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2. ~fhat, in ixdtr m~xe fully to prutcl~ ihe .rrunty uf 1hn m.?rtgase. thr murtg:~gur, tugeth~r w~th. :,nd aJdi~iun to, tht mmthl~
paymnnts unJer the ttrm. ui thr nutr .~tiurrP ubrrhy. un thr fint day uf t:kh munth unul thr ~aiJ nutr lully p;?iJ, will pay tu thr
m~utg:yZtt ~he tulluwing.um~- ,
lal An amount suifw~ent tu p~oviilt t6e holJer herrof vai~h fur?ds to pay the ~rxt rtwrtgagt inw~anct prrmium if thi. instrument and
tht nule ucu~ed herehy are mwrrd, ix a momhly charge lin lieu af a mortgage in~ursnce prcm~uml ~f lhcy are heW by tht
kcreiary of Housing and tJrbun Developmrot, a~ foll~ws:
tii if and so long as .aiJ nute of even Jatt aixl ihis imtrumrnt are in~urtd or are reinsured under the oro~isi~~ns uf the
National Housing Act, ao amount suti`icienl ta accumulate i~ the handa of the holder ont ( I1 munth prior to its due Jate tAe ~
annual murtgage imurance prrmium, in .udtr to proviJe +urh h«lder wfth fumtc ~u paN wrh prrm~um ta ~he Secretary ~if i
Housin~ and llrb:+n I~velopmrnt pur.uant ~u thr Ivauunal Hausing Act, as amendeJ, ~rxl applK:able RegulaUUn~
thtreunde~; ~x
11 U If ana so long s~ ,aid note uf even Jate arni this ~nsl~ument are held by Ihe Secrctary of Hausing :~nci lJrban Devtlopment.
a monthly charge lio l~ru uf a murtgage imurancr premium) Nhich ~hrll be in an artx~unt ryual to unr-twelfth U/12) of
unC-half 1'h ) per centum uf the avr~age uut.tanJing bxl•rnce dut un the note :umputrJ withuut taAing into aocount
delinquencin or prepeymrnts;
fb) A~um eyual to the grounJ renlc, if any, ne~et dur, plus the Mrmiums that will next btcome due arxf payable on policies of fire
and othcr hazarJ 1~arancet~overing th~mongagert proprrty, plus tazes anJ atfcssments next ~lue un thr m~xtgaged properry lall
as estimated by the murtgagee) less all ~ums atready paid thcrefix divided by ehe number ot rr~mhs to elapse before one month
prior w?he date ~hen ~uch gr.wrnl rents, prem~ums, taxes, snd uces~ments will become delinyuent, such sums to be he1J by
mor~dagre in trust to pay ~aid ground rcnts, przmiums, taxes, and special a~eument~; and
Ic) All payments mcntioned in the two p~eceding subsections of this paragraph and 'aU payrt?ents to be made under the note serured
hereby chall be ad~k-~i wgether anJ the aggregate amoum ~hrreof shall be paid by the rtwrtga~r each month ~n a single payment
to be aQpliedby the mor~gagrt ta the following items in the order set forth:
111 prcmium charges unJer tAe c~~ntract uf iawrance with tht Secretary of Howing and Urban Ikvelopment, or monthly
charge !in liru of mortgage insurance premium?, as the case may be;
lll l growxi rent~, tax~, assessments, fire, anJ other hazarJ inwrance premiums;
(111) interest un ~he note secured hereby; and
UV) amortization of the principal af said note.
Any deticiency in the amuunt of wch a~~egatr monthly paymrnt +hall, unless made g.x~J by th~ murtgagur priur to the due datr of
the next +uch p:+yment, c~n~ututr an evrnt uf detault under this mixtg~gr. "fhe tn~xtgagee may collctit s~~latr charga" nW to rxceeJ 1wo
cents t2c1 for rach JuNar ISI) uf each paymrnt mvre than fifteen IISI days in :urears lo cuver ~h~ ettra ~xprnse iovulveJ in harxiling
Jelinyuent payments.
3. That if the toial ui the payments maJe by ~hr mortgagor unJer tb) of paragr~ph 2 prrceding ~h:~l1 rticeed the arrxwm of the
payrr~enu :ictually made by the mix~gagee. far grounJ rent~, tszc~ anJ a~xa~ments and insurarn:e premium,, as the case may be, sucF.
exuss at the option of the martgagee, sha11, bc cruiitcd on subaoquent paymcn4s to be made by the mortgagor, or rcfunded to the
rtwrtgagor. If, huwever, the nwnthly payments made by the m~rtgagur unJer (h) of paragraph 2 prrceJing shall no1 be sufficient to pay
gruunJ rents, taxes anJ a~ments and inwr:+nce premiums, as the case may be, when the wme ahall t+ecome due and payable, then the
mortgagor shrll pay to the murlgagee any artwunt necessary to make up the deficiency. an ~x t+efore the date when payment ot such
gruwxi rents, taxes, :uses.+mrnt~, ur in~urarn:e premiums shatl be due. If at any time the mor~g~gor sh:~U tnrxler to the murtgagee in
accorJance with the pruvi~ium of the note secured hereby, full payment of the entire indebterlness reprc~sentcd thereby, the mortg•agee
~hall, in computing the amuunt of such indebtedne~c, credit to the accuunt of the mortgagor all paymenu made unJer the provisions of la)
uf paragraph 2 hereof whkh ~he murtgagce has nut berome obligateJ to pay to the Secrelary of Nuusing anJ l;rban Development a~xi any
balance remain~ng in the funds accumulateri urxier the pr.~vi.ion. of lb~ of said paragraph If there shall t+e a default urxier any of the
provisions uf this mortgage, r~ulting in a public sale of the prcmisr. covered herehy, or if the m~xtgagce acyuirc~ the pr~~+rrty other~. isr
after default, the mortgagee tih•rll apply. at the time of ~he commencement uf ukh pnkeedings or at Ihc time the property it otherwise
acquirni, the balnnce ~hen rcmaining in the funJc accumulated under (b~ of paragr~ph 2 precc~iing as a credit against the amount of
principal thcn remaining unpaid under said note and shalt proprrl~ adjust any psymems Wf11CF1 TF11lII II:IV~T ~`~p fi1:NjC UOIIrf tlf) O~ Sdt(I
parag~aph_
4. That h~ will pay all taxc~. asussments, wate~ rate+, and cxher gavernmeotal or municipal charges, fines, ~x~impositiuns. f~~r which
provisiun has not t+~en madr herrinbefore, anJ in Jefault ~hercti~f the murigagee may pay the ,ame; and that he wilt promptl~ delir•er thr
utficial receipts therefor to the murtgagee.
5. That he will permit, commit, or suffer rn~ waste. impairment, ix drterioratiun ~~f said pruperty o~ any part thrrc-~~f; sixi in the event
uf the failure of the mortgagor to I;tep tht buildings on ~aid premish and tho~ to be erected on .aiJ premi~s, ur improvements thereon.
~n gooJ repair, the mortgagee may inaice wch rrpain as in iGi discretiun it may Jrem nesessary for the proper pre~ervation thereof, and
the fu11 amount of each anJ every such payment shall t?e immediately Jue and payable, arxi shall t+e s~curecl by the lien of this martgage.
6. That he will pay all and singula~ the costs, charg~s, and expenses, including reasonabte lawyer
s fees, and costs of abstracts of t iUe.
incurr~t! or paid at any time by the mortgagre because of Ihe failurr on Ihe part of' the nwrtgagor promptly and fully to perform the
agreements arxi covenants of ~id promisscxy note and this ma~tgage, anJ said cacts, charges, a~x1 expenx~ shall be immediately due and
payable and shall be secured b}~ the lien of this mortgage.
7. That he wiN keep the improvrmcnts now existing on c~reafter erectod on the mortgagrJ prupeny, insured as may be requirctil Gom
time to time by the mongager against loss by fire and othe~ ha~enls, casulat~es, anJ contingencies in such amounts :~nJ for .uch periixis as
may be requirc~l by mortgagee, and will pay promptly. when due, any premiums on such insurance for paymtnt uf which pruvision has not
been made hereinbet'ore. All insurance shal! be carried in companies approved by mortgagee and the policies and renewals thereof shall
t+e he1J by mort~agee and have attached thereto lass payable clauses in favor of and in form acceptable to the murtgager. In event of loss
h~ w ell give immediate notice by mail to mortgagee, and mortg:~gee may make proof of locs if rat made prompUy by mortgagor, arni each
~nsurance comparty concerned is htreby authorized and directed to maMe payment for such I~s direcUy to mortgagee instead of to
rtwrtgagor anJ m~xtgagee juinlly, and the insurance proceedc. or any part 1he~c+of, may t+r applied by mcxtgagee at its option eithrr tu the
reJuctiun uf the incfebtc-~lnr» hereby s~eured or to the restixatiun ur repair.of' the property damageJ. !n rvrnl of fureclosure uf thit
mvrtgage or u~her tran~fer of tillo to tht mortgaged proprny in eatinguishmen~ of the indebteJnrss setured herehy_ ~fl righl, title, and
, intercst of the mortgugw in anJ to any insurancz polities then in force shall pats to the purchaur or grantee.
8. That the rrwrtgagee may. at any time pernling a suit upun tAis mortgage, apply to the c~wrt hav~ng juri,J~ctiun thrreof for the
~ppointment uf a receiver. and ,uch court sh~ll fixthwith appoint a receiver of the premises covered hereby all and ~inKular, incluJing all
anci ~~ngular the irxorrx. prufit~. i~ues, and revenua from whatever source derived, each and ever~~ of ahich, it txing exp~tssiy
understixxi. hereby mortgageJ as if ~pcYifi~ally cet forth anJ deurit~eJ in ihr grartting and habenJum clau+c~ hereof. and such receiver
tihall have ~ll ~he t?road rnd effective functiom and powen ~n ~nyw isr entrusted by a court 1 a rece~ver, anJ wch appoinlment shall be
maJe by such court as an admitteJ equity anJ a matter uf atxolute ~ight ta ~aiJ mortgage and Nittx~ut referr~xe to the aJequacy or
' inadequaey of the value nf Ihe pruperty mortgaged cx to the solrency cx insolvrncy of said rtgagor or thr defenJents, arxl thal wch
' rrnts, profits. ~ncome, issues, arx! revenues shall be applied by wch receiJhr according to the li n of thi~ mortgage and Ihe practice of wch
court. In the event of •rny default on the part of the mortgagor hrreunJer, thr mortgagor :+gre to pay t~~ the mortgagee on Jemand as a
reasonable monthly rental for the premisec an amesunt at least equivaleot to one-iwelfth I1/1 1 of the aggregate of the twelve monthly
~nstallments payable in the Ihen current yrar plus the actual amount uf the annual ~axes. a~se:s nts, water rate~, and insurance premiumc
for suih year not coverctil by the aforesaid munth~y payments.
9. That fu) in the evens vf any t+reach af thi. mortgagr ur Jefauh on the part uf the murtgagur. ~?r Ih) in the event that any of wid
tiums of money herein reterred to he not promptly and fully paid whhuin drmanJ i~r notice. ur Ic l in the e~~ent that exh anJ everv the
~upulauonti. agrrements, conJiUom. and covenants uf said note anJ Ih~s mixtgage, are not duly, promptl}, anJ fuliy prrfi~rmrd; thert in
ehher ur any ,ixh event, the +:~id aggrcgate ~um mentiunrd io .aKf note then remainig unpa~d. ~ i~h imer~~t accrueJ tu Ihat ume. anJ all
nx~nry~ xcureJ hereby, .hall tkcome due and pay able forth~ ith. or ~herrafter, at the optivn of ~aiJ murtgager. full~ and completely as
if all of the caid ~um, of monry were originally SUpulatrJ t~ I+e paid on wch Jay, analhing ~n w~d ni,tr ur m thi+ nx~rtgagr to thr cuntrary
rwtwhhstanding; anJ thrreu{+on ar thercaftrr, at the option u!'said nwrtgagee. wi~fiout notice or demanJ, suit at law ur in equity, mey t?c
pr~»tcuteJ a. if all rtwney~ ~urrJ hrreb~ had mawrctil prN~r Io itti imtitution. fhe mortgagee ma~ foreclu~e th~~ rtxxigage, a~ tu the
arrx~unt .o declared Jue and payable_ anJ Ihe wiJ premi.r, shall !+e wW to.:~ticfy anJ p:+p the v~me tugrther Kith crnt.. rxpen.es. and
alluwaner.. In casr of parti~l forrclowrr of thic murtg~gr, ihe mortgagrJ prrmur, ,hall t+r k~ld .uhjc~~ t~. the cun~inuing lie~ uf ~his
rrn~rtgagr fur the amount ~~f thr Jeht nut then Jur anJ unpaiJ. In ,u~h c:?u thr pru~i,ium.~f thi. par.igraph may sgain t+e availed o(
therraftr~ frum I~me to ~ime b~• thr mortgager.
t0. t hat thr rrk~rtg~gar w~11 g~ve imme~lr.de nutire Dy mad tu tbe rtx~rlgagre of any cunve~~r?cr. trsmfrr. or change of uw~enhip uf
thr prrm~~e~.
1 I. I hat nu waiver uf any covensnt h~rr~n ur of thr obligauun .c-cur~til hereb~ ,h~ll ~t any ume ~IICfC':I~ICf t1C ~1CW W bff :i N:i1VCf O~
the trrm+ hrrruf ur uf the rx~tr ~ecureJ herrby.
1.. (hat ~f the ~nortgagur default in an~ uf thr cuvenams ur a~rrrmentti conteined here~n. ~x in ~iJ nute. lhrn the murtgagee may
perform the same, atxl all ex~xndnurcw 1 itxluJing rea~unahle auornr) Ire~? madc hy the mextgagee in w Juing ahall Jraw rnterest at Iht
rate xt furth in the note sccureJ hereby, and shall hr repayahlr ~mmrJiately and ~ithout JrmanJ by thc mortgagor tu ihe rtwrtgagee, and.
together with mlerest anJ cust~ accru~ns thereun, shall be ucured by Ihis murtgagr.
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