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2. Tha1, in orJtt murc fully to pruttct thc u~urity of Ihis mo~t~xge, tht ~?x?rl~::~r. IogetAr~ v?ith, arn1 ~n :wlditiu~ sa the n~. mhly
{vym~ats under the trrms ot' the n~~e ~ecur~i he~tth~. un thr fint d;?y of :acfi mon~h uniil the ~~d note i. fuily {+aid, wiU pay a~ thr
murr~a~tt tht foltua•in; sutns: .
!a) An aawunt suCFicienl tu provide the holde~ he[eof with funds to ~y thc ncx~ m~tgagc insurance p~cmium if this iuurument a~d
the nwr secured he~eby r.:o ir?sured, e* a monthly charge (in lieu of a mortE~~c imurance prcmium) if they ue held by ehe
S~x~ctary ut Housin~ ynd U~ban Dtvelopmtnt. as folbNS:
ll) If and ~o Iw~ as said nete of even date an~ this ir.st~ume~t are insurcxi or are ~einsu~ed un~lt~ the provisiaas a~f the
National Housins Act, an smc~?nt wPficient to accumulato in the hands af [he holJer ooe i I l rrtonth ~i~r to iu duc date the
annwl mon~age insurance premium. in orikr to provi~ir such holdcr with fun~h to pay such pre~uum eo the ~~etary of
Housins and Urban Development punuant to the Natiw?a1 Nousin~ Act. as amernkd. arni ap}+licable Regulations
thereunder: or
(ili (f and so totts as said autr of evcn datc and ihis instrument are held by the Secre~ary of H~wsing atM1 Urban Deveiopment.
a monthly charge (in lieu of a mortgage insurance premiuml which shall ~e in nn amoun~ eyual to one-tw•e1Qh I1f12? uf
one-half l44 ) per centum of the average outstanding balance due un the aae computed without tating ~ into aocount
delinquencia o~ prepayme~ts;
!b> A sum equal to the grournl rrocs, it any, oeat uue, plus the p~emiums that will nexl become due and payable on policies of firc
and other hazud insurance coveri~'g tf1E ~hiNtg~~Q ~kopetty, plus ta~ces and assessmenes r,ext due on the mortgxgeei p~o~•erty lall
u estimated by the mortgagte) las all sums already paid therefor dividod by the aumber of months to elapse before one month
prior to the dste when such.groumi ~ents, premwms, taaes, and acc~xsmenu will become delinquent, such sums to be held by
m~?rtgagee in truu w pay said ground rents, premiums, taxes, and speciat assessnxats; aod
(c) AU paymeats mentarxd in the two praeding subsectio~u of this parag~aph and all payments to be macle u~der the oote secured
hereby shall tx addtd together and the aggegate amount thereof shall be paid by tt~e mortgagor cach moath in a singk payment
to be appl~cd by the mortgagee to the fd.lowing ite~ra ia tt~ orde~ ut forth:
(p premium chasges under the contrac: of inssrance with the Secre~ary of Housing and Urban [Y_vebpment, or monthly
charge (in lieu of mortgage insurance premium), as the case may be; -
(111 g~ound rents, taxes. assessments. fire, and other harard insurar~ce promiums;
(1!!) interut on the note secured hereby; and
(IV) amortiution of the principal of said note.
Any deBciency in the amount of such aggrcgate monthly payment shall, unless maJe goud by the m~tgag~x priar to the due date of
the next such pa~•ment, cor~stitute an ev~m of Jefault under ~his mortgage. The mortgagee may cullrct a~~late chargr" nut to txcced two
cents 12c) for each dollar IS1) of each payment more than fifieen l15) days in .rrears to cuver the extra expense involved in han.fling
delioquent payments.
3. That if the 1da1 of the payments made by the mongagor under Ib) of paragraph 2 preceding shall e~cted the amuunt of the
paymtnts actually made by the mongagee, f~ ground rents, taxes and asxssmeats and ~nsurance premiums, as the ca~e may be, such
excess at the optan of the moctgagee, shall, be crcdited on wbsoquent paymeats to bt made by tt~e aqrtgagor. o~ rcfunded to the
mortgagor. If, howevcr, the monlhly payments made by the mortgagvr under Ib) of paragraph 2 preceding shall not be sutficirnt ~o pay
grounef rents, taxa and assessments and imurance prcmiums, as the cast may be, vrhen tht seme shall become due a~xi payable, then thr
mortgagor shall pay to the mortgagce any amount necessary to mal;e up the defi:iency, on a t+etore the J~r w~hen payment of such
grourxi rents, taxes, asxssments, or insurance premiums shall be duc. If at any time the mortgagor shall teMier to the murtgagee in
acconianct with the provisions of the note securtd hereby, full payment of the entire irnieMcYlness represented thereby, thc mortgagee
shall, in cumputing the amount of such indebiedness, creJit to the aocour.t of tAe mortgagor all paymenis ma~le ur~der the prr>visions uf (u)
uf paragraph 2 hereof which the mortgagee Aas not become obligated :o pay to the Secretary of Housing aaei Urban Devebpment a~xi any '
balance remaining in the funds xcumulated under the provis;ons of (h) of said paragraph 2. If there shall he a drfault urnier any vf the
provisions of this mortgage, resutting in a public wte of the premises covereci hereby, or it the m~tgagre acquirts the prc~er~y otherv?•ise
after default. the mortgagee sha11 apply, at the time of ihe commencemcnt of such proceedings or at the time the property ic otherw•ist
acquired, the balance lhen remaining in the funds accumulateJ under /h? of paragraph 2 prec~tling as a credit against the amoun! of
principal r.un remaining unpaid u~xier said note ancl shaR p~operly adjust aay paymtnts which stw!! have t+een m:xie under lu) of said
paragraph.
i. That he wi11 pay all tazes, assessme~es, water rates, anJ aher governmental or municipal chargts, fines, or impositions, for which
provision has not been madt hereinbefore, and in ~fefault thereot the mortgagre may pay the same: and tAat he will promptly deli~rr thr
o(ficial receipts Ihcrefor to the mortgagee.
5. That he w~i11 pt: mit, commit, or sufl'er no waste, impai~ment, or dzterioration of said propeny or any part thrrevf; ar~ in the evrnt
of the failure of the mortgagor to keep the buildings on saiJ prrmises and those to be rrrcteJ on saiJ pnmises. or improvements ttiereon.
in gocxl repair, the mortgagee rt~y make such repairs as in its d~scretiun it may deem necessary for the prope~ preservation tt?e~eof, anJ
the full amount of each and every such payment shall be immediately due and payable, and shall be socured by the lien of this mo~tgage_
6. That he wi11 pay all and singular the costs. charges, arxl expenses, including reasunable laveyer s fees, and costs of at?stracts of titie,
incurred or paid at any time by the mortgagee berause of the failure on the part of the mortgagor promptly and fully to perform the
agreements a~xi covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediateiy due and
payable and shall be secured by ihc lien of lhis mortgage.
7_ That he w~i11 keep.the improrements now• existing ur hereafter erected on the mortgaged pruperty, iruured as may be requirrd from
tim~ to time by the mortgagee against toss t?y fire and athe~ hazards, casutaties, anJ contingencies in such amounts and for wch peri«1s as
may be required by mo: tgagee, and will pay promptly. x•hen due. any premiums on such insurartce for payment of which pravi~~ ~n has not
been made hereinbefora All insurance shall b~ carriod in companies approved by mortgagee and the policies and ~enewals thereof shall
be held by mortgagee and have attached thereto loss payable etauses in favor of and in fwm acceptabte to tne mortgagee. I~ event of loss
he wi!! give immediate notice by mail to mortgagce, ar~d mortgagee may make pruof of loss if not made promptly by mortgagor. anJ each
insurance company concerned is hereby authorized and directrd to male paymeni for such los.c d:rectly to mortgagee instead of to
mortgagor an:1 mortgagee jointly, and the insurance prceeeJs, or any part thereof, may be apptieJ by mortgagee at its option eiiher to the
reduction of the itxiebttJness hereby secured or to the restaration or repair of the property damaged. In event of foreclosure of this
mortgagc or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hcreby, all right. titlr, anJ
interest of the mortgagor in and to any insurance poticies tr.en in force shail pau to the purchascr or grantee.
8. That if the premises, or anv part thereof, be condemued under any poMer of eminent domain, or-acquited tor a public u.e,
che Jamages, ptoceeds. and the consideration for such acquisition, to the extent of the [ull amount o[ iadebtedness upon this
\lortgage,andthe\ote secured hereby remaining unpaid,are hereby assigned by the 5lortgagor tothe ~lortgaqee anJ s6af1 be paid
fortha-ith to the \1ortAaRee to be applied by it oa account of the indebtedness secuted hereby, w6ether due or not.
9. That the mortgag~e may. at a~1y time pending a suit u~n this mortgage, apply to the court having jurisdiction thereuf for the
appc~intment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all aod singular, including al!
and singular the income, profits, issues, and rev~nurs from w•hatever source drrivecl: each anci every af which. it being expressly
understoai. is hercby mortgaged as if specifically set Forth and described in the granting and habendum clauses hereof, and such rcceiver
shall have all the broad and effective functions and povrers in anywise entru4ted by a court tv a receiver, and such appointment snall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inadequacy of the value of the praperty mortgaged or to the solvency or inwlvency of said mortgagor or the defendents, a:x1 that such
rents. profits. incvme, issues, anJ revcnues shall be apptied by such receiver ~rnrd:ng -he iien of this mortgage arxi the practice of such
court. In the event of any default on the pan of Ibe mortgagor hereurxier. tbe mortgagor agrces to pay to the mortgagre on demand as a
reasonable monthly rental for the premises an amount at least equivalrnt to one-tNelRh 1 U~ 21 of the aggregate of the taelve monthly
installments payable in the then current year plus the actual amount of the annuai taxes. acsessments. aarer ratew and insurartce premiums
for such year not covered by the aforesaid monthly payments.
~p. That (n) in the event of any breach of this mortgage or default on the part of'the mortgagor, or Ib) ir~ the event that any of said
sums of money herein referred to be not promptly and fully paid wiihout demand or noiice, or (c-) in the event that each anci erery~ the
stipulations, agreements, conditiorts, and covenants of said note and this murtgage. are not duly. promptly, arn1 fully performeJ: then in
either or any such event, the said aggregate sum mentioned in saiel note then remainig unpaid. with interest accrued to thae time. and all
moneys secured hereby, shall become due and payable forthwith. ~x thereaRer, at the option of said mcxtgagee. as fully and completely as
if all of the said wms of money w-ere origiaally stipulateJ to be paid on such day, anything in said note or in lhis mortgagz to the contrary
nutw ithstanding; and ther~upon or thereafter, at the option of said mortgagee, w~ithout notice cx Jemancl, suit at law or in equity, may be
prosecuted ac if all moneys secored hereby had matured prior to its institutioa The mortgagee may forectose this mcirtgage, as to ihe
amount so declared due and payable, and the said premises shaQ be sold to satisfy ar,d pay the same together with costs. expen~es. and
allovrances. In case of partiaf forecfosure of this mortgage, the mongaged premises sF,all be x~ld subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. in such case the provisions of this paragraph may again tx availeJ of
thertaRer from time to timc by the morigagee.
i 1. That the mortgagor w~ill give immediate notice by mail to the rtwrtgagee of any conveyance, transfer, or change of ow nership of
the premises.
12. That no waiver of any covenant berein or ot the obligatian secured hereby shall at any ~ime therenfter t+e held !o be a waiver of
the terms hereof or of the note secured hereby.
aoR~ ~11 eaci ~3g
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