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2. That, in ~xder r?wre fully to protect the stcurity uf thic murlgage, the murtgagor, tugtther with, and in additiun te~, the m~mthly
payment+ under the term~ of thr note se~:ur~1 hereby, un Ihe fint day ~~i e:rih munth until the ~aid nate is fully p~id, will pay ~o thr
nwrtgagre the fi~lluwing wms:
la) An amount wfficient to provide ~he holder hereof with funds to pay the next mortgage insurance premium if this instrument and
~he note securai hereby are insu~ed. or a monthly charge (in lieu of a mortgage insurance premium) if they are held by Ihe
Sec~etary of Housiog and Urban Development, as follows:
(1) If and so long as said note of even date and this instrument are insurcd or are reinsured under ~he arovisioos of the
National Housing Act, an amoun: sufficient to accumulate in the hands of the holder one (1) month~ior to its due date the
aonual mo~tgage insurance premium, in arder to provide such holder with fumis to pay such premium to the Secretary of
Housing and U~ban Development pursuant to the National Nousing Act, as ame~xied, and applicable Regulations
thereundcr; or
If 1) If and so long as said note of even date arni this instrument are held by the Secretary of Housing and Urban Devclopment,
a monthly charge lin lieu of a mortgage i~surance premium) which shall be in an anwunt equal to one-twelfth 11112) of
one-half 1~) per centum of the average outstanJing balance due un the note computed without taking into account
delinquencies or prepayments;
lb) A sum equal to the ground rents, if any, next_due, plus the premiums that will next become due and payable on policies of fire
and othe~ hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all
as estimated by the mongagee) less all sums already paid therefor divided by the number of months to elapse before ono month
prior to the date when such ground rents, prem~ums, taxes, and assessmen[s will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taaes, and special asussments; and
~c? All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note securecl
hereby shall be added together and the aggregate amount thereof ~hall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following items in the order set forth:
(1) premium charges under the contract of insurance with t6c Secretary of Housing and Urban Devebpment, or monthly
charge lin lieu of mortgage insurance premium), as the case may be: ' •
111) ground rents, taaes, assessments. fire, and other hazard insurance premiums; •
1111) interest on the note secured hereby; and
I(V) amortization of the principal of said note.
Any deficiency in the amount of such aggregate nwnthly payment shall, unless maJe good by the mortgagor priur tu the due date of
the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed twu
cents 12c) for each dollar ISII of each payment more than fiReen I151 Jays in azrears to cover the extra expense involvrd in handling
Jelinquem payments. _
3. That if the total of the payment~ made by the mortgagor under Ibl of paragraph 2 preceding shall e!eceed the amount of the
payments actually made by the mortgagee. f~x ground rents, taxes and assessments and insurance premiums, as the case may be, such
eacess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor. or rcfundai to the
murtgagor. If, how•ever, the monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
gn~unJ rents, taxes arxi assessmems anJ insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay ta the mortgagee any amount nece~.sary to make up the deficiency, on cx before thz date N•hen payment of such
grounJ rents. ta~es, assessments, or insurance premiums shall be due. If at any lime the mortgagor shall tender to the mortgagee in
accordance vrith the provisions of the note secured hereby, full payment of the entire i~xiebtedness represented thereby, the mortgagee
shall. in computing the amount of such indebtedness, credit to the accoont of the mortgagor all payments made under the provisions of lu?
uf paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and lJrban Developme~?t and any
balance remaining in the funds accumulated under the provisions uf Ib? of said paragraph 2. If there shall be a default under any of the
pruvisions of this mor~gage, resulting in a public sale of the premises covered hereby, or if the mortg3gee arquires the pn~rty otherwise
~fter defsult, the mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is utherw•ise
acquired. the balarke then remaining in the funds accumulateJ under Ibl of paragraph 2 preceding as a credit against the amoont of
principal then remaining unpaid under saiJ note ~nd shall pmperly adjust any payments which shali have been made under tal of said
paragraph.
4. That he w~ill pay all taxes, assessments, water rates, and other governmental ur municipal charges, fines, or impositions, for Nhich
pruvi+ion has not been made hereinbefore. and in JeCault thereof the mor~gagee may pay the wme: and that he Nill promptly deliver the
~ official receipts therefor to the mortgagre.
5. That he will permit. commit. or suffer no waste. impairment, ur deteriuration of,aid property or any part ther~f: anJ in the zvent
of the~ failure of the mortgagor to keep the buildings on saidpremises and.those to be erectrd on ~aid premises, or improvements thereon,
in g~wd_repair, 1he mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the Futl amount of each and every such payment shall be immediately due and payable. and shall t+e secured by the lien of this mortgage.
6. Thathe eaill pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees. and costs of abstractsof title,
i incurre~l or paid at any time by th~ mortgagee because of the failure on the part o! the rrwrtgagor promptly and fuUy to perform the
i agreement, and covenants of said promicsory note anJ this mortgage, and said costs, charges, anci expenses shall be immeJiately Jue and
~ payable and shall be secured by the li~n of this mortgage.
~ 7. That he will keep the improvements now existing or hereafter erectecf on the morigaged property. insured as may be required from
~ tim~ to time by ihe mortgagee against loss by fire and other,hazanls, casulaties. and contingencies in sucA amounts and for such peri~xis as
~ may be reqaired by mortgagee, and will pay promptly, when due. any premiums on such insurance for payment of w~hich provisH~n has not
been made t ereinbefore. All insuranct shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attached thereto Icns payable clauses in favor of and in form acceptable to the mongagee. In event uf loss
he will give immeJiate notice by mail to mortgagee. arx! mortgagee may make proof of loss if not made promptly by mortgagor, and each
insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to
mortgagor arni mcxtgagee j~~intly, anJ the insurance proceeds, or any part thereof, may be applied by mortgagee at its ~.ptiun either to the
reduction of the indebtc-~Inesc hereby secureJ or to the restoration or repair of the property damaged. In event of forecl.nure of this
nxxtgage or othrr transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, tiNe. and
interest of the mortgagcx in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That if the premises, ur any part thereof, be condemned under any power o( eminent domaia, or acquired tor a public use,
the dama~es, proceeds, and the consideration for such acquisition. to the extent of the full amount of indebtedness upon this
\lortgage, anJ the ~ote secured hereb~• remainiu~ unpaid, are hereby assigned b~ the ~lortgagor to the \IortgaRee and shal l be paid
(orthwith to the \1ortRaRee to be applied by it on account o( the iadebtedness secured hereby, w~hether due or not.
9. That the murtgaget may, at any time penJing a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all arxi singular, including all
and singular the income, profit~, issues, and revenues from whatever source derived, each and every of which, it being expressly
understo«i, is hereby mortgageci as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver
shatl have all the txoad and ef1'ective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inaJequacy of the value of the property mortgageci 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 morigage and the practice of such
couri. In the event of any default on the part of the mc~ngagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least equivalent to one-tN-elfth 11/12) of the aggregate of the twelve monthly
in~tallments payable in the then current year plus the actual amount of'the annual taxes, assessments. N•ater rates, and insurance premiums
~ for sach year not covered by the aforesaid monthly payments.
~ ~p. That la) in the event of any breach of this mortgage or Jefault on the part of the mortgagor, or (h) in the event that any of saiJ
sums of money herein referred to be not promptly and fully paid without demand or notice, or Ic) in the event that each and every the
stipolations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly. and fully performed: then in
~ either or any such event. the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all
~ moneys secured hereby. shall t?ecome due and payable forthwith, or thereafter, at the option of said mcxtgagee, as fully and completely as
it atl of the said sums of money were originally stipulated to be paid on such day. anything in said note or in this mortgage to the contrary
notwithstanding: anJ thereupon ar thereafter, at 1he option of said mortgagee, without notice or demand, suit at law or in equity, may be
prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the
~ amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same to~tether with costs, eapenses, and
allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this
trwrtgage for the amo~nl of 1he debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of
thercafter from time fo time by the mortgagee. -
I1. That the mortgagor will give immediate notice hy mail to the mortgagee of any conveyance, transfer, or change of ownership of
ihe premises.
_ 12, That no waiver of any covenant herein or of the obli¢ation secured hereby shall at any time thereafter be hrld to be a waiver of
the terms hereof or of the note secured hereby.
e'G~r ~;V~ YAGF~S2~
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