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2. 'fAat, in ~xde~ murr fully lo prutect ~he securi~y af this murtgage. ~hr mu~tYagor, tug~~hrr with, anJ in adJilion Iu. thr ~rx~nthly
paymrnw unde~ ~he terms ot thc nate securrd htrehy, on thc first day of r;Kh month until thc .uid n~~tr is fuUy paiJ, w~li pay tu thr
nwrt~agrr Ihr fi~Uowing +ums:
la) An amount sutficinnt to pruviJe ~he holJe~ hereof with funJs tu pay tAe nez~ mortgage inw~ance premium if Ihis instrument and
the note securai hereby are insu~ril, or a monlhly charge lin lieu of a mort~age insu~ance premium) if ihey are held by the
S~cretary of Housing and Urban Dtvtlopme~~, as [ulbws:
(1) If and so long as said note of even datc arnf this insuument are insured or a~e reincurrd under the Drovisions af the
Natiooal Housin~ Ac~, an amount sufticie~t to accumulate i~ the han~ls of,the ~olde~ one (1) monthpria~ ta itsdue date tht
anoual mortgage insuraace premium, in orJe~ ta p~uvide such ho1~r wiia iunds to pay such premium to ~he Secrctary of
Housing anJ Urban Developmen~ pursuant to the T~iatiunat Housing Act, as amendtJ, arxi applicable Regulat~ons
thereunder, or
11 U If and w long as said note of' evrn date and tbis iiut~um~nt are hekl by the Socretary of H~x?sing snd Urban Developmem,
a monthly charge lin lieu of a mort~age insuraace premium) which shall be in an artwunt equal to one-twelfth 11/12) of
ane-hatf (4il per centum ut the'averag~ oulstaneiing t+alarn:e Jue on the note computa! without taking into acc~unt
delinquencies or prcpayments; ,
lb) A sum equal to the ground rents, if any~ next due, plus thc premiums that wiN next bccome due arxi payable un policies of fire
and uther dazarci.ias~uance tiu,vrUp~lbg moitgr~ecl propertys plus tazes and,as.s~sments next due on the mortgaged property (all
aa euimated by the moftgagee) lecc all cums already paid therefor divide~ by iht number of months to elapse beforc one month
prior to the dato when such ground rents, premwms, taaa. and assessmentc will bocome delinquent. such sums to be held by
. tnart~asee in trusi to pay s~id 8round rtnts, premiyms, taxg~, and speCial asussments; and
Ic) All paYmznts mentioned in the two preceding suDsections ot lhis parastaph and all payments to be made under the oote securai
hereby shall be addal together and the aggregate amount thereof shall be paid by~the mortgagoi each month in a singk payment
to be applied by the mortgagee to the fdlowing items in the orekr set forth:
(11 premiu~n Cha~Bes under the contract uf i~uurance with the Secretary uf Housing and Urban Developrtxnt, or monthty
charge (in lieu oi mortgage insurance premium), as the case may be;
111) gruunJ renls, taxes, a~stssments, fire, ami other hazard insurance premiums;
(111) interest on the nWC secured hereby; and
(IV) amortization uf the principal of said note.
Any deficiency in the anwunt of such t+ggregate monthly payment shall, unl~tic maJe gcxxl by the mor~gagcx prior to the Juc datr of
the next such payment, conctitute a~ event of default under this mixtgage. 'Tha m~xtgagee may collect a"late charge" noi to excee~! ~wo
cents 12c1 for rach dollar IS11 of eacA payment more than fifteen IIS) Jays in arrear~ to cuver the eztra tzpense involveel in hamfling
delinquent payments.
3. That if the total of th~ payments made by the mortgagor under lbl of paragraph 2 preceding shall excced the anwunt of the
payments actually maJe by the mortgagee, for ground rents, taxes and a.tsessments and insurarn;e premiums, as the casr may be, suct.
cxcess at the option of the mortgagee, shall, be creditod on subsoquent payments to be made by the mongagor. or refunded to the
mortgagor. !f, however, the monthly payments made by the morigagor under Ib) of paragraph 2 preceJing shall not be sufficient to pay
ground rentc, taxec and acsecsments and it?surance premiums, as the case may E?e, when the same shall become dut and payable, Ihen the
mortgagor shall pay to the mortgagee any amount neccysary to make :ip ~he deficiency, on cx before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time thc mortgagor shalt te~xier ta the mortgagre in
acconiance with thr pruvisians of the nate secured hereby, full payment o!'the entire i~debtedne~s represented thereby, Ihe martgagee
shall, in computing the amuunt of such indebtedness, credit la !he accounl ~f Ihe mortgagor all payments made undzr the provisions ot (a)
of paragraph 2 hereof which the murtgagee has not b~come obligated to pay to lhe Secretary of Nousing and Urban Devebpmerit and any
b:+lance remaining in the funds accumulated under the pmvicions of (b~ of said paragraph 2. If there shall be a default unde~ any of tAe
provisions of this mortgagr, re+ulting in a publer wle of ~he premises covereJ herrby, or if the m.xtgagee a~quires the property otherwise
afler default, the mortgagre shall •rpply, at the time of Ihe commrncemcnt of such pr~eeJings or ~t the ~ime the property is o~herM•ise
acquir~i, the balarke then remaining in the fundc accumulatcvl unJer ih/ uf p:uagraph 2 prcti:~ding ati credit agaio+l the amuunl uf {
principai thrn remaining unp~iJ unJer ~aed notr anJ +hall pruperly adjust an~• payments ~vhiLh +hall h:+vr t?een maJe under lu) of saiJ i
paragraph. . . s
4. That he will pay al! taxi-s, assessments, water rates, and other governmental or municipat charges, fines. 6r impvsetie?ns. fur which ;
provi~iun has not bern m:~de herrinbrtore, and in JefauU thereof the mixtgagee may pay the +amr: and that he will promptly deliver the
ufficial receipts therefor to the m~.ngagee.
5. "Th•rt he will permit, cummil, ur ,uffer no w a~te, impairmen4 cx Jeterioration of s:~id pruperty ur any part thereof; and in the event
uf thr failure uf the rtwrtg:~gor to kecp the buildings on ~aid premise~ anJ tM»e to br erected on ~aid premisec, or improvements the~eon,
in g~wd repair, the mortgagc~ may make such repain :.s in its discreti~in it may deem necetsary [cN thr proper prexrvation thereof, and
the fufl amoqni of tact~ anJ ~verysuch payment ahall be immediatrly Jue and payabte, and xhalt be secured by the lien of thi~ mortgage.
6. That he s?~iU pay aN areJ si~galar the costs, charges. and expenses, including reasonable laayer's fees, ~nd costs of abstracts of title.
incurred nr paid at any time by the mortgagee becauSe of tfie failure on the part of the tnorigagor promptly apd fqNy lo perform the `
agreements and covenants of saiJ protnis~ory aote and this mqrtgage, and said casts, charges, and expenses shall be immediately.due anJ ~
payable and Shal! t?e secured by thr lien uf this morlgage_ ~ ~ -
7. "That he w ill keep the improvements nuw rxisting or hrreafter erectctii on the nwrtgaged pruperty, inwred :~s mny be rrquired from
time tu time bp tht mongager against loss b~• fire and other hazards, cuulaties, and contingenciec in such ~rrxmnt~ and for wch peri~xls :~s
may be rrquireJ by rrtorigagee, and wil) pay promplly, when Jue. auy prerniurns un such insurance f~x payment of whwh pruvision ha. not
been made he~oinbcfore. All insurance shall be carried in companies approve~ by mortgagee and the policies and renewals thereof shall
be hrld by mungagec and havr attached thereto loss payabte clauses in favor ot and in form accepiable to Ui~ mortgagee. In event of loss
he will givr immediate nutice b~ mail to mortgager, arxi martgagee may make priwf of loss if rn?t made promptly by mortgagor, and each
inwrance cumpany wncero~f is hereb~ auth~xited and directe~i to male payment for such I.xs JirecUy to mortgagee inslead of to
rtx~rtgagor arn1 mortga„gee ioiaUy, arxl the insurance proceeds, ur any part thereof, may be applied by mortgagee at its option either to the
reduction of the indebtnlnesc hereby secured os to the restoration or rrpair d t#~t property damaged. In event of foreclvsure d ~his `
rtxxtgage or other tramfer of titlr ta the mortgaged property in extinguishment of the indebtedness uti:ur~~i hereby, all right. tiUe, and ~
intrrest uf the mortgagw in and tu any insurance policies then ia force shall pass W the purchaser cx grantee.
R. That the rrxxtgagre may, at any time peniiing a suit upon this rriongage. apply to the court having juriuiiction thereof fur the
appointment of a rctieiver, and tuch court chall fexthwith appoint a crceir~r of the premises covered hereby all anci singular, incluJing all
ani! singular thr income. profitx, is~t~, ~nd revenuc~ from whatever swirse derired,.,e~ch and every of which, it being expressly
under,texKi. is herrby mortgagcYi ati iCspeci6ea11y set forth,.and describe~i in ~he g~antin~ and habendum;clauses hereof, and such receiver
! tihall have all the broaJ and effectivr functions and'powers in anywise entrustedby a CaOrt to a receiver, and such appuintment shall be
' made by such court as an admitteJ equity anJ a mstter uf at+wtute right to wid mortgagee, and witlwut reterence to the adequacy or ~
I inaJequacy of the value of the propeny mortgag~Y1 or to the solvency or insolvency of said awrtgagor or the defenJents, and that such
; rents, profits. income, i+,ues, and revenue, shall t?e applied by such receiver according to the lien of thit rrxxtgage anJ the practice of such
f court. In the event of any default on the part of the rrWrtgagor hereunder, the murtgagor agrees to pay to the m~tgagee on demand as a
reasonable monthly rcntal for the premises an amount at least equivalent to one-twelRh II/121 of the aggregate of the twelve munthly
installments payable in the thcn current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for ~uch year not covered by the aforesaid monthly payments. ~
9. "I'hat In) en 1he event of any txeach of this mongage or Jefault on the part of the mortgagor, ur Ib) in the event that any of said
,um. of monEy Ge~ein referrod to be not prompUy and fully paid vrithout Jemand ~~r notice. ur 1~ 1 in the evenl th:~t each and every the ~
stipulations, agrecments, a?ndition~, and covenants of said note and this m~xtgage, are not Jut}. prompdy. anJ fully performcal; then in
cither or any ~uch event, the ~id ag~regate sum memioned in said note lhen remainig unpaid. N~ith interest accrueJ to that time. and all }
; m~mey..rcurcd hereby, shall become due and payable forthwith. or thereafte~, at the option of caiJ m.xtgagee. as fully and complelely as ~
; if all of the saiJ sums of money were uriginall~• stipulaled ta t+e paiJ on such day, any~thing in said note or in this morlgage to the cuntrary
notwith~t:~nJing; ~nd thereupon ur tfirre~f~. at the option uf ~aiJ murtgagee, without rwtice or demanJ. suit at law or in equity, may be
prosecuteJ at if all moneyx securctil hereby'haJ matured piior tu its institWiun. The mortgagee may fixeck~se this nwrtgage, as to the
~ arrxwnt ~o declared due and payable, anJ the wiJ premius shali~t~+ wW to satisfy and pay the +:ime tc~rether with costs. expenses. and
( aUowancc~. In case of partial foreclc»ure of this mung~ge, the m~xtgaged premises shall be sold subject to the continuing lien of this
i mortgage for the amount of the debt not then due anJ unpaiJ. In such case ~he pro~~i~iunti of this paragraph may again be availed of
j thereafler from time to time by the mortgagee.
f !0. ~ihat the rnortg:+gor wiJ1 give immediate nutice by mail to the nwrlgagee of any cnmeyance, fransfer, or change of ownership of
E the premise~.
i I 1. That no waive~ of any covenant herein o~ of the obfigatiun secureJ hereby shalt at any time thereafte~ t+e held tv Me a waiver uf
~ the terms herc~~f or of the note secured hereDy.
~ 12. -fhat if the mottgagur default in aoy of the covenants or agreements containeJ herein. or in xaid tate, then 1he mortgagee may
~ perform the same, anJ all expenditures (inctuding reawnable auorney's fees? maJe by the mcxtgagee in u? doing shall ~raw irtterest at the
, rate xt torth in the note secured hereby, and shaU be repayable immediately and wi~hout demand by the mortgagor to the mortgagee, and.
~ together with interest and costs accruing thereon. shall De secured by this mortgage.
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