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2. ~That, in urder rm~rc fully to prutrct ihr ,ecuriry of thi~ murtg.+ge. ihe murtgagur, tuge~hrr w ith, an.t in additiun tn. thr nx,nihty.
paymrnt~ undrr the term+ of !he m~tc .t~ur~~l hereby, un ihr firtit Jay of ea~h munih until thr ~aiJ autr i. fully p:~iJ, wiN pa} tu ~he
muftgagrf lhe ft~lluw'ing cums: ,
la) An amount sufficient to provide the holder hereof wilh funds to pay the nex~ mo~tgage insurance prrmium if this instrument ~nd
the note secured hereby are insurrd, or a monthly charge lin lieu of a mcxtgage insurance premiuml if they are held by the
Secretary of Nousing and Urbao Development, as fo!lows:
tl) If and sa loog as said note of even date a~d Ihis instrument are insurai or arc reincured urnier the Drovisions of ~he
National Housing Act, an amount suflicient to accumulate in 1he hands of the holdcr one (1) manth prior to its due date the
annual rtwrtgagt insurance prtmium, in order to provide such hulder wi~h fundc ta pay such premium to ~he Secretary ~~f
Housing and Urban Development pursuant tu the National Housing Aci, as amenJed, a~xf 3pplicable Itegulatio~s
thereunder, or
(11) If and so tong as said rtote of even date an~i this instrument are helJ by the Secretary of Housiag and Urban Development.
a monthly charge lin lieu of a mortgage insurance premium) which shall be ~n an amount eyual te one-twelfth 1i112) of
one-half 1'h 1 per centum of the average outstancling balance due un the note cumputeci without taking intu aocuunt
delinquencies or prepayments;
Ib1 A sum equal to the grouncl rents, if any, next due, plus the premiums lhat will next become due and payable on policies of fire
arxi other hazard insurance covering tfie mortgageel prope~iy, plus taxes and a+seumrnts next due .~n the mortgaged property (al!
as estimated by the morlgagee) less al! sums already paid therefor divid~d by Ihe number af months to elapse befo~e one month
prior to the date when such grou~xi rents, premwms, taxes, a~xl assessments w•ill becume delinquent, such wms Io t+e helJ by
mortgagee in trust to pay said ground rents, premiums, taxrs, and special assessments; anJ
tcl All payments mentioned in the tw~o preceding subsections of this paragraph and all payments to be made under the note secureJ
hereby shall be ad~etii together a~d the aggregate amount thercof shall be paiJ by the murtgagor each munth in a single payment
to be applied by the mortgagee tu the foUow ing items in the order set forth:
1I> premium charges under the contracl of insurance with the Secretary of Housing and Urban Development, or monthly
charge lin lieu of mcxtgage insura~ce premiuml.~as the case may be;
1111 ground rents, taies, assessments, fire, and other hazazd insura~x:e premiuma:
(111) int~rest on the nwe secu~eai hereby; and
IIV) amor~ization of the principal of said notz.
.~ny defxienc~' in the amounl of such ~g~,regatr mon~hly payment shall, unle+s made guud by thr murtg:igur pnerr to the due Jate i~f
the next such payment. constitute an even~ of drfault unJer this murtgage. "fhe murlgagee may collrcl a"late chargr" not to excerd twu
cents 12c) for each dollar IS1? of each payment mure than fifteen 11~1 da~•s in 3rrean tu ~uvrr the r~tra expen~e ~m~ulvnl in handling
Jelinquent payments.
3. That if the total uf the paymenh maJe by the mortgagor under Ibl of paragraph ~ pr~eJing ,hall r~cerd the anx~unl of the -
payments actualh• made by the mortgagee. fur ground rents, taxc~ anJ as.essmems and in~urarke prrmium~, ax thr c:?~e may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded io the
mortgagor. If, hoHrvrr, ~he nxmthly paymrnt, made by the mortgagor unJer Ih1 of paragraph 2 preceding shall not be sufhcient to pay
gruuod rent., ta~es arxi assessments anJ insurance prrmiums, as the case may t+e, w~hen the same sh311 t+~:cumr Jur arxl p3}able, then thr
nwrtgagor shall pay tu the murtgagre any ~m~~unt nea:essary to make up the deticiency~, on ~X l+etore ihe Jate whrn paymem uf ,lich
gmurxi rents. taxa+, ac~ssmentc, or imurance premiums shall be due_ If at an}• time the m~tgagur sh;~ll tcndtr tu the murigagee in
accurJance with the prov~sions of thr note ~ecureJ hrreby, full payment of the enure inJebtc~inctis represented thereby, the mortgagre
~hall, in compati~g the amount of such inJehteJness, cn^Jit ta the accuunt oi the morigag~x a!! papments maJe under thr provisiuns of Iu?
uf par~graph 2 hereof which the mortgager has not t+ecome obligated to pa~• to the tircretary uf Huusing and Urban Develupment anJ any
balance remaining in the funJs accumulate.i unJer thr pruvisions of I hl ~~f .aiJ paragraph 2. 1` lhere ~hall tk a default urxfer anv of the
pru~•i,iunc uf ihis mortgage. re~ulting in a puhlic .ale af the prrmicrc cu~~errd 1:creb}, or if thr rtuxtgager aryuirc~ the property otherH i~r
after defaull, the mortgagee ~hall apph. at Ih~ time uf thc commencement uf ,uch pnwecding. ur at the tim~ tht pruprrty i+ uthen~ ue
acyuirc~i, the balancr then remaining in thr fund~ arcumulate~l unJer Ih~ uf paragraph ~ precrding a~ a creJit :i~?:llll~l 1FIt amuunt of
p:incip:~l taen remaining unpaid under .aiJ n~»e :~~d +hal! pruprrly adiu~t anv p~ymrnts which ~h:+ll h~~~r hren madr unuer lu) ot wiJ
paragraph.
-l. That hc .+ill pay all taxes. a+c~y,menh. tiater ~ate~. sn~l other gurernment~l or munieip;~l chnr~;rti. finrc, ur impusitiunc_ fi.r Hhich
pr~~vitiion ha+ not t+ren made hereint+rfiire. ;enJ in dr(aielt therec~l' the mortgagre ma~• p.~y Ihr ,ame; and that he .~ill pmmptly dcli.~rr thr
uffiCisl rc~eipls Iherefor tu the murtg:~grr,
S. That he will permil, commit, or sufter no w:istr. impairment, or deteriuratiun of saiJ pn~perty ur any part thrrr~~f: .uid in the rv~nt
uf thr failure ~~f the nwrtgagor tu kee~+ thr huilJings oo .aid premius anJ those ~o be ercYtrd on ~aid premisrs, ur improvements thereun.
in g.x~ repair. ihe m~xtgager may male w:h repain as in it. diccretion it m.i}~ deem nece»ary iur thr pr~~prr prc.rrv~tiun IhereuL and
the full artx~unt of each and e~~er} .u:h payment ,hall t+e immctiiiatel} Jue anJ pa~able, anJ .h:~ll tx ,c~ured h~~ the iien uf thi~ nxirtgage.
G. That he will pay ~1) arx! singul~r the ru~ts. eha.~r,. = •r_~~.,e^.. - ~ G-r. :~nd ~•nctc ~~(:th~Ir:fClc of [IUC.
incurrrd ur paid at any timr by ihe murtgxgee bc~au~e uf the failure un the p.irt of,thc m~xtg.?gur prumpU} and fullq to perfi.rm the
agreements anJ covenants of caiJ promi.car~ note and thic murtgage, and said custs. chargec. anJ expen.;ec ~halt bt immediatrly due and
pa~~able and shall be.ecured by the lirn of this mortgage.
7. That he will kee~? ~he impro~~em~nt~ nu~v rxi,ting or hercafter erectr.i un the murt~aged pruperty, insured ac may tk rrquired frum
time w time by the mortgagec ag:?in.t lutis b} fire and other h:~c:~rd.. ca~ ulaticy. anJ contingen~ic-~ in such anxiunh anJ fi~~ .u~h periud~ 3+
may he requerc~i by mortgagee, and xi11 pay promptly. ~~hen due, any premiums on .uch insuranee for payment of w hkh pro~~i.iun hac not
been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
be hrld b}~ mortgagee nnJ ha~~e auached thereto loss payable clauses in favor uf and in form acrrptable to the merrtg~gre_ In evrnt of lo~s
he wi11 ge~e immediale noti~e b~• mai) to murtgagee, and mortgagee may n.~ke pr~~f of loss if not maJe promplly b~• m~xtgagur. anJ each
ins~rance cumpan~ a~ncerned iti hereM• authorizeJ and Jirected to make pay'mery fur wch I~rs directl}~ tu mortgagee imteaJ uf tu
nwngagor and mu~tgagee jointl~, and the inwrance proceeds, or any part ther~~f, may hr applied h~~ rm~rtg:~gre at i~, vption either to thr
redwtiun uf the indebteJnea, hereby sc~;ored ur tu the restoration o~ repair uf the propert~ Jam~grJ. In event uf furecl.rure uf this
mortgage or other tran.fer uf title to the mortgaged property in extinguishment of the indebteJnc~ss ~ureJ hereh~. all richt, titlr. aod
interest of the murtgagc~r in anJ t~~ sny insurance pulicir, then in Corce shall pass t~? the purchaur ur granter. `
8. ~f~hat if th~ premises, or any part thereol, be condemned'under anv power of eminent domaifi, or quir~~i for a public u.e,
the damates, proceeds, and the consideration (or such acqui.ition, to the eztent of the full ar~ount of ind~htc~dne.s upo~ thi~
~lortgage,andthe\ote sacured hereb~• remaining unpaid,are hereb~ assiRned bv thc \tort~aRor roth~ \lort~a~e•e and shatt be pai~l
(orth~. ith to the• 1}ortgaeee to be applied b~ it on account of the indenteJne~s se~ured h~rehy~, whether due or not.
9. That the murtgagee may. at any time pending a suit u~wn this murtgage. apply to the c~~urt having jurisJiction thereof for the
appuintment of a receiver, and such court .hall forthw ith apFwint a receiver of the premius covered herehy all arxi cingular. including alt
anJ ~ingular the +rtcome. profit.. issuc~+. ~nJ revenue~ f~vn~ ;;Fiateti'er iuurce deritied, cach and etert~ eE ::hich, it heir.g expre~sl~~
un~ier~to«i. is herehy mortgaged as if s~ificall} set fi~rih anJ Jexnt+eJ in the granting and hat+enJum cl;w~es hereof. and ,uch rereiver
shall have all ihe broaJ and effective functions anJ powers in anywice entrusted by a court to a receiver. anJ such appuintment shall be
maJe by such cuurt as an admitteJ equity and a m•r11er of at~lute right tu said mortgagee. and withuut reference tu the adryuacy ur
inadequacy of the ralur of Ihe property mortgagrJ or to the x~lvency~ or insvlvency of tiaid murtgagor or the defendent.. :~nJ that tiuch
rrnts. profitc, income. is~ues. and revenue~ shall be applied by such receiver accorJing to the tien of thi~ murtgage anJ the practice of ~uch
~ourt. !rt the event c?f any default on the part of the mor~gagor hereunder. the murtgagur agrec~ to pap tu thr mortgagee un Jemand as a
reasunable monthly rrntal for the premises an amuunt at least equivalent to one-tNelfth i 1~1?1 .~f the aggregate uf the tuelvc monthly
in.tallments payabl~ in the then cerrent year plus the actual amount of Ihe annual taxec. ac~essments. K ater ratrs, and imurance prrmiums
fi~r such yrar n.~t covered by the aforesaid monthly payments.
l0. fhat lu) in the event of any breach of this mortgage ur default un the part uf the m~xtgagur. or Ih? in th~ event that am uf tiaid
sums ~f muney herein referrc~l to tx not prompNy and fully paiJ without demand or notice, o~ Ic) in the evrnt tha~ rach anJ every~ the
stiputations, agreements. condition~. and cu~•enant+ of s~iJ ~i?!e anJ this morlgage, are nut duly. promptly. anJ fully perfi~rmeJ: then in
eithzr or an~ wch e~ent, the said aggreg:~tr wm mentioned in ~aiJ nute then remain~g unpaiJ. with intere.t accrued tu that time. and alI
rtwne}~s srcured hereb~~. .hall tucome Jue and payable forthw ith, or ihereafter, at the uptiun of said murtg~gee, as fult} and mmpletelp a~
~f atf af the tiai~ wmti of rttortey aere ariginaNy~ rtipulatrd tu t+e paid on cuch Jay, an~thing i~~ tiaiJ note or in thi~ rtxxtgage to the cuMSary
notH ithstandinF: and thrreupon ur thereafler, at the ~.ptiun uf .aid mortgagec, without notice or Jemand. suit at law or in equity, may he
prusetuteJ as if all moneys tttured,hereby had matur~d prior to itt institutiun. The rrwrtgagee may foreclose ~his mortgage. as ti, th~
amuunt so declareJ due artJ payablt, seld the ca~d prem~~es shall be wIJ to satisfy anJ pay the +ame together Nith costs, expe~ses. and
alluwances. In case of partial tixecl<xure~i~t4is ~ortgage, Ihe m.xtgaged prem~,e+ ,hall be wIJ subject w thr conlinuing lien uf this
rtt~tttgage for the amount ~tif t~e de6t~W then Jue atxl unpaid. In wch case the provisi,~nc ~.f thi~ paragraph may again (1C :IY:l1IC(I vf
thereafter from time to ume bY, the m~{lgage~:~, ' -
1 l. That the mortgagor ~`ill give imm~Jialrno}ice by,p~a~l to ibe mortgagee uf any com•eyance, transfer, or change of ownership uf
thepremisrs. • • . -
t 2. That nu waiver of any covenant herein or uf the o6ligatiun sctiured hereby shall at any time there~fter 1+e heW tu br a waiver of
the terms hereof ur of the nute secureJ hereby. ~ •
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