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2. That, in order more fully ~o prutect ~he a~.urity of this mw~jage, the mo~t~a~ur, tugether with, a~xi io adJi~iun tu, tAc nwnthly
payments uoJer the terms of' the note aecurwl he~eby, ~~n the firs1 Jay of e:kh rtx~nth until the said'note is fully paid, will pay to the
mort~agee the [ullowi~i~ aums:
(a) An amount wfticient to provide the hdder hereo( with funds to psy the next mortga~e insuraoce premium if this insuument a~d
the twte sccured 1?ereby are i~uured. ~x a monthly chute (in lieu of z mortsa~ insura~ce premium) if they ue held by the
Secretary of Housing a~d Urban Oevelopment. as folbws:
(1) If a~d so ton~ u said nole of even dste aad this iostrument arc irtsurod or ue reinsurod under ~he Drovis;ons of the •
National Housins Act. an amount sufTicient to axumulate in the Aands of the talder one (1) month~ior to its due date the
annual mon~a~e insurance premium. in arder to provide such holder wirh func~ to pay such premium to the Socretary of
Housi~a a~d Urban Dev~elopment pursua~t tu the Natior~al Housing Act, as amended, and applicable Regulations
the~eunder; or
(II) If and so lona as said note of even date and this instrume~t ue held by the Secretuy of Housi~s and Urban Uevebpmtnt,
a 1~nonthly charge (in lieu of a mortgage insurance p~emium) which shall be in an amount equal to onatwel[th 11112) of
onc-half (s~) per ce~tum ot the average outstanding balance due on the note.compuied without taking into aocount
delirquencies or prepayments; •
(b) A sum equal to the ground rents, ef any, next due, plus the premiums lhat will next become due and payable on policies of 6re
anQatAZrt~saa~rditaa n~ort~e~propert~;- plus taxes aad asxssments next duc on thc mortga~ed property lall
as estimated ~y the mortga~,ee) less all sums atready paid therefor dividod by the number of months to elapse before one month
p~ior to the date when such ground rents, prem~ums, taxa, and asaestments will become delinquent, such sums to be held by
mortgagee in trust w pay said ground rents. premiums. tues, and special assessments: and
lc) All paymeats mentaded ia ihe lwo preceding subsectioas of this para~raph aad all payments w be made uader {he npte secured
hereby shall be added togetl~cr and the aggregate amount thereof shall be paid by the mortgagor each mo~th in a single payment
to be ~pplied by the mongagce to the fdbwing items in the orde~ set torth: ' '
ll) premium charges under the contract of insurance with the Sornetuy of Housina and Urbart Development. or monthly
chuge iin lieu of mortgage insurance premium~ as the case may be;
(11) ground ~e~ts, taxes, asxssmeats, firc, and other hazard insurance promiums;
(Ill) intercst on the note secured hereby; and
t!V) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless maJe gooci by the mortgagor prior to the due date of
the next such payment, constitute an event of dcfault under this mortgage. The mortgagee may collcet a"tate cAarge" not to ezcecd two
cents l2c) for each doilar (SI) of each payment more tAan fiQeen 115) days in arrears to cuver the extra expense involved in handling
delinquent payments.
3. That if the total of the payments madt by the mongagor under Ib) of paragraph 2 preceding shall exceed thc amount of the
payments aetually made by the mortgagee, for ground re~ts, ~axes and assessments and insurance premiums, as the case may be, suct.
eacoess at the option of the mort~agee, shall. be cn .iited a? subsequeat payments to be made by the mortp~or. or refunded to the
mongagor. If, howeve~, the monthly payments made by the mortgagor under (b) ot parag~raph 2 preceding shall not be sufficient to pay
grou~d rents, tazes and assessments and insurance premiums, as the case may be, when tbe same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount nocessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. IC at any time the mortgagor shall tencler to the martgagec in
accordance with tAe provisions of the nwe secured hereby, full payment of the entirc indebtodness ~epresented thereby. the mongagee
shall, in computing the amount of such indebtedness, c~edit to the account of the mortgagor all payments made under the provisions of (u)
of pa~agraph 2 hereof which the mortgagee has not become obligatod to pay to the Secretary of Housing and Urban Devebpmerit aod any
balance ne~maining in the funds accemulated under the provisions of (61 of said paragraph 2. If there shall be a default under any of lhe
proYi;i9ns.of this mortgage, resulting in a public sale of the premisa coverod hereby, or if the mortgagec aoquires the p~operty otherwix
after default, the mortgag~e sha1) apply, at the time d the commencement of such proceedings a at the time the property is othenvise
acquired, the balance then remaining in the funds accumulated under !b) of paragraph 2 precoding as a credit against the amount of
principal Ihen remaining unpaid under said note and shall properly adjust any payments which shall have been made under of said '
paragraph.
4. That he wiU pay al! taxes, assessments, water rates, anci aher guvernmental or municipal charges, fines, or impositions, for which
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will prompUy delive~ the
official receipts therefor to the mortgagee.
S- Th~t AE~ivi11 ptl'~t4 Ar1+~. O~!3u1Ter no w~ste, impairment. or deterioration of said praperty or any part thertof; and in the event
of the failure of the mo~ 1q,Jr~e~ the buildings on said premises and those to be erceted oa said premises, or improvements thereon,
in good repair. the ma~~pe may;m~kesuch_repairs as in its discretiun it may deem necasary for the propu 4reservation thereof, and
the full amount otexfi and every wch payn~ent shall be immediatdy due and payable, and shall be se~cured by the lien of this mortgage.
6. t'hat he will pay all and sjog'u~~r ifit~costs, eharges. and expenses, including reasonable lawyer
s fees, and costs of abstracts of title.
incurred or paid'~t any time by the rt(br[g$~ee because ot the faiture on the part of the mortgagor promptly and fully to perform tht
agrcements and covenants of said promissory note and this m~xtgage, and said costs, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage.
7. That hr Will keep the improvements now existing or hereafter e~ected on the mortgaged propeny, insured as may be required Gom
time to time by the mortgagee against loss by fire and other hazardc, casulatia, and contingencies in such amounts and for such periods as
may be required by mortgagce, and will pay promptly, whon due, any premiurru on wch insura~ce for payment of which provision has not
boen made hereiabefora All insurance shatl be carriod in comp~nies approved by mort~oe and the policies and renewals thereof shall
be held by morigagre and have attachod thereto loas payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate qotice by mail to mortgagce, and mortgagee may make proof of loss if not made promptly by martgagor, and each
insurance company concerned is hereby authoriz~d and directed to make payment for such loss directly to mongagec instead of to
mortgagor and mortgagee jointly, and the insurance pracetds, or any parl thereof, may bt applied by mortgagee at its option tilher to the
reduction of the indebtedness hereby secureJ or to the restaatan or rcpair of the propMy damaged. In event of foreclosure of this
mortgage or other transfe~ of titte to the morlgaged property in extinguishment of the indebtcdness secured hereby, ali right, title. and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That the mottgagee may,.at any time pending a suit upon this mongage, apply to the court having jurisdiction thereof for the
appointment of a receiver, anti wch court shall forthwith appoint a receivec of t~e premius coverod hereby a!land singular, including all
and singular Ihe income, profits, issues. and revenues from whattver source derived, each and every of which, it being expressly
understood, is herebq mortgagod as if specifically set forth and descn~bed in the granting and habendum clauses heroof, and such receiver
shall have all the broad and efi'ective functions and powers ia anywise 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 without reference to the adoquacy or
inadequacy of the valuc of the property mortgagod or to the sotvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, iswes, and revenua shalt be applied by such receiver acoording to the lien of this morigage and the practice of such
court_ In tht event of any default on the part of the mortgagor hereunder, the mortgagor agrces to pay to tht mortgage~ on demand as a
reasonable monthly rcntal for the premises an amount at least oquivalent to one-twelfth (1~121 of the aggregate of the twelve monthly
installments payabie in the then current year plus the actuat amount of the annual taxes. assessrrtents, water rales, and inwrance premiums
for such year not covered by the aforaaid monlhly payments.
9_ That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
su?ns of money herein reterred to be not promptly and fully paid without demand or notice. or (c) in the event that each and er•ery !he
stipulations, agreemenis, conditions, and covenants of said nde and this mortgage, are not duly, promptly, and fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrutd to that time, and all
montys secured hereby, shatl become due and payable forthwith, or thereatter, at the oplion of said mortgagee, as fully and completely as
if a{I of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mongage to the contrary
notwithstantling; and therlupon or thereafter, at the option d said mortgagee, without nolice or demand, suit at law or in equity, may be
prosecuted as if alt moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this morlgage, as to the
amaunt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, eapenxs, and
allowances_ In case of panial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the rnntinuing lien of this
mortgage tor !he amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee.
10. That the mortgagor will give immedeate notice by mail to the mortgagce of any conveyance. transfer, or change of ownership of
the premises.
1 1. That no waiver of any covenant herein or of the obligation socured hereby shall at any time thereafter be held to be a waiver of
the terms hereof or ot the rata ucured hereby.
t 2. That if the mortgagor defautt in any of the cov~nanis qr astsements contained herein, or in said note, thrn Ihe matgagee may
perform the same, and all expendiwres 1 including reasa~abk attorney~ feesl made by the mortgagee in so dang shall draw interest at the
rate ut forth in the note secured hereby, and shall be reQayable immediately and without demand by the mortgagor to the mort~agee, and.
together with interest and costs accruing thereon, shall be secured by this mortgagt.
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