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Ihal. ~n urd~r nk~rr full~ tu p~utr:l thr.r:un~~ ~~f llu. murt~;a~;r. ~hr m.~r~~;.~~:~~r. t~~~;rthrr ~~ith. .~rnl ~n ad~lu~~~n tu. Ihr nh~nthl~
p.~}iurnt. umlrt Ihr larm, ~~f thc autr .rcurcd hr~rh~. un Iht lir~t J.t~ u! ca:h nwntte unt~l Ihr •:u.t nu~r i. lull) p:u~i. H~II pay 1~~ Ihc
mw Ig,~gr~ thr fi~llu~~ in~; .um.
I;i1 :~n :~nw~unl .ulfi~irnl tu prov~d~ Ih~ h.~ldrn c~rruf Nith fund~ w pay ~hr nrxi nwrtgagr ~mun~ncr premium if th~+ ~mtrumtnt and
~hr nutr +~currJ h~r~by arc ~murrJ, ur a munlhly chargr lin li~u u( a murigagc imurancr premiuml if thry~ arr h~ld b~~ thr
1cti;rctary uf Huu~iog and Urban ikvrlupmrnt, a~ fuUuws:
111 If and w lung a~ +x~d nule uf cvrn dat~ anJ thir imtrumcm arr imureJ ur arr rrimur~J undtr ~hc nrovi.ium uf thc
Natianal Nou~ing Ac1, an amuunt ~ufl`icirm tu accumulate in thr handc of thr holder une l I I month priar to itc due date thr
annual nwrtgagr imur.u?~e prcmium, in urdrr to pru~~de .uch hulJrr w~ith fund. tu pay .uch prrniium lu thr ticv;rrlary uf
Huusing and Urban [kvrk~pment punuant tu Ihr Nauunal Nuuwing Ac1, a+ amrnJcJ, arxl appli~ablr Rrgulauun+
thrreunJer; .x
I111 If an~l x~ lung a+ +:?id nutr uf rvrn Jatr anJ th~~ in.~rumrnt arr ArW hy thc kcretar~• uf Nuu,ing anJ Urban-[~velupmcnt.
a nwnthly chargr Iin licu uf a murtgagr insur.in~r premiuml Nh~~h .hall hc in :~n amuu~t ryual tu un~-laclfth 11/121 uf
une-hslf 1'~i1 {+er centum uf the aver.ige uut~tanding hal,in~e Jur un thr notr cumputeJ Nithuut taAing inw aaouot
drGnyuencie+ ur prepaymrnt,;
~h1 A,um eyual to the grow~J rent~. d anY. nrxt Jur, plu~ ~hr prrmium, 1h:it will nr~et t?rcume du~ :~nd payable un {xilicie+ uf fire
and .~thrr ha~ard imuran~r cuvrring the murtgagrJ pro~xrty, pluc taxe~ anJ ~~~r.~mrnt, nrxt dur un thr m~xtgagtd property lall
a~ r~timated by the mortgageel lecs all cums al~eady paid thercfor divided by the numt+er uf munth+ to elap.u t?tfurr onr mooth
prior lo thr date wh~n cuch gruurxi rcnh, prem~umc, 1a~ec, anJ as,r..mrnts ~~ill txYUmr Jelinyu~nl, ~ikt~ ~um~ to M hrld by
nxxtg:~ger in trust tu pay ~aid ground rent.. premium.. tax~+. :~nJ ~~xc~al as,r~.mrnt~: and
1c) All payments mentiuned in the twa preceding wMectiunc of thi~ paragraph and all paymrnts io he made urnirr the note ucureJ
hrrehy .hall be aJd~ti1 tugethrr anJ Ihe aggregah amount thrreof .hall hr puiJ by the morlgagur ~ach munth in a single paymrnt
to hr :+pplied by the murtgagee tu Ihe folluw ~ng item+ in 1hr orJer ,rt Furth:
111 prem~um chargt~ under thr cont~act uf imiuance Hith th~ Sc~r~tan uf Huu+ing anJ l'rban Ik:vclupmrrtt, ur rrx~nthly
churge lin lieu i~f murtgage insur:~nce premium), a~ the r.?+~ may he; -
1111 grounJ rent+. iaxe~. a~cr+.ment~, fire, anJ ~~ther ha~ard in.urancr premiums;
1111? intere~t on the nute +ecunvi herrby; ~nJ
11 V 1 amortitation of the principal of wiJ nut~.
,\ny d~tic~rn:> in thr amount of ,u~h :~~cre~:atr munthly paymcnt ,halL un1r.. m:?.Ir g~xxl hy ~hr rnu~tgagur pnur tu 1hr duc.iatr ul
thr nr~t wch pa~~ment_ c~~mtitu~~ :in rvcm uf d~fault unJ~r ~hi. murtgage. lh~ murtgagre may a.II~ti1 a"latr:h:~rg~° nut tu rxct~J twu
~cnt. i_'.? for rarh duUar ~51~ i~f rach paymenl murr than fiftc~n 11~1 day~ ~n :?rrcan tu cucrr Ih~ ~~tra ~x~xm~ in~ulc~~J in han~Gng
d~G~x~uent p:?}•mcnt,.
t. Ihat if thr tal:fl uf 1hr p:?ymrntc maJr hy the mortgagor undtr ~h1 ~~l paragr:~ph pr~ti~Jing ~hall ~~~red th~ :tnwuot i~l th~
p:~~m~nh :ictuall~~ maJe by Ihr martgagre, t~ar gruund rrnt~. ta~e. and :~„c~.n~ent. and in~urance prrm~um._ thc ~ax ma}• tx. ~uch
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
nx~rlgae~~r. If, hu~~evcr. the rm~nthly p:+~m~nt. madr M thr mortgacur und~r ibl i~f par,~~raph 2 pr~~?~Jinc ~hall not t+e suffici~m tu pa~
~ruund rent.. I:i~r. :+nJ a.,e,.m~ntc :~nJ imurar.ce prrmium~. ac thr ca+e may F+~. when thr .amr tihall I+~cume due and payablr. then thr
nh~rt~;:igur .h:sll pag t~i th~ m~~rtg:?gre any amuunt n~Ye.ca~} tu mal~ up th~ J~fici~nr>. un ~,r hrfurr thr Jatr wh~n paym~nt uf ,urh
gruund rrnt.. t:?xr,. a,.e.,mrnt,. or imur.~ncr prcmium. .h:?II hr Jue. If at am' time the mix~g:igur .halt trnd~r tu ~he mortgae~e in
:~cc.udane~ wilh the pravi.iun, of thr nute .rcurcd herrby, full paym~m uf thr entirr i~xlrbt~tilne.~ reprnented ~hrreby, the rn~xtgagrr
.h:~ll. in cumputi~g the amount uf.i~ch indehtaine.,. cntilit tu thr accuunt ~,f thr m~•rtgag~K a!1 paym~nt+ maJ~ unJer the pru.i~ium uf lu1
.~f p:uagraph 2 herce~f N hich the murt~ager h:n nut t~cumt ~~hligatc~J t~+ pay tu th~ Se~retary uf Huu~ing anJ l~rhan l)ev~lopment anJ am
h:~l;~nc~ r~mainin?~ in thr fund. accu~nul:~tc~1 undtr thr pru~~.ium uf Ih~ ~~f .:wid p:uagr:~ph If thrr~ ,h:tll t+r Jrfaull urxlar :~m~ ~,f thr
pn~~nium uf thi, m~~r~gagr. r~yulting ~n a puhh~ .:?Ir „f thr prrnu.~~ ~u~cr~yl herrM, ur if thr murtgagrr aryuir~. th~ proprrt~ i,lherNi.r
:d~t~r d~iaull, th~ murtga~rr ,h:~ll appl~. a1 Ihe tinir uf ~hr r~.mm~n~emrnt uf .uch pnkr~Jing. ur at 1hr t~mr thr pr~rpert~ uth~n~i~r
a~yu~rrJ. thr halancr Ihcn rrmaining in thr funJ. accumuL•itr.l und~r ~h/ uf par.~gr:~ph 2 prrcrding a. a.rc.iit again.t thr amuunl uf
pnn:ipal thrn rcm:~ini~g unpa~d un~l~r .:u.l n~~tr anJ ,hall pruperh :tdju.t an) p:~)mrnt. Nhi~h .hall ha~~ br~n made und~r lu) ut ~aid
p:~r~graph.
~ a. Ihat hr ~~ill p:~} :~II taY~,. :~.,~.,mrnt,. H:d~r r:~R~.. and othrr guv~rnmrnt:?t ur mun~cip:J ch:~rgc.. tinr.. ur im~x~,ilium. fur i~hich
pruvi,i„n ha, nut hrrn madr hrrciot+tt~~rr. :~nd in J~?ault thrrc„f thr murtgagrr ma~ pay ~hr .ame: and that hc ~iU prumpth~ dfli.•rr tht
u~ficrd ratiripl. lhrrefi~r tu [h~ murtiagt~. ,
1 h:~t hr w ill prrm~t. ~ummit. ~~r .ut7~r nu ~~:~,te. ~mp:iirm~m, ur drt~ri~~r,W~~n uf ,:~~.i ~~,~~«y~ ur :~ny ~art ehrrr~~f: anJ in the e"vent
uf thr I:~ilurr ut th~ murtg:~gur to leep ~hr huilJ~n~~ .~n ,ai.f pre~iii,~, an~l th~.,r t~~ h~ rrert~d un .aid pr~mi.r.. ur impruvem~nt. th~r~~~n.
in g~xxl repair. thr nx~rtgag~e ma~ ma{.r ~uch rrpair~ a~ i~ h~ di.crrtiun it m:~~ ~Irrm nctic~~.u} fur th~ pruprr prrkr~:diun Iherr~~f. and
thr f~ull amount uf each :?nJ e~ery wch pa~ m~nt .h:ill hc imm~diatrl~ Jue and p:~~ ahk. :~nd ,hall hr .~tiur~yl hy thr licn ~,f ~hi~ rrxir~e~g~-
t+. I hat h~ .~ill pa} all :mJ .ingul:u th~ r~Kt.. charge.. and rx~xme,. incl;~ding reawnaMr la~yer . fer.. anJ rustti uf ab,tract, uf titlr.
incurrcd ~~r pai~l xt an~ timc h~ Ihe m~~rtiagee h~tiautie ~~f Ihr failure un ih~ part uf thc murtg:~gur prumptly an~ I~ully tu prrli~rm thr
agretmrnt.:ind co~rnanl~ uf ~aid pmmi,.ur~ nu~~ anJ thi~ m.•rteag~. and ,:~i~ c~ht~. ch:ugr.. and r~pcm~~..h:~ll t+c immrdcu~l~ ~luc and
pa}abl~ :~nd ~h:ill ht ~~iuftd h) (ht hCn OI lhi~ murtgagr.
j lhat hr N~II Ac~p Ihe impro~rm~nt, nuw e~i~tinK ~~r hrreatter erect~tl un the murtgagrd pruprrt~. ~murcJ ma~ F+r rryu~rtJ frum
'I u~ne a~ limr h~ Ihr m~~rtgagr~ ag:?imt I~h~ hy firr and uthrr har.ard~. ra+uL•uir~_ and conlinetnc~c, in .uih :+m~~unl~ :mJ li~r ~u.h prn~til. a.
i ma~ hr rcyuircd hy murtgag~e. :mJ will pap promptl~. Hhcn .lu~. an~ premium~ un,uch in.uran~e fur paym~n~ „f whhh pn~~i,iun ha~ nu~
~ been made hereinbefure. All insurance shall be carried in companies app~roved by mortgagee and the policies anJ r~newals the~reof shall
hr h~ld h~ m~~rtgagrr anJ h:+~r :~ttathctl Ih~rrto lir~ pa~:ibir clauti~~ in f:~~or ~~f and in f~xm :~ri~p1:?hlr tu thr nwrte:~gc~. In t~~~~t of I~».
nr ill ~n~ immtJi:~tr nuti~a hy m:~il tu murtgagce_ anJ murtg:~gee may make pnwf uf lu~. if rH~l mad~ prumpd~ h~ murtgagur. ~nd rach
~n.ur.~rKr wmpany ru~~erncJ i. hrr~b~ authurireJ anJ directcd tu ma{,r pa~m~ne fur .uch Irn, .lirrctly tu nx~r~gacer in.t~:~J ut~ tu
nw,rtgatur :~nd nu,rlgagrr juimty. anJ thr imur:~nc~ pnxer.l.. ur :~ny parl thereuf. ma} t+~ applied hy nxxtgx~ee at iK uption eithrr tu the
r~.lucti~~n uf thr ~ndrMrJnrti. hrreh~ .~tiured ~,r tu thr rr,turatiun ur repair uf ~hr prupert} d:~m:~~:rd. In r~ent ~,f furcclu.ure uf thi.
murtg:~g~ ~~r uthrr tramf~r uf title to Ihe mortga~.rd pr~~rrty in ertingui.hmem .~f thc in~rMtJnr.~ .r~urr.l hrrch~. aU right. titlr. and
intrrr~t u( the mortg:~gur in :~nJ tu am imuran~r pulicir, then in forcr ,hall pa» to thc purcha~er ~~r grantce.
8. 'fh.~t if thr pr~•misr., or anc part thereof, Lr cundrmn~~d undc~r anc pn~.rr u( ~•n~in~~nt du:nain. ~~r yuir~,i (or .i puhli~ n.r,
th~• •i.ir.za~~r., f~ro~ ~~~•d., and th~• ~ unsid~•r.~tiun (or .uc•h :~~•qui.itinn, to th~~ F~trnt of th~~ (ul! .uuuunt of ind~•bt+•dn~•.. u(wn thi~
11~~rt~a~.•..~nJthr\u[~- .ernrerl h~~r~bc re~mainin~ unpai~l,arf~ here-L~ a~si~ned bc th~• \lor.~aeor tuth~• ~I„rtra~~~~• .~nd .h.?II b~• p.~id
furthti~ ish tu thr ~1ort~a~r~• to be applii•d bc it un ac ~ uunt uf the• indi•hti~dnf••~ .~•~'un~~i h<~n•hc. ~~hcth~•r ~lur ur no[. •
9. fhat thc murtgagre ma)'. :+1 an~ lime penJing a.u~t uEx~n thi~ murtg:+ge. appl~ tu thr cuurt ha~~ng jur~ulitUUn thrrruf ti~r thr
ap~~intm~nt uf a nti~ ivrr, and ~uch ~uurt ,hall furthw i~h ap~~int a re~~~~~rr u( the premi.~. cu~errJ h~rrh~ :JI anJ ~in~ular, inclu~ling :~II
:ind ,ingul:~r the incumr. prufin. i.,ur.. ~nJ rrv~nur~ fn~m ~hatevrr wur~~ drricrd. earh anJ cvery of Hhiih. it t+einc ~xpre~~ly
unJ~r.t~Nwl. i~ hrreh~• murtg;~ged a~ if.~x~.~fi~:Jl~ ~rI furth :snJ Je,rritxd in thr granting anJ hcihtn~um cl;?u~e~ hrreuf. :mJ ,?hh rc~enrr
.h:_II h:ive all thr hru:~d anJ effecti~•e functiuns and powrrs in an~witie entru,trJ by a cuurt tu a rcYrivrr. anJ ~uch appuinlmenl .hall t+r
made by ~uch court a~ an ~Jmitted eyu~q anJ a matt~r uf ahx~Iwe r~ght tu wid murtgager, anJ H ithuut rrf~retke lu ihe adcaua~y ur
inadrytci:y of the ~alu< <~f the pruperq mortgag~d ur tu Ihr ~ul~•ency i~r imuhency uf .aiJ rtturtgagur ur the JefenJrnt~. ~n~ that ~uch
rrnt.. pr~~fih. incumr. i+,ucw. and revr~?uc~ ~hall b~ applied h} .uch receiver aecording to Ihe lien uf thi. murtgage anJ the practice ~~f,uch
cuurt. In the evrnt ~if any default un the part of the martg:~gor hrreundrr. the murtgagur agre~~, tu pa~ tu th~ m~~rtg:~g« on demand a. :i
~ rr:n~~naM~ nx~nthi} rental fur the premi~e. :m amuuot at lea~t eyu~~afent to unr-tuelflh ~ I/1'_? uf thr aggrrgatr uf the t~rla-~ rtx,nthl~
~ m.t:Jlmrnt~ pa~aMr m thr thrn currcnt yrar plu+ tha actual ~muunt uf the annual ta~c~. a~~c~.mrnt., w:urr ratr.. and imurancr prrmiumti
G~r .uch yr:~r nut c~~vere~ h} the :~f~xr~aiJ m~~nthly pa~mentti.
~p. Tha~ Iu1 in ihe event uf any breach uf Ihi, murt¢age ur drL~uh un thr part of the rtx~rtg.~gur. ur Ih) in thr ecrnt that an~ uf .:uJ
~
+~m~ uf mime) hcrrin refcrreJ tu 1?e nol prumplly and tully paiJ Nithout drm:~nJ ~~r nuticr. i~r 1~ t in Ihc ~~rnt that rach and r~er} the
,uputatiun,. agrecment,. runJitiunc. and cucenanh uf ,aiJ nut~ anJ ~hi~ mung:~ge. arr nut didy. prumptly. anS futl~ p~rfurmrJ: then ~n
~~thrr ~~r an~ +uch «~rnt. the .aiJ aggregate wm mrntioneJ in ~aiJ nutr then rema~nig unpaid. w ith intere,~ arcrueJ 1~~ th:+t timr. anJ all
nwnr~..rcureJ hrrrhy. ,h:dl tx~cum~ dur anJ p~yaMe furthw ith. ur ther~atier. at thr upti~,n uf .a~J murtgager. a, fully and compl~trlg a.
~ if :~II uf thr u~id ,um~ i~f munry .+erc uriginall} ~I~puI:NeJ tii be p:~id ~~n w~h daq. :~ny thing in .aid nut~ ur in thiti mortgag~ Iu thr ci~ntrar}'
~„tNith,tanJing::+nJ thereuFxm ur Ihrrc:~flrr. al thr uptiun ~,f.aiJ mi,rtgag~r. withou~ nutir~ or Jrm:~nd.,uit xt IaW ur in ryuity. ma} tx
~ pnr,rruted a. if all munry, .ctiur~~l herrh} had matureal priur to it~ in,~iwuun. Thr murtgagee may fureclutie thi~ rr?ixtgagr. a~ tn thr
:~mount .u dcclareJ Jut and p:~}able. anJ the +aid prrmi~~ ~hall he wW ti~ sati~fy and pa}~ the ~:ime tug~thrr with cu~h. r~peme~. and
~ allu..ancr.. In i:~.r ~~f parlial fureClwure uf thi~ murt~;age. the m~.rtgageJ prrmitie. +hall he wld .ubject tu thr ~untinuing li~n of thic
rrx~rtgage f~~r the amuunt uf the debt not Ihen due anJ unpaiJ. In .uch r,ar th~ pruvi~ium uf Ihn p:iragraph may ~gain hr a~:~ilrJ uf
~ ~hcreafter fn~m timr tu timr hy the murtgagee.
~ I l. fhat the murt~:+g~~r ill gi.•e immcJiate notice hy mail Ii~ the mi~rtg:~gee ~~f anp r~~m~eyarne. tramfer, ur change of uwner.hip i.f
~hr prem~~c,.
~ 12, I hat nu waner ~~f an} ~uvrnant hercin or of the obligation ti~tiured h~rrh~ .h:Jl at am' timr there:J~er h~ h~ld t~~ hr a wai~cr of
.-.s~,
the trrm. hrre~~f ~~r ~~f thr nutc ~rcureJ hcrrh~.
~ 80~r 205 PACE
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