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2. 'fhat, in ~xJer murc fully [o pru~cr:t the ucurity uf th~a rra~r~g:~gt, ihe murlgagur, iuge~hrr wuh. and ~n a.lJiuun tu, thr nx~nthly
payments unJer 1he terms of the nutt ~rcu~td hrrchy, on ihe fint J:+y uf each nwnlh unul ~he .aid n~~te i+ fully pa~d, will pay w Ihe
mortgagar ~hr ioUow~og tium~:
Ia) An amount ~ufficienl ~u proviJe Ihe holJer hera~f with fund~ tu pay the next morlgage insurance prrmium if this ~~strument and
the notr xcured herrby art insured, cx a manthly cha~gt lin lieu ot a mortgage insuraoce ptemiuml if they are held by the
Secrctary of Housing and U~ban Development, 1S FOIION'S:
11) If a~d w long as .aiJ note af even date and tAix irotrumen! are iasure+l or are rcinsured untler the provisions of the
National Housing Ac~, an amc~uat ~uff'icient to accumulate in the hancls of the holder one 11) month prior to its due Jate the
annual mor~gage in~urarxe Memium, in ~Jer to pruviJe such holdtr with funJs to pay ~uch prem~um to the Sarctary of
Housing and Urt+an [kvelopment pursuant to the National Housing Ac~, as amr~xled, and applkable Rrgulauons
thereunder; or
l1U If anJ so long as +aid n~~te of even date a~xt thi, irutrum~nt are Aeld by tht Secretary of Housing and l:rban Development,
a moothly chargr Iin li~u of a mortgage in~urance prrmium) whicA shall be in an arrxwnt equal ~o onr-~welfth 11/12) of
une-half 1'~'z ) per cenwm uf the average out~tanJing b:?la~x;e due on the note cumputeJ without ta?in~ into aacount
Jelinquencie~ or prepayments;
lb) A sum eQual to lht grounJ rents, if any, next dur, plus the prrmiums that will next become due and payable on policies of fire
arxi othet hazard insurarn;r c~ve~iriglTie morlgagM proplYty, plus ta~ees and assessments next due un the mortgaged property (all
as esiimated by the mortgagte) Icss all sumc alresdy paid therefor dividod by thc numbcr ut months to elapse before one month
priar to the date when such ground rents, premeums, taaes, arxi assessments will become delinquent, such sums ~o be heW by t
mor~dagee in trust ta pay ~aid g~ound reMs, premiums, taxa, and ~pecial asses.~meots; and
(c) All payments me~tioncd in the two precedins subsections of this paragraph and all paymeats to be msde under the cqte securec!
he~eby shall be added togethrr and !he aggregate amount thereof shall be peid Dy the mortgagor ea~:h month in a single payment
to be applied by thr m~xtgagee t~ the fullow ing itenu in the urder ut fo~th:
l11 premium charges under tho conaact of in,urance with the Sceretary of Housing and Urt+an Development, or monthly
charge (in lie~ of mortgage msurance premium). as the case may be;
(11) ground rents, taxes, auessments, firc, and other hazard imurarn.e premiums;
U111 interest on the note secured hereby; and
(IY) amortizaiiun of the principal of said note.
.4ny delxierky in the amuunt uf su~h aggregstr munthl~ payment ~hall, unlr~s made go.x1 hy ~he mwtgagur priur w th~ Jue Jate of
the ne~t sueh payment, cunstiwte an event uf default unJer this mungagr. '~he murtgagee may cullrct a°late charge" not te exceed tv?n
cents 12c) fi~r rach Joltar tSli uf e:kh payment mure th~n fiftrert f IS? da>•, en :urr:us to cover the extra etprmt invol~ed in handling
delinqurn~ payments.
3. That if the Wtal uf 1he paymenu maJe by the murtgagur undrr Ibl uf paragraph 2 precrding shall exceed the artwunt ~~f the
payments xtuatly maJe by thr murtgagrr, for gruunJ rent~, taxrs anJ :~s..r„ments and insur:~~x:r premiums, as the case may be, sucF.
eaccesi at the option of the m~xtgagee, shall, be credited on wbsoquent payments to be madc by the mortga~or, or rcfunded to the
mongagor. If, huwever, the munthly payments made by the mortgagor unJ~r Ibl uf parag,raph 2 prctieding shall nut be sufficient to pay
ground rents, tate~ arnl aa,rssmrnts artd iruurance prrm~ums, as the ~ase may be, when the s•ame ~hall become dur arxl payable, then the
mortgagor shall pay to the mor~gsgee any amount ncti«iary ta makr up thr defwiency, on ~x t+efore the date when payment of wch
grounJ rents, ~axes, assessments, w inaurance prrmiums shall be Jue. If at any time the mortgagor shall teruier to the murtgagre in
acconlance with the provisiuns of the nute securc~i hereby, full paymrnt o! 1he entire inJebtctiiness represented thereby, the murtgagee
shall, in computing the amount of wch ind~btrdn~, cre.iit to the accouot uf the murtgagur all payments made urxlrr the p~ovisiuns of lu?
uf paragraph 2 htreaf which lhe mortg•rgee has not becume obligate~f tu pay to the Secretery of Howing and l,'rban Develapment atxi any
balance remaining in the funds :~cumulateti! under the pruvitiuns of Ih~ ut ~aid parag~aph 2. If there shal! t+e a default ur?der any of the
prov~siuns of this mortgage, re+ulting in a public sale uf the premiu~ cuverevi hereby, or if thr mortgagee aeyuircy the pruperty otherw•isr
after dcfault, the mortgagce ,hall apply, at the time of the cummencement of such proeeeding~ a at the time thr propert} is utherwise
acquirc~i, the balaner then remaineng in thr funds accumulatrci unJrr ~b~ of paragraph 2 p~~~ding as a credit agsin~t the amount of
principal th~n rrma~ning unpaid under ,aid note and shall pruperl~ aJju.~ any paymrnK Nhich shall have t+~en m:?de under lu) of said
paragraph.
4. That he will pay al! taxe,, assr~smrnts. watrr ralcy, arxl uther guvernmrntal ur munic~pal tharges, hne,, ur impusitions. fur ahich
provision has not been made hereinbefure, and ~n J~fault therrof•thr murtgagee may pay thr came: and that he will prumptl~• Jeliver the
vfficial receipts thrrefor to the mortg3gee.
S. That he wi11 permit, commit, or suf~'er no wscte, impairment. ~x deterioration uf said properry cx any part thereaf; arxl in tt?e event
of the failure of the rt?ortgagor w keep the builJings on said premises and those to be erected Qn said premises, ~x impruvements thereun,
in g~xrl rcpair, th~ rtwrtgager m:ty makr such rrpain in it. di~r~tiun it may Jrem nectssary for the pn~r preserva~ion thereof. and
the ful! ~muunt of racb anJ tvery such payment shall be immeJialely Jue arxf payable. anJ ~hall t?e u~urcYl by ~he lien of thi+ rtx~rtgage.
6. That hr w ~ll pay all and singular Ihe costs, charges. and expenses. i?xluding rrawnable lawyer's fe~, and costs of aMtrrcts uf tide,
incurrrd or paid at any Ume by the mongagee because uf the fa?lure on the part ot the mortgagor prumptly and fully 1o perform the
agreements anJ cuvenant~ of aaiJ prumiuixy nute anJ this murtgage, apd ~aiJ custs, charges, a~x1 trpenscw ~halt he immeJiately Jur and
~?a~able rnd ,hall t+~ cecurrJ by the litn of Ihis mongage.
7. That he w ~fl keep the improvement~ nuvc ~xisting or hrrrakrr rrectctif urt Ihe morigagc~ef proprrty, imured ati may t+e reqwre~i from
time to time by the mortgagce against locs by fire and other hazards, ca~ulat~rs, and cuntingene~rs in ,uch arrk~unh and tor such periixls ac
may be required by mortgxgee. and will pay promptly, wh~n due, any premiums un sucb insurancr f~x papment of..hkh pro~•ision h•r~ not
been made hereintxfore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals tbertof shall
1x held by mortgagee anJ have attacheal therrtu I.x~ payable clauses in favo~ of snd ~n f~xm acceptable ~o the mortgager. tn rvent of loss
he w~11 givr immediate notice by mail to mortgagee, a~ui murtgagre ~ay ma?e pnx?f of luzs if rwt made prompdq by mvrtgagor, arxl each
imurarke eampany conerrneJ is hereby authoriird and Jircried te~ make paymrnt fur +uch Io,+ Jirrctl~ tu rrxxtgagre inctrad af to
mortgagor anJ m~xtgagee juinUy, and the inwrance pruceeJti. i~r any p~rt therrof, may t?e appl~ed hy ~mxtgagee at its upt~on either tu the
rtductiun uf thz inJebtrJnns hereby ~ocured or to the resturatiun ix repair of the propeny damagrd. In event uf fored~nure .~f this
rtwrtgagr ar other transfer uf title tu the m~rrtgageJ ~r~+erh m rxtinguishment of the irxJebte~lne+~ x~urctif hereby. all right, titlr. rnd
~nterest of thr murtgagor in and tu any insurance polic~ec thtn ~n furce ~hsll pacs t~~ 1he purcha~rr or grantre.
8. ~fhat thc r~xirtgagre may. at am• time pending a wit upon this murtgage, apply to the a~urt hav~ng jun.Jkuun thereof fur thr
appo~ntment uf a receivrr. anei wch rourt .haU fo?thN ith appuint a rrcerver of the prem~us cvvered htreby all anJ ,ingul~r. in.:lud~ng all
arxl s~ngular tht irn:ome_ profilti, iasues. anJ r~v~nurs from whateve~ wurce denved, each and every i~f which, it being exprc~dy
unJerst~xxf. hereby mortgageJ at if specifically set fonh and desxrit+ecl in the grantmg anJ habendum ~lau~r, hereof. anJ,uch re:~iver
shall have all the broaJ anJ effe+eti~r funetium and powe~~ in anyw~u entru.trJ by a~uun tu a recrir•rr. ~nJ ,uch appuintmen~ ~hall t+t
made by such wurt a~ an admitted equity anJ a matter of atnnlute reght tu ,a~J rtxxtgagre, anJ M iltx~ut refrrerke to the :+Jeyuacy oc
~naJequacy of the value uf the pruperty morlgageti vr 1o thr xdvency or inwlvency of ~aid murtgagur or Ihr defrnJent~, arxi that wrh
rcnts, profits, incume, issucy, anc! revenue+ ~hal1 !+e appl~rJ by ,uch receiver a~cording to the lien of Ih~ti rrwrtg3ge and thr practice of ~uch
court. In the rvtnl of any dtfault un the part of the murtg;~gor hereunder. thr mortgagur agrers to pay to the murtgager un dem:~nd a+ a
reasonable m~~nthly remal for the premisec an amount at least rquivalent to ane-twtlfth 1 t/121 of lhe aggrcgate of the twetvr mcmthly
~nstallments payable in the then curre~t year plus ihe actual amiwnt uf the annual taxrs. a~se~sments, water rates, and insurance premium~
for +~xh year not cuve~c-~1 by the afuresaiJ munthly paymrnb_
9. That lul in the event of any hreach of thi~ mcutgage ur default un ~he part uf ~he nxx~gagur, ur th) in the rvrnt that any uf ~id -
wm, of m~mey here~a referred t~~ he not prompQy and fuAy paiJ Kilhuut Jemand ~~r nuUCr. ur Irl m thr r~rnt ~hat r:wh ~~d evrr~ the
~upulahum. agrremrnt,. ~~~nd~uun., anJ covenants of ~aid nixe anJ th~s miKtgage, arc no1 d~Jy. prumptly. ~nJ fully perturmrd: then m
ei~hrr ur an~ ,u~h event, the ~a~d aggregate sum ment~uned io ~a~d nute then rrma~nig unpa~J. ..uh intrrr.l a~crurJ tu that time. :~nd ell
me~nry, .ecurrd hrrrby. ,hal! t+ecome Jue and payablr f~uthwi~b. ur Ihereafler. at the upuun uC ~aiJ mortgagrr. a. full~ a~J completely a~
~f all af the w~d wm~ uf mc~ney ~erc unginall~ ,upulatrd to he paiJ on wch da~. an~thing in .a~d ni~te ~?r m thi. rtx,rtgagr to the wntrary
rwtwith,tandcng: and thrreuEwn or thereafter. at the option of ~a~d mortgagee. w~thuut nut~ce ur drmanJ. wh ~t I~w ur m eyuity. may be
pr~necutrJ rt a!I rM?ney~ ~rciired hrreby haJ mrturc~i pri~,r tu its imliluUon. Ihe rtwrtgager map f~xcclu,r th~ti rtx~rlxagr. a~ to the
amuunt x~ Jrclarrd due and pa~ahlr. anJ thr wiJ prrmise~ ~hall be w~IJ to.:.ti+f~ and pa~• thr ~ame tugrther wi~h w+t.. exprmec, and
alluaan~r>. In ca,r ut paru~l f~~recl~»urr i~f thn m~~rtgage, the murtgageJ prrmi~r. ~h~ll hr wtd wb~ctit tu the cont~nuing I~en uf ~his
murtgagr fur 1he amaunt uf th~ drht nut thrn Jur and unpa~J. In ,uch ca~r the pru~ „wm uf thi~ paragraph may aga~n he availyd of
thcrrafter f~um ume tu dmr by tF~urtgagre.
10. fhat Ihe nxtttga~,,,~ ~II grvtunmrJi.ite nuticr by mad to ~hr nwngagee uf an} ~un~eya~xe, trancfer. or change uf uwnenhip uf
the premnr.. ' .
I 1. l hat nu wai~ ~~v~ndni l~ereilf?ur uf the uhligat~un .c~:urrd herrh~ .hall at en~ t~me therratler he hrld w be a wa~~er of
the tcrm. herr~?f .x of the. ,f, rd tiqeMj . F
12. I Aat ~f the murtg~gur`~ef~~it ~ ~ny,uf t~ ccive~?.~nt. ur agrcrmcnt. c~~nt:unrd hete~n, ur in w~d nute, then the murlgagee may
perfurm the samr, arnf all c~penJiturctlitAtiu~iing reatunable anurnr}', Ice+l madr h~ the m~xtgagee in w Juing shall draw ~ntcresl at tht
rate set furth ~n the rwtc ~ccurcJ hrrcNy, and sh:dl be'repay aMc itnf~ctl~atrty anJ w uhuut Jem~nd by tht mortgagur to lhe rtwrtgagee, anJ,
wgether v?i~A ~nterest and c.r.t. accruing thereua,shal( be fewreJ hy thi, mi~rtgage.
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