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I ha~, in urdrr nx,rr full> t~• ptut~tit thc .r:urity uf ~hic nxx~~pgr. th! my~ Sagur, tugrthrr ~hh. a+kl in :i~1.Luun t~~. thr nx~nthly
pa~manh under thr Ierm. uf thc nut~ ,ecur~J hrrrhy, un tht fir.t d:?~ uf ~:~ih i1li~mh umil ihr .aid nutr i, full~ paiJ. ~cill pay ~u tht
n?u~ lg.~g~e Ihe fuiluN ing ,um.:
ial An am.wnt ~uffkient to pruviJe the huWer hertuf Mith funJs to pay the next nxxtgagr in+urance prrmium if thi. in.trumrm anJ
thr nutC ~curaJ hereby ~re insurr~i, or a m~~nthly chargr lin liru .~f a m~xtgage in.urance prrmium/ if thry arc hrld by Ihe
Sc~cretary of Housing and Urban Dev~lopmrnt, as fullo~~s:
11) If :~nd w lung 3s said nate of e~•eo date arxi lhis instrumenl are in.ured or arc reinsured urxier ~hr pr~~visiun~ of the
Natiunal Housing Act, an amaunt sufTicient to accumulatr in the harnis of the holder one l l l month ~xior to its due date the
annual martgage in~urance prrmium, in ~xJtr to pruviJt such hulJzr with fundt to pay .uch premium su ~hr Sctiretary ~~f
Howing and Urban ikvelopment pursuant t~~ tht Natiunal Huusing Act, as amendeJ, arxi applicahlr Regulatians
thereunder,or
t1 U If and w long as saiJ nutrw~f evrn Jate anJ this imtrument ~re heW by the Secreiary of Nowing anJ Urban [k vclupmrnt,
a munthly charge lin lieu of a martgage insuranct premium? which +hall br in an arm~unt equal t~~ one-tHrlCth 111121 .~f
one-half 1'~z 1 prr cenwm of the average ouutanding balance due on the note computrd w•~thuut taMing into a~tiount
Jelinquencin ot prepayments;
~hl A tum equal tu th~ gruurni rcnts, if an)•, next due, plus the premiums that will next becume Jue anJ payable on Ewlicir~ of fire
anJ uthrr hazard insuranre cuvtring ihe nwrigagea proprFty, plus taxrc and assescmrnts next due on the mortgagrd property lall
as estimated by the mortgageel less all sums already paid therefor divided by the number of munlhs to elap+e t+efore une month
priur to tha datt uhen such grauixi rents, prcm~ums, taxes, a~td assecsrn~ntc will become Jelinyuent, such wm+ to t?e held bp
mo~tgagee in tru.t tu pay saiJ ground rtnt., premiums, taxrs, and special as~essments: anJ
Ic1 All payments mentioned in the tv?•o prereding subsections of Ihis paragraph ancl all payments~to be made unJer the note ±ecured
hereby shall t+e addetii together anJ chr aggrrgate amount thrreof shall be paid by the rtxxtgagor rach month in a~ingle payment
to t~e applied by tht mortgagee to the follew ing items in the order srt farth:
111 premium charges unJer the contract of insurance with the Secretary uf Hou+ing and l'rban Dc;velopment, or rtx~nthly
charge lin li~u of mortgagr insu~ancr premiuml, as the cace m:~y he;
111? groun~! rents, tax~, auessments, fire, arxi other ha~ard insurance premiums;
(111) inter~st on the nute securz~ci herrby; and
11 V) amorti[atiun of the pnncipat of said note.
:\m~ Jeficiency in the ~r?x~unt of such a~grrgate monthly payment shall, unl~w+ made gu~xi hy th~ murtg.?g~K priur to th~ dur ~at~: of
thr ne~t wch payment. comtitute an rvcnt of drfault undrr this mortgage. (he murtgagee may collect a~'lat~ chargr" nut tu r~ct~d two
rents ~_cl fix each ikillar IS11 of e:ti;h payment mure than fifttrn 1151 days in arrcars ti~ c~~vrr the ~~tra ex~rnu im~e.lvrd ~n hanJling
.lrlinyutnt pa~~ments. .
3. That if the total of the paymentti maJr M- the mortgagor undrr Ib1 of paragraph prctitJing ,h:Jl ~~creJ shr anwunt uf the
payments actually maJc by the m~xtgagrr, fur ground renh. tatirs and assescmrnts anJ insurance premium., as the ~use may be, such
excess at the option of the mortgagee, shall, be credited on subuquent payments to be made by the mortgagor, or refunded to the
nxutgagor. If, ho~~ever. the rrxmthly payment. made by the mungagor under Ihl of paragraph 2 prrccJing ~hall nat br +uffic~ent to pay
gruuixl renn, ta~et and assrssmentc and in.urartce prrmiumc, ac the case may br, when the ,:ime ~hall hecume due anii payablr, then the
nwrtg:~g~x .hall pay ta the murtgagee anp ~mount necessan~ tu makr up the d~fi.:iency. on ~x befurr Ihr Jatr when p.~ymenl u( ~uih
gmund renh. taxcs, as~~.~m~nts, or in.urance premiums :hall he due_ If at anj• time the mort~,agur shall t~nJrr tu the murtgagrc in
accorJancr with the pmvisiuns of thr no~e securcd hereby, full payment of the entire irxiebtc~in~ti represrntrd therrby, thr rtxxtgagee
~hall, in computing the amount ofsuch indebteeln~~c, cr~+lit to the :~ccount of tht mortgagur all paymenlx maJe under ihr provisions ~~f lul
uf p3raeraph 2 herrof which the mortgagee has not Fecume obligated to pap to the Sctretary• of Nousing arxl Urban Dc~•elopment ~rxi an~
halan~r rrmaining in the funJ+ xcumulatc~f unJer thr pro~i.ion. uf Ih~ uf said par.igraph 2. If thtrr .hall ix Jefault urnier any uf thc
pr~~~i~ium of thi~ murigagr. rrtiuiting in a publii +ale uf the prrmi~e~:u~ercvi herrhy. ur if the m~xtgagce a~yuirr+ thr praperty uthcn~ix
after default, the murtgagee ~hall appl}_ at the time uf thr commrncement of wch pr~xeedinb. ur at the timr 1hr pru{xrt~ i. utherNix
atyuirrJ. the balan~e then rrmaining in ?hr fund~ accumulate.l under ~hJ uf paraeraph : prectding a. a credit a~:umt thr ~muunt uf
pnncipal then rem:~ining unpaiJ under saiJ note and tih.dl pro~rh aJjwt any pa~~ment~ ~hi.:h ~hall havr htcn m:~dr unJ~r lu) of .aiJ
p;?ragraph.
-t. "~h:~t he will pay all taie~, a~cr,~ment;. Hater rat~~,. anJ uther gu~•ernmental or municip.J eharge~. finc~. ur int(x~~itium, fur uhich
pruvi,iun has nut txen maJe hereint~fore. anJ in Jrfault thereuf thr mortgagre may pa) tht simr; :ind that hc will promptly delivrr thr
utticuJ r«~ipts Iherrfur to the mortgsgee.
5. ~hat he Hill prrmit, commit, ur wffer no ~~:i.tr, impairment. ur deteriuratiun uf.aiJ prup~rty ur any part Ihrn~~f: and in thc ~~•rnt
.~f ~he failurc uf the murtgugor to Aecp the buiWings on ~iJ premi~ and 1tho+e to t.~ crected un saiJ premi~c~. ur improvement. thrreun.
in g~xxl repair, the rtwrtgagee m~~• make such repairs aa in its diuretion it may derm nc~r+~arp fu~ the pr~~rr pre.rn~atiun therrof, anJ
the full amount of each and e~ery such payment shall t+e immnliatel~• due and payable, arxl shall be secured by the lien uf thiti m~utg~gr.
6. That he w ill pay ~11 anJ singular the c~nts, charges, and expenses, indading reawneble law~er's fe~~+. anJ cust~ of aMtracts of tidr.
inc. .ctii or paiS at an~• timc by the rtwrtgagce b~tiause of the failure on'~~ part of the rrk~rtgagor pri~mpUy anJ full} to perfiirm thc
agreementti and covrnantti of s:iiJ prumissorp nute anJ this mortgage. and said cosis. charges, and expensts shall t?e immediateh dut anJ
p.iyable and +hall be secureJ by the lirn of thiti mortgagt.
; 7. Th.~t hr will keep the improvements now existing or hereafter erectctii un the murtgageJ pruperty, intiurrJ a. ma~ t+c reyuirrJ frum
l time to time b~• the rrwrtgagee against loss by fire anJ other hazards, casulatic~. anJ contingenrie. in ~uch amuunt+ anJ fi~r ,u~h prri.xfs as
map l~e requir~i by mortgagte, and will pay promptly. w~hrn Jue, any premiums on .uch insurance f.x pa~ nirn• uf ~ hwh pruvi.iun has not
j been made hereinbefore. All i~uurance shall be carried in compawies approved by mortgagee and the policies anei renewals thereof shall
~ t+e held hy morigagee and have aitachcai thereto I~n~ pa~able clauses ~n favor of and in form acctptablr tu the nx~r~gagc In e~~ent of locs
i hr will gi~e immeJiate notice by mait to mortgagee. and mortgagee may makr pnwf of luss if not maJe promptl} by m~xt~~gur. anJ tarh
~ in.uran~r company concerneJ is hereby authorited and directeJ to make payment for such Im. dirctitl~~ to rm~r~g:+gre in+texd uf to
rrn~rtgagor and murtgagee jointly. and the insurance prceeeds, or any part thereof, may be applieJ by rtwrtgagee at its ~~ptiun ri~hrr tu the
~ re~uctiun of the inJebtrJness hereby secured os to the restoration or repair of the property Jamagrd. In event of fure~lo,ure uf thi,
~ nwrtgage ~~r other transfer of tide to the mortgaged prupert}~ in ettinguishment of Ihe indebt~lnecti secureJ~hcreM•, all•right. title. anJ
intercst of the mortgagor in and tu any insurance pulici~~ then in force shall pacs to the purcha~er or grsotcr.
8. That if the premises, or an~ part thereof, be condemned under any pow~er of eminent 3omain, or acquire~i !or a public u~r.
the dama~e~, proceedc, and t6e consideration for such acqnisition, to the e~tent of the (ull amount of indc~Ltrdnes. upc~n this
~lort~age, and the \ote secured herebv re~oaining unpaid, are herebv a~signed.b~- the ~lortgagor to the ~lort€a~~~~ an~! .hall Le- paid
forth~.ith to the \lort~aeee to Ge applird bc it on account of th~ indebtedness secured hereh~•, ~chether due or nc~t.
9. That the rtx~rtgagee may. at an~• time pending a.uit upun this mortgage, apply to the court ha~~ing juri,Jiction lfiereof fur the
appointment of a rctieiver. and such court +hall forthw ith appoint a receiver of the premix-s covered hereby all arxl ,i~gular. irxluding all
and singular the incurrte. profit~. istiucs, and re~enun from whatrver wurce ~erived. each arni everq of which, i1 l+eing expressly~
understcwJ. is herehy mortgage~l as if sperifically set forth and deccribed in thr granting and habendum clausrs hereof, anJ ~uih receivrr
shall have all the broad and effective functions and powers in anyW ise entrusted by a court to a recei~er, and ~uch appointment ~hall tx
~ maJe by ,uch court as an rdmitteJ equity and a matter of at?sulute ~ight to said mortgagee, and withuut refererxe to the adequ•rc~ or
~ ~naJequacy uf the ~•alue uf the propen~~ mortgaged ur tu the wlvency or inwlvency of said mortgagur or the Jefendent.. and that wch
rents, profits, income, is~sues, and revenues shall t+e ap~lied M~ such receiver according to the lien of Ihit rm.rigage aixi the practice of such
~ cuurt_ In the event of any Jefault on the part o4'the mortgagor hereunJer. the mortgagor agrec~ to pa~ to the murtgagec on demand as a
~ rea~unab(e munth{y rental for the premises an amount at least equiv3lent to une-tWelfth 11/1 ZI of the aggrcgxte of the twelve rtx~n!hly
imtallments payable in the then current year plus the actual amount of the annual taxes. atsessmcnts. watcr rate.. :~nd inwrance premiums
for ,u~:h year ni~t cover~l b}• the aforesaid monthly payments.
~ ~p, That lu1 in the event of any breach of this mortgage or default on 1he part of the mortgagur, ur Ihl in the rvrnt ihat any of,:t~d
" sums of mone~• hereirt referred to be not prompUy and fully paiJ withuut demanJ or notice, ex li~) in the e.ent that eaih arxi rvery the
~ .lipulations. agreements, canditiuns. artd covenants of saiJ note and this mortgage. are oot July, prompd~~. and fully perfixmeJ: then in
~ rither or any such e~•ent. the tiaid aggrtgate sum menUoned in said nutr then remainig unpaid, w ith interest accrueJ ti~ that time. and all
~ rrwneys xcured hrreby, shall t+ecome due anJ payable furthw ith. or thereafter, at the option of said mortgagre. ati fully anJ cumplctel~• as
if all of the sasd sums of rtwnry were originally stipulated to t+e paid on such day. anything in said note or io this mortg~ge to the contrary
~ not~ ithstanding: and thereupun or therrafter. at thc uption of taid mongagee. Nithuut rwtice or dem:~nd. suit at law or in cquity. m:~~~ be
~ pro.ecuted ac if all moneys securrd hereby had mature~l prior tu its institutiun. The nwrtgagee may forecluse thi~ mortgage, a~ to the
- artx~unt so declareJ dae and payable. and the said premises shall be sold to satisfy and pay the same together v?ith ants. expenses, anJ
~ alloNances_ In case i~f partial forecl~nure uf this mortgage, the morigaged premises shall he u~W subject to the continuinF _lien of this
~ rtwrtgage fur the amount of Ihe JeM not then due and unpaid. !n wch case the provicians of thi~ paragraph m-ry again t~e a~•ailed of .
R thereaft~r from time to time by the mortgagee.
11. That the rrwrtgagur w ill give immediate notice by mail to the mortgagee of any conveyance, tramfer, ur change of ownership of
~ the premises.
~ 12, "ihat no v`ai~•er uf any covenant herein or of the obligat~on securni hereh~~ thall at ~ny time thereafter be helJ tu be a waiver of
the terms hereof or uf lhe note secured hereb~~.
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