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2. 7 hal, in ~xde~ nwre fulty to prottcl !he s~cu~ity uf thn rtwr~gage. ~hr nw~t~agur, tuge~hrr with, anJ io adJiliun ta the m??nthly
payments under the ~erms ol' the nutr .cr:ure~1 hereby, un the fi~~t Jay ut r:wh month un1i1 ~he au~d ~wt~ is fully paiJ, will pay tu the
rtx~rtgagee the fullowing sums:
(a) An amount sufticilat to provide lhe hdder hereof wi~h funds to pay the next mortga~e inwrance premium itthis insuumeat and
the note secured hereby arc imured, or a mu~thly charge I~n lieu of a mort~age insurance premium) if they ue held by the
Secrctary of Housing and Urban Development, as folbws:
11) If a~d so lona as said note of even date and this instrume~t are insurod or are reinsurcd unde~ the Drovisiuns of the
National Nousing Act. an amount sufFicieot to aceumulate in the hands oi the holder une (11 month prior to i1s due date the
annual morigage insurance premium, in ~de~ to p~ovicie such holder wi~h (unds to pay ~uch premium to the Secretary of
Housing and Urban Develc~pmenl pw~uant tu the Natiunal Housi~g Act. as amendcd, arxf applicable Regulations
thereunder: or
(111 If and so long as said nae of even date and thi~ instrument are held by the Secretuy of Housing and Urban Developmenl,
a mo~thly cha~~e lin lieu ol' a morlgage in~urance premium) which shall be in an amounl equal to unr-tw~elfth I lf 12) of
une-hr~lf (~i) per cenwm u[ thr ave~age ouu~arniing balance due on the note computed with~~ut taking into accuunt
delinqutncie+ or prepayments;
(b) A spm equal to the gruund rents, if any, next due, plus the premiums that will next become due and payable on policies of 6rc
and other hazard insurance covering tAe mortgaged property, plus taxes and assessments ~ext due on the mcxtgaged property lall
u Guimated by the mortgegee) less all ~ums already paid theretor divided by the number of months to elapse before one month
p~ior to the date when such gruund rents. p~em~ums. taxes. and assessments wiil bocome deiinquent, such sums ~u bn c~id by
mor~dagee in trust to pay said ground ren~s, premiums, taxes, and special assessments: and
Ic) All payments mentioned in the two preceding subsectio~ ot this puagraph and all payments to bc made under the nate seeured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagu~ each month in a single payment
to be applied by the mortgagee tc~ the follovring items in the order set forth:
111 premium charges under Ihe contract of insurance with the Secrctary of Housing and Urt+an [kvelopment, or rrwnthly
charge (in lieu of mortgage insurance premium), as the cax may be;
(11) ground rents, ~ues, asse~+ments, fire, and other hazard insurance premiums;
(111) interest on the note ~ecured hereby; and
(IV) amortization of the principal ofsaid note.
Any Jefici~~x:y in the amount uf ,uch a~regate munthly payment shall, unless maJe g~! by ~he murtgag~x priur to the due date of
the next such paymem, con~tiwtr an evrnt of drfault under ~his murtg:yse. The m~utgagee may collect •r "late charge" not to exceed twu
cents 12c! for each ~Ilar ISI I uf r:x:h payment mure than fifteen (I51 days in arrears tu cuver the extra expense invulv~t in ha~xiling
drlinyutnt payments.
3. That if the total of thc paymenu maJe by the mongagur under Ihl of paragr:~ph 2 pr~tieding shall exceed the a~rwunt of the
paymenu aclually maJr by the m~xlgsgre, for gruund r~nts, taxes arxl a+sc~ments anJ inwran~:e premium~, as the case may be, suct.
excess at the option of the mvrtgagce, shall. be credited on subsequent payments to be made by the aartgagor. or refuadod to the
nwrtgagor. If, huwever, the monlhly payments made by lhe rtwrigagor under Ib) of paragraph 2 preceJing shall nut be sut'ficient to pay
grounJ rents, taxes anJ assr~mrnt~ anJ iosurance premiums, as lhe case may be, when th~ same shall beu>me due arxi paysble, then the ~
mortgagor shall pay to the murtgager any anwunt ne.:e~sary to make up the Jefxiency, on ~x before the Jate when payment of xuch ~
grounJ rents, taxes, asseasments, ur insurarx:a premiums shall be due. If a1 any time the mortgagor shall tender to the mortgagee in
a.cordance with the provisiunti of thr note x~ured herehy, full payment of the entire i~xieMedness represented thereby, the mortgaget
shall, in computing the amount uf such indebteJnes.c, enxlit to the account uf Ihe mungag~x all payments made urxier the provisions ottul
of paragraph 2 hereuf which 1hr mortgagee has not becume obligated to pay to the Socretary of Housing and Urban Developme~t anJ any
balance remaining in the funJ+ :kcumulatrJ unJer thr provi+ions of Ihl of said paragraph 2_ If there shall be a defaull uixler any of the
provisions of this m~xtgagr, re+ulting in a public s:~le of the premises covereJ hereby, or if the mortgagre aoquires the property otherwise
after Jefault, the m~xtgager .hall apply. at the time of ~he commencement of wch proceedingx or :~t the time the proprrty is otherwise
:~;quireJ. ~he balance theo rrmaining in the funds accumulatrJ under !h? of paragraph 2 preceding as a creJit against the amount of
principal the~ remaining unp•riJ un~lrr wid notr arx! zhall proprrl~~ adju~t any payments which shall have been made under lu) of ~aid
paragraph.
4. 'That he will pay all taxrs, a»r.+ment~, watrr rata, anel other governmental or municipal charga, fines, or imposilion~, fi~r which
provision has not bern maJe herrinbrfore, and in drfault thereof the mortgagtetn~r pay the same; and that he wJl prumpUy delivrr the
official receipt~ therefur to the munK,Rz~•
S. That he vvill permit, rommit, ur suf~fer no N a~te, impairment, ur drte~io[ation of said property o~. any patt tfiltrOf; arnl in the event
uf the failure of the rmirtgagor tu Aeep thr buildings on said premisrs and those to be erected on said p~enAises. a' imp~bvetnents thereon,
in giwJ repair, thr murtgagee may makr tuch repairs as in its Jiure~ion it may deem qecessary for the proper preservation thereof, and
the full artwunt of each anJ every wch p•ryment ,hall t+e immrJiately due and payable, anJ shall be secured by the lien of tAis mortgage.
6. That he will pay all and ~ingular the cust~, charge+. anJ exprnx~, including reas~~nable lawyer's fees, anJ costs of abstracts of title.
incurreci or paid at any limr by the murtgager bctiausr of the failure on the part of the nwrtgagor promptly and folly to perfarm the
~greements a~xl covenants of wiJ prumi*.wy note anJ this mortg~ge. anJ said costs, charges. arxl expenses shall t?e immeJiately due and
i payable and shall be secured by the lien of this mortgage_
f 7. That he will keep the improvrments now~ exisling or hereafter erectcYl on the mortgageYl property, insured as may bc requireJ from ~
~ime tu time by the rtwrtgagee aga~nct lu~s by fire anJ uther hatarJs. ca+ul•rti~. and contingencies in such amuunu anJ fix such pericxls as
may be required by mortgagee, and N ill pay prompUy, whrn due. any premiums un such i~?surance f~x payment of whKh provision has not
been made hereinbefore_ All insurance shall be carried in companies approved by mortgagee and the policies arid renewals thercof shall
he hrld by mortgagee anJ have attachetii Ihereto I~s payable clauses in favor uf and in form acceptable ~o the mortgagee. In ~venl ~~f loss
he will give immediate notice by mail to mortgagee, arni mortgagee may make prixif uf loss i( not made prompUy by murtgagor, anJ each
imurarkr cumpany concerneJ is hereby authorizeJ anJ Jirected to make payment for sach l~ris directly to mortgagee instesJ of to
mortgagor anJ m~tgagee joioUy, and the insurance pruceeds, or any part Ihereof. may he applied by rtwrtgagee at its option eilher to the
rrduction of th~ inJebteeines~ hereby securcv! or to the restoration ur repair uf the property damageJ. In evrnt uf for~lixure of this
mortg~gr or other transfer of title to the mortgageJ pn~rty in extinguishment of the inclebteJness securcJ herehy, all right, tide, anJ
interest ui the mortgagor in and to any insurance policies then in force shall pass to the purcha~er or grantee_ '
8. "That the rtwngagee may. at any time pending a suit upon this mortgage, apply to the court having jurixiictiun thereof (or the
:~ppointment of a receiver, and tuch court shall tarthwith appoint a receiver of the premi~es covered hereby all and singular. incluJing all i
and singular the income. profits. issues, and revenoes from whatever source drrived. each arx! every of which, it being expressly
undentiwJ, is hereby murtg:~gctl as if cpecifically xt fiirth and deccrihed in the granting anJ habendum clauces hereof, and such re~:eiver
~hall have all the broad anJ ef'fective functiom and pow•ers in anyw~iu entrosted by a court tu a receiver, anJ such appointment shall be
maJe by such court ac an aJmitteJ rquity and ~ matter of abu?lute right tu saiJ mortgagee, and witFwut reference to the adequacy or
inadeyuacy of the value of the pruperty mortgagod or to the solvency or insolvency of said rrartgagor or the defenJenis, and that ~uch
rrnts, profits, incume, iasues, rrxl revenuev shall be applied by such receiver according to the lien of Ihis rtwrtgage and the practice of ~uch
court_ In the event of any default on the part of the mortgagor hereunJer, the mortgagor agrees to pay to the mortgagee on JemanJ as a
reasonable monthly rental for the premiuc an amount at least equivalent ~a one-twelflh 111121 of the aggregate of the Iwdve monthly
installments payable in the then current year plus the actual anwunt of the annual taues, assessments. water rates. and insurance premiums
for such year not coverod by the aforesaid monthly payments.
9. That (u) in the event of any txeach of this mongage or Jefault un the pa~t of the rrwrtgagur. cx Ib) in thr event that any of said
cums of money herein referresi to be not prompily and fully paid without demand or nwice, or lcl in the event that rach ~nJ evrry 1he
~ ,tipulstions, agreements, cunditions, and covenants of said nae and this mortgage, are not duly, prompdy, anJ fully performrJ: thrn in ,
either or ariy such evenl, the said aggregate wm mentioned in said note then remainig unpaiJ. w ith interest accrued to that time, anei all
moneys secured hereby, shall become due and payable f~xthwith, or ~hereafter, a1 the optiun of said mortgagre, ac fully and completely as
if all of the said sums of money were originally stipulateJ to t+e p~id un wch day. anything in said note or in lhis rrwrtgagr to Ihe cuntrary
notwilbslanding: and thereupon or thereaRer, at the option of said r~wrtgagee, withuut notice or Jemarui. suit at law ur in equity, m:+y be
' prosecuteJ as if all moneys securrci hereby had matureJ prior t~• its imtiwtiun. The mongagee may foreclose thic rtwrtgage. as w the
amuunt so declared due and payable, and the said premise~ shall t~ ~oIJ to satisfy and pay the wme together with costs, expenses, and
alluwances. In case of partial foreclosure of this mortgage, the mortgaged premises shall t~e so1J wbject to the continuing lien of this
rrwrtgage for the amcwnt of the JeM not then due and unpaiJ. In such ca~e the provision~ of this paragraph may again t+e availeJ of
thereaRer from timc to time by the mortgagee.
10. That Ihe mortgagor w ill give immediate nutice by mail to the mortgagee of any cunveyance, transfer, or change of ownership of
the premisec.
I I. That no waiver of any covenant herein or of the obligation secureJ hereby shall at any time thereafter be held to be a waiver of
the lerms hereof or of the note secured hereby.
12. That if the mortgagor default in any of the covenanis or agreements containeJ herein. or in said note, then the mortgagee may
perform the same, anJ aU expendiwres (incluJing reasonable attornty's feal made by the mortgagee in se> doing shall Jraw interest at tht
rate set forth in the note xecured herebp. and shall be repayable immediately and without demand by the mortgagor to tht mortgagee. and.
together with intuest and costs acc~uing thereon, shall be xcured by this mortgage.
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