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2. fhat, in ~xder mo:e fully w pr~,~trt Ihr cr.ur+ty uf thi. mansayt, the m~vtg;?jor, tn~eeth~Y with. ard in ~iditK+n ta ~he ~x~nthly
paymcnts unJts :he le~ms ~~f the n~t: .c~~r~tt hrrchy, un ~~c first d:,y of cxh ~m?n~h un~il 1hr wid nutr fuUy paid, will {+av t~~ ~F-
murty~te 1bt fulluv?ine wms:
(a? .~a am~wat sufficknt to pru+iJe tnt h~~lde~ herrof with funJs to pay ~he next r.axtta~e inwrance premium if ihis instrumtnt arni
the notr recwed hereby are ins~-.~, or a R~nthly ch:u~e lin :iru of a mongaee inau~ance premium) iL they ue held by !he
Socrc~ary of Hw?sinY and Urt+an Developm~nt, ~s faiirws:
(I) If and su lon~ u s:aid ~ate .~i evert ~tate and this instrument ue iasurcd or arc rcinsuted under the orovi~ions of the
NatiaW Housin= Act. an amou~t wf1'Kient tu :ccumulate in the hands of the holder ooe l 1) month prior to its due date the
annwl murt~aee insu~aoce prcmium, m~xder to pruviJe ~ush hdJer wi:h funJs to pay sucA premium to ~hc Secrztary of
Housins anJ Urban Dtvel~mt~t purwa~t tu ~he Natiuna! Huusing Ac4 as arrnmkd. arn1 applicable Reti.~lat~uns
thereunder, or
111) If and so long as said note of even date and thic instrumtnt ue hekl by the Sec~etary uf Housing ~rni U~ban Dcvelopmrnt,
a monthly tharse !in titu ot a mwtgage ~nsurance prrmiuml vrhich shall be in an amount rGual to one-twe~fth 11/121 of
onc-half l44) per cenwm uf the average outslamling balance Jue on thc note computc~i ~~~ithout taking inte aocount
delinquencies ~ prepaymcnts;
lb) A wm equal :o tht g~round !ents, if any, oext due, plus lht premiums that will neal become due anJ payable on policies of fire
and other hazard insurance rnve~ing the mortgaged property, plus taxa and assessments nexl due on i:x mcxtgaged property (all
as est~mated by the mortgatee) less all aums already paid therefo~ dividod t+y the number of moMhs to elapse before ~ne month
prio~ to the date vehen such ground rents. prcm~ums, taxes, and a~us~ments wdl bccome delinyuent, such sums to be heW by
mortp~ in trust to pay said g~.wnd rents, premiums, taxes, and spccial asscsscnena; and
(c) All pay~r.. _~ts mentaned in the two preccding subsections of this paraaraph anci all payments to be made under tho aote securrd
hereby shall be added togcthcr bnd thc aggregate smuunt thcreof shall be paid by Ihe mo~tga~or each month in a singk payment _
w Ix applied by the mortgagte to the following items in tht unlcr set forth:
(q pnmium charga un~ier the conuact of insurance with the Srcrctary of Hous~ng and Urt+e~n Development, or monthly
charge (in lieu of moctgage msurance premium~ as t1e case may be;
(11) ground rrnts, ta~ces. assecsments, fire, and oth~ hazard insurance premiums; -
(llq interest o~ the nott secured hereby; atxi
lIV) amortiratic•n of the principal of said note.
Any de5ciency in the amount of such aggregate nwmhly payment shall, unless made gw~J by 1hr mixtgag~x prwr to the due date of
the next such payment, coactitute an ~vent of defaul! under ~his m~xtgage. "fhe mortR~~ee may calltct a"late charge" not to txceeJ tv?a
cents 12c) fur tach ~follar ISI1 of each paymeat mcxe than feftten 11 il days in arre:us to covtr the extra expense invulveJ in handling
delinquent payments.
3. That if t!+e total of the payments made by the morigagor umier Ih) o: paraRraph 2 prec~Jing ~hal1 exce~d tht anwunt of the
paymentc x. ::lig rtwde by the mortgagee, fur ground rents, taaes and acse.ccmrots anJ insurancr prcmiums, as the case rtwy be, such
excess at the option of the mortgagee, shall, be crcdited on subsequent pa~•cnrnu to be made by the awrigagor, or refunded tu ~hc
rtwrtgagor. If, hav?•ezer. the monthl~ payr.?e~ts maJe by the mo~tgagor unJer Ib) of paragaph 2 prr.cedin~ shall not be sufficier.t to pay
grou~xi rents, taxes anJ assessments and inwrance przmiums, as the case may tk, vrhen the same Shal! become due arxf payable, then the
mortgagor shall pay to the ~raxtgaget any am~.wnt n~rccary a~ makr up the deficiency, on ~ t+efore the datt whzn pa~•rtKnt of wch
ground ~en:s, taxes, assrstmrnts, or in~urance premiums shall be due. If at any time the mortgagcx shall tender to the mortgagre in
xcordance with the provis~ons of thr note srcured hereby, fuil payment a' 1he entire inJebt~incss rcpreseatud thereby, the mortgagee
thall: in computing the amount of such indebtc~iness. creJu to the acecwnt of the mortgag~ all payments made under the provisiorts of lu1
of paragraph 2 hereof which the mongager hac n~~t t+ecome ~t+ligated to pay to the Secretary of Housing anJ Lrban DevebpmeM and any
t+alance remaining in the.funds accumulat~l ur~der the provi~ions of'tbl of saiJ pa~agraph 2. If there shall be a defau:4 unJer am of tAe
provisions of this mortgage, tesulting in a pub~ic sale of the premisec coveretl heteby, or if the m~~lgagee auquirrs the proprrty uthrrv~rise
afta default. the mortgagee shall al~oly, at the time uf the commencement of such procetJin~ .x at the time the property is uthrrwiu
acquirrd. the bal:~nce Ihen remaining in thr fundc accumulatcYi undrr 16) of psragraph 2 precrding ac a credit againu thr amount of
princi}+~1 then rrmairting unpaid unJrr wiJ nate an.i chall pcoperly adjusl any payments wh:~h shall have been m:xl~ under lu) of said
paragraph. •
J. That he w•ill pay aU tazes. a~sessinentx. W ater r•rtec, anJ oiher governmental or municipal chargew finrc, ~x impn.itiuns. for N hich
provision has not bcen madr htreint+efore. and in Jefault thern~f the m~xtg•rgre may pay the samt: and ~hat hc MiII promptly deli~er the
ufhcial rectipts therefor to the moitgagee. ;
S. '~hat he v?•ill permit, cummit, or saffer no wa~te._~mpairment. or Jete-rioralion of said pmperty or :~ny part Ihereof: arxl i^ event ;
uf the failure of the mortgrgor to kerp the huildingc un :aiJ prrmises and thuce to t+c rrected on said p~emi+es, or improvemeats thereon.
in goai repair, ihe mortgagee may make such repairs as in its Jiscrctiun it mav Jeem necessary fcx the pr~~er presrrvation thrreuf. and
the fuil amount of exh and e~•ary• ,uch paymer~t shall t+e immetifi~tely Jue anJ payable, arxi shaU t?e secured by the lien of this rrwrtgage.
6. That he will pay all a~xt singu{ar thr caxts. charges, arKi rcpensc5, inclu~~ing rrawnable lawyer's fees, anJ costs of abstracts of title.
i~currcd or paid at any time by the rtwrtgager t+etau~ uf the failure on the part of t: : murtgagor prompUy and fu11y to ptrform the
agreem~nts anci cocenants of said promiswry note aud this mortgage, anJ said costs, charges, and ~xpenses shall t+e immeJiately due and
~ payable and shall t?e secured by the lirn of thic mortgagr_
; 7. That he will Aeep thr improvements now exi~ting or hereafter ..rected un the mortgagrd pruperty, insuted as ~r~y tx r~~yuirrd from
~ t:me to time b~ the rtwrtgagee against Ivss by firc an~~ other hazanic, casulaties. .:~x1 contingen:ies in su~h amounts and fi~r w~.:h perKxis as
may he requiraf by mortgagee, and K ill pay prumptly. whrn Jue. any premiums on such inssrai~cc f~x payment of which pruvision has not
~ bten made hereinbefare. All iraurance sbal: be carried in comR.anies approvtd by rtartgagce and the policies a~u1 renewals ~hcreof shall
G be helef by mortgagee and ha~e attached lnereto lvss payable clauses in fa~•or of and in form acceptablr to the murtgager_ In evrnt of loss
! he ~ ill give immediate notice by mail to m~xtgaD~e, anJ rtx~r~F:4;er may make pnwf of I~ss if not m:~de promptly by murtgagor, arni each
~ ~nsurance campany ce~cerned is hrreb~• aWhorittJ and Jirected to make payment for such I~s dire~:tl~~ t~~ rtwrtgagcr insteaJ of to
! rtwrtgagor arxi mortgagee jvinQy, a~xi th: iusuranre pnxeeds, or : vy part thereof, may be applied by rwrtgager at iis option either to the
; reduc.ion of tht inclebtc-~larss hereby secureJ ur to the restoration ~ repair nf the proprrty damaged. In eveni of forecl~ure ~f !his
~ mortgage or other transfer of title to the mortgaged property in exlinguishmrnt of the irxlebtedness +eti:urrd hzreby. all r:gh!, ti11e, and
interest of the murtgagor in aixl to any insurancc policies then in iorce shall pas.c to the purchaser ix gr~nlee.
8. ~at if t6e premise~, or an~• part thereof, be condemned under any poNer o( eminent domain, nr acquired ior a pubtic use,
th: damages. proceeds, and ine consideratioo tor such acquisition, to the exteut o( the full amount ot indebt~dness upo n thic
\Iortg::ge,andthP\ote sccured hereb~• rr- ~inin~ uopaid,are hetrby assi~;ned b~• the ~tortgagar tot6e \lortgagee anJ shall be peid
(orth~ ith to the \lortRa~eee to be applied by it on acco~nt o( the indebtedness secured hereby, whether due or not.
9. 'l~at the mortgagee may, at any time p~nJinR a suit upon thit mortgage, apply to the court having jurixiiction thereof for the
appuintmtnt of a receiver, and such court shall forthw ith appuinl a receiver of the premises cu~•ered hereby all antf singular, including all
anJ singular the itkome, profits, issuec. :+nd revenues from whatever source derived, each anci cvrry of which_ it being exprrssly
understoai. is hereby mortgaged a~ if specifically set forth anJ described in the granting and habendum clauses hrreof, anJ such receiver
shall have all the broad anci effectir~ funciionc anJ pov?ers in anywi,e entrusted by a court to a rr_eiver. and such appoimmrnt shall be
made by such court as an aJmiited equity and a matter of at~alute ~=ght to said mortgagee, anJ witfwut reference to the adcquacy or
; inadequacy of the value of the properry mortgagtd ~r to the wlvenc~ or inwlvrncy of said ~nortgagor or t:~e defendents. and Ihat such
~ rents, profits. income, issues, and revenues shall t+e applied l+y such receive~ acconiing to the lien of this morigage anci the practire of such
~ court. In the event of any dcfauh on the pan of the mortgagor hercunder. the morigagor agrees to pay to thr murtgagre on demand as a
rea_wnable monthly rental for the premixs an amount at least equi~~alent to one-twelRh i 1/121 of .ht aggregate of !he t~elve rrx~nthly
installments pa~abte in the then current year plus the actual amuunt of'the annual tazes, a~ses~mentc, water rates. an3 insurance premiums
for such year not coverai by the aforesaid monthly payments -
~ ~p, That lu) in the evem of any breach of tkis m~xtgagr or default on the part of ~he trwrtgagor. ~x (h) in the event that any o~ said
~ sums of money herein referrcti to be not promptly and fully paid withuut demand or naice. ~x (c) in the event tha~ each anJ every the
ctipulations, agreen.ents, conditioac. anJ covenants of saiJ nWe and this mortgage, are nut July, promptly. arxl fully performed: then in
either or any such event. the saiJ aggregate sum mentioneJ in said +wte then remainig unpaid. N•ith interest xcr~eci to lhat time. and afl
~ rrWneys secured hercby. shall become due and payable fc;rthwith. ix thereafter, at the oplion of said murtgagee, as fally and completely as
~ if all of the said sums of rrwncy wrre cuiginally stipulatrd to hc paid un such day. anythir.g in said note or in this murtgage to thr contrary
~ notwithstanding: anJ thereupon or thereaftcr, at Ihe e~ption of said rn~rtgaget, withoui notice or Jemand. suit at law• or in tquety. rr?~y be
B pnnecuted as if al) rtx~neys secured hereby had matured p:io: to itc instituticn. (he mortga~ee may foreclcxe this rn~xtgage, as ta the
~ amount so declarcd Jue and payahle, a;?d the ~aid prem:ses shall be sold to satisfy and pav the same together with co_.u, ecpenses. anJ
~ allow~ances. I~i case of partial fixetknure of this mortgage. the mortgaged premices chall he wW subject to the continuing lien of this
mortgage for th~ amount of the debt not then Jue and unpaid. In suc.h cate the provisions of this paragraph may sgain be avai!cd of
thereafter from time to timc by the mor!gagee.
~ 11. That the mongagor will give immrdiate notice by mail to the rrk~rtgager of •any com~eyance, transfer, or change of ~wnership of
~ the prem~ses.
~ 12. That no wair•~r of any covenant here~n or of the obligatiun xcured heret+y~ shall at any time thereafler tk he1J to he a wai:er of
the terms hercof or of the rwte secured hereby.
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