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Tha1, in order mure fully tu priit~t Ihe.ecurity ~~f Ihi~ mortgage, the murtgagur, t~~g~~hr~ with, arxl in adJition tu, ~hr mcmthly
paymenu undr~ ~he terms uf thr note .ecur~~f he~rt+y, un 1he fint Jay ut each munth un~il th~ .aiJ note i. fully paiJ, ~~itl pay tu the
murtgagee Ihe fi~tlowing sums: ,
(a1 An amount sufficien! tu provide ~he holder hereof with funJs to pay the nezt nw~tgage insurance premium if this instrument and
the note secured hereby are insu~ed. or a monthly charge lin lieu of a mo~tgage insurance premiumi if lhey a~r held !+y the
Socretary of Housing and Urba~ Development, as follows:
!I? If and so long as said note of even date and this instrument are insured o~ are rcinsured unde~ the provisiuns of the
National Housing Act, an amount suf'Ficient to accumulate in Ihe hands of 1he holder one ) mo~th priar to its due dale thr
annual mo~tgage insurance premium, in orde~ to provede such holJer wi~h funds to pay such premium to ~he Secretary uf
Housing and Urban Development pursuant to the National Huusing Act, as amr~xled, arxl aFplicable Regulations
thercunder; or
111) If aod so lung as said note af'even date and this instrument are held by ~he Secretary of Hausing and Urban Development.
a monthly charge !in lieu of a mortgage insurance premium) which shall be in an amiwnt equal to one-twelflh 11112) of
one-half (~s ) per centum of the ave~ago outstanding balance due on the' rtote computed without taking into aoccwnt
delinquencies or prepaymen[s;
(b) A sum equal Io the ground rents, if any, next due, plus the premiums lhat will next become due and payable on policies of fire
and other hazard insurance covering the mortgaged prapetry, plus taxes aad assessments next Aue on the mixtgaged p~operty faN
as estimatcd by the mongagee) less alt sums already paid thtrefor divided by the number o[ months to elap6e before one month -
prior w the date when such ground rents, prem~ums. taxes, and assessments will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and
(c) Atl payments mentioned ia the tMro prcced'eng subsections of this pairagiaph and all payments to bt made under the notesecured
hereby shall bc addcd togcthe~ and the aggregate amount thertof shall be paid by the nwrtgagor each month in a singte payment
to ba applitd~by the mortgagee to the following items in the order set forth:
(1) premium charges under the contract of insurance with the Secretary of Hausing and Urban Development, or rtwnthly
charge (in lieu of mortgage insurance premium), as the case may be;
(Il) ground rents, .taxes, assessments, fire, and other hazard insurance premiums;
(111) interest on the note secured hereby; and
IIV) amortization of the priocipal of said note. }
A~y deficieacy in the amount of such aggregate monthly payment shall, unlcxs made good by the mortgagor prior to the dur date of
the next such payment. constitute an event of default und~r ~his mortgage. The mortgagre may collect a"late charge" not to exceed two
cents 12c) for each dollar ISU of each payment more than fifteen l15) days in arre:us to covrr the ettra experue invulved in ha~xfling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (61 of paragraph 2 preceding shall exceed the anwunt of tht
payments actually maJe by thc mixtgagee, for ground rents, taxes and assessments and insurance premiumc, as the cast may be, such
excess at the option of the mortgagee, shall, be credited on subsaquent paymenu to be made by the mortgagor, or rcfundod to the
mr~rtgagor. If, however, the monthty payments made by thr mortgagor under Ih1 uf paragraph 2 preceding shall not be sufficient to pay
ground rents, taxec arxf assessments and inaurance premiums, as the case may be, when the same shall become due a~xi payable, then thr
murtgagor shall pay to the mortgagee any amount necessary to make up the deficiern:y, on ~x before the Jatr when payrr~nt of such
ground rents, taxes, asxssments, or insurance premiums shall tx due. !f at any time the mortgagor shall te~xier to the mortgagee in
accorJance with the provisions of the note srcured hereby, full payment of the entire irxiebtedness repn~ented ~hereby, the mortgagee
,hall, in compming Ihe amount of such i~xlebtedness, creJit to the account of the mortgagor all payments made under the provisions of lu)
uf paragraph 2 hereof a~hich the mortgagee has no! t+ecome vt+ligated to pay to the Secretary of Housing arni Urban Development a~xi any
hal~nce remaini~g in the funJs accumulated under the provisions of (b/ of said paragr:~?h 2. If' there shall be a default urnler any of the
provisiuns of this mortgage, resulting in a public sale of the premises covered hereby, ur if the mixtgagee aoyuires the property oiherw~ise ?
after default, the mortgagee shall apply. at the time of ~he commencement of wch pro.:eedings or at the time the property is otherwixe
acyuirc~i, the balance then remaining in the funds accumulated under fb) of paragraph 2 prei:eding as a credit against the amount of
principal then remaining unpaid under saiJ note and sh:~(1 properly adjust any payments Nhich shali have t+ern made under (u) of said
parag~aph.
J. That he will pay all taxes. acsessmrnts, w•ater rat~s, and Wher go~~ernmental ar municipal chargr+, fines, or impositions, for which
provision has not t+een made hereinbefore, and in Jefault thereof the mortgagee may pav the samr; and that he uell promptly Jeliver the
official rece+pts therefor to the mortgag+ee.
S. That he w~ill permit, commi~, or suQer no waste, imp:~irment, or deteriuration uf saiJ property or any part thereof; snd in ttie event
of the failure of thz mortgagor to keep the buildings on ~aid premises anJ thcxe to t+e erected on said premises. or impruvements thereon.
in gixxi repair, tfie mortgagee map make such repairs as in its discretiun it may deem nctiessary for the proper precervation thereof, and
the full amount of each and every such payment shall be immrJiately due anJ payable, :+nJ shali be se~uretil by the lien of this mortgage.
6. That he will pay all and singular Ihe costs, charges, anJ expenses, incluJing reasonable ~gw~er's fsc~~ an~f custs qf ebstra~ts of tille.
incurrrJ or paid at any time by the rr?~ngagee because of the failure on the part of the mortgagur promptly and fnlly to perfor+fn the
agreements and covenants of said promisscxy note and this mortgage. and saiJ ccxts, charges, :~t1d expznsts shatl be immediately due anJ
p~yable and shall be secured by the lien of this mortgage. '
That he w~iU keep the improvements nuM~ existing or hereafter erectcrf on the mor~gaged ptoperty, insdred 1t may be eequirod~'~v1n
time W time by the mongagee against loss by fire :?nd other hazards. casulaties, anJ contingen~i~s in such amounts a~tt,Cw,cugh pfriQJs,~s
may be required by mortgagee, and will pay promptly, when Jue. any premiums on such insurance for payment of ~ hich pro~ ision has not
been made hereinbefore. All insurance shall be carried in eompanies approvtd by moRgagee and the policies and renewals th~reof shall
be held by mongagee and have attached thereto loss payable clauses in favor of and in form acceplabte to the mo~tgagee. In event of los.
he K ill give immediate notice by mail to mortgagee, anei rtwrtgagee may make proof of loss if rx~t maJe promptiy by mortgagor, and each
;nsurance eompany concerned is hereby authorizeJ and directed to make payment for such loss directly to mvrtgagee instead of to
rtwrtgagor and mortgagee jointly. anJ the insurance pruceeds, w any part thereof, may be applied by mortgagee at its option ei~her tolhe
reJ~ction of the indebteciness hereby secured ur to the restoration ur repair of the property damageJ_ In even~ of foretl~KUre of this
mortgage or other transfer of tiUe to the morigaged property in extinguishment of the indebtedness securrJ hereby. all right. title, and
' intercst of the mortgagor in and to any insurance policies then in force shail pass to the purchaser or grantee.
S. 7~at if the premises, or any part thereo(, be condemned under any poN~er of eminent domaio, or acquirc~d tor a public use,
the dama~es, proceeds. and ihe considetatioa for such acquisition, to the extent o( the full amount o( indebtedness upon this .
~lort~a~e,andthe5ote secured herebv rernaininR unpaid,are hereb~• assigned b~- the ~tort~agor tothe ~lortga~~P and shall be paid
torth~vith to the ~1ortRaRee to be appiied by it on account o( the indebtedness secured hPrehJ•, whe~her due or not.
9. That the mortgagre may. at any lime perxiing a suit upon this mortgage, apply to the court having jurisciiclion thereof for the
appointment of a receiver, and such court shall forthw ith appoint a rec.eive~ of the premises covereJ hereby all arxi singular, including all
i and singular the income, profits. issues, and revenues from whatever source deriveci, each anel every of which, it being expressly
understexxi, is hereby mortgaged as if specifically sel forth and Jescribed in the granting and habendum clauses hereof, and such receiver
tih~ll have all the bruad and efTective funetions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such cuurt as an admitted oquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inaJequacy of the value of Ihe proptny 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 arni the practice of such
court. In the e~•ent of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on Jemand as a
! reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/121 of the aggregate of the tw•elve rtwnthty
' in~tallments payable.in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not covered by tF~e aforesaid monthly payments.
10. That Irr) in the cvent of any breach of this mortgage or Jefault on the part of the rrwrtgagor, ~x (h) in the event that any of said
sums of money herein refetred to be not promptty and fully paid without demand or notice, or Ic) in the event that each arxi every the
stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly. and fully pertormed: then in
rither or any such evertt, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that ~ime. arxf all
muneys securecl hereby. shall become due and payable forthwith, or thereafter, at the option of saiJ m~xtgagee, as fully and completely as
if all of the said sums of money were originally stipulated to be paid on such day. anything in said note or in this mortgage to ihe contrary
~ notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demarxi, suit at law or in equity, may be
~ prosecuted as ii atl moneys secured hereby had matured prior tu its institution. The mortgagee maq foreclose this murtgage, as to the
amount so declared Jue and payablt, and the said premises shall be sotd to satisfy and pay the same together with ants, expenses, anJ
; aHowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this
rrx~rtgage for the amount of the debt not then due and unpaiJ. In such c~se the provisions of this paragraph may again be availed of -
' thereafter from Iime to time by the mortgagee. i
' 1l. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
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the premises.
12. That no waiver of any covenant herein or of the obligation securecl hereby shall at any time thereaGer t~e held to be a uaiver of
the terms hereof or of ~he note secured hereby.
~ ~~2US ~132.5
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