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2. I hat. ~n urJ~r nx~rc fully tu pru~ctit thr ,ccunry ul th~~ murtgagr. thr m.~rtga~;~~r, t~~g~thrr N iih. :ux1 in ~dJiti~~n tu. Ihr nx~nlhl~
payment~ unJ~r ihc tznm ui th~ r.u~r ~c~:urcJ hrrrhy, un ~hr lint Jay uf ra.h nwn~h unul thr ,.uJ nutr i~ fulh paid, w~ll pay to ~hr
n~urtg:~gtC thr Ii~IIuN ing ~un~~:
lal :~in ~nwunt .ufticirnt ?u pr.~v~.k thr huiJrr ~e~~uf u~th funJ. tu pay thr nt~t nxxtg.~ge ~murancr premwm if th~~ imtnlmrm enJ
Ihr ~ote .e.:ureJ herrhy are in.unYi, ~x munlAly rhurgr lin li~u ui a nwrtgagt imurance {+r~m~uml if they arr hrW by the
Secrelary i~f Hou~ing ai~d l'rhan ikvrlopmrm, a+ fulluw.:
~ 111 If and Iung as .aid nute ~~f even date and thi~ imtrumrnt are ~murrJ ur arc rcimuratii unJcr ~hr nr~~vi.ium ui the
~a~iunal Huu~ing Ac~, an amount +ufficient to accumulatr in thz hand. of' ~he hulder un~ 1!) munth {+rw~ w its duz datt ~he
annual murtgage m~urancr prrm~um, m~uder tu prori~k ~u~h hul.ltr wUh fundi tu pap ,u~h prcmium tu th~ Secrctary uf
Nousing and Urban lh:~clupmrnt punuunt tu thr i~at~unal Huu~ing :\ct. ati armnd~J, anJ applkabtr Rrgulauun+
thrreunder, or
IIU If and w long a..:?id n~xc uf e~~n Jate and th~+ instrumrnt are hrld hy thr Secrel•rry of Ne~u.ing anJ llrban Ikvelupment.
a nx~nthly cha~gr lin licu uf a m.~rtgagr ~n.urancr prrmiuml Nh~:h .h;~ll M m an amuun~ ryu:~l tu unr-tHrlfth f 1!1'_1 of
~nr-half 1'•21 {xr .~nwm uf the a~c~:~gr uul.lan~i~g b:?lancr Ju~ .~n thr n~?te cumputrJ u~lhuut ta{.~ng mlu ~KUUnt
dclinqucncir~ ur prepaymr~t+;
IM A.um ryual tu the ground rent.. ~f :~m•, nrxl dur, plus the pr~miumc Ihat w•ill ntxt bacomr due arxi papablc i~n Ex~lKiec of fire
anJ ulher haaard in~urance rovering thc rtx~rtgagM property, plu+ t:?xrc and a..t»mrnt. nr~~ Jur un Uir mortgageJ p~aperty lall
as estimattd by thr murtgagce) le+~ all wm, alrraJy paid thrrrfor Jiv~JeJ by the numt+er ut munths tu elap~e btfore ona munth
PflOf to the datr Nhen ~uch grourxl (~I1~S. prrm~ur:s. iui~~. .i:..~, .ii;c:~:: zi::i ia:i: ~ii: i i~ =.~..1:^yi5i7;i. '.:"~a ~`i' ~!?I.1 Ay
mortgagee in ~rust t~~ p:?~ ,aid ground reat~, premwms, tdx~s, and t{+~cial a„r,~ment+; and
1c) All payments mentioned in the two preceJing sut+se~:uons of thi+ p:+ragraph and all payments tu t~e puuie under the note secured
hrrehy .hall t?r aJdcY! tuge~hrr anJ the aggrrga~e amount thrreuf .hall be paid h~ the munbagur rach manth ~n a~~nglr payn~nt
t.~ t+C appli~J by the murtgagre tu ~hr fulli~~. ~ng hrnu ~n ~hc urdrr ~rt forth:
111 premium charge. under thr contract uf ~muranct with Ihe Secretary of Huu+ing and l'rh3n l~velopmem. ur muntt?ly
charge lin lieu uf m~xtgage ~nwrancr prem~uml, a~ the ca~ ma} be;
1111 ground rrnt+, 1ax~~. a~~.sment+, fire. and other h:~tar~ in~urrrne ~emium~;
111h intere~t un the note crcureyl h~reby; and
11~') amortitation af the principal of wid note.
An) slrtii:ietk) ~n th~ :~muunt uf ,u~h aggregat~ munlhl~ pa~ mrnt .ha1L unlr.~ m~~r ~,u~~l h~ th~ iuurtg.~gur priur tu thr duc Jat~ uf
thc nc~t .uch pa~ mrnt. :umtnut~ an ~v~nt ui dct:~ult undrr th~. mo~tga~;r. l hr murig.~gtt map ruU~tit I:ar charga~.. nu1 tu r~.:~rd t~~u
c~nt~ t2c1 fur ca~h J.~Ilar ISII uf r:?~h paym~nt mur~ than fillcrn t1~1 J:n, ~n arrr:~r~ tu cu~e~ th~ r~tra c~{xxn,t in~uh~ti1 in hanJl~ng
drlinyu~nt p:+ymrnl~.
3. ~Ihat if ~hc tutal uf th~ pa}m~nt. maJe by thr nwrtg:~gu~ unJrr ib~ ut paragr.~ph prcc~d~ng ,hall r~:trd Ihr anH~unt uf the
paymrnh a~tuall~ maJr b~ thr murtgagrr. fur gruunJ rent.. ta~~-~ and a~x~.mtnt~ anJ in,urani~ pr~mwm.. a~ thc :~x m~) br. ,uct.
excess at the option of the mortgagee, sball, be creJitni on subsrquent paymenta to be made by the rtwrtgagor, or refundrd to the
murtg~gur. If. huHr~~~, thr ~nunthl~~ pa~m~na ma.lr b~ th~ murtgagor un~~r ihl uf paraglaph ~ pfttiail~ng ~hall nut t+r ,uffi~ient tu pay.
gruunJ ren~,. ~a~r. anJ as,r„mrnt+ and im~iran~r prrmium., a. th~ ::ix may tx. Nh~n Ih~ .amr ,hall b.~.~mr du~ ifMl (1J):IF~It, thcr~ the
miulgag~~r ,hall pay lu thc m.rrlgagrc :~ny anwunl nrcr»ary tu mala up th~ drficirncy. un .x heli,rr Ih~ datr Hh~n pu~m~nt ~~f.uch
gruund r~nh. t~~~.. a~x.+mrnt+, ur imurancr premium, ~hall tx dur. If :u any umr the m~x~gagu~ ~hall I~nd~r tu the murtgaKr~ in
:uwr~anc~ ~ith the pruvi~iun+ uf thc nute ~ecurcd herehy. full pa}mrnt ut th< <ntirc indrbt~tifne.. rcprc+rntcd thereb}, ihe nwrtgagee
.hall. m wmpuun~ !hc, amuunt uf.uch indebt~tlnr*t. ~r~~efit tu the ac~uunt ut tht martg~gur all pa)mrnh madt undcr th~ pru~~,ium uf tul
ut paragr~ph'_ hrreuf ~hich thc murtgag~e ha, nut be.umr uhiiK:U~^J tu pa~ tu thr Sctirewr~~ uf Huu,ing anJ Lrb.~n De~rlupm~nt and any
halancc rcm:uninF in thr funJ+ ac~umulatrd undrr thr pruvi.iun. of tb~ ut ,:,~J p.uagr:,ph 2. It~ thcrr ~hall hr a al~t:~ult ur?drr any uf the
pr~,vi~ium of thi. murtgage. rc~uhing in a puhlic ,alr uf thr prrmi+~~ ~~~~rrril hrr~hy_ ur if the mwtgagrr acyuu~~ th~ pn~~rt} UIIII'fN IK
afler ~efault, the murtgag~r +h:Jl appl~. a~ Ihr timr ut th~ ~ummrn.~mrn~ uf ,uch pr~xecd~ng. ur at thr timr th~ ~ruprrt~ i. ~~thrrui.e
acyuir~~. th~ hal:~n:r th~n rrm:un~ng in thr IunJ. a.cumuLit~d und~r ~hi uf paragr.tph pre~rJ~ng a~ a:rcJ~t again+t thr :unuunt of
pnnc~pal thr~ rcmain~ng unpaiJ undrr a~~d nute anJ tih.~ll pn+perl} adju.t an} payrncnt. ~~h~:h ,hal) havr ha~n m:ulr un.lrr lu! ul vud
F13f:1l:f:1~1F1.
I hat hr N~U pa~ all I:~~c~. a~~c~.mrntti. watcr r:dc~. :~nd othcr g.~~ernmcntal ~~r muni~ipal chare~'~, finr,. ur ~mM»itium_ fur which
pru~i.~un ha. nu1 t+rrn m.~Jc h~rrmtkfuri. and in drt:wlt thrrcaf thr mu~tgae~~ ma~ pa~ thi ,~nx: :+nd ~hat ht ~~II prumpU~ drliver the
uffici:J r~ti~ iph thrrelur t~~ thr nturtgag«. .
5. 1 hxt hr Hill p~rmn. cummi~. ur ,uff~r n~, ~ca,Ir. ~mpau mrnt. ur drt~nuraU~~n uf ,a~~ pruprrt~ ~~r :~n~ part thrreuf: and ~n thr r~•ent
uf thr faJurr ~~f thr muitgaL~~r tu k~ep thc huild~ng~ on ~aid premi,rti anJ thme ta hc rrected un ,aid premnr~. ur impru~rment. ~hrrron.
~n gaxxl rrpair, thr nrirlgagrr m:~y m:ike ~uch repa~r. as in ~tc diccretwn rt may deem nrcessary for the pr.~{+rr prr.rr.:~tcun thereof. anJ
the full :tm.~un~ uf ra.h and ~very ,uch pa~ ment ,h:tll br imme~iatrl~ due ~nJ p:~~:~ble, ~nJ ~hall he xYUntil by the lirn uf thiti nx~rtg~ge.
I~171 I1C K III F13) :JI an~ ~in~ular thr c~ht~. ~harge~. ::nd etprme,. including rea~on~hle lawyer'~ frr~. and custs o! ah,tra~K uf litlr.
~ ~ncurr~til ur p:iid any limr by thr mortgager hecau~e of the failurr on the part of the rtxxteagor prompth :~nJ I~ully W prrlo~m the
i agre~~nrnt.:in~ cu~~nant~ ~~f ,ai.l prumi.wr~ m,tr and Ihn murtg:+gr. :~nd .a~~ cu+h. ch:u~tti. :~nd c~p~mr..hall t+~ imm«Latrl} Jur and
pa~ ahle .~nd .haH bc urcurcd h~ thr licn uf thi~ murtgagr.
~ 7. Tha1 hr will ~,e~p thr impru~emrnt~ nuw cv~ting ur herc~ltrr ~rctii~tii un thr mnnta~t~d prup~r.y. ~murcJ a~ ma} tx rryu~rrJ from
i Umi t~, Umr h~• thr nwrtga~r~ again,l lu~. b~ firr ~nJ uther hat:ud~.:a.ul~ticy. and runtingrnrir. in wch ~muunt~ :~nJ ti,r wch prri~tik as
i ma~ hr rryu~rrJ M m~+rtgagrr, and will pay pr~~mptly. ~ hrn due, any premiume un wrh imur.~nce lor payment uf u hi.h pm~ i.iun ha, nut
~ been maJe hereint?efcxe. All insurarn:e .hall be carcied m companies approved by rtwrtgagee and the pulicie~ and renew~ah thereof shall
~ hC FItW hY tt7ufl~aKCC :~nd hac~ att:?thrJ thrrrtu iu.. pa~~:+hle clau~c~ in favur uf and in furm accrptahl~ tu thr rrH~rtgag~r. In r~•~m uf luss
j IlC N III 1`.I~t inunrJcu~ nuucr h~~ mail tu murti:igrr. :+nJ ~n~xtg:~gr~ may male pnx~t ~~f lo,ti if nut maJc prumptly hy murtg.~gus. :+nd tach
~ imurcuxr cumpam~ ~~~~~rrn~d is hereh} :+uthurize~i and directrd to make payment fi~r a~ch I~ns directh u. murtgaee~ imtr:~d uf tu
~ nwrt~::~t;~~r :ind murt~ag~r juintl}. and !he imurance pnxtrJc. ur any part Iherct~f, m.+y br apPtieJ by nx~rlgagrr at it~ ~~pti~~n r~thrr ti~ thr
reJucuun uf thr indrbtrdnr.. hrrrh~ .r:ur~J ur tu thr rr.toraUun ur rcp:tir ~~f thr pruprrt~ d:tm:~grJ. In r~ent .~f furril~+.ure ~~f thn
~ mi~rtg:~gc ur ~Hhrr tramfrr ~~f titk h+ thr m~xt~agrJ pr~.pcrt~ m rwngiii.hm~m ~~f Ih~ ~ndrhtcJn~,..r:urrd hrreM. ali ngh1. Irtlr. .ind
~ inttre~t u( th~ m~~rt~:aguc ~n anJ tu .+m imuranct puli~ie. thrn in t'urce tihall pa» n~ thr purch:n~r ur grantre.
~ lhat Ih~ m~irtea~ar m:~y, at :uiy ~~me p~n~ing a~uit up~m th~~ murlgsgr. sppl~ tu the courl ha~ing ~un,J~cuun thrrr~~t fo~ the
~ apM~~ntmrm ~~f a rctirncr. and ,uch c~~urt tihall furth~ ith ap{xunt a rec~ner uf Ihe premi~r~ ru~cred h~rrh~ :dl :ind .~ngul:u. ~ncluding all
~ and ,in~:ular thr inc~~mr, pnditc. ic~uc~. and re~enuec lrom whatever u~urce drrived. e.?ch anJ r~~n ~~f ~+hich. it 1+~ing r~pre»I~
undentu~Ml. i+ hrrnc~ m~~rlg,~gcYl :?s ~f spctiiti:ally ~rt forth :mJ ilcscrihrd in thr granting and hat+rndum .lau~~~ hrrcut: anJ .uch rr:ri~rr
~ ,hal) ha~e al{ th~ hru:~d anJ efi~c~n~ funcU~~m and p~~~~rr. in :~n~H i~~ entru.trd h~ a cuurt 1u a rec~~~er. :~nd .uch appu~ntmrnt .h.~ll he
~ m.idr h} w:h ~~~urt a. .m a~lnnUr.l ~~ywt~ :~nJ mattrr uf ah..dutr nght t~~ .:~iJ murtga~~r. an~ ilhuut r~frrencr tu ~hr .~.Icyuacy ur
~ in.~J~yuac~ ~~f thr ~:~luc ul thr pmprrl~ m~,rtg~~grd ur tu th~ wl~~nt) ur imulrcnc~ ~~f ~a~J rrx~rtgag~~r ~~r thr Jrfrn~rnh. ;~nJ th.d wch
~ rent., prufit.. ~n~umr. i.,ur.. :~n.l r~venu~.,hall t?~ applted b) ~uch rricner a~~ur~ling tu thr lirn af Ih~~ nx~rlg~~;r and Ihe pracUCr uf ~u~h
~ ~uur1. In thr rc~nt ~~f :~n~ JcL~uh ~m ~hr part ~~f thr martg:~gur hrr~undrr. thr m~~rtc.~~~~r agrre. tu p:~~ tu thc murtcagcr ~~n .Irmand a
~ rra+on:iMe monlhl~ rental fur thr premi.i~ an amuunt at lea~t ryuivalent t~• ~~ne-tHelflh ~ I~t ~1 uf 1hc :~ggr~catr ~~f ihe twelve manthly
k:
c imtalla~~nt. pay.~bh ~n thr ~h~n current yc:u plu~ thr a~tu:~l :~m~~unt ~rf th~ annuat iaan. s.~.~; ~~r,:;. ~:;trs r:steti_ ~aL E.^.~urance prentium~
s fur .uch ~rar nut cu~rrrJ h~ thr .~(urr.:u~l m~~Mhl~ pay~mrnt,.
~ 9. ~hat lu) in the r~rnt ~~f an~ hr~ach ~~f lhi~ murtc,~gr ~~r drf:~uh ~~n thr part ~~f th~ murt~a~~~r, nr Ih? in thr r~rm th:~t am ~~f,aiJ
~
~ ,um. ~,f munry herrin rcfrrr~yl tu hc n~~t prumptly :~nd fully paid withuut drm:~nJ ur n~~ticc. ur 1 ~n thr r~rnt th:~t r.~~h :~n.t rvrr} thr
~ ,tipulau~,n.. .ngrrement.. i„n.litwn.. anJ iu~rnan~, uf ~a~d nu~c and th~. murtgag~. are nut ~uly- p.•umpll~. end full~ prrt~~rmeJ_ Ihrn in
~ ruh~r ur .~ny .u:h ~crnt. ihc ,:+~d :~~~~r~;atr .um m~nuur.e.l ~n.~~J nutr thrn rrmain~g unpaiJ. w~th ~m~rr.t sccn~r~l l~~ Iha~ unx. :~n~ :~II
munc~, ,riurcJ hcrrh~. .hell hrwmr .lur end pay~ahle f~~rthH ith. ~~r thenafttr. at Ihc ~~ptiim of ,aid muitL.ic~r. e. full~ :mJ ii~mplrt~l~ a.
' if all ~~f the .:+id ~um, ~.f nu~ne} ~rrr ~,nginelt~ .tipulatrd t~~ hr pa~J .,n .u~h J.~~. :imth~n~ in ,:u~l n~~t< <,r in :h~. nk~rti:~gr t~~ thr ~~~nu.+n
" nutH hh.tanJ~n~: :md therru~xm ur thrre:?Iter. :~t thr upu~m ~if ~aiJ murtgagee, withuut n~~ticr ~~r d~ m:~n~l. .uit :it laW ur m ry~iih. m:i~ !~r
p~u~r~uttJ if :J! munry, ,~-~urrd hrrrhy h:~~ matur~til pri~~r t~~ ~t. imtituUun. 1 hr ~n~,rt~.+grr m:n f~rrr:l~~.i thi, rrH~rt~.,igr. tv th~
' amuunt ~o de~l:?red ifu~' :tnJ pa~:~hlr. ,~nJ thr .:uJ prrmi.r. ~h.ili h~: Mild Io +ati~h and pa) thr ~antr tugrlhrr Hi~h t~~,t.. ~~prmr+. .~nJ
- :ill~~ti~:~n~i~. In .:t~r ul p:ulr.J (urc~l~r~utr u~ th~ti murl~age. th~ nturlga~~d pr~m~ti~~ .h.~ll hi' wl~l .uh~~til ti~ Ihi ~i~nunuing I~rn ~~f thi~
- nw~rtgagr t~~r thr amuun~ ~~f thr deht n~,t thrn dur .~nd unp:u.l. In .u:h ~a.r the pru~i,i~~n. „f Ihi. par.igiaph rn.+~ :,L:un he .i~:ulrJ o(
~hrrc:~itrr fn~m umr tu Umr h} thr nuntta~rr.
:"3 I11. I hat thr m~~rt~:a~~~r ~.ill ~nr imm~~ti:~tr n~,ure h~ mail tu Ih~ m.~rt~.a~e~ ul an~ ~~•m~yanir. uamlrr. ~~r ~han~~ ~,t ~r~~n~nhip uf
F~
lfll' (1fCf111~C~. ~
I 1. I hat ni~ ~~:u~ri .ui} ~~~~rn.~m hr~~m ur uf thr ~+hliLauun ucuicJ hrrrh} ~hall en) I~mr Ihrr~.dt~~ hr helJ t~r h~ a Hai~er ul
9
lhc Irrm~ hrtruf ~~r uf ~hr nutt ~ecuirJ herrh~.
=ti I'_. 1 hat if thr murtg:~c~~r ~i_i:iu11 in .~n~ ul thr ci~~rn:~nt. ~.r .~grrcmint.:~~nl.unr~f hrrrin. ~~r ~n .eid nutc. thrn thr mortgag~r m.~~
perfurm the ~:+m~. :~nd ~II r~p~nJitu~r, i ~n:IuJmg rra.~,n:~hlr :n1~+rnr} frr.1 m:iJ~ h} thr murtgagrr in u~ du~ng ,hall dra~ ~ntrr~rt ~t tht
~s ratr .rt fi~rth in the nutr ~e~urcd h~r~M. :~nd ,h:Jl i+~ rrpayahlr mimrdrdely .~nJ ~+ithrnn Jrm.inJ hy th~ nwrtgag~~r tu thr nwrtg.~g~e. anJ.
~y= tu ~cther with intrretit and cu~t. accruin • there~~n. ~hall he ticcured hy thi. m~~rt a•~
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