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2. ~~hat, in order rtwre fully tu pro~c~~ the security uf this ma~lgage. ~he m~~rt~gu7, k?g~iher wi~h, and in addiliun w, the munthly
payment~ undrr the terms of the note srcurrJ herrby, un the fint day uf r:,ch mun~h until ~he .uid n~~te i~ fully p:~id, will pay tu the
nwrtgagrr thr folluwing ~ums:
lal Ao amount sufficient to provide the holde~ hereof with funds to pay the ~ext rtw~tgage inw~ance premium if ihis instrument and
the note secu~ed hereby are insured, or a monthly charge lin lieu of a mortgage insurance premium) if they are held by the ~
Saretary of Housing and Urban Development, as follov?-s: '
Ul If and so long as said note ot even date and this instrument arc insurai or are rcinsured wxier the provisio~?s of the t
Nationaf Nousin~ Act. an amount suRcient to aceumulate in ~he hands of the holder one t 1) month prior to its due date the
annua! mortgage insu~ance premium, in ~rder to provide such hoWer with funds ta pay such premium to the Secrctary of
Housing and U~ban Development pursuant to the National Housing Act, as amended, and appficable Regulatio~s ~
thr~eunder; or ~
s
Ill) lf and so lo~g as said note of even date and this instrument are heW by the Secretary of Nausing and Urban DeveloPmeot,
a munthly charge lin lieu of a mortgage insurance premium) which shall be in an amount equal to one•twelfth (1/121 of • ~
one-half (yi ) per centum of the average outs~arniing balance due on the note computed without taking into account
delinque~cies or prcpayments; :
Ib) A sum equal to the ground rents, if any. next due, plus the premiums that wilj nexl become due and payable oa policies of firc
and other hazard insurance covcri~g the mortgaged propzrty, plus Iaxes and assessmrnts next due on the moRgaged property (all
as estimated by the mortgagee) less all sums already paid therefor dividod by 1he numbor of months to elapse beforc one month
prior to the date when such ground rents, prem~ums. ta~c~s, and assessmeats wi11 become delinquent, such sums ta be held by
mortgagce io t~ust lo pay said grouRd rents, premiums, taxes, and special asscssmenu: and -
(c) All payments mentioned i~ the two prectding subsections of this paragraph and all payments to be made under the note socured
hereby shall be added together and the aggregat~ amuunt thereof shaU be paid by the mortgagor each month in a singk paymcnt
to bt applied by !he mortgagee to the foilowing iterru in the o~der set forth: ;
(b premium charges under 1he contract of insurance with the Secretary of Housing and Urban Devebpmcnt, or monthly =
charge lin lieu of mortgage insurance premium), az the case may be; _
(11? ground rents, taxac, assessments, firc. and other hazard insurance premiums; '
Qll) interest on the note secured hereby; and ~
IIV1 amortization of the principal of said note.- _
Any deficiency in the amount of sucA aggregate monthly payment shall, unless made good by the matgagor prior to the Jue Jate uf ~
the next such payment, constitute an event of defauft under this mortgage. The mortgagee may collect a"late charge" nut to exceeii two
cents 12N for each dollar IS1) o[ each payment more than fiReen 1151 days in arrears to cove~ the extra expense involveci in haixiling
Jelinquent payments.
3. That if the total of the payments made by the mortgagor under Ib1 of paragraph 2 p~eceding shall exceed the amount of the
payments actually maafe by the mortgagee, for ground ~ents, taxes and assessmznts anJ insurance premiums, as the case may be, cuch
ezcess at the option of the mortgagee, shall, be credited on sabaoquent payments to be made by the mortgagor, or refundod to the
mortgagor_ If, however, the monthly payments made by the mortgagor under Ibl of paragraph 2 preceding shall not be sufficient to pay
grournl rents, taxes arxf a+sessments and insurance premiums, as 1he case may be, when the same shall become due and payable, then the
mortgagor shall Pay to ihe morigagee any amount necessary to make up the deficiency, on or l~efore the date whe~ payment of such
ground rents, tazes, assessments, or insu~ance premiums shall be due. If at any time the mortgagor shall terxler to the mortgagee in
xcordance with the provisions of th~ note secured hereby, full payment of the entire indebtedness representrci thereby, the mortgagee
shaN, in computing the amount of such irniebtedness, creJil to the account of the mortgagcx all payments made under the provisions of lal
uf paragraph 2 hereof which the mortgagee has not t+ecome obligated to pay to the Secretary of Housing anci Urban Development and any
balance remaining in the funds xcumulat~i under the pruvisians of (b? of said paragraph 2. If the~e shall.be a default urxfer any of the
provisiorts of this mwigage, resulting in a public sale of the premises covered hereby, or if the m~xtgagee acquires the property otherwise
aRer default, the mortgagee shall apply, at the time of the commencement of such proceeJings or at the time thr property is otherw•ise ~
acquirrd, the balance then remaening in the funds accumulat~vi under !A/ of paragraph 2 preceding as a creelit against the amount of ~
principa! then remaining unpaid under said note and shall propc:rly adjust any payments which shall have been made under lu) of said -
paragraph.
i. That he will pay atl taxes, assessments. ~vater rates, anJ wher govemmental or municipal chargc~, fines, ~ empusitions, for which
provesion has not been made hereint+~fore, and in Jefault therzof the m~xtgagec may pay the same: and that he wi11 promptl~• deliver the
official receipts therefor to the mortgagee.
S_ That he will permit, commit, or suffer no waste, impairment, or deteric~ration of said properiy or any part thereof; and in the event
uf the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements the~eon,
in go~xi rep~ir, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper prrservation thereof, and
the full arrwunt of each and every such payment shall be immecliately due anii payable, anJ sha!! be secureJ by the lien of this mortgage.
6. That he will pay all and singular the custs, charges, arxi expenses, including reasonable lawyer's fees, and costs of abstracts of tide,
incurred or paid at any time by the mortgagee t+ecause of the failure on the pan of the mortgagur promptly and fully to perform the
agreements ancl covenants af said promissory note and this mongage. and said costs, charges, a~x! expenses shall be immeJiately due and
payable and shall be secured by thr lien of this mortgage. . ~
7. That he wi11 keep the improvements nuw• existing or hereafter erecte<i on the mortgaged property, insured as rqay Jae requirni from :
time to time by the mongagee against lixs by fire and other hazards, casulaiies, and contingenCies in surh amounts and for such periuds as s
may be required by mortgagee, and will pay prompUy. M•hen due. any premiums on such insurance fpr payment pf which p~uvision hu not ~
been made hereinbeforc. All insurance shall be carried in companies approved by mortgagee atid the po(ic~es and renewals lhereofshall '
be held by mortgagee and have attached thereto loss payable clauszs in favor of and in form acceptable to the nwrigagee. In event of losc '
he will give immeJiate notice by mail to mortgagee, and mortgager may make proof of loss if not made promptly by mortgagor, and each
inwrance company concerneJ is hereby authorized and directed to make payment for such loss direcUy to mortgagee instead of to
mortg~gor anci mortgagee jointly, arx! the insurance proceeds, or any part thereof. may be applieJ by rtwr[gagee at its vption either to the ?
reduction uf the indebtedness hereby secured or to the. restoratiun or repair of the property damaged. In event of foreclosure of this a
mortgage or other transfer of title to the mortgaged propeny in extinguishment of the indebtedness secured hereby, all right, title, anJ ~
interest of the mortgagor in and to any insurance po(icies then in force shall pass to Ihe purchaser or grantee.
8. 'Ihat i( ~he premises, or an} part thereof, be condemned under any poMer ot e~ainent domaio, or acquired tor a public use,
the dama~es, proceeds, and the consideration (or such acquisition, to the extent of the full amouot of indebtedness upoo this ~
1lortgage, and the \iote secured hereby remainiag unpaid, are hereby~ assiPned b~• the 11ortRagor to the 1lortgagee and shal) be paid
(orthN•ith to the ~1ortRaRec to be applied by it un account o( the indebtedness secured hereby, Nhether due or aot. 3
9. That the mortgagee may, at any time perxiing a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment ot a receiver, and such couri shall forthwith appoint a receiver of the premises covered hereby a!I and singular, including aU
and singular the income, profits, issu~s, and revenues from whatever source derived, each and every of which, it lxing expressly
understix~d, is hereby mortgaged as if specifically set forth anJ described in the granting and habendum clauses hereof, and such receiver
sha(1 have a(t the broad and effective functiorts and powers in anywise entrusted by a court to a receiver, and such appointmtnt shall be
made by such court as an admitted oquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inadequacy of the value of the property mortgaged or to the solvern:y or insolvency of said mortgagor or the defenJents, arxl that such
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mongage and the praclice of such
court_ In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reacunable monthly rental for the premises an amount at least equivalent to one-twelfth ( II12) of the aggregate of the twetve monthty
instaHments payable in the then current year plus the actual amount of the annual laxes, asses5ments, w~ater rates. and insurance premiums
for such year not covereci by the aforesaid monthly payments.
10. That lu) in the event of any breach of this mortgage ur default on 1he part of the mortgagor, or (h1 in the event ihat any of said
sum~ of money herein referreci to be not promptly and fully paid without demand or naice, or fc) in the event that exh and every the
stipulations, agreements, conditions, and covenanu of saiJ note and this mortgage, are not duly, promptly, arxi fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then r~mainig unpaid, with interest accrued to that time, and all
rtwneys secured hereby, shall become due and payable forthwith, or thereafter, at the optiort of said martgagee, as fufly and completely as
if all of the saiJ sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
notwithstanding: and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity. may t+e
prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclox this mortgage, as to the
ar?wunt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together wi~h costs, expenses, and
alk~wances. In case of partial foreclosure of this mongage, the mortgaged Premises shall be sold suinject to the continuing lien of this i
mortgage for the amount ot the dtbt not then due and unpaid. In such case the provisions of this paragraph may again be availed oF
thereafter from time to time by the mortgagce.
11. That the mortgagor will give immeJiate notice by mail to the mortgagee of any cunveyance, transfer, or chang= of ownership of
the premises.
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter tx held to be a waiver of
the terms hereof or of the note secu~ed hereby.
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