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2. ~hat, in urJrr more fully tu prutrct the ~e.urity uf this murtg~de. ~hs murt~:i~r, tugrthrr wilh, and in adJitiun tu, thc nxinthly
payment+ un.ler the trrm. uf the nute secureJ hrrrhy. un Ihr fint Jay nf each munth untii the.aid nute-~. ful:y paid, will pay to thr
nxxtg;~grr thr fi~lluwing,ums: ~ . -
la) An anwun~ sufficient to p~uvide the holder hereof w•ith funds to pay the next mortgage insurance prrmium if this instrument and
thr note secured hrreby are insured, or a munthly charge lin lieu of a morigage ~nw~a?x:e premium) if they are held by the
Secretary of Nausing and Urban Development, as fullows:
IU If and so long as said note of tven date a~x1 this instrument are insured or arc reinsured u~xler the orovisians of the
National Housing Act, an amount sufficie~t to accumulate in the hanJs of the holder one (1) month prior to its due date the
annual mortgage insurance Qremium, in orJer to provide such holder with funJs to pay such premium to the Secretary of
Housing and Urban Development pursuant Io ~he National Housing Ac4 as amended, ancl applic;able Regulations
thereunder; or
lll) If and so long as said note of even date arxl this instrumrnt are held hy the Secretary of Housing a~xl Urban [kvelopment,
a manthly charge Un lieu of a morlgage insurance premium) which xhall be in an amuunl cqual to one-twelfth 11112) of
one-half 1~ ) per centum of the ave~age outstanding balance due on the note computed without taking into aacount
delinquencies ar prepayments; '
Ibl A sum equal to the ground. renes, if any, next due, plus the premiums tha~ will next become due anci payable on poli~:ies of fire
anci other hazard insurance covering the mortgaged propeFty, plus taxes and assessmcnts next due on the mortgage~i property (al!
as estimated by the mortgagee) less a!! sums already paid therefor divided by the number of months to elapse before one month
prio~ to the date whtn such ground rents, prem~ums, taxes, and asse~sments will bec~~me delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, przmiums, taxes, anJ special assecs~nents; and
(ci All payments mertiioned irt the lwo precediog subsections of this paragraph and all payments to be made under the nole secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee ta the follow~ing itertu in the urder set forth:
(t) p~emium charges under the contract of insurance with the Secretary of Howing snd Urban Development, or rtwnthl~•
charge lin lieu of mixtgage insurance premium), as the case may be;
(11) grcwnd rents, taxes, assessments, fire, and other hazarJ insurance premiums;
11111 interest on the note secured hereby; anJ
IIV) amortiiation of the pcincipal of saiJ note. _
Any deticiency in the amount of such aggregate monthly payment shall. unlr+~ made g.x~ by the m~xtgagur prior to ihe dur date of
the next such payment, constitute an event nfdefault iirtder this mortgage_ The mortgagee may coll~:t a`latr ch3rge" not tu erceed twu
cents 12c1 for each dotlar ISI1 of each payment more than fifteen 1151 days in arrean tacover the extra expeme involvcii in handling
Jetinquent payments.
3. That if the tutal of the payments made by the mortgagor under Ih) of paragraph 2 pr~Yeding shall exceed the amuunt .rf the
payments actually made by the mortgagee. Cor ground rents, taxrs and asu~sments and insurance premiumc, as the case may be, such
exceas at the option of the mortgagee, shall, bt credited on subaequent payments to be made by the mortgagor, or refunded to the
rtwrtgagor. If, hoN~ever, the mortthly paymenls made hy the mnrtgagor ander 161 of paragraph 2 preceding sh•rll not be sutticient to pay
gr.,und rents, taxes and assessments and insurance premiums, as the case may t+e. when the same shall t+ecome Jue and payable, thrn the
murtgagor shall pay ta the mortgagee any amount necessary to male up the Je&iency, on .K hefore the date when pa>•ment uf ,ucb
ground rents, ta~rs, assetsments, or insurance premiums shal! t?e due. If at any timr the mortgagor shall tender to the mortgagee in ~
accorJance with ~he provision~ of the note ~ecured hereby, full payment of the enlire irniehtedneu reprrsented therehy, the rtnxtgagee
~h:~ll. in cumputing the amount of such indebtecines~, creJit to Ihe accoum of the mortgag~x all payments made unJer the provisions of lal
uf paragraph 2 hereof w~hich the mortgagee has not 1?ecome ot+ligated to pay to the Secretary of Housing arxl Urban Development anJ any
balance remaining in 1he fund~ accumulatc~f under the pro~~itions of (b~ of ,aiJ paragraph 2. If there shsll be a default under any of Ihe
pru.•isium of this mortgage, re;ulting in a publir .ate uf the premi~es cuvercYl hereby. ur if the m<xtgagee acquirc~ the propertp atherw isr
aFter Jrfault, the mortgagee shall apply. .?t the timc uf thr commencemc+nt uf such pnxeeJing, ~~r at the time th~ property i~ uthertii,e
acquirc~i, the bal:~nce then rtmaining in the fund~ accumulatecf under 1b1 of paragr~ph 2 prnrding ati a creJil ag~insl thr amuunt o(
principal then remaining unpaid under tiaiJ nute a~J shaR pruperly~ aJju+t any ~?aqment+ Hhich .hall have bern maJc under lu) of wiJ
pa ragraph.
4. "I hat he will pay a0 taxes, asseti~ments, W ater rate.. aad uther governmental or municipal charge., fines, ur im{ntisitium, fur which
pruvi~ion has not t+een made hereinhefi~re, and in default ther~r+f the mortgager may pay the +ame: and Ihat he Hill prumptly delivrr the
uffici.J rcYeipts therefor to Ihe murtg~gee.
5. That he aill p~rmit. commit, ur sufl'er nu ~ astr. impxirment. ~N Jeteriuration uf xaid pruperly or :iny part Ihcreof; anJ in the evrnt
uf the failure of the morlgagur to kerp the huiWing+ un said premises ~nd thuce to be rrected on +aid premise~. ur impruvemrnt~ thereon,
in gix~i repair, the rtxtttgagee may make such repair~ a. in itc Jiscretiun it may Jeem nec~sary for the pruper pre+~rvation the~eof, and
the full artwunt of each and every such payment shall be immediatelp due and pay:~ble, and xhall be .ecureJ by thr lirn of thi. rrxxtgagr.
6. "fhat he wilt pay alt and singular the c~ts, charges, arxl expense:, irx ludiog rea,unable lawyer's fees, and costs of ab~tracts of title.
incurre+! ur paid at any time b~• the mortgagee be~;ause of the failure on the part of the murtgagor promplly xnJ fully lo pcrform the
sgreements atxf covenants of said promicsury note and thi~ mortgage, and said ci»ts, ~harges, anJ e!cprntie~ ~hatl t+e immediately due anJ
payable and shall t+e secured by the tien of this murtgagr.
7. "rhat he will keep the improt•ements now existing or hereafter erectc-~1 un the murtgaged pru~erty, inwred as m~y be rrquirctil from
ume to time by thr rrwrtgagee against luss by fire ~nd uther hatard,, cssu~aties, and contingencie~ in such arnuunts anJ for wrh periuds s~
may t+e rcquired by mortgagee,.and a i!t pay promptly. whert Jue, an~• premiums on such insurance for payment of w hich pruvi,ion has not
been made hereinbefoce. All insurance shall be carriod in companies approved by mongagee and tho policies and renewals thereof shall
t~r held by mortgagee anJ ha~~e attacheKl thereto lixs payable clauses in favor af anJ in f~xm acceplaMe to the mortg:igee. In evertt of luss
hr will give immediate notice by mail tu mortg~gee, ar+d mortg:+gee may make pr«~f of li»s if not maJe pramptl}• by mortgagur. and each
in,urarxe company conce~ned is hereby authurized anJ directed to make payment for such l~xs Jirectly to rtxxtgagee imlead of to
murtgagor and m.xtgagee jointly, and the insurance proceeJs, or any part thereof. may be appiied by rtx~rtgagee at its uption either to thr
reductiun a( thr inJebtedness hereby seti:ureJ ur to ihe resturation ur rrpair uf thr pruperty~ damagcd. In event of foredu,ure of thi+
nx~rtgage ur other transfer of tiUe to the mortgaged pru~rty in extinguishment of the indebtednns utiured herchy. ~~II right. tiUe. anJ
intere.t uf the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee_
f3~. That if th~ premise~, or an}• part thereof, be condemned under any poNer o( eminent domain, or arquire~i for a~wblic u.e,
the dama~~s, proceeds, and the consideration (or such acyuisition. to the extent of the (uU a~uount of inJ~•btedn~•ss upon this
~turt~a~r, and the \ote secured hereb~• remaining unpaid, are hereb~~ assiRtte3 br the ~1ort~a~or to the ~inrt~a~e~e and shatt be pai~l
forthti.ith to th~ \tortRaRee to be applied b}• it on account o( the indebted~ess s~cured h~rrhy, ti.hether ~lue or not.
9. That the m~xtgagee may. at am• timr penJing a wit upon this mortgagr, apply to the court having jurixiictian thereof for the
appuintment of a recei~•er. and such court ~hall forthw ith ap~wint a receiver uf the premises covered hrreby all and singular, irxluding all
and ~ingular the income, profits, issues, and rrvenues frexn whatever uiurce Jerived. each anJ every of which. it being expre+sly
understoixi. is hereby mortgaged as if,~ifically set forth anJ JekriheJ in the granting and habenJum clauses hereof. anJ ~uc:h receiver
shall have al~ the broad and effective functionc and powers in anyMise entrusted by a court to a receiver, and +uch appointment shall t~r
made by ~uch court as an admitted equity anJ a matter of :~hx~lute right to saed mortgagee, anJ without referer?ce to the adequacy ar
~naJeyuacy of the value of ihe properry mortgageei or to the x~lvency or imolvency of said mortgagor or th~ defenJents. arxf ihat wch
rents, profits, income. issues, and revenues shall be applird by such receiver according to the lien of this mortgage and the practice of such
~ourt. In the e~~ent of any defauit on the part nf the mortgagor hereunJer, the rrwrtgagor agrees u~ pay to the mortgagee on demand as a
reasonahle munthly rental for the premises an amount at least equivalent to onc-~welfth 111121 of the aggregate of thc twelve monthly
intitallmenis payable in the then current year plus the actual artxwnt of ihe annual taxes, ass~smentti, N ater ratr~. and insurance premiums
fur such pear not covrred by the aforrsaid monthly paymentt.
10. That lu) in the event of any breach of this mortgage ar default on the part of the rmxtgagor, or Ih) in the event that any of wiJ
sums of money herein referred to be not promptly and fully paid Kithout demand ~x notice. or Ic-) in the event that each and every the
stipulations, agreements, conJitions, and covenants of said note ~nJ this mortgage, ~re not duly, prumptly, enJ fully performed: then in
either or any such event, the s:iiJ aggregate ~um mentioned in said note then remainig unpaid. with interest accrued to thal time, and all
rrxmeys secureJ hereby, shall become due and payable forthw•ith, ur thereafter, at the opliun of ,aid mortgagee, as fully and completely as
if all af the said sums of money were qriginally sriputated to t+e paid on such day_ anything in wid note or in lhis awrtgage to the contrary
notwithstanJing: and thereupon or thereafter. at the option uf saiJ mortgagee. w ithout notice or Jem:~nd. suit at law or in cquiry. ma~ be
pnxecuted as if all rtwneys seaureci hereby had matureJ prior to itc institution. The mortgagee may foreclose thic rrwirtgage, as to the
amount w declareJ dae and payable~ anJ the said premises shall tx sold to satisfy and pay the samr tvgelher with co~ts, expenses, anJ
a!lowances. In case of partia~ for~dosure of this mortgage, the m~xtgaged premises shsll t+e sold subjeti:t to the cuntinuing lien of this
rrxirtgage for the amuunt of tFie deM flot lhen due ancl unp:~id. In such case the provisions of thi~ paragraph may again t?e avaiteJ of
thereafter from time to time by the mortaagee: •
11. That the mortgagor will give immediaf!' notice by mail to the ~ortgagee of any canveyance, transfer, or change of owne~ship of
1tie premises.
12. That no w~iver of any cavenant herein or oftFy~ dbligation yecured hereby shall at any Iime thereaRer t+e held to t+e a waiver of
Ihe terms hereof or of the note secared hereby. -
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