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2. ~I~ha1, in urdr~ murr full~ to prutnt tAe ~e~urity uf thi~ murigagr. the mortgagur, together wi~h, arxi in adJi~ion to, ~hr nw~mAi~
payments unJe~ the te~ms uf ~he nutr ~e~:urctii hereby, un ~hr fin~ ~lay uf ra~h muntA umil Ihr .aiJ n.~tr i~ fully paiJ, will pay tu the
murtga~n the fulluwing.um+:
la) .An amuunl .ufficirnt Io proviJe tha hulde~ hrreof wilh furni~ w p:?y thr next rtwrtgagz inw~e~ce p~emium if this instrument and
the note securtd hereby ure inwreJ, ix a munthly chargr lin lieu uf u murtgage ~nwrance premium)if thoy arc hrld by tht
Stti:retary af Howing :?nJ Urban O~vrlopment, i?S fOIIJN'S:
(11 If wnd ~o long as said oute of even date a~xi this iru~rument ara ~naureJ o~ are rrinsurc~l unJer the pruviaiuns of the
Nati~~nal Nowing Act, an amount suf'Fici~nt to eccumutate in the handc of the holder une l l) month prior to its due date the
annusl nwrtgagr insur~ncr prrmium, in order to pruviJe wch hoWtr with fund+ to pay +uch premium to the Secrctary of
Housing anJ Urban I~velopment pur~uant to ~he N:~tional Housing Act, a+ amrndeJ, anJ applicable Regulationx
thereunder; or
111) If and w long as ,aid note of even date anJ Ihis i~utrument are hekl by 1he Secr~tary of No~ssing anJ Urban Develupment,
A munthly cha~ge 1 in lieu of a murigagr imurance premium) which shall I+e in an amuunt ryual to une-twelfth 111121 of
one-half ){~r centum of the average ~~ut.~anding bal:?nc:e due on the note comput~ci without teking into a~~cuunt
delinquencies or ptepaymenls;
lb? A sum eyual to the gruutd rents, if :+ny, next due, plus the premiums that will next becume Jue and puysble on polKies of fire
and other haiard in~urance rnvering the mertgagaL prope~ry, plus taaes and a~easments next due on the mortgagtd praperty (all
as rstimated by the mortgagee) less all sums alrcaJy paid therefor divided by the numtxr of months to elapx before onc muath
p~ior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sumt to be Keld by
mortgagee in trust to pay said gn~und rentc, premiums, taxes, and special assessments: anJ
(c) AII payments mentioned in the two preceding subuctions of this paragraph and.all payments lo be made under the note s~currd
hereby shall b~ ad3eJ together and ~he aggregate amount thereof' shall bt paid by the mortgagor exh month in a single payrtxnt
tu be applied by ~he mortgagee to the follow ing items in the order +et forth:
~1? premiufi charge~ unJer ~he contract of inturance with the Secretary uf Housing and Urban [~velopment, or ~twnthly
chargt lin lieu of mortg•rge insurance premium), as the case may be;
1111 ground rents, taxes, a~+e„ments, fire, and other hxcard insurance premiums;
11111 interest on the note ucured hereby; and
(IV) amortization of the principal of said note.
.qm~ defitiency in the am~w~t of such aggregate monthly paymrnt >ha1L unl~~+, madr go~xl by the mongagor priur to 1hr due Jate aF
the next cuch paymem, rnns~itute an evem of drfault under ~hic m~x~gage. The m~xtgagee may collect a"late charge" nat to exceed two
cents 12c1 for each dollar ISII of each payment more than fiRe~n 11~1 days in arrear+ ta ~over the ~xtra expense invol~•c~i in harxiling
delinyuent payments.
That if the total of thz payment~ maJr by the mongagor unJer Ihl of p:?r:+graph : preceding shall exceed thr anx~unt uf the
payments actually maJe by the mortgager, for ground rents, taxes and a+ses+mcnts and insurance premiums, as thr case may be, suct~
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mongagor, or refunded to the
mortgagor. If, ho~;ever, the manthly payments maJe by the mortgagor unJer Ih1 af paragraph 2 psecrding shall not be wfficient to pay
grounci rent~, taxes'and a~u~ments and insurance premiums, ac the case may be_ when the same ~hall l+nome due and payable, then the
mortgagor shall pay tu the mortgagee any amount nnc~ssary ro make up the Jrficiency, on or t+efore the da~e when paymrnt of such
ground rents, taxes. asse~tments, or insurance premiums ~h:~ll br due. If a~ an~• time the mor~gagor shall terxlcr to thr m~xtbagre in
accordancz with the provisions of the note secured hereby. full paymem of the entire indebtedness represen~ed thereby, the mortgagce
shall, in computing the amount of such incleMeJness, credit to the acc~~unt of the mortgag~x all payments made urnier the provisions of In)
of paragraph 2 hereof which thr murtgagee has not become obligateJ to pay to the Secretary• of Housing and l~rban DeveMpmerit and any
balance remaining in the funds accumulated under the provicions of Ib? of ~aid paragraph 2. If there shall t+e a default u~xier any~ of the
provisiom of this mortgage. resulting in a public sale of thr premise+ covered hereby. or if the m~xtgagee aoyuires the praperty otherwise
after default. ~he mortgagee shall apply, at ~he time of the cummcn.ement of su~h pr~ecdings or al the time the property i~ othzruise
acquireei, the bslarx;e th~n rem.+ining in thr funJ+ accumulat~Yl under Ib? of paragr~ph 2 prec~ling a+ a crnlit agaimt the amount of
princip~l then remaining unpaiJ urxler said nute and shall pruperly aJjust any p:?yments which shall have been made under (u) uf said
paragraph. .
J. ~fh~t he Nill pay all taxes, a++et,ments. water ratn, aoJ other governmental or municipal chargt+, fin~c, cx impositions, for which
provision ha~ not been made hereint+efi~rr, and in default thereuf the mo:tgager may pay thr same: anJ that he Nitl promptly delivrr Ihr•
official rc-~eipts Iherefur to the murtgagre.
S. That he will prrmit, commit, ur,uffer no wa.te, impairment. ~x detrnuratiun uf ~aiJ pruprrty ur any part thereof; ~nJ in the rvent
of the failure of the mortgagur tu Arrp the builJingc on ~iJ premisrs and Ihuct to br er~YteJ on ~•rid prrmiu~. or impro~~ements ther~on.
in goal repair. the mortgagee may make such repairs ~ in its discretiun it may Jeem nece~sary for the pn?per pre~ervation thereof. and -
the full artwunt of rach and ~ver}• suth payment shall t+e immeJi:+tely Jue anJ payable, :,~xi shall t+e ,ecureJ by the lien of this mor~gage_
6. That he will pay all anJ +ingular the costs. charges, anJ expenses. incl~ding reaconable lawyer's fees. and costs of abstracts uf tiQe,
incur~ed or paid at any time by the mczrtgagee becautie of the failure on the part uf the mortgagur promptly and fully tu perform thz
~ agreements and covenants of u?id promis.ory nute and this mortgage. and +aid cocts, cherges. and expcnses ~hell be immrdiately due and
i payable and chall be sccureJ by the lien of thi. mortgagr.
7. That he will keep the improvements now exicting or hereafte~ erec:trd on the nx?rtgageJ property. insured as may be required from
` timr to timr by the m.~rtgagee against lo.s by fire and other ha~ards, cawl~tirs, and conlingencies in wch ar?xwn1~ anJ for such pericxlt as
f m~y tx: requirctil by mortgagee, and w ill pay prompUy, when due, any premiums un such insurance f~x payment of which provision has ~ot
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be held by murtgagee and havr attached thereto loss payable clauses in favor uf and in form acceptable to the rtwrtgage~. !n event of loss
he will give imrtKdi•rte notice by mail to murtgage~. SnJ murtgagee may make pnwf of loss if no1 m:+de promptly by m~xtgagur. arxi each
insur~nce company cuncerned is hereby authorizeJ and directed to makz payment for such luss Jirectly to martgagee in+teaJ of to
rtwrtgagor anJ mcxtgagee jointly, anJ the imurance proceeds. ur any part thereof. msy t+e applied by mortgagce at its option either to the -
reductiun of the inJrbtrdnrsti hrrehy xlurc~l or to the restoration ~x repair of the pruperty JamageJ. In event of f~~reclosure of this
! moflgage ur other tramfer of tiUe k~ the mortgageJ property in eatinguishmrnt uf lhe indrbteJnc~s xtiur~~l hereby. all right, tille, anJ
~ interest uf thr mortgagor in arxl tu an}~ inwrance policies then in force chall pa~~ w the purchaser or gramee.
8. That the rrxirtg3gre may. at any time penJing a suit upon this mortgage. apply to the court having jurixlicti~in th~reof for the
sppuintment of a recei~~er. anJ such court shall forthvvith appoint a receiver of the premists covered hereby all arxi +ingular. incluJing all
and +ingular lhe irnomr. prutits, i+.ues, anJ revenues from whatever aource derived. each and e~~ery of Nhich, it being rxpressly
unJerstu~xl, is herehy mortgageJ as if tipecifica~ly set fnnh and dexribed in the granting :~nd habenJum clausrti hrreof. :~nJ ~uch receiver
shall have ~II the bruaJ ~nd rffeclive funct~on. anJ poM~rrs in anyNi.e entru~ted by a cuurt to a ra^ceivcr, and such appuintmenl ,hall t?e
maJe by such court as an aJm~tteJ ~~yuity anJ a matter of ahwlute right 1o said mortgagee_ and withuut reference to the aJequacy or
~naJeyuacy of 1he value of the pruperty murtgag~-J cx to thr x~lvency or insulvency of said murtbagur ur the defendenl~. :?rn1 that ~uch
renu, profits. income. i~sue~. anJ revenueti.hall be applied h}• ~uch receiver accurding to the lien uf ~hic nwrtgage anJ the practice of wch
court_ In the e~•ent of any default on the part of the mortgagun c~rcun.irr, th~ murlgagur agree~ to pay to the morlgagee on demand as a
reasonable monthly rental for the premices an amount at least equivalent to one-twelflh 11/121 of the aggregate of the twelve monthly
~ installments payable in the then current year plus the acwal amount uf the annual taxes. a+~essmenl~. wa!er rates, and inwrance premiums ~
for such year nut cm•ereJ by the afwe,aid monthly paymrnts_
~ 9. That In) in the evrnt of any breach of this mortgage or default on the part of the rnortgagur. or Ib) in the event that any of saiJ
~um. uf m~mey herein refrrreJ to be not promptly and fully paid w~ithout demanJ ur nut~ce. or ) in the e~•ent that each anJ ~~~ery Ihe
~ stipulaUons. :~grerments. conditi~~n.. and covenaot~ uf tiaid nWe :snJ ihis mortgagc, arc nut duly. prumptly. arxl fully perfi~rmeJ: Ihen in
~ either or an} tiuch event. the saiJ aggregate sum mentioned in ~aiJ note then remainig unpsid. N rth mtere.t accrued to that um~. and all
N rrxme~~ ~ecurrd hrrehy, tihall become dur and pa~ahle fcxihwilh. or therc:~fier, at the ~.pti~in uf tiaiJ mortgager, a+fully anJ cumpletely as
~ if all of the v~id sum. of money were uriginall~ ~t~pulated tu tk paiJ on wch Jay. am~thing in ~aiJ nute ~tt in Ihic nx~rtgage to the comrary
notwhhtitanJing: and thereuFwn ur thereafter. at Ihe ~~ptiun of .:~iJ mortgager. withuut notice or demanJ. wit at IaN or in equity. may be
~ rouucu~rJ :u if al~ money~ ,ecurctil hereby had matureJ rior to its imt~tution. Ihe murt •e er ma~ fureclox thi~ rtw~rt c ati tu the
p ~ b, R g g..
~ artwunt so JeclareJ Jue and payable. and ihr +aid premi.e~ shall tx wld to ,ati+f~ anJ pay the wme tvgeiher with co.t.. rxpcnxs. and
allowanees. In ease of partial forecbsure uf thiti murtgage. ~he mortgageJ premi,e. .hall he wIJ .ubjrct li~ 1hr runUnuing lien uf ~his
~ rtwrtgage for the amuunt uf Ihe deM not Ihrn Jue and unp.~id. In wih catic thc pro~i~i~~m i~f thiti paragraph m:+)~ :ig:iin I~ JV:IIII'lI Of
~ thereafter from time to time b~ thr mortgagee. .
IU T hat the murtgagor w ill give immrJiate n~~tne h~ mail tu thr m~?rtg~gre ul any cumt~arkc. Iramfcr. ur ~h~nge of uNncnhip of
the premise~_
1 I. That nu waiv~r ot any covenant herem ur the ~~hligatiun cctiureJ herehy ,hall at .~ny ~ime thereaftrr be hrld to t!e a M:IIYCf Of
~hc tcrm~ hrre~~f ur of thr Mllt' tifCUfC~ flCfCh}'.
12. ~~hat if the rrnxtgagur Jefault in any uf thc a~v~n:int. ur agreemenn cunt~ineJ herein, ~~r in wid nvte, then the m~xtgagre may
~ perfi~rm Ihe ~ame. anJ :+II rxpen.liturn 1 irxluJing rea,unable atturne~'ti feetil maJr by thc murtgagee in x~ doin~ shall draw imcresl at the
~ rate ut forth in the note .e~ureJ hereby, and .hall t?~ repayablc immcvi~ately and N ithout Jemand hy the mortgagor to the mortgagee, anJ.
~ together w ith interest anJ crnts accruing Ihereon. shall be stcured by this mortgage.
~ 9aolc ~V~ PACE
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