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2. That, in order morc fully to pn~tcct the secu~ity of Ihis mo~~~a~e, the mu~tgagur, toge~he~ with, anJ in aJdition u~, thc mon~hly
payment~ under the terms of ~hc ncue cecurcd 1?ereby, on ~he fint day uf cach m~~nth untit 1he said nute is fully paid, will pay to the
mortgagee ihe following surtn~
(a) An amount sufficient to pruvide tbe hokier hereof witA funds to pay Ihe nrxt mortga~e i~wrance premium if this i~strument aad
the note secured hcrrby are insurcd, or s rts~~thty ~#~rgs !~n lieu c~f a mort~age insuraoce prom+uml if ihey ue Aeld by the
Secrctary of Housin~ and Urban Developmenl. as fdbws:
(p If and so lan~ as ~aid note of even date and this instrument are insured o~ are rcinsured under the ~rovisions of the
National Housing Act. a~ amount w~cient to aaumulate in the hands af the holder one ( I l month priar to its due date the
a~nual mort~age insurance premium, in order to provide such hdder wilh funds to pay such premium to tt: ~:^c-~a~ ~i
Housin~ and UrbaA Developmeat pursuant to the Nationat Housin~ Ac~ as art?endeJ, an~i applicable Regulatiuns
the~eunder. or '
(Ip If and so lang as said notc of even date and this inst~umcnt are Aeld by the Sccretary oi Houung arxi Urban Development.
a montAly char~e lin lieu af a mortgage insurance premium) which ~hall be in an amou~t equal to une-twelfth 11112) at
one-hatf (Va) per ce~tum of the averagt outstanding balance due on ~he nae oomputed without taking into aacount
delioquencies or ~epayments;
(b) A sum equal to t!x ground rents, it any, next due, plus the premiums that wil~ next become due and payable un policies of 6re
and other hazard insurance covering tlie mortgagai property, plus tazes and asxssments nezt due oo the mo~tgugz~ct pr.~pcrty (a!1
as estimated by ihe mortga~oe) las all su~ ~tready paid therefor dirided by the number of months to elapse before one month
. prior to the date when such ground rents. premw~, iau~es. and assessments will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessme~ts; aod _
(c) All payments mentioned in the tw~n preading snbsections oi this paiagraph and aU payments to be made under the note s'ecured
hereby shall be added together and the aggegate amount thereof shall be paid by the mortgagor each mnn~h in a sinele payment
to be applied by the mortgagee to the following items in the order set fonh:
(1) premium charges under the contract of insurance with the Secretary of Housing and Urban Devebpmenl, or monthly ,
charge (in lieu of mortgage insurance premium), ac the case may be;
(tl) ground rc~ts, taxes, assessments, firo, a~d aher hazard insurance premiums; .
(111) interest on Me note securcd hereby; and
(IV) amortization of the principal of said note.
Any Jefi~.iency in the amount of such aggregate monthly payment shxll, unless made goaf by the mortgag~x prior to the due date of
the next such payment, constitute an event of defautt uncier this mungage. The mcxtgagee may collert a••late charge' not to excced two
cents f2c) for eacl~ do!!ar ISI! of each payment more than fiftcen (IS) Jays in arrears to cover the extra expenx involved in ha~xilin~
delinquent payments.
3. Tha1 if the total of the payments maek by the mortgagor under tb1 of paragraph 2 preceJing shall exceed !he amuunt of the
paymenu actually made by the mortgagte, for ground rents, taxes and assessments and insurame premiums, as the case may be, suc~.
euce~ at the option of the mortga~ee. shall. be crodited on wbaaquent paymcnts to be mad~ by the mortsa~or, or refuaded to tho
mortgagor. If, hovrever, the monthly payments made by the mortgagor unde~ tb1 of paragraph 2 proceding shall not be sufficient to pay
ground ~ents, taxes arni assessments and insurance premiums, as 1he case may be, when the same shall beoome due and payable, then the
mortgagor shall pay to the mortgagee any am~wnt necessary to msicc u~ ihe Jeficiency, on or before the date v?hen payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall terwler to the mortgagee in
accordance with the provisions of the note secured he~eby, full payment oF the entire indeMedness represented thereby, the mortgagee
shall, in computing the amount o(such indebtedness, credit to the account of tht mortgagor all payments made under the provisions of(al
of paragraph 2 hereof which the mongagee has not become obligated to pay to the Secretary of Housing and Urban Developmcrit and any
balance remaining in Ihe funds accumulated u~xler the provisions of Ih) of said paragraph 2. If Ihere shall be a default under any of the
provisions of this matgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the property otherwise
after default, the mortgagee shall appty, at the time of Ihr commencement of such proceeJengs cx at the time the property is otherwise
acquired, the balarne then remaining io ~he funJs accumulated under fbl of paragraph 2 prcceding as a cre~iit against tht amount of
principal then remaining unpaid under said note arni shall properly aJjwt any payr~qllZ yjhiCtiishatl have beep made under (a) ot said
paragraph. , - ~ • ~
J. That he will pay a(1 taxr,, aUes~ment,. Nater rates, a~x1 other governmental,ur.qoupieipat cbaeses. 6nts, or imposition;, for which
provision has not been madc hereinbefore, anJ in default ihereof the mungagee rti1~_~~y ~ same; a~d tbtt he will promptty deliver the
official receipts therefor to the mortgagee. •
S_ That he will pe~mit, commit, or w(fer rx~ watite, impairment, ix deterioratidll df~~id property or any part thereof: and in the event
of the failure of the rtwrtgagor to keep the~buiWings on saiJ premi,es and thuse to t+e erected on said premises, or impruvements thereon.
in gaxi repair, the nwrtgagee may ma?e such ~epairs as in its discretion it may dtem necessary for the proper preservation thereof. and
lhe full amount of exh anJ every s~ch payment shall be immediately due and payable. and shall be securctif by the lien uf this mortgage_
6_ That he will pay all anJ singular ~he ca»ts, charges, anJ expenses, including reaconable lawyer's fees, and costs of abstracts of titte.
incurreJ or paid at a~.~ :imc by ,hc sr.c:eo~g~ nf ihe faelurc on the part of the mortgagor promptly and fully to perform the
agreements arxi covenants of said promi~ry nute and this mongage, and said costs, charges, and expenses shall be immrdiately Jue and
payable and shall be sccured by the lien of this mortgage_
7. That he will keep the improvements now ~xistirtg ur hereafter eratitc~l on the nwrtgaged property. insured as may be required from
time to time by the moirtgagee against loss by fire a?nf other haiards, cawlaties, anJ contingencies in such amounts xnd for such peri~xis as
may be required by mortgagee, and will pay promptly. whrn due. any premiums on such insurance for payment utw•hich provision has not
been made he~einbefore. AN insurance shall be carriod in companies approved by mortgagee and the policies and renewals tliereof shall
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate nutice by mail to matgagee, arxl mortgagee may make proof of loss if not made promptly by mortgago~, ancl each
insurance company concerned is hereby authori2ed anJ directed to make payment for such loss direcQy to nwrtgagee instead of to
mortgagor anJ mortgagee jointly, anJ the insurance prceeeds, or any part ~hereof, may be applied by rtwrtgagee at its option either to the
reductiun of the irnlebteilness herehy secured or to the restor~tion or repair of 1he propeny damaged. in e~~ent of forectosure of this
mortgage ur other transfer of title to the morigaged praperty in rxtinguisl~ment of ~he i~xiebtedness secureJ hereby. ~II right, tiUe, and
interest of the mongagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
R. That the mortgagee may, at any time pending a suit upon this mortgage, apply to tht court having jurixtiction thereof for the
appointment of a«ceiver, and such court shal) forthwith appoint a receiver of the premises covered hereby all and singular, including all
and singular the income, profits. iasues, and revenues from whatever source derived, each and every of vrhich, it being expressly
understocxi, is hereby mortgaged ac if spnifically set fonh and describeci in the granting and habendum clauses hercof, and such receiver
~ shall have all the braad anJ etl'ec~ive functions and poweirc in anyw•ise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and v?•ithout referencr to the adequacy or
inadequacy of the value of the proprrty mortgaged or to the solvency or insolvency of said morigagor or the defendents, and that sucA
rents, profits, income, issues, arxi :rz•cnu~ steall be applied by such receiver according to the lien of this mortgage and the practice of such
court. In the event of any default on the part of the mortgagor hereunJer, the morlgagor agrees to pay to ~he mortgagee on demanJ as a
reasonable monthly rental for ~he premises an amount at least oquivatent to ont-tweltth (1/121 of the aggregate of the twelve monthly
' installments payable in the then current year plus the actual amount of the annual tazes, as.ussments, water rates, and insurance premiums
for soch year not covered by the aforesaid monthly payments.
9. That (u) in the event of any txeach uf this mortgage or default on the part of the mortgagor, or thi in the event that any of said
sums of money herein referreef to be not promptly and fully paid without Jemand or notice, or (c) in the event that each anJ every the
stipulations, agreements, conJitions, and covenants of said note and this mortgage, are not duly. promptly, and fully performed: then in
either or any such event. the said aggregate sum mentioned'in said rwte then remainig unpaid, with interest accroed ta that time, and all
moneys secured hereby, shal! beeome due aod payable forlhv?ith. or Ihereafter, at the optiun of saiJ mcxtgagee. as fully and completely as
if all of the said sums of money w~ere originally stipulated to be paid on such Jay, anything in said nole ar in this mortgage to the contrary
notwithstanJing; and thereupon or thereafte~ at the option of said mortgagee, without ratice or demanJ. wit at law or in equity, may be
prosecuteei as if al! moneys serured hereby had matured prinr to its instiwtion. The mortgagee may faeclose this rtwrtgage, as to the
amount so declared doe and payable, and ~he said premises shall be sold to salisfy and pay the same together with costs, expenxs. and
allow•ances. In case of partial fweclosure of Ihis mortgage. the mcxtgaged premises shali be sotd subject to the oontinuing lirn of this
mortgage for the amount of the debi not then due and unpaiJ. In such case the provisions uf this paragraph may again be availed of
thereafter from time to time by the mortgagee.
10. That the mortgagor will give immediate nutice by mail tu the morlgagee uf any conveyance, transfer, or change of uwnership of
the premises.
I 1. That no waiver of any covenant herein or of ~he obligation secured hereby shall at any time thereafter be held to be a waiver of
the terms hereof or of tha note secured hereby.
12. That if the rrwrtgagor default in any of the iovenants or ageemenb containeJ herein, or in said note. then the mortgagee may
pcrform the same. and all expenditures (including reasonab{t attorney's fees) madt by the mextgagee in so dan~ shall draw interest at the
rate set forth in the note secured hereby, and shall be repayable immediateiy and without demand by the mortga~or 1o the mortga~ee, and.
togeiher with interes! and costs accruing thtreon, sF~all be xcured by this mortgage.
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