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2. That, in order rtwre fully lo protect the securily of this mortgage, the mor~gag.~r, tagrthe~ with, a~xi in additiun to. ~he rrwnthl>~
paymtnts under the terms of the note sccureJ hereby, un 1he fint day uf each munth until the ~uiJ nute i. G~IIy paiJ, will pay to ~he
mortgagee the fullowing sums:
(at An amount sufficie~t to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and
the note secured hereby are insurcd, or a monthly charge lin lieu of a mo~tgage insurance premiuml if they are held by the
Secroiary of Housing and Urba~ Develupmenl, a~ fvlk~ws:
11) If and so long as said note of even date and this inst~ument are insured or are reinsured undrr the nrovisions of the
National Housing Act. an amount sufficient to accumulate in the hands of the holder one l ll month prior to its due datc the
annual mortgage insurance premium, in onier to provide such holder with funds to pay such premium to the Secretary of
Housing and Urban Development pursuant to the National Housing Act, as amended, anJ applicabie Regulations
thercunder, or
Ilp If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development,
a monthly charge (ft? litu of a morlgage insurance premium) which shall be in an amount equal to one-twelfth I1112) of
one-half per centum of the average outstanding batance due on the note computed without taking into aacount
delinquencies or prepayments;
lb) A sum equal to the ground rents. if any, next due, plus the premiums that will next become Jue and payable on policies of fire
ancf other h~zard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged properry (all
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapx before one month
prior to the date when such ground rents, prem~ums, taxes, and assessments vvill become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and
Icl All payments mentioned in the tw~ preceding subsections of this paragraph and all payments to be made under the nott secured
hereby shall be added togetAer and the aggregate amount lhereof shali 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:
ll) premium charges under the contract of insurance wilh the Secretary ~f Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(11) ground rents, taxes, asussments, fire, and other hazard insurance premiums;
(11!) interest on the note secured hereby: and
(IV) amorti7ation of the principal of said note.
:iny deficiency in the amount of such aggregate monthly payment shatl, unless made g~i by the mixtgagor prior to the dur date of
the next such payment, constitute an event of default under Ihis mortgage. The mortgagee may collect a"late charge" not to exceed two
cents 12c1 for each dollar ISI) of each payment more than fifteen IIS? Japs in arrears to cover the extra expense involved in handling
delinquent payments. _
3. That if the total of the paymems made by the mortgagor under Ihl of paragraph 2 preceding shall erceed the ~mount of the
payments actually made by the mortgagee, for ground rents, taxes arxi assessments anJ insuranc.e premiums, as the case may be, such
excess at the option of the mortgagee, shall. be credited on subsequent payments to be made by the mongagor, or refunded to the
mortgagor. If, haw~ever, the monthly payments made by the mortgagor under Ihl of paragraph 2 preceding shall not t+e sufficient to pay
ground rents, taxes anci acxssments and insurance premiums, as the case may be, when the same shall t+rcome due ancl payable, then the
mortgagor shall pay to the mortgagee any amount neces.sary to make up the deficiency, on ur before the Jate when payment of such
ground rents, ta~es, assessments, or insurance premiums shall be due_ If at any time the mor~gagor shall tcnder to the mortgagee in
accordance with ihe provisions of the note srcured hereby, full payment of the entire iixfebtedness represented thereby, the mortgagee
shall, in com~uting ihe am~unt of such inJebtedness, credit to the account of the mortgagor all payments made under the provisions of lu)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and UrbaA Development and any
balance remaining in the funds accumulated under the provisiom of 1h/ of said paragraph 2. If lhere shall t?e a default unJer any of the
pro~•isiuns of this mortgage, resulting in a public sale uf the premises covered h~reby, or if the mortgagee acquires the property otherw ist
aiter default, the mortgagee shall apply. at the time uf the commrncement of such proceeJings vr at the time the propeny is otherwise
acquirctii, the balance then remaining in the funds accumulated under Ib~ of paragraph 2 precc~iing as a creJit agaimt the am.~unt of
principal t~~en remaining unpaid under said note and shall properly aJjust any payments which shall have t~een made unde~ lul of said
paragraph.
d. That he Nill pay all taxes, assessments, Hater ratc~+. and other governmzntal or municipal chargcy, hnes. or imEwsitions, for which
provisivn has nut t+een made hereinbefore, and in default thereof the mortgagee may pay the tiame: and that he ~ill promptly Jeliver Ihe
official receipts therefor to the mortgagee.
S. That he will ptrmit. commit. or sutTer no waste, impairment. or deterioratiun of said prupertp or any part therrof; and in the event
of the failure uf the mortgasor to keep the builJings on saiJ premises and those to be erected on said premisn. ~x improvements thereon.
in giwd repair, the mortgagee may make such repairs as in it~ Jiscretion it may Jeem neces~ary for thr proper prrsen•ation thereof, and
the full amount of each ~nd every such payment shall be immediately Jue and payable. arxi shall be secured by thr lien uf this mortgage.
6. That he will pay all arxi singular the costs, charges, anJ expenses, including reasonable law yer's fees. and costs of abstracts uf title,
~ incurreci or paid at any time by the murtgagee becaus~ uf the failure on the part uf thr rtwrtgagur promptly and fully to perform the
agreements and covenants of said promissary note and this mortgage, and tiaid cotits, charges, anci expenses shall be immediately due and
payable and shall l+e secured by the lien of this mortgage.
~ 7. That he will kerp the improvements now ezisting ur hereafter erected on the mortgageci property. insureJ as may t~e rrquirnl from
~ time to time by the mortgagee against luss by fire and other hazanic, ca~ulaties, anJ contingen.:iec in such amounts a~d fi~r such periuJ. as
~ may be requircYl by mortgagee. and will pzy prompNy, whe~ dur, any premiums on such insurance for payment of whic.h pruvision has not
been made hereinbefore. All insurance shall be atrriod in companies approved by mortgagee ~nd the policies and renewals thereof shall
t+e held by mortgagee and have attachni thereto I~ss payable clauses in favor of anJ in form acceptable to the rYwngagee. In event of loss
he will give immediate notice by mail to mortgagee. arxi mortgagee may m~ke proof of loss if rwt made promptly by mortgagor, and each
insurarke compan~~ concerned is hereby authorized and directed to,make payment for such Icxs direc0y tu murtgagee instead of to
rtwrtgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mongagee at its option either to thr
reduction of the indebtedness hereby secure~i or to the restoratiun or repair of the property damaged. In ~~~ent of fureclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebteJness secured hereby, all right. tide, anJ .
interest of the mortgagor in anJ to any insurance policies then in force shall pass to the purchaser or grantee.
8. That if the premises, or any part thereo(, be condemned under any power o( emirient domain, or acquire~i (or a public use,
the damares, Proceeds, and the consideration for such acquisition. to the extent oi the (ull amount of indebtedness upc~n this
1lortga~e, and the ~tote secured herebv remaining unpaid, are hereby assigned by the 1lortgagor to the \lortga~~e and shall bc paid
[orth~~~ith to the ~1ortRaRee to be applied b~~ it on account of the indebtedness secured hereby, N•hether duP ar not.
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply tu the court having juriuliction thereof for the
appointment of a recei~er, and such court shall forthwith appoint a receiver of the premises covered hereby all anJ singular, inciuding all
arxi singular the income, profits, issues, and revenues from Khatever source derived, rach a?xi every of which, it being ~xpressly
understood. is hereby mortgagctil as if specifically set forth and described in the granting and habendum clauses her~f, anJ such receiver
shall have all the broad and efl'ective functions and pow~ers 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 abwlute right to said mortgagee, and w ithout reference to the adequacy or
inadequacy of the value of the property mortgageJ or to the solvzncy or insolvency of said mortgagor or the deCendents. and that ~uch
rents, profits. income, issues, and revenues shall l+e applied by such receiver according to fhe lien of this mortgage anJ the practice of such
~ court. In the event of any default on the part of the mortgagor hereunder, the rtwrtgagor agrees to pay to the mortgagee on demand as a
~ reasonable monthly rental for the premises an amount at least rquivalent to one-twelfth 11/~2? of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of ihe annual taxes, assessments, water rates. and insurance premiums
for such year not covered by the aforesaid monthly payments_
~p, That (n) in the event of any breach of this mortgage or default on the pan of the mortgagor, or Ih) in the e~•ent that any of s:?id
sums of muney herein referred to t+e not promptly and fully paid without demand or notice. or (c) in the event that each and every the
stipulations, agreements, conditions. and covenana of said note anJ this mortgage. ar~ not duly, promptly. ~rni fully performed: then in
ei~her or any such event. the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all
rrwneys secured hereby, shatt become ~ue and payable fonhw~ith, or thereafter. at the option of saiJ mortgagee, as fully and completely as
if all of the said sums uf money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
notwithstanding: and thereupon or thereafter, at the option of said mortgagee. without notice or demand, suit at law or in equity, may be
pnnecuted a~ if all moneyr~ secured hereby had matureei prior to its instiwtion. "fhe murtgagee may foreclose this nwrtgage, as to the
arrwunt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together vvith costs. expenses, anJ
allowances. In case of partial foieclosurc o,f this mortgage, the mortgaged premises shall be sold ~ubject tu the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee. •
l l. That the mortgagor will give immediate nQtice by. maii to the mortgagee of any conveyance, lransfer, or change of ownership of
thepremises. ~ ~
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held tu be a waiver of
the terms hereof or of the rate ucured h'reby.
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