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2. 1 hal. in urder :~w~e fully ia {u~~iect ~he secun~y uf thi+ nx~r~garr, thr nH?~t~:.~.~~, t.~gcthrr w~tA. a~wl ~n ;~.idua~n tn. cAr nwuthi~
pxymtnts unJe~ the term+ uf the nwr .ctiu~rif hrreby, un tAr fint Jay ..f c:Kh nx~nth unul ~hc .~~d nutr ~s tuliy pa~J, wJl pay ta thr
nKUtg:µ~cti thr i~~llaw~ng wm~
lai An amount w(hc~ent tu bruviJe thr ha~Wer heraw[ wnh furnf+ tu p;~y the ncu m~uiga~t imuran~r prrmn~m dtR~~ ~n.trunxnt anJ
thc ro?tr ucureJ herrby a~e ~~~rtJ, ~ a munthly chr.e~ 1~~ I~cu .~f a martgagr ~mu~ynct prrmiuml ~1 tAey arc held hy the
kcrctary of Il~wung a~xf Lrban Devtlupment, as i~~lluws:
UI If und w lun~ as ,aid n~ne o! even dnt~ and ~hic ~tntrun:cet are ~mur.vl u~ u~e rr~nwral urnlet tAr nruvisi.~r.. of tt?c
~la~ional Nausing Act, ao amuum wRcient to ~~tiumulate in ~he hanJ. of the IwWer une (11 rtwnth {xiur to its due date the
xnnual mo~tgage irt,urarn~c prcmium, ~n ~xdrr w p~uviJt .uch huldt: wah fun~ to pa} .uch prcm~um to tht ~rctary uf
N~~usin6 and l~~t~in Develupment punuant tu tAr I~auun•rl Huu~ing .'1.t. a+ am~nd~d, aaJ :?pplaablr Rrgulauum
~hercunJer; or
111f If and su long aa wid nute of even date an.f th~, in,trumrnt arc htW by thr kcre~a~y oi Nouung :?nJ t1rlun [kv~lapnxnt.
a m~~nthly ehargr (in litu uf a m~xtgrgt in.uran~e prcimuml Nhi~h .Aall t+r in an anr~unt ryual tu unt-~wrlf~h ~1f1=1 uf
unr-hal( 1!~) pe~ centum uf thr e~r~agr uut.tanJ~r ; bal:?rx:e Jur un IhC nute ~umputcYl w~tAuut tak~ng ~nw :~~.wnt
delinyurncies ur p~e{+aymrnts;
Ib) A+um eyu:?1 ta the gruunJ rtnt., if any, ntxt dur, plu+ ~he pr~miurtu thai wil~ ncxt t+tcumr dur anJ payablr on ~r~lic~r. uf fire
arn1 othe~ hat.ard insurancc coverittgthE mo~teagtQ pt~erty. plus ~a~es ~nd aastumrnt. nr~t dur un ~hr murtgaged prope~ty 1a11
as tatimateJ by the mortg:?get) Iess all surtu alreaJy p:uJ thrrrf~x ~fividavt b~ the numt+rr of muntM tu elap~ btf~e un~niun~h
p~iix to the date whe~ ~u~:h grounJ rcnt~, premwms, taae., arnf a.~+ta~menu will t+erumr delinqutnt, .uch .um~ to br hrld by
nwrtgagre in trusl tu p:+y said gnwnJ rertts, ~xrmiums, ta~rc, and special acussment,; anJ
(c1 AI! payments mentaned in the two pteteding wtKectioac of thu paragraph anJ all pay.nenu to be madt urniei the note se~ureJ
hzreby .h~ll t+e addtd togethrc and the sggregate am~wnt thercof ~hall be paid by ~ht rtx?rtgagor rach munth in a+mglr {+a~ nxnt
w t+t applied by the martgsgrr to thr folloK ing ~tems in thr ordt+~ +et furth:
11? premium chargz~ undrr thr cuntract of in+ur•rnce with thr Secrrtary~ .~f Huusing and l'rt?a~ [kvrlopnx~t, or munthly
charge lin lieu of mix~gage insurance prcmiuml, u the cax ma~• t+e;
1111 grwnJ ~ents, taxes, as~essnxnis, fire, anJ uthrr h:uarJ in:urancr prrmiums;
1111) inttr~~st un ~he n~Ne xcurc~l hercby; anJ .
IIV) amortization of the principal utcaid nae.
.~1ny Jttic~~n~:y in thr anwunt uf ~u.:h a~rrgatr nK?nihly ~a~ mcnt ~h~il, unh~.~ m~Je guuJ by 1h~ murtgag.x priur t~~ thr due Jatr uf
the nrat ~uch pa~ mrnt. ~un.U~utr an r~~nt def~ult undtr th?. mur~gxg~. fhc m.?r~gabrr ma~~ w11~~?t a lrtr chrrgc" n.N to c~~~rd tv?u
cen~s 12e1 (or rach J~dlar ~SI? uf r;?ch pasmrnl m~r thar. teltern i1S1 da)~ m arr~:us tu ~uv~r th< <~tra r~~r•r..e ~n~~ulvctil m h~nalling
Jrl~nyurnt paymr~ts. ,
3. fhal if lhC laNal uf Ih~ pa~mrnes maJC hy !h~ murtgag~?r undrr 16i uf par:.graph ~ prcti~ding ~hatl t~r«d tha anx~unt ~~f lhr
paymenu xtuaNy m:n1~ by thr m.xtgrgrr. f..r grw~nJ rrnt~, taau-+ arxl a+.c~mrnt~ and m~uran:r prrmium., a~ thr c:ur may br. ~u~:t.
excess at the option of the rnortgagee, chall, be crrditcd un wbsequent payments to be made by the mortgago~, or rcfunda! to the
monbagur. If, huwcver, the nwnthly pa~ mrnt~ maJe by 1he murtgagur unJtr Ib? uf paragraph 2 pra~eding ~hall not tx ~uRicient w pa~
gn~unJ rents, ta«Y arxl :uxvm~nt+anJ inwrancr prc~nium~, a~ ~h~ ~ssr ma~ br, whrn the wmc shall bctiom~ Jur anJ payablr, then thr
nwrtgagur ~h~ll pay to the murtgag~Y an~ arm~unt nncvar~ tu m;~Ar up Ihr Jrfi~:itrxy. un cx hcforr thr .latr whrn pa~rr~nt of +uch
grournl rcnt~, t:u~~s, at.e»mrnts, ur ~n.ura?r:r prcmiums ~h..ll br dur. If at any timr thc m~Ktgagur shall trrxlrr tu thr m~?rtgagce in
accorJan~r with thr pru~~i~~um uf the nute s~tiur~til hr~ehy, full paymrnt uf the anUre irxlrMctiln~~~ rcprr.rntrd ~htrrby, tht rn~xtgagre
,hall, in rumpwing th~ amount uf.uch inJrMrJnrwc. ~realit tu thr rtcuunt of Iht murtgagur all paymcnt~ maJ~ uoJrr thr pruvi~ium uf Iu1
of paragraph 2 hrrcuf W hich thr murtgagtr h:u nut b~~:umr ~?bligatatil tu pav tu ~hr S~tiretary~ uf H~uuing arnt l:rban Ikvalupma:nt a~xl .~ny
balance rcn?ainin~ in thr funJ~ :KCUmulat~d unJrr thr pru~i,ium uf Ih~ uf .::iJ paragraph If th~r~ .hall t+x a Jrfsult unJrr any uf thr
pruvi.i.~m of thi. m~xtgag~, «~ulting m a puhlic +alr.~( ~hr pr~mne. ~u~'rr~Y1 hrrcby, or if Iht mixtuagrr :icywrr, ~hr pr~~rty utheru ~.e
after drlault, thr mungagr~ .hall a~+h_ at ~hc limr vf thc cummrairm~nt uf ,uch pnn~eding. .x at thr um~ thr pruprrt~ i~ .~thrrN i~r
:xyu~rr.1. the balan:r thrn r~ma~o~ng in the fundi accumulateat undrr ~bi uf par.l~raph 2 pre.etiing a+ a ~~~~.1it agaimt ~hc :,muun~ uf
principal then r~ma~n~ng unpa~J u~der .a~J rnHr arn! shaU pruprrly adjwt any paymrnt+ Mhich 1F1JII ~I:iYC t1Crf~ rtwJe undrr ~ul uf v~J
paragraph.
-l. fhat he v~ill pay a!1 la~t.. .i"~..mrnt., watcr rat~y_ anJ uthrr gu~crnmrnt:J ~~r miini~ip:+l ch:~r~.r+. finr...x i~n{~.nmun._ fur «h~ch
pruvi~i.+n hrs nut tk~n m:c.lr hrrcinl+rturr. :~n.l in drfault thrnvf thr ro~xtga~r~ ma~ p~: thr .amr. anJ that hr N~U prun~tly drln~r thr
uffici:~l r«ript. Iher~fur tu ih~ murt~agr~--
5. Tha1 ht Nill ~xrmit. cu~nmu. ur .u1Ter no :.~.t~. ~mp::irmrm. ~x Jetrriuratiun uf ~aid pruprrty ~x any part the~ruf: an.l in thr r~rnt
of thr failure uf !hr nwrtgagur tu I.tep the buildingc un ,aid premicr+ and tho.e 1o t+e ~re~trJ un +aid prrm:.r.. ~x ~mpro~rmcnt. thrrcun.
~n go.xl rrpair. the mortgag~r may make wa:h rep:,irs ati in its Jixr~tiun it may derm nrces.ary for the proper prrservauvn th~rrof. anJ
the full am.uunt of r:~h artJ e~•rry wch pay ma:nt +hall b~ imrtxdiately dur and payablr, anJ .hall :~e u~curzrl by tht lie~ uf thi. nwrtg~gr.
6. That he w iU pay .JI :md ,~ngular the c~nts. chargc,. arxl erpence,. including reatiunahle laa~er s frc~_ and costs i~f ahctracts uf utlr.
iRCUrreJ or paid at anr timr h} thr mortgagee t+r~ausr of the failurc on the p:ut of the mc~rtgagur_prompdy and full~ to perfium the
agreecnents aod co~~~nant~ u( 1:1i4 prum~+,un nutr and thi~ murtgagr. and .aiJ c~t~. ~harge~. :uxi r~pen+« +hall he immeJiatrl} Jue~anJ
payable and chall t+~ xcu:~J b} thr I~rn of th~, mortgagc_
7_ Thai he wi11 keep th~ impru~~rments n~~w exicting or herr:.Rer erected on the mart¢ag~J pruprrty. ~murrd a+ ma~ tk rc~yuue~l frum
i :~mr to timr by the nx?rtgagec acainst li~ b~ fire anJ .?Ihtr hazarJc, c:uulaties. anJ contingcnc~r+ ~n wch :~~rx~unt. anil fe~r wch prri~Ki, a,
~ ma~ hr reyuiretil by m~xtgager, and wilt pay prumpdy. whe~ Jur, any prrm~urm on ~uch ~mur:~ncc fur paymrnt uf uhwh pruv~.iun ha, nut
~ been made hereinbef~xe. AI! insurarke shall be carricd in companip npproved by mortgaget and the policies and renewai~ thercot~hall
{ hr held by murigagre and hav~ aua~hra; thrretu k~.~ p:+yable.laucr. in favor of anJ ~n f.xm accrptaMr tu thr nxtttgagrc. In ~~cnt of lois
~ hr ~ ill g~ve immrdiate nuticr b~ mai) to mortgagrt. anJ rtx?rtgagee may make pra~f uf lo.• if rx~t made prumptly hy m~x~cag.x_ anJ ~a~h
imurarke :.~mpany conctrn~J hcreb~ authunced and dire~trJ w maAr payment fur w.h 1.»s directly [v nwrtgagre imtrad u€ to
murigagur and m~xtgagee ~u~ntly. :~nJ thr intiurance pnxeed~, ur am part ~hcr~Y~f. 'Ild}' hl' :?F1~1It1'lI h~' lih)flg:1~'l't JI it~ optiun rithtr thr
reJwtiun of thr ~ndebteJnr,. h~rrht .~ured or to th~ rcst~xatiun ~x rcpair of nru, eri~ damaged. In evert of furr.l~hure ~~f thi~
mortgagc ur u~hcr tr.,n.(rr of t~tlr tu thr mi~rtgag~J pr~~?_rty ~n ~~ungu„hmrnt of thr indrMaxln~~c .ctiur~~ai hrreM_ all ~ight_ t~dc. :~nJ
mtrrr,t uf th~ mortgag~~r m~nJ tu any in.ur~ncz pulititt then ~n fur~~ ~hall p:?v tu th~ purcha~rr ur cranl~c.
tt. "lhat thr rnortga~r~ ms~_ al any tiine prnJing a:uit upun thi~ murtgagr. apply to thr iuurt ha~inc ~w 'ict~on thrreuf f~~r thr
ap~x.~ntm~nt uf a rcrrner. anJ .u~h couri ~haN fcxthwith app.~int a rctieivtir of the premises cuvereel hrrehy all arxl ~ingular. ~ncluJ~ng all
arnf ~cnial:~r ihr inc~~mr. pn~ht.. i~wes. and revenut+ trom whate~•et wurce derived, each arxi e~en ~~f ..hich. d heing rxpre~sly
undrr.aNKl. „hrrehy murtgag~til a~ if +pcti~tically xt furth :~nJ d~~nb~til in thr granting r~d habrndum clau~e. hrrcut: and .uch rr~ei~er
~ ,hsll havr .~11 ~hr hnwJ .~nJ rt7c-~~~vr functiun.:?nJ puwrrti in angwi.e rntra~teJ by a~uurt to a rrceiv~r. :~nJ ,uch app~~intmrnt .hall t+r
maJr by ,u~h cuurt a. an aJmittrd ryuit~ anJ a malter uf BhV~~l1IC right tu,aiJ rrn~rtgacrr. anJ withuut relrrrrkr to ihe aJryuacy ur
inadryuacy ~~f the valur uf th~ pruMrt~• m~•rt~agr.l ~x to the wlven~y ur inwlvency uf +:ud mart~agur ~~r thr .Irfrndtnt.. :lf1tl l~l:ll ,uih
~ rent~. prufih, incume. i*cur.. anJ «~~rnue. ~h~ll hr applied b~ cu.h re.«~rr accurding to the lien uf lhi, nxxtgagr arxi the practict uf wch
~uurt. In lhr rvent of any dcfauh ~~n lh~ part uf ~hr murtgacor hrreundrr. thc rrw~rtg:sgur agrer+ to pa~ Iu thr murtgagtr un aleman~i as a
~ rea.~~nahle monthly rcnlctl fnr the prrmi.r, an amuunt at Iract equ~valent to e~ne-trnelflh 11/~-'1 of Ihe aggrecatr of t!~ tarl~•e rtx~nthly
~ ~ntitallmrnl, payahle in thc thrn current yrar plus thr actual amuunt of Ihr annual lares. a.src+ments, water rate~, and imurance prcmiums
~ fur .ikh yrar nut eu~•er~~.i b}' thr ~furatiiJ munlh!)' pa)men[t.
~ 9. fhal lal in the r~ent uf aa~ hr~ach uf thi~ murlgagr ar deL•~ul~ un thr p:~rt of Ihr nwrtgagur. or Ihl m Ihr r~cnt tfiat am uf wid
~ .um+ uf money hercin referreaf to he nut pmmp~ly a~J fully paiJ ~+ithnut Jrmand ~~r nuti:r. ~+r 1rf in thr ~~rnt that cacli and rvtry thc
„3 ~t~pulauun.. acrrrm~nh. iunJi:iun.. .md cu~en~ntti ~,f ,aid nvte and Ihu murt~.agr. arr nut dulq- pr~~~npth. anJ fuli~ {+crf:~rnxJ: thrn in ~
~ e~thrr ur ~n~ .uch r~•rnL th~ ,aiJ aggrrgate tium mrntiunrJ in .aiJ nute thrn rrm.un~~ u~~p:ud. u i~h int~r«t :sc:rurJ ~u Ih:,t timr_ a~ni all
..n•nr~. vcuri•d herih). ~h;Jl hr.umr Jur anJ t+a~ahlr furth~~ ith. ur thrr~aftrr. a~ thr ~~+tum ~rf ,~~J m~xt~agrr. e. fully anJ rumplrtch a.
_ ~f all of the ~aid curtn uf rtx~ney wrre uri~~nall}• ,Upul.~IrJ t~. h~ p:uJ nn .~~~_h Jay. :~m~hmg in .:+id n~,t. „r in thi-. rrkrrtgrgr to thr:untra:y
notN~th+tanJing: a~d Ihercupim ~~r thereafter, at thr uptiun uf w~J rtsurteagrr, w~thout nuuce or ~~m.~nd. .uit at law u~ m~yuhr. map hr
~ pru~cutrJ a. if all rtxmcy~.rcu~~Y1 hrrehy had matureJ pri~~r la it. ~mlilutiun. Ihr nwrsgscrc ma~ l~Krcl~~x thi. nwrtgagc. a~ to thc
a(Mx~nt ,o JeclareJ Jur c?nd pa~ahlr, anJ thr ti~id prrm~~c~ +hall hr wIJ I~~ ~atitl~ r_nJ pay lhe ~.ime I~~gether Nith ~m1~, ~~(xme~. and
q all~raar:~.. In catir u( part~al furecfe.i<re ~~f th„ mortgage. the murtgaged premi.e+ ~hal! h~ KdJ .ut±jr~t tu the cunlinuing I~rn uf Ihit
~ ~rwxlgagr fur thr amount uf thr Jrht nut Ihrn Jur anJ unp:uJ. In .uch :ax Ihr pruv~~~:~m ~,f thi~ paragraph mac aeain Fk av:ulrJ uf
~ Ihereaft~_r frum tm~c t~~ Umr M thc m.?rigatr~.
~ 10. lhat Ihr rtxrrlp.~c~•r ~~JI g~~c ~mm~ilr~tt ~i~rucc hy m:~il tu th~ nx~rtg~grc uf an~ :nm<<an:r_ tramlrr. ur ihanga uf o~n~r~h~p i~i
the prrmi~c,.
1 I. l h:~t nu uaicer ~if am ~n~rnani hrr~m ur uf thc uhl~gat~un .~~urrP ubrehp ~h.~ll at any t~me Ihcr~sftrr t+e hcld 1o (x: ~ wa~~cr of
~ thr tcrmti hcr~i~f ur uf ~hc nutc tir~urrJ her~h..
~ 1_'. That if thc rtH~rtga?:ur Jrfault ~n an~ ~~f thr c~~~rnant. ur .~grermenh cun[ainrJ hrre~n. ~x ~n +aiJ note. ~hen ~hc murtgrgcr mry
~ perform the ~:?mr. arwl rll e~prndrturr. ~ includinF rca~unahl~ :dturncc'. fc~~l m~Je hy thr m~xtgagre ~n w do~ng +hatl dr:ew intrre.t at the
rate xt fcxth in the niur +ccureJ herrhy, and .hall f+r repayable immed~a~riy and without drmand h~ the rtwrtgatiur tu thc rtx~rtg:?gee, and.
togethrr Nith ~nteresl anJ costs accruing thrreor.. ~hall t+e secured by thi~ m~.rtgage.
~ ao$x 211 ~c~~ 459
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