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That. ~n urJrr nx~re lully to pn~ta~?~ thr ,r:urny of thi, mur~gagc. thr murtbabur, tug~thrr Ni~h. ,~nd in a.ldni~~n tu. ~hr i~~mhl~
pa~mrnh un~lrr thr trrm~ uf thr nutt ,r.urc.i hrrrhy, un ~hr fir.t da~ uf ~a~h munth until thc .aid nutr i. fully paid. N~II pa~ tu th~
mur~gagrr thr fuUuaing.um~:
ta1 .~1n amuunt sufficirnt tu provide the huWer herruf with funds ~o pay the nrxl rt?ortgagr inwranct prcmium ii th~c in+trumrnt and
the n.~te ~cureJ hereby are insu~e~i, .x a m~~nthly :harge lin lieu uf a martgage insurance prrmium) if thty ara hrld by thr
Secretary of Housing and Urban Developmrnt, as follows: .
IU If and w long as said nute of evan da~e arni this in~trumrnt are incurrd o~ ar~ reir.,urrd un.fer the provi,ionc uf ~he
National Housing Act, an amount sutticient to accumulatr in the hands of ~he hold~r one l I) month prior to its due date th~
annual mortgage in~urar?cr premium, in urder to pruvide .uch hoWrr w•ith funJ, to pay such premium ~o the Secre~ary ~~f
Housing and Urtwn Dt~~elopmrnl pursuant ~o the Nati~nal Huusing Act, as ametxied, anJ applicable Regulauon~
thereunde~; or
111) If anJ s~~ long as ,aiJ nole uf tvrn date arxl thi, instrumrnl are heW by the Secrctary of Huu+ing arxi Urhan Ikvelupmrnt,
a monthly charge Iin lieu uf a mur~gage insurance prrmium) which ,hall t?r in an amuum equal w~~nr-twelfth 11/131 of
one-half 1~s 1 per centum of the average auutanJing I+alance due on the nute computeei without taking into arcount
delinqurncies o~ prepayments;
Ib? A sum equa! to the grourxi rents, if any, next dua, plus the premiums that will nrxt becume Ju~ anJ payable on pulicies of fire
arxl other hazard insurance covering the mortgagni property, plus taxes and a.secsments neat due on the mortgaged property Iall
as estimated by the mortgagee) Iess all sums already paid therefor dividec! by the number af months to elapse before one mooth
prior w the Jate when such gruu~xi rents, prrmiums, taxes, arxi :usessments will t+ecome delinqu~nt, such wma to br held bp
murtgaget in t~ust to pay said gr~und rents, prrmiums, tates, anJ specirl :usessment.; anJ
(c) All payments mentioned in the two preceding subsections of this paragraph and al! payments to tie muie under the note secureJ
hereby shall t+e addeJ tugethrr anJ the aggrtgate amount lhereof shall 6e paid by the mortgagor each month in a single payment
ta br app6ed by the mortgagee to th~ folloa ing items in the orJer set f.~rth:
11) premium charges under the contraet of insurancr Nith the Secretary uf Hou~ing and lJrb:io I)rvelupment, or mon~hly
charge lin lieu of m~utgage incurance premiuml, as 1he case may be;
111) ground r~nt~, taaes, assrc+ments, fire, and other hazard insurance premiums;
111t1 interest on the nute secureci hereby; anJ
IIY) amortication of the princ~pal of said notr. '
Any detx~ency in the amuunt uf such ag~,rrgate monthly p~yment shall, untr,~ maJe go~x) by thr m~Ntgagar priur tu thr ~lu~ ~:~tr i.f
thr ne~t such payment, cons~itute an rvrnt uf def:?uit unJer this mortgage. "Chr mixtgagee may coll~tit "latr chargr" nut tu racerd t++u
cents (2c) fiir ea~h dollar ISU of exh pa>•ment mure than fiQrro 1151 da~s in :ure:us tu cu.er the extra exprn,e invol~rJ in handling
Jelinquent payments.
3. That ~f ~he total of the paymrnts maJc by the mor[gagur under (h1 of paragraph ~ prtcr~ing .ha0 eureJ the anx~~n! uf the
payments r~luallp made by the mortgagee. for gruunJ rents, ta~es and a..eticmentti and iosu~arke premium., as thr ~asr muy t+e. such
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, o~ refunded to the
?rn~rtgagor_ If. ho~ever, ~he monthly payments made by the mortgagor u~der fh1 of par:~graph 2 precrdeng .hal1 not t+e sufficirnt t~~ pa~
grounJ rents, taxec aml a~+~ssmems and incurance prcmiums, :is the eace may be, when the ~me shalt br~umr due :~nci payablr, then the
nwrtgagor shall pay tu the mortgagee any amuunt necessary tu make up the Jefi~ien~y. un ur heforr th~ datc when pa>ment uf.uch
grounJ rent,. taxc~, a+x~xmcnts, or iresurance prcmiums chall ~ due. If at any teme the m~xtgagw sh:~!! iender lu ~he mortgagre in
accurJance w~lh Ihe provisions of the note secured hercby, full pay~ment of' thc entire indeM~~inesc rrpr~entrd thereby, thc mortgager
,hall. in computing th~ amount of wch indebtednecc, creJit w the accuum uf the mortgagur all payme~t+ madr under the pruvi~ions ut~ui
of paragraph 2 hereof which the martgsgre has not hcYOme ~~bligaied to pay to the Secretary of Huusing ~nJ lrban Drvelopment and an~•
balance remaining in thr fund, accumulat~~l unJer the provitiions of Ih~ uf ,aid paragraph If there ~hall 1+c a d~fault urxier am of the
pruvisions of this m~xtgage, resulting in a puhlic sal~ uf the premi~rt covertd herrby. or if the m.xtgagee acyuires thr p~uperty othrrw isr
after JrFautt. the mortgager shall ~pph~, :~t the time of the curpmrrxement uf cuch procerding+ ix at the umc the prupcrt~ i, utherNi~e
acyuire.i, the balancc then remaining in the fundt accumulatrJ under ih~ of paragraph 2 preceefing a. a crrdit acximt the ;~muum of
principa) toen remaining unpaid under ~aid no~r and ~hall propcrly adju+t any payments ~hich ~hall havr t+ern mudr und~r lu) of ~i~'
p:iragraph.
~ J_ That he uill pa~• aU wxrs, a~se.smrnt+. Mater r.u~+, anJ uther go~•rrnmental t,r municipal char¢es, fines, ur im~wsitions, fur ~hich
pru.~i~ion hati not t+crn made herrint+efurr. :md in d~f:~ult thrrruf the murtgage~ ma~~ pay the samr: and that hr will promptly~ deliver the
ufficial receiptc iherefix to the mungag~e.
5. ~hat he will permit, cummit, o~ .ufl~er no H a,t~_ impairmem. .x drt~rioratiun ul ~id pruperty or any part thcrcof; ;~nd in the event
ui the failure of the martg3gur tu keep the buiWing~ on ~aid pr~mi~e~ and th~.,r to hr ercYted on said premixs. ur improvements thereon.
in g~x~ repair, the riwrtgagee may makr suth repain a, in its Jiscretiuo it may Jrem nc~:~h,ar} f~x the pruper prec~rvation thereof, and
thr f~ll artx~unt of each and every cueh papnient .hall he immrJiatrly due anJ payahle, arJ ,hall t+r x~ur~ti1 hp the lien uf thic mortgage.
6_ That hc will pay all and +ingalar thr co,ts_ chargr.. anJ e~peme.. incluJing reaconable I;~wyrr', fee+, and cosh vf at~tracu of tiUe.
incurred or paid at any time by the m~~rtgagee tx-~:?utir uf thr L•~ilure on ~hr part nf thr murtgagur prompUy and fully tu perform ~he
agreementti arxi covenants uf wiJ prumi~,ory nute ~nJ Ihiti mortgagr. and s:?id c~rt~. ~h~rge~, and expens~•„hall be immediately Ju~ anJ
pa~ able anJ shall be secureJ by the lien of thi+ mort¢:?ge.
7. That he xitl keep Ihc improvemenu rtuw existing or hereafter erectrd un thc mur~gaged pr.~peny, imured as m3y t+e reyuircYi from
ume to time bp thr rtwrtgagee against loss by fire anJ uther hacarJs, casulaties, and contingencirs in ~uch art?r~untti and for .uch peri~xis a,
may t+e require~l by mortgagee, anJ uiit pay prompdy. Khen due. any premiums on such insurance for paymrnt i~f ?rhich pru~•i+ion has not
been made hertinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
t+e held by mortgagee and have attachrJ thereto lu~ti payahle daus~ in favor of and in form acceptahle to the rrwrtgagee_ In e~~ent uf to~ti
he N i11 gi~~e immediate notice by mail to mortgagee, and m~~rtgagee may make pnx~F of losc if rx?t m:ide promptly by mix[gagor, a~xi each
mwrarxe company concerneJ ic hereby authorizeJ and direc.ted to make payment fur wch loss dirtetly to murtgagee incteaJ of to
murtgagor and murtgagee joindy. ~nd the insuran~~ proceeJs. or any pari thereuf. may t+e applied by rtwrtgagre at its uption ei~her to the
reJuction of the indcbtednes~ herehy se.urrd or to the restorsiion or repair of ihe prupert~~ Jamagrd. !n evrnt of forecl~nure af thic
mortgage or other transfer of title to the mortgaged pn~erty in e~tinguishmem of the inJetNeJne~s secured herchy, all right. title. and
interest of the mortgagur i~ and to an~~ insurance pulicies then in force shall pass to the purchaser or grantee.
R. That if the premises, or an~ part thereo(, be cundemned undcr any po~.er of emiaent domain, or a~ quirPd for a pubfic u~e,
the dam~~es, Qro~eeds, and the consideration for such acquisitioh, to the e~t~•nt of ~he (ull amuunt of indebtc•dnc~ss upon thi~
\Ior~~aRe,andthe\ote secured Aercbv remainin~ anpaid,are hereb~~ as~i~nPd b~ thr \Iort~aRor tothc \lort~€~~ an~~ shall t,e paid
(orth~~ith to thr ~lort~agee to be applied bv it on account uf the indebtednes~ sc~cured h~reb~, Nheth~r rlu~ or not.
' 9. Thai the rrwrtgagee may. at any Iime penJing a suil u~xm Ihis morlgage. apply to the cuurt having juri~iicti~~n thereof for thr
ap~?intment of a receiver, and such cuurt shall forthN ith appoint ~ recei~•er of the premi~s covereJ hereby all arxi singular. i?xluding all
; and singular the income, profits, issues. and revenue4 from whatevrr wurce derived. each anJ rcery uf whech, it being expresslp
uaderstoixl, is hereby mortgagecl as if specifically set forth anJ dc~urihetii in the granting and habenJum clau+eti hrreof. anJ ~uch recei~•er
shall have all the broad and et1'ative functions and powers in anywise emrusted by a court to a receiver. and such appuintment shall be
made by such coun as 3n admitted equity and a matter uf abwtute right to said mortgagee, anJ N ithout reference to the aJequacy or
inadrquacy uf the value of tbr property mortgagetl ur w the uilvency or insolvency of ,aid mortgagor or the Jefendentti. anJ that ,uch
rents, profits, income, issues, and re~enues shall be applied by such receiver accorJing to the lien of this nx~rtgage arxi the pracuce of.uch
~ourt. In lhe event of any Jefau(t on Ihe part uf the mortgagor hereunder, the mortgagor ;egrees to pay to lhe mvrtgagec on Jemand as a
reasonahle munthly rental for the premises an amount at Irast equi~~alent to one-twclfth l11~21 of the aggregate of the twelve monthly .
intitallments payable in the then current year plus the actual amount uf the annual taxes. a~s~-~~ments. Nater ratrs, and insurance premiums
(or such year not covereci by the aforesaid monthly payments_
10. That ful in the evem of any breach of this mongage or Jefa~lt on the part of the mortgagor, or Ih) in the event ~ha~ any uf said
sums of money herein referred to be nut promp0y and fully paid w•ithout demand or notice. ur Ic? in the event that rach anJ even the
.tipulatiuns. agreements, conditions, and covenants of saiJ mue and thit mortgage, are not July, promptly, and fully perfi~rmed: then in
either or any~ such event, the said aggregate sum mentioned in said note then rem:~inig unpaid, with ir.terest accrued to that time, anci all
nwneys secureJ hrreby, shall become due and payable forthW ilh. or thereafler. at the option of said mwtgagee. as fuUq anJ completely ac
if all of the ~id sums of money were originally stipulated to t+e paiJ un such day, anything in wid note or in this rtxrngagr to the contrar~
nuta i~hstanding: and lhereupon or lhereafter. at the optii~n of wiJ mortgagee. withuut nutice or demand. wit at law or in equity, maq t+e
prvsecuted as if all rmmeys ~ecured hereby haJ mature~l prior to its instiwtion. The rm~rtgagee may foreclvse ~hi~ rtxirtgage, ss to th~
artxwnt so Jeclared due and payable, and the said prcmises shalt be sold to satisfy aad pay the wme t~tether with co~tc, ripenses, anJ
aUowances. !n cace of partial foreclosure of ~his mortgage, the mortgaged premises shall be wld subjec~ to the continuing lien uf this
rtx~rtgage for the amount of 1ht debt not then Jue and unpaid. In such cace the pruvisionc of this paragraph may again t?e availed of
thereafter from time to time by the mortgagec.
11. That the mortgagur will give immrdiate no~ice hq mail to the mortgagee of any ~onveyance, Iransfer, ur change of ownership of
the premises.
12. 7hat no waiver of any covenant herein or uf the ublig•rtion tie~:urecl hercby shail at any t+me thereafter t+e helJ to t+e a waiver nf
the terms hereuf ~x ~~f the note secured hereby.
~BG~~U~ f~CE V01
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