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2. ThAt, in ~xder murc fully to protrcl ~he stcurhy of this mungagr, the rtx~rtg~gu~, wgrthrr Ni~h, aixl ~n a~IJiU~~n tu, thr munthly
paymc~ts unJer Ihe lermc of 1he notr s~urrd h~rtby, oo ~nC n~:~ a:.y uf ea~h nx~nth until the .a~J nutr n fully paid, will pay tu tht
mortgagrr the fuUuwing wm~:
Ia) An amounf sufficienl to provide the holder hereo( with fun~ls tu p;?y the ntxt rrwrtgage insurance premium if this ~nsuument and
the note securcd hereby are insurtd, or a monthly charge Iin licu uf a mc~rtgage insurance prcmium) if they are hcld by the
Sec~etary of Housing and Urba~ Developmeot. 8S IOIIOK'S: ' ~
tl) If and so lung as ,aiJ note oi evcn date and thix insirument are insu~ed or are reinsu~ed under the nrovisiwns of the
National Nousing Ac~, an amount suPficient to accumulate in the haoJs of thel?older one (1? month prior to itsdue date tht
annual mongage ~nsuranc;e Memium, irt urJer ta pruviJe such holder with funds to pay such premium to the Secretary of
Nousing and Urban Development punuani to thr Natiunal Hou~ng Ac~'as ame~xled, anJ applicable Re~ulations
thereunder, or
1111 If and so long as wid note of even date anJ this instrumrnt are heW by the Setretary of Housing and U~ban Development,
a nwmhly charge lin litu of a mortgage irourance premium) which shall be ~n ao am~wn~ rqual to ont-twdith 111121 of
une-half lh 1 per centum of the ave~age uut~tanding balanct Jue on the note cumputed without lalcing into account
delinquencie~ ur prepayments;
Ib) .4 sum equal to the gruuaf rents, if any, neat dur, plus the pr~miums that will oeat become due a~xi payable on policia of fire
and other hazarainsuian~fCby~ttiglh~ mDrtgagett property, plus taxes and assestmrnts nrat due on the m~xtgaged proptrty (all
as estimated by tAe mort~agcel less all sums already paid thcrefor dividod by the number of months to elapsc bcfore one month
prior to the date when such grournl rents, premwmc, taxes, a~ assessmena will become delinqueot, such sums to be held by
mor~dagee in trust to pay said ground rents, premiums, taxes, and special asscssmenu; and
(c) Alt payments mentioned in tAe two proccding subsectians of thic parasraph and all payments to be made uoder the note sscured
hereby shall !x added toge~her anJ the aggregate amount thereof shall be paid by tht rtwrtgagor each mo~th in a single payment '
to be applieQ by Ihe mortgagee to the following itepu in the order set torth:
fl) prcmium chargex under the contract of in+uranet with the Secretary of Housing and Urban Ikvelopment, or monthly
charge lin lieu of mortgage insurance premium), as the case may be;
llll grounJ rent~, taxes, assessments. fire, atxi other hazard in.wrance premiums;
(1l11 interest on the note secured hereby; and
(IV) amortization of the principal of said note.
Any Jefxiency in the amount of such :~gregate riwnthly paymrnt shall, unless maJe guaf by tht murtgagur priu~ to the Jue date of
the next wch payment, wm~itutC an rvent uf Jefault un.ler Ihis murtsagr. The mortgagee may cullnt ~°late charge" not w excred twu
cents 12c) [or each dollar ISU of nach payment more lhan fifteen l ISl days in arrean to cuver the r~tra cxpense invulved in ha~xiling
Jelinquent payments.
3. That if the total of the paymena mude by the mungagor urnfer (b) uf paragraph 2 preceding ,haN exceed the aawunt of the
payrt~nts actually madc by the mixtgagee, for gruunJ rents, taxcy arxl nut~+mtnts and iruuran~e premiums, ss the case may be, suc~.
ea~cess at the optioa of the mortgagee, sha11, be credited un wbsequent payments to be made by the mort;~agc~r. or refundod to tAe
rrx~rtgagor, if, however, thc rtwn~hly paymer~ts mafe by the r~wrtg:~gor under Ib) uf paragraph 2 preceding shall not be sufficient ta pay
ground rents, tax~ anJ aa~e~,ment~ and inwrancz premium~, :?s ihe case may br, when the same shall becume due arni payable, then the
mortgagor shall pay to the mwtgagee any amoun~ nece~ian~ to make up the drficiency, on ~x t?rfcxe thr Jatr when payment of such
ground reets, taxes, asxvmrnts, w in~ura?N:e premiums ~hall Ix due. If at any timt the m~tgagor ~hall t~nJer to the rtwrtgagee in
xconiance with the provi~iom of the nute s~cured hereby, full paym~nt of the entire indebtedness ~rpresKnt~i thereby, the mortgagee
shall, in computing the amount ot wch inikbtedness, credit to the accuunt of tha mortgagor all paymrnts made uncler the pruvisions uf la)
of paragraph 2 hereof which the murtgagee has nut bewme obligatrd tu pay to the Secretary of Howing and Urban Development and any
twlance remaining in the funJs accumulated under the pravisiuns of Ih~ ~f saiJ paragraph 2. If ther~ ,hall be a default unJer any of the
provisions of this mongage, reculting in a public sale of the prrmisrs covercti hereby, ur if the murtgagee scquirrs ~he property otherwise
afier Jefault, ihe mixtgagt~ sh~ll apply, a1 Ihe time of the cvmmrncemenl uf wch p~~trdiogs or at the time ihe pruperty is othtrw ise
acquireai. the balance Ihen rema~ning in ~he funds accumul:strJ unJer ~b1 of paragraph 2 preceding as a cr~lit against the amc~unt of
principat then rrmaining unpaW under said notr and shatt properly adjust ~ny payments which shal! have t+eert m:ede uoder ~u> of said
paragraph.
4. "Th3t he Nill pay all taxes, aisecsments, water ratr., and other governmental or municipal charges, fines. M impusitiu~s, fur which
provisiun has not bten m•ade htreinbefixe, and in default thrrcY~f thr m~xtgagc~t may pay the same: and that hr will prumplly drliv~r the
offic~:~l seceipts lherefor to the murtgagee.
5. That he wilt permit, commit, ur sufTer na M atite, ~mpairment. ix deterioratiun ut saiJ pr~rty ur any part there~f; arxi in Ihe evrnt
of th~ (ailurr of the nx~rtgagor to i.eep tht building~ un wiJ premix~ ~nd thuse to t?e rrecttd on s~id premi~, ur improvrments therron.
in guoJ repair, the mortEagee may make ~uch repairs as in its discretiun it may drem neceasary for thr pn~per prexrvation there.~f, and
the full amount uf eaeh anJ every such payment shrll be immediately due and payable, arn1 shall be xcureJ by the lien of this mortgage.
6. That he w itl pay all and singular the custs, charges. ~nd expentes, ineluding reasonable lawyer's fees. and cosu ~Pabsvacts of title.
incurred or paid at any time by the mortgagee because of the failurc on the part uf tht mortgagor prumptly and fully to perfurm the
agreements arxi cuvenant~ of wiJ promi+sory note and this mortgage, and seid c~sts, charge.. and expens~ shall t+e immediately due and
payable anJ shafl be ~ecureJ by the lien of this mort~age.
7. Th•rt he Kill keep the improvements now existingor hereafter erected on the rtwrtgagni property, in~ured a~ may be rcquirrJ from
ume tu umr b~• ihe mortgager against loss by fire and other hazards, casulaties, and contingerkic~ ~n wch am~wnt+ anJ for ~xh pcri~xf+ as
may be rrquirrJ by mextgager, and will pay promptly, wqen Jue, any premiums un weh ~nsur:.nce fix p•ryment of Nhkh prcvision hac not
been made hercinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagte and have attached thrreto los~ p•ayable clauses in favor of and in form acceptable tu the mortg:+gre. In tvent of toss
he will give immediate natice by mail to mortgaEee, and ?rwrtgagee may maAe proof of loss if not made promptly by m~xtgagor, arni each
msuram:e cumpany cuncerned is hereby authoriud anJ Jirected to ma?e paymznt for Such luss directly tu rrwrtgagee in+te:~d uf to
rtx.rtgagor arxi mixtgagee jointly, anJ the insurance proceed~, .x any part thereof. may tx applied by mcingagee at its optiun e~thrr tu thc
reductiun of the itxlebtednrsc hereb}~ se+cureel or tu Ihe re+t.xation or repair e>f thr pruperty damaged. In evrm uf forecl~nure uf th~s
rtwrtgage or other transfer of liUe h~ the mortgaged property in extingui+hmrnt of the ~n~lebteJne+~ u~urr.f hereby. all righ~. tiUe. anJ
intere~t uf the mortgag~x in :~nd to any insurance poliries then in force shall pav to Ihe purthayer or granter.
8. That ~hr martgagre may. at any time pending a seit upon ~his mortgage, apply to the coart ha~~ng juri..iKtiun thrreof fur the
appo~ntment of a receiver. and wch cobrt shall forthwith apppint a ieceiver of the premises covered hereby all and ~ingular, mcluding all
end s~ngular the irxome. prufits, i~sues, anJ revenues frum whata~ver s~wrce derived. each arxl every of which, it he~ng expressly
unJerst~x?J. i. he~rhy rtwrigagcYl ac if specifically srt furth anJ descrihed in tbr granting and habendum clause~ hereuf, and .uch recerver
shall have all the broad anJ etTrctive functionc 3nd puwen in ~nyNise entru.ted by a cuurt tu a receiver. rnJ ~uch appuintment ~hall t~e
made by su~h cuurt as an aJmitted rqui~p anJ a matter uf abx~lute right to taid murtgager, anJ withuut rcfererke ta the :~deyu:+cy or
~nade~quacy oi' the value uf the pru~rty mortgagai ix tu the wlvency or inwlvency vf sa~d rtwrtgagar or the defenJent~, ar?d that .uch
rents, profit~, incume, iswrs, anJ re~~enurc ~hall t+e applied by ~uch receiver according to thr lien of th~+ rm.rtgagr ao.i the pracuce of ,uch
court. (n the evem of any default on the pan of lhe rtxxtgagor hrrrundrr. the nwrtgagur agrees to pay to the murtgagee i~n drmartJ ac a
reasonable monthly rental for the premicec an amuunt at least equivalent to one-tw•elRh ~1/121 of the aggregate of the twelve momhly `
~nstallments payaMe in the theo current year plus the actual emount of the annual taxrs, a~.sexsm~ots water t~tas,~?nJ inwrance prem~urt~s ~
for stkh year nW covered by the afuresaid momhly paymrnts. ~
9_ That la) in the rvent of any hreach uf Ih~s m~xtgage i~r defauh .?n the pan uf the rtxxtgagor. ix Ih1 in the z~~rnt thal an}• of ~a~d
sums of money herein referreJ tu hr not prompily and fully paid without drmanJ or nutiir, ur Ir) ~n thc event lhal ea:h and even the ~
stipulaUOn,. agrrcments, cundihom, anJ coveoanb of wid note and th~s m~xtgage, ar~ not duiy, prumpdy, .tnJ ft~Ny~ perfurmrd: then ~rt
e~ther vr ~ny such event, the saNJ aggregatc sum mcnuuned in seid nute then remainig unpaid. w~th mte~e~t accrueJ tu that t~mr, and all
rtxmry. +rcureJ hrrebp, ~hell t+tcomr due anJ pay~ble fixthw ith, ur therrafter. •rt thr ~~~wn of +a~J m~xtgagre. :~c fuli~ and complrtely a~
if all of the ~id wm. of nxmey were unginallp ~tipulated tu hr pa~d e~n wch Ja~. anything in .a~d nutc ur m thi. murtgdgc tu thr contrary
nolw~th~tanJing: aod thrreu~n or ttiertafter, a1 tAe ~~plion a( wiJ rrk~rtgager, w hhuul rx~tice or JemanJ. .wt at law ur in eywty. m:~y t+e
pr~n~uted ati if all munrys ,eti:ured hrrcby haJ maturr~i priur tu ~i, m~Utuu~n. I he nturtgagee ma~ foreclu.e thi~ nxirlgage, as to the
atrn~unt w declared due anJ payahle, and ~he wid prcmi.~ ~hatl hr w~td to +ati~fy and pay tht +amr tvgcther a~th cu.t., r~pens~s. and
alluwancr~. !n :ax n( parUal f~xe~lu~ure uf th~c mu~tgagr. the m~xtgageJ premi~ ~hall t+e x~W ~uh~r~t tu Ihr cuntinu~ng litn uf ~h~s
rtxtttgagr fur the amuunt uf thr deht n~a thrn dur anJ unp~~J. In wch .a.e Ihe prav~tiium uf thi~ par~graph ma~ again he a~a~lyd uf
thertafter frum ume tu umr M thr murtgagee.
10. fhal thr rrn~rtgagur w ~II ghe immed~ate nunce by ma~l W the murtgagee ut any :umryancr. tramfrr. ur changr vf uwnrnhip uf
the prem~k..
I I. That no wa~ver of an~ co~•rnant hrrcm ur ~+f thr ub6gat~~~n u+~urrd hereh} .hsN ~t ao} time thrrralter t+e hclJ w hr a waivcr of
the ~erms hereof ~x uf ~he rx~te ucurcd hereh~ .
12. "That ~f Ihe nwrtgag~~r default in ~ny ~~f thr co~enant~ ur agrcement~ amtamrJ hrre~n, i.r ~n +aiJ rw?1e. ~hen tht murtgagee may
perform thr s~me, anJ a(I r~pendiwrr~ ~~nctudm~e rra~~mable atturnrc'+ fee~1 maJe br thr miKtgagee ~n ~u Juing ~hall dr~w ~nlerest ~t the
rate se1 forlh in Ihe r~te xcurrJ hereby, anJ ~hall ~+e repayable immcYf~ately and wuh.wl demand hy the rrwtlgagor to the rtw~tgaget. and.
Wgether with interes~ and ant. aciruing thereun. shall br ~ecured by th~~ mvrtgage.
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