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2. l hat. in urJrr nx~rr full~ tu p~utc~l 1hr .rcurity uf thi. mung:,g~. ~hr murtgagur. u~grth~r with, anJ in add+liun tu, th~ nx~n~hly.
pa~nxnt. unJrr thr tr~nn uf thr nutr +crur~J hrrrhy, un ~hr fir.t Jay uf ratih manth until Ihr .aiJ nutr i~ fully p:~id, wifl p:ry tu thr
nx~rlgag«Ih~ fi~lluwing,um.:
lal .1n amuunt wfficient to p~ovide th~ huWer Aereof with funds to pay the next mungage insurance premium if Ihiti imtrumertt and
th~ nute secured he~eby are insured. cr a manthly charge lin lieu of a mortgage insurance prrmium) if ~hey are held by the
~:rctary uf Nousing anJ Urban Dev~lupmrot, as fullows:
IU I[ and w long as saiJ note of tven Jate anJ this instrument are insured or a~e reimured unde~ 1he provi~iuns of !he
National Housing Act, an amount suf'ficient to accumulate in the hanJs of the holder one (1) month prior to its due date the
annual mortgage insurance premium, in ~xdr~ to pn~viJe such holder with fuoJs to pay .uch premium to the Secretary af
Housing anJ U~ban Dtvelopment pursuant 10 lhe Natiunal Housing Act, as amerxfeJ, a~xt applicable Regulatiu~s
thrreunder. ar ~
111) !f anJ x~ long as said note of tven date a~1 this instr~ment are heW by the Sccrctary of Huusing and Urban Devrlopment,
a monthly charge lin lieu of a murtgage insurancr premiuml wAich sh~ll be in ~?n artwunt equal to ono-twelflh (t/121 of
one-half 1'h ) per centum of the avt~age outsta~xling balance Jue un Ihe n~te computed without taking into aocount
delinquencies or prepayments;
Ibl A sum equal tu the gruu~xi rents, if any, next due, plus the premiums that will next beoome due and payabte on poticies af fi~e
arxi uther hatard insurance cavering tAe ?rwrtgaged property, plus ~axes and asses~ments next due on the mortgaged property lall
as estimated by tht mortgagee) less all sums al~eady paid the~efor divided by the number of months to elapse before one month
prior to the date when such grounJ rents, prcmiums, taxes, and aac~ssments w-i11 become delinquent, such sums to be heW by
mortgagce in trust to pay said ground reots, premiums, taxec, and special assessments; and
Ic) All payments mentioned in the two preceding subsections of this paragraph and all paymcnts to be made under the note secured
hereby shall be addeci together and the aggregate amoun~ thereof shatl be paid by the mortgagor each month in a single paymenl
ta t?t applied t+y the mortgagee ta the following items in the urder set forth:
111 premium charges under the cunt~act af insurance wilh the Secretary of Housi~g and Urban Development, or monthly
charge (in lieu af mortgage insurartce premium). as tht cast may t+e;
lN) ground rents, ta~es, asscssments. fire, and other hazard insurance premiumr, ,
1111) interest on the note secured hereby; and
IIV) amortization of the principal of said note,
Any Jehciency in th~ amount of such :~p,gregate nx~nthly paymenl shall, unl~ss made gocxl by the m~xtgagor prio~ tu ~he due date uf
the next wch payment, constitute an event oF default urxler this mortgage. ~he mortgagee may collecl a"late chargt' not to e~ceed tK~u
cents 1'_cl fi~r rach ~killar ISI1 of ~:ich payment mcKe than fifteen I IS? days in :irrears ta cover the extra expensr in~•ulveel in handling
detinquent paymrnts.
3. That it 1he total of ~hr payments madr by the mongagor unJer Ihl of paragraph 2 prereJing +hall rxceed the anwunt of the
payments actually maJe by the m~xtgagee, fix ground rents, ta~es and acsessments and insurance premiums, as the case may t?e, such
eacess at the option of the martgagee, shall, be credited on wbaequent payments to bc made by the mortgagor, or refunded to the
m~utgagor. If. huwever, the nx.nthly paymcnts made by the mor~gagor under 161 of paragraph 2 preceding shall aot ~be sufficie~t to pay
gruunJ rent., taxes anJ a++essments and inwrance prcmiums, ac the case may lx, whan 1he same shalt becurtte due and payable, then the
rtx~rtgagar shxll pay to the mortgagee any amounl nrcessary to make up the deticirncy, on ur t+efore the date when payment of such
grourxl rent+, taxes. as.eessmrnts, or insurance premiums shall be Jue. If at any time the mortgagor shall terxler to the mortgagee in
cxcorJancr with the provisivnx of the note crcureJ hereby, full payment of the entire iixlebtrdness represented tAereby, the mortgagee -
~hall, in computing the amuunt of surh inJebt~inc~s+, creJit to Ihe accoum of the mortgag~x all payments made under 1he provisions of lul
~+f parugraph 2 here~~f which the mortgagee has not t*ecome ~IigateJ tu pay to the Se~retary of Housing antl Urt?an Develupmenl arn1 any
halance rcmainiog in the funds accumulatctii unJer the pruvisiom of Ih~ uf said paragraph 2. If there shsll t+e a default umler any of the
pruvisium oP this mixtgage, resulting in a public ,ale uf ~he premi+e+ cuverc-~i hereby, or if the m~xtg~gee scyuires 1he pr~?erty otherwise
after drtaolt, the mortgagre ~hall apply, at the time ut the cummer?cement of wch pnxerdin~ or at the time the pmperty is otherwise
xyuirc-~f, the balance then remaining in the funJs accumulat~l undrr ~h/ of paragraph 2 prercYiin~ :u• :~.`.rgdit :~aimt the amuunt uf
princip:~l then remainmg unpaiJ under ,aiJ note anJ shall pru~rly adjua any paymenh which sha ~ have t?eYn'made unJer fn) of said
E+aragraph. ' • -
-t. That he Nill pay all ta~c~, a+tie+smrnh, water ratrc, snd othrr go~ernmrntal ur munici~31 cha~gex, fines. or impcisitions, for which
pruvitiion bas not bren made hereintkfurr, and in Jefault therc*~f thr mortgagee may pay the rSme: and that he wilt proq~tly dtliver the
ufricial rcy.eipu therefor to Ihe mungager. a _
5. "~hat hr will permit, commit, ~~r +uti'er nu Naste, impairment, or Jeterior:etiun uf weJ pn?perty or any p:~rt ther~~f: arnl in tFie event
uf ~he failure ~.f the nwrtgagur tu kecp the builJings un .aid premiset and thusr to t+e erectrd un saiJ premises, ur impruvements ihereon.
in g~wxi rrpair, the mortgager may make such repanrs ati in it. Jiurrtiun it may deem neccws:?ry for the proper precervation thereof, anJ
Ihe full artx~unt of exh anJ every such payment shalt be immc~liately due anJ payahle, and shall br ~cure+l by ~he lien of this rtwrtgage.
6_ ih•rt he w ill pay all und singular the axt~, chargc~, arnl expensc-~, including reacunablc lawyer's fees, and eosts of aMtracts of tiUe.
mcurreJ or paid at any time by the r?x~rlgagee bctiame uf Ihr failure un the part uf the murtgagur prompUy and fully to perform the
:,grermrnh and coven.~ntt of wiJ prumiiu~ry ncrte anJ thi+ murtgagr. anJ said c~nt+, charges, anJ expenses shall t+e immediately Jue :+nJ
p~yable and ~hall t+e tiecured by thc lien of thil m~xtgage.
7. Th•rt he Nill keep the impr.~vemenh nuN c~isting ur hercafter erected on the mortgaged pruprrty, inwred ati may be required from
ume to time by the rtwrtgagee again~t li»~ h}• hre and uther ha~srds. casulati~, anJ contingerxiet in tiuch artwunt~ and fi?r +uch periixls as
may be requtretii b)~ mortgagre, and N ill p~y pmmptly. N hrn Jue, an~ premiums un such insurance for p•ryment of N hich provisiun has not
been made hereinbeforc. Afl insurance shall be carried in companies approved by mortgagee and the palicies and renewals thereof shall
hr held by murtgagee and have attached thereto I~ns pay:eble clauses in favor of anJ in form acceptable to the rtx~rtgsgee. In event ~~f los~
he w ill gi~•e immediate nutice by mail to mortgagee. arnf morigagee may make pruuf of loss if rxit made promp~ly by mcxtg:igor, and each
~nwrance cumpany concerned is hereby authorized and directeJ to make payment for such ioss directly to mortgagee imteaJ uf to
nx~rtgagur and murtgagc~e joindy. artJ thr insur:ence pnxeeds, ur any part :here~~f, may be applied by rtwrtgagee at its option either ta the
reJuc:tiun of the indebtrdnc+s hereby lecurrd ar to the rest~xation ur repair of the properry JumageJ. In event of toreclusure uf Ihis
murtg~ge or other tr~mfer of title tu thr mixtgaged prmperty in extinguishmem of the inJebteclness secured herrby. ail right. title, anJ
interru of the murtgagcx in anJ to any insuranee policiec then in force shall pas~ to the purchaser or grantee.
S. That if the~ premises, or anv part thereoi, le condemned under any po~.er ot emioent doroain, or acquir~d for a public u.c,
the• d~ma~es, proceedc, and the considcration for ~uch a~•quisition, to the e~tent of the full amount of indebtedn~ss upon this
tlort~agr,.indthc~ote secured hereh~~ r~maininR unpaid,arF herrbc assign~d Lr t(~c \tortRaRor tothe 11ort~~Z~H and shall be paid
(~~rch~.;ih to tht• ~lort~aeee to be applic•d b~• it un account uf the indebtedpes. secured hereb~-, ~,hether due or not,
9. That ihe~m~~rtgagee may, a~ any ume penJing a~uit u~x.n thi~ mortgage. ;y~ply to the cuurt having juriviittion thereuf fiir the
appuiniment of a rrceiver, anJ such cuurt shail fi~rthw ith appoint a rrceiver uf the premises eovereJ hrreby all anti singular. irkluding all
anJ ~ingular thr incon~e, profih. issun, anJ revenurs from whatrver Wurce derived, each anJ e~•ery of which, it being eaprecsly
understouJ. is hereby mortgag~~1 a~ if specifxally set fonh anJ dekribcYi in the granting and hat?endum clausc~ hereof. and ~uch receiver
thall have all ~he broad and effective functions and puw•ers in anywisr entrusted by a court to a receiver. and such appointment shall be
made by wch court as an admitted equity aad a matter uf ahsulute right to said mortgagee, anJ without reference tu the rdequacy or
inaJryuacy of the value of the property mortgaged ix to the u~lvency or inwlvency of said mortgagor or the defendents, and that ~uch
rentc, profits, income. icsues, anJ revenues ~halt t+e applied by ,uch rece+~•er accordiag to the lien of this mortgage arxi Ihe practice of such
cuurt. In the evem of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
re:~tionable monthly rentat for the premises an amuunt at Irast eyuivalent tu one-tw•elfth 11/121 of the aggregatr of Ihe tw•elve monthly
in~tatlments payable m the then current year plus the actua! ~mount of the annual taaes, assetisrr~ents, uater rate~. anJ intiurance premiums
f.~r such year not covered by the afore~aid.monthly paymentti. ~
10. That lu) in the event of any breach of this mortgage or Jefault on the part of the rtxtttgag~~r. ur Ib) in the even~ Ihat any of said
wms of muney herein referred to be not promptty and fully paid without demand or notice. or /c•) in the event ~hat each anJ every the
.tipulatiuns, ~greements, canJi~iom. ~nJ coven.?ntt of said nae and this m~xtgage, are not Juty, promptly, and fully perfi~rmrd; then in
ehher ur an~~ ~uch event. the caiJ aggregate ~um mentioned in said note then remainig unpaid. aith intereu accrued tu that time. and all
rrn~neyc x-~urrJ hereby. shall t+ecome due and payaMe forthw ith, or thereaRer. at the option of said murtgagee, as fully and cumpletely as
if sll ~>f the s:,iJ sumc of rrn~ney were originally .tipulated tu be paiJ un such day. anything in wid note or in this mortgage to the contrary
notw~ithuanding: and thereupon or Ihereafter. at the ~~ptiun of saiJ rn~mgagee. without notice or dematxl. ~uit at law or in equity, may t?e
pnxecuted a~ if all rrWneys uYUrrd hereby haJ matureti prior to ics institutiun. The rrKxtgagee may foreclose this morlgage. as to the
arnvunt w declareJ due anJ payahle, and the sa~J prrmises shall be wld to satisty and pay the wme together witb costs, expenses_ and
alloKances_ In case of partial foredmure uf this mortgage, the murtgaged prem~ses ~hall be uild subject to the rnntinuing lien of this
rrxirtgage for the amount of Ihe deht not then due and unpaiJ. In such case ihe prov~sions of this paragraph may again he availed of
thereaRer from time to t~me by the murtgagr'e.
1). That the mortgagur will give immeJiate notice by mail to the morlgagee of any conveyance, transfer, or change of ownenhip of
the premises.
12, ihat no waiver of any covenant herein or uf the obligation secured hereby shall at any time thereafter be heW to he a waiver of
the term~ hereof ~x of the note secured herehy.
6t}JK PACf 1~tV~.
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