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2. l~hat, i~ ord~r R~urr fuUy tu protr~l the ,rcuriry uf Ihi. murtgag~, the murtgagur. tugether with, arxi in adJi~iun to. the munthly
payment+ undtr the tt~mc uf thr nutr ~rcurrJ hereby. un ~he fint Jay oi rach munth uniil the c:1iJ nutr i. fulty paiJ, will pay tu th~
nwrtguger ~h~ (ul~oNing cums:
(a) An amount sufficieni to providr the holder hereof with funds to pay the nex~ mortgage insurance premium if this instrument anJ
the note secured hereby aro insuretii, or a munthly charge (in lieu uf a mor~gagc insurance prrmium) if they arc held by the
S~cretary of Housing and Urban Devc(upmrn~, as folluws:
tl) li and so lo~g as said note oi even date and this instrument are insured or a~e reinsured uncie~ the p~ovisions of the
National Housing Act, an amount suf'ticient to accumulate in the ha~ds of the holde~ one (1) month prior to its due datt the
annual mortgage inwraoce promium, in arck~ to pr~vide such hoWer with fun~is lo pay such premium to the Secrctary of
Hausing and Urban Dsvelopment pursuant to the National Housing Act, as amernfed, a~xi applicable Regulati~ns
thcreumler, or
(11) If and so long as said note of even da~e arxl this insuument are held by the Secretary of Housing and Urban Development.
a monthly charge lin lieu of a mortgage insurance premium) which shall be in an amount equal to one•lwelf~h 111121 of
one-half ly41 per centum oi the ave~age uuts~anding balance due on the note computed without ~aking into aocount
delinquencies or prepayments;
(b) A sum equ~l !o the grouixl rents, if any, next due,_plus the premiums that will nezt become due and payable on policits of fire
and other hazard insurance cove~ing the mortgaged property, plus taaca and assessments next dut on Ihe mongaged property (atl
as estimated by the mortgagee) less all sums already paid the~efor divided by the number of months to elapse beforc onrmonth
prior to the date when such ground rents, premwms, taxes, and assessmcnts will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, tazes, and special asscssments; aad
(c) All payments mentioned in the two preceding subsections d this paragraph and all payme~ts to be made under the note secured
hereby shall be addeJ together and 1he aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to t+e applied by the mortgagee to the following itertu in the order xt forth:
ll) 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 1he case may br, .
(tl) ground rents. taxes, assessments, fire, and other hazard insurance premiums;
(tIl) interest on the note secured hereby; and .
(IV) amorti~ation of the principal of said note. _
Any deficiency in the amount of such aggregate manthly payment shall, unless maJe g~wd by the matgagor prior to the due date of
the next such payment, conslitute an event ot deCautt under this martgage. The mortgagee may co11ec1 a"late charge" not to exce~i twu
cents 12c) for each dvllar IS11 of exh payment more than fifteen I IS) Jays in arrears 1o cover the extra expense involved in ha?xiling
Jelinquent payments.
3. That if the total of the payments made by the mortgagor uneler Ib? ot paragraph 2 preceJing shall exceed the amount of the
paymrnts actually made by lhe mortgagee. fur ground rents, taxes and attessments and insurance premiumc, as the ~ase may be, such
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, or refunded to the
mortgagor. If, hoW~ever, the monthly payment~ made by the mortgagor unJer I6) of paragraph 2 preceding shall not be sufficient to pay
grounJ rents, tazes arn1 assessments and insurance premiums, a~ the case may Ne, when the same shall t+ecome due and payable, then the
rtx?rtgxgur shall pay to the mortgagee any :~mount necessary ~o-make up the deficiency. on ~x before the date w~hen payment of such
grounJ rents, taxes, asxssments, or insurance premiums shaN be due_ !f at any time 1ht mortgagor shall tender to the mortgagee in
arcordancr wilh the provisions of the note secured hereby, full payment of 1he entire irxlebtedness represented the~eby, the mortgagee
shall, in computing the amount of such inriebtednc~ss, credit to the account of the mortgagor aif payments made under the provisions of Irr?
uf paragraph 2 hereof which the mortgagee has not hecame obligated to pay to ~he Serretary of Housing arn1 Urban Devebpment and any
balance remaining in the funds accumulated under the provisions of Ih? of said paragraph 2. If there shall be a default urnier any of the
pravisiuns of this mortgage, resulting in a public sale of the premises crnered hereby, or if the m~xtgagee acquiret the prNperty otherw ese
after Jefault, the mortgagee shall apply, at the time uf ~he commencement of such proceedings or at the time the pruperty is otherw~ise
a~quiretil, 1he balance then remaining in thr funds accumulated under f h/ of paragraph 2 preceding as a creJit agaim± Ihe amount of
principal t~~en remaining unpaid under s:~id note arni shall properly adjust any payments K'IItCII shatl have been maJe under !u) of said
paragraph.
J. -1'hat he will pay all taxes, a+sessments, W ater rates, and uther governmental or municipal chargc~+, fines, or im~~sitions, for which
provision has nut t+~en made hereint+efore, anJ in default thereof the mortgagce map pay [hr tame; and that he aill prompdy delivrr !he
ufficial receipts therefor to the mongagre.
S. That he will permit, commit, or wtTer no wa~te, impairment. or deterioration of s:iid pruprrry or any part therruf: arxi in the event =
uf [he failure of the mortgagor to keep thc huilJings on wid premises anJ th~ to t+r erected on ~aid premists. or improvements ~hereun.
in gu~1 repair, the mortgagee may make such rePairs rs in its.dis~:retion it ma~ J~em neces~ary f~x the pr~+er preservation thereof. and
the full amuunt of each and every such payment shall be immediately Jue anJ payable, rnd shall t+e securctil by the lien of this mortgage.
6. That he will pay all and ~ingular the costx, charges, and expenses, incluJing reasonable IaN•yer's fees, and rents of abslrac~s of title.
incurred or paid at any time by the mongagee hecause of the failure on the part of the murtgagor promptly and ~ully to perfurm the
agreements ane! covenants of saiJ promis~ory note and this murtgage, and said c~ts, chargec, arxi expenu~ sFall t+e immediately Jue and
payable •rnd shall t+c secured by the lien of this mortgage.
7_ That he wil! keep the improvements rww e~ivting or hereafter erectecl on the mortgaged pruperty, imured as may be requircYl frum
time ta time by thr mongagee against loss by fire arxl other hazanis, casufaties, anJ contingencies in such artwunts anJ for such peri~xis as
may be required by mortgagee, and wi11 pay prompUy, when due, any premiums on such insuram;e for payment of which provision has not
been made hereinbefore. All insuranee shall be carried in Companies approved by mortgagee and the policies and renewals thereof shall
t+e heW by martgagee anJ have attached thereto I~xs payable clauses in favor of and in fixm acceptable tu the mortgagee. tn event of ioas
he will give immeJiate notice by mail tu mortgagee, anci mortgagee may make proe~f ut Ie~ss if not made prompUy by m.xtg•rgor, and each
insur~nce rompany concerned is hereby authorized and Jirected to make payment for such I~ns Jir~:Uy to mortgagee instead of to
rtwrtgagor arxi mortgagee joinUy, and the insurance proceeds. or any part therrnf, may be applied by nwrtgagee at itc option either to the
reduction of the inJebtednets hereby securc~i or ta the resroration or rePair of the proprrty damageJ. In event of fureclosure of this
mortgage or o~h~r transfer of tide ~0 1he murtgaged property in extinguishmrnl of the indebtctiiness ~ecurrd hereby, all right, title, and
interest of thr mortgagur in and to any insurance policies then in force shall pats to Ihe purchaser or grantee.
8. That i( the premices, or any part thereo(, be condemned under any power of eminent doroain, or acquire~J tor a pubtie use,
the dama~e~, Proceeds, and the consideration For such acquisition, to the extent o( the (ull amount of~indebtedness upon this
~ ~tortga~te,.indth~\otc secured herebr remainiag unpaid,are hereby assigned by the ~iortgagor tothe \lortgag~e :~nd shall t~e paid
torth~ith to the ~1ortRaRee to be applied b}• it on account ot the indebtedness secured her~b}, ..hether due or not.
' 9. That the mortgagee may, at any time prrxling a suit upon Ihis morlgagr. apply to the court having jurixliction thereof for the
; appointment of a receiver. and such court shall furthwith appoint a receiver of the premises covered hereby all arxi ~ingular, irn:luJing all
and singulrr thr income, profits, issues, anJ revrnues from whale~~er wurce JeriveJ, each arxf every of which, it being expressly
unJerstooci, is hereby mortgaged as if spctiificall~r set furth and Jrxribed in the granting and habenJum clausrs hereof. and such receiver
i shall have aQ the broad and effective funciions anJ powers in anywise eniruued by a coart to a receiver, and such appoinlment shall be
' made by such court at an admitted equity and a matter of absolute right to said mortgagee, artd witlwut referern:e to Ihe adequacy ur
~ inadequacy of the value of the property mortgagect ix to the sol~ency or imolvency of said rrwrtgagor or the defendeM~ arxf that such
, rents, profits, income, issues, anJ revenues shall t~e applied by such receiver according to the lien of this rtk~rtgage arxi the practice of such
court. In the event of any default on the part of the mo~tgagor hereunder. the mortgagor agrees to pay tu the mortgagee on demand as ~
:casonable monthly renlal for the premises an amount at least equivalent to one-twelfth l l(121 uf the aggregate of the tw~elve r?wnthly
insta{Imemc payable in the then current year plus the actual amount of the annual taxes, a+sessments. Nater rate~. and insurance premiums
for such year not covere~l by the aforesaid monthiy payments.
~Q, That (n) in the event of any breath of this mortgage or default on the part of the murtgagor. ix Ib) in ihe event that any of saiJ
sumc o( muney herein referrecf to be not prompUy and fully paid without demaoJ or notice. or Irl in the event that each arxl every• the -
~tipulations, agreements, conditions. and covenants of wid note anJ this mortgage, are not Juiy, promptly, and fully prrfi~rmed; then in
eithrr or any such event. ~he said ap,~trrgate sum mentiuned in said note then remainig unpaiJ. with interest accrued to that time, and all
muneys secured hereby, shall t~ecome due ~nd payable furthw ith. ~~r thereafter, al the optiun of said mortgagee, as fully and completely as
if all oi the saiJ sums of maney were originally stipulateJ to be paid on such day, anything in .aid note or in thic rrartgage to the contrary
nuta ithstartding; and thereupon or thereaRer, at thr op~ion of saiJ mortgagee. w ithout rx~tice or Jemand, suit at law• or in equity. may be
prosecuted ac if all moneys securecl hereby had mawred prior to its instiwtion. The mortgagee may fixrclose this rtwrtgage, as to the
arrwunt so declared due and payable, and the wid premius shall be sotd to satisfy and pay the +ame together with c~nts, eapenses. and
i aHuwanc~s. !n case o! parteal fexeclosure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the Jebt not thrn dur and unpaiJ. In such ca~e the provisions of this paragraph may again be availeJ of
; thereafter from time to time by the mortgagee.
; 1l. That the morigagor xill give immediate notice by mail to the mcxigagee uf any conveyance. transfer, or change uf ownership of
the premises.
~ 12. That no waiver of any covenant herein or of 1he obligation secureJ hereby shall at any time thereafter t+e held to he a waiver of
the terms hereol' or of the rx~te secured hereby.
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