ~Fiall be secured by Ihr lien of this mortgage.
7. That he will keep 1he improvements now existing or herrafter erecte~l un the rtwrtgaged property, insured ati may be required from
time to time by the mortgagee against loss by firc and o~her hazards, ca'sutaties, aad contingencies in such amounu and for such periixis as
may be rrquirerl by mortgagee, anJ will pay promptly, when due, any premiums on such insurance fcx payrt~nt of which pruvision has not
been made hereinbefare. Alt i~nurance shall be carriad ia ~ompanies approved by mortgagee and the policics and renewals thereof shall
t+e held by mortgagee and have attached thereto loss payable ctausts in favor of and in fam acceptable to the mortgagee. In event of loss
he w i!1 give immediate r?otice by mail to mortgagee, and nwrtgagee may make proof of loss if not made promptly by mortgagor, and each
insura~e company concerned is hereby authorized and directed to make paymeot for such loss Jirectly to mortgagee instead of to
nwrtgagor and mcxtgagee joiotly, and the insurance pnxeeds. ~r any part thereof, may be applied by mortgagee at its option either to 1he
reduction of the irxiebledness hereby secured or to the ratoratian or rcpair of the properly damageJ. In event af forcclosure u~ this
rtwrtgage or other transfer of title to the mortgaged property in extinguishment oC the indebtedness ~ecureJ hereby, all right, title. and
interest of the m~xtgagor in a~xf to any inwrance poticies then in force shall pass.to the purchaser or granree.
8. Tha~ Ihe mortgagee may. at any time pending a"suit upon tMs mortgage. apply to the court having juriuiiction thereof for the
appointritent of a receiver, and soch court shall forthwith appointareceiver of the premises covsred hereby all aixl singular, inciuding atl
and singular the income, profits, issues~. and revenues from wh:terer source derived._ each and every of which, it being expressly
underu~i. is hereby mortgage~i as if specifically set forth and describe~ in tht ~ranting and habendum clauses hereof. and such receiver
; shall have all the broaJ and etFective tunctions and powers in artywise entrusted by a eourt to a receiver, and such appointment shal( be
made by such court as an admitted equity and a matter of absc~tute right to said mortgagee, and w•ithout reference to the adequacy or
j inadequacy pf the value of the propeny mortgaged or to the solvency or insolvency of said mortgagor or Ihe defeaJents, anJ that such
rents, prafits, 'income, issues, aixi revenues shall be applied by such receiver xcording to the lien of thix rr~ngage a?x1 the practice of such
couri. In the event of any default on the part of the mortgagor hereuncler, the mortgagor agrees to pay to the mortgagee on demand as a
I reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/121 of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, usessments. water rates, and insurance premiums
for such year not covered by (he aforesaid monthly payments_ ,
9. That (a) in the event of any breach of this mcxtgage or Jefault on the part of the mortgagor, or Ibj in the evem that any of said
sums of money herein rcferred to be not promptly and fully paid without demand or notice. vr Ic) in th~event that each and every the
stipulations, agreements, conJitions, and covenants of said note and this mortgage. are nw duly, promptly, arxl fully performed: ~he~ in
either or any cuch event, the said aggt~egate sum rr~ntioned in said note then remainig unpaid, w ith interest :?ccrued to that time, arxl all
moneys secureJ hereby, shall become due and payabte forthwith. or thereafter, at the optiun of said mixtgagee. ati f~lly and completety as ~
if all of the said sums of money were originally stipulated to be paid on such day. anything in said note or in this nwrtgage to the contrary
notwithstanding; and thereupomor thereafter, at the option of said mortgagee, without notice or demanei, suit at law or in equity, may be
prosecuteJ as if all rtx~neys secured hereby had matureJ prior to its institut~on. The mortgagee may f~xeclus~ this mortgage, as to the
amount so dectared due and payabte, and the c:~iJ premise~ shall be soW 1o satesfy and pay Ihe same together with•costs, expenses. and
, allowances. In case of partial foredosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of lhis
; mortgage for the amou~t of the debt not lhen due and unpaiJ. In such case the provisiom of this paragraph may a~ain be availed of
j thereafter from time to time by the mortgagce. .
~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance. trans~er, or c6ange of ownership of
~ the premises.
; 1 I_ That no waiver of any covenant herein or of the obligateon secured hereby shall at any time thereafter b~ held w be a waiver of ~ R
~ the terms hereof or of the note secured hereby. a
~ 12. That if the mortgagor default in any of the covenants or ~greements contained herein. or in said note, then the mortgagee may
! perform the same, and all expenJitures lincluding rtasonable attorney's foes) made hy Ihe mortgagee in so doing shall draw interest a1 the
~ rate set forth in the note seeured hercby, and shall be repayable immodiatoly and without demand by the mortgagor to the mortgagce, and,
together with interest and cos~s accruing thereon, shall be secured by this mortgage.
~ aoaK 202 PACE 874
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