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2. That, in orde~ nwre fully tu prutc~t the security uf thi. murtgage, the murtgagu~, tugrthrr wilh, arx! in addition t~~, Ihe monlhly
payments unJ~r the te~ms uf tht ~ute ~t:urrJ hereby, un ~hc fin1 day of rxh munth until the s~id nutr i~ iully paid, will pay t~~ ~hr
owrtgagre the fallowing sums:
la? A~ amount sufRcient to provide the holder hereuf with funds to pay the next mortgage insurance premium i[this instrument and
the note secure~l liereby are insured. or a montAly charge lin lieu of a mortgage insurance premium) if they are held by the `
Secrstary of Housin~ and Urban Development. as follows: ~ ~
(1) If and so long as said note oi even date and this inst~ument are inw~ed or arc reinsured unJer the provisions ot the ~
National Housin~ Act, an amount sut'i'kient to accumulate in the hands of the holder one ( l) month prior to its due date the ~
annual mortga~e insurance prcmium, i~ order to provide such holder with funds to pay such premium to the Scc~etary of ~
Housing and U~ban Development pursuant to the National Housing Act, as ameniled, and applicable Regulations ~
thereunder; or
111) If and so loag as said note of even date and this instrument are held by the Secretary of Housing and Urban Development,
a monthly cha~ge (in lieu of a morlgage insurance premium) which shall be in an amount rqual to one-tweltlh (1/12) of
one-half (y4) per centum of the average outstanding balance due on the note computed without taking into socouot
delinquencia or prepaymenu: •
(b) A sum equal to the ground rents, if any, nezt due, plus the premiums that will ncxt become due and payable on policies of fire
a~xi other hazard insurance covering the mortgaged property, plus taxes and assessments neat due on the mongaged property (all ~
as estimated by the mortgagcel las all sums alreadY pa~d thuefor divided by the number of months to elapse before one month ~
prior to the date when such ground renu, premwms. taxes, and assessments will become delinquent, such sums to be held by
mortgagee in trust w pay said ground ~e~ts. premiums, taxes, and special assessments: and
(c) All payments mentioned in the two preceding subuctions of tAis paragraph and all payments to be made under the note secured
hereby shall be added together and the aggregate amount thercotshall be paid by the mortgagor each month in a singk payment
to be appliad by the mortgagee to thc following items in the order set forth:
11) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(11) ground rents, tazes, assessments, firc, and wher hazard insurance premiums;
(111) interest on the nae secured hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unlcss made goixi by the mortgagor prior to the duc date of
the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceeJ two
cents 12e1 for each dollar IS11 of each payment more than fiQeen ( I S) da~~s in arrears to cover the extra expense involv~l in handling
delinquent payments. _
3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exceed the amount of the
payments xtually made by the mortgagea for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee. shall, be credited on subso4ueat paymenu to be made by the mortgagor. or refunded to the
mongagor_ If, however, the monthly payments made by the mortgagor under 1b) of pa~agraph 2 preceding shall not be sufficient to pay
graund rrnts, taxes ancl assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
nwrtgagor shall pay to the mortgagee any amount necessary to make up the Jefxiency, on or before the date vvhen payment of such
ground rents, taxes, as.xssments, or insurance premiums shall be due. If at any time the mortgagor shall ternler to the mortgagee in
acconlance with the provisions of the note secureJ hereby, full payment of the entire inciebtedness represented thereby, the mortgagee
shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of lal
of paragraph 2 hereof which the mortgagce has not bernme obligateJ to pay to tbe Secretary of Housing and Urban Development and any
balance remaining in the funds accumulatetil under the provisions of (b) of said paragraph 2. If there shall be a default under any of the
provisions of this mortgage, resulting in a public sale of the premises covereri hereby, or if lhe murtgaget acquires the property otherwise
after default, the morlgagee shall apply, at the time of the commencement of such p~oceedings or at the time the property is otherwise
xquirzd. the balance then remaining in the funds accumulated under /h) of pazagraph 2 preceding as a credit against the amuunt of
principal t~~en remaining unpaid uncier saiJ note and shall properly adjust any payments w~hich shall have been madz under (u) of said
paragraph. - '
4. That he will pay all taxes, assessments, w~ater rates, arxi other govemmental or municipal charges. fines. or imposition~, for which ~
provision has not been made hereinbefore, anJ in default thercrof the mortgagee may pay the ,ame: and that he Kill promptly deliver the ~
of'ficial receipts therefor to the mongagea ;
5. That he will permit, commit, or sutl~er na waste, impairmrnt, or detrrioration of saiJ property or any part thereof; and in the event ~
uf the failure of the mongagor to keep the buildings on saiJ premixs and those to be erected on said premis~s. .x improvements thereon.
in good repair, the mortgagee may make such repairs as in its discretion iC may deem necessary for the proper preservation thereof, and f
the full amount of each and every such payment shall be immediately due and payable, arni shall be securecf by the lien of this mortgage. ~
6. That he will pay all and singular the costs, charg~. and expenses, including reasonable lawyer's fea, and costs of abstracts of title.
i incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
; agreements arxl covenants of said promissory note and this mortgage. and said casts, charges. and expenses sh.all t+e immediately due and
payable and shall be secured by the lien of this mortgage.
7_ That he will keep the improvements now• eaisting or hereafter erected on the mortgaged property, insured as may be required from
~ time to time by the mortgagee against loss by fire and other hazards. casulaties, and contingencies in such amounts and for such pericxls as
may t+e required by mortgagee, and will pay promptly, when Jue, any premiums on such insurance for payment of which pravision has not
~ been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
~ t+e held by mortgagee and have attacheci Ihereto loss payable clauses in favor of and in form acceptable to the rtwrtgagee. In event of los~c
he will give immediate notice by mail to mortgagee, anci mortgagee may make proof of loss if nat made promptly by mortgagor, aixi each .
insurance company concerned is hereby authorized and directed to make payment for such I~xs Jirectly to rtwrtgagee instead of to
murtgagor a~xi mortgagee jointly, and the insurance proceeds, or any part thereof, may be applieJ by mortgagee at its option either to the
reduction of the inJebtetiiness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title to the morigaged propeny in extinguishment of the indebteJness secured hereby. all right, title, and
interest of the murtgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
~ 8. 71~at i( the premises, or any patt thereo(, be condemned under any power of emineat domain, or acquired (or a public use,
the damages. Proceeds, and the consideratioa for such acquisition, to the extent o( the (ul) amount of indebtedaesc upon this
~IortgaRe, and the\ote secured hereby remaittiog uapaid, are hereby assiPned b}• the ~lottgagor to the J1ort~-agee and shall be paid
(orthwith to the ~IortgaRee to be applied bc it on account ot the indebtedness secured hetebp, whether due or not.
9. That the nwrtgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall fathwitb appoint a receiver of the premises covered hereby all and singular, including all
anJ singular the income, profits, issues, and revenues from whatever source derived. each and every of which. it being expressly
underst«~d. is hereby mortgaged as if specifically set forth and described in the granting anJ habendum clauses hereof. and such receiver
shall have all the broad and effective funclions and powers in anywise entrusted by a court to a receiver, and such appointment shall be s
made by such court as an admitted equity and a matter of absolute right to said morigagee, and witt?out reference to the aJequac~ or
~ inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such '
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage a~x1 the practice of such i
court_ In the event of any default on the part of tbe mortgagor hereander, the mortgagor agrees to pay to the mortgagee on demand as a z
~ reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 111~2? of the aggregate of the twelve monthly a
instalfinents payable inthe then current year plus the acwal amount of the annual taaes, assessments. water rates, and insurance premiums
~ for such year not cove~ed by the aforesaid monthly payments. Y
~ 10. That la) in the event of any breach of this mortgage or default on the part of the mortgagor, or (h) in the event that any of said
~ sums of money herein referred to be not promptly and fully paid without demand or notice. or Ic) in the event that each and every the
stipulations, agreements, conditions, a~x1 covenants of said note and this mortgage. are not duly, promptly, arxi fully performeJ: then in ;
~ either or any such event, the said aggregate sam mentioned in said note then remainig unpaid, wilh intere~t accrued to that time, and all i
~ moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as _
~ if all of the said sums of money were originally stipulateJ to be paid on such day. anything in said note or in this mortgage to the contrary
notwithstanding; and thereupon or thereafler, at the option of said mortgagee, w•ithout notice or demand, suit at law or in equity. may be
~ prosecuteci as if all moneys socured hereby had matured prior to its instiwtion. The mortgagee may fcreclose this mortgage, as to the
amount so declared dae and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and
allowances. In case of partial foreclosure d this mortgage, the mixtgaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this pazagraph. may again be availed of
s~ thereafier from time to time by the mortsagee. -
11. That the mongagor w~ill give immtdiate notice by mai~lo the mort6agee of any conveyance, transfer, or change of ownership of ~
: the premiscs. .
12. That no waiver of any covenant herein or ofYhe obligation secured hereby shall at any time thereafter be held to be a waiver of f
' the terms hereof or of the note secured hereby.
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