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I. That, in ardt~ rrbrc fuily to pmteCt IAe secu~ity of thi~ mo~t~ata ~he mort~:~o~, togcther w~th. arn1 in aJJitwo w, the mcmihly
- payments under 1he terms of the nwe secured Aereby, on the Rrst day of eacA nx~nth until the said ~tc ic fully paid, wili pay to the
mortgager the followin~ sums: •
(a) A~ atn~u~t wtYlcient to provide Ihe hdder hereof with tunds to pay the neat mortN~e i~wrance premium if ~his insuument and
the note secured hercby are insu~ed, or ~a monthly chu~e (in lieu of a mortsa~e insura~ce premium) if they ue Aeld by the
Secrctary of Housin= and Urbae Development, as foibws:
(I) If und so lon= u said note ot eveq dau and tAis instrument are iroured or are reinsu~od under the provisions ot the
National Housias Act. an amoun[wtf'~cie~t to aaumulate in tlie hands dthe hoidM o~e (t) monthprior w its due date the
annual mort~aQe insura~ce ptemium, in or~ to provide such hofJer wilh tunds to pay such premium to the Secretary of
Housin~ and Urban Development pursuaM to the National Housing Act, u amended, a~d applicable Re~ulations
the~eunder: or
(11) If and so lor?~ as said note of even date and this instrument arc heid by the Sec~etuy of Housing and Urban Development.
a monthly charge !in lieu of a mongage insurance premium) which shall be in an amount equal to one-twelfth 11112) of
one-haff (Y,) per centum of the ave~a~e ouutanding balance due o~ the note computed without takin~ into aceouat
delinquencies or prepayments;
(b) A sum equal tolh~e.~rourdltn~i.~CanYaOext due, plus the premiums that wiq neat become due ahd payable on policies of fire
and other hazard insurance coveri~g the mortgagod pioperty, plus taxes and asussments next due o~ the mortgaged property (all
as estimated by the mortgaQee) ias ail wms already Qaid thtrefor dividod by the number of months to elapae beforc one month
prior to the date when such ground rents. prem~umi. taues, and ass~smenu will become delinquent. such sums to be held by
mortgagee in trust W pay said grou~d « nts, promiums, taxes, and special asussments; and
(c) All payments mentioned in tAe tw+o preceding subsections of this puagraph and all payments to be made u~der the note secured
hereby shall be added together and the agg~regate amount Ihereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to thc fdlowing iCems in the order sot forth: '
(1) prcmium charges under the contract of insurance with the Secretary of Housing and Urban Development. or monthiy
charge (in lieu of mortgage insurance prcmium~ as the case may be;
114 ground rcnts. wces. assessments. firc, and other hazard insurance premiums;
(111) interest on !he note securod bereby; and
(IV) amortiTation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless maJe goal by the mortgagor prior to the due date of
the next such payment, constitute an event of detault urnler lhis mortgagc. The mortgagee may collect a"late charge" not to eaceecl two
cents 12c) for each dollar lSl) of exh payment more than fifleen (IS) days in arrears to cove~ the extra expense involved in handling
delinquent payments.
3. That if the total of the payments maJe by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mortgagee, fix ground rents, tazes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee. shall. be crodited on subsequent payments to be mad~ by the mortgagar. or refunded to ~he
mortgagor. If, however, the monthly payments made by the mongagor under (b) of paragraph 2 p~eceding shall not be suificient to pay
ground rents, taxes and assessments and insurance premiums. as the case may be, when the same shall become due and payable. thcn the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficieocy, on or befwe the date when payment af such
ground reots, taxes, ass~ssmenis, w insurance premiums shaU be due. If at any time the mortgagor shall tender to the mortgagee in
accordance with the provisions of the note secured hertby, full payment of the entire i~xlebtedness represented thereby. the mortgagee
shall, in computing the amount of such indebteclness, credit to the account of the mortgaga ail payments macie under the provisions of 1a)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds accumulated under the pruvisions of (h) of said paragraph 2. If there shall be a Jefault under any of the
provisions of this mongage, raulting in a public sale of the premises coverrd hereby, or if the mortgagee acquires the property otherwise
after defaull, the mortgagee shal! apply, at the time uf the commencement of such proceeJings or at the time the property is otherwise
acquired, the balance then remaining in the fumis accumulated under Ib) of paragraph 2 preceding as a credit against the amount of
principal t~?en remaining unpaitf under said note a~xi shafl properiy adjust any payments which shall have been made under (u) of said
paragraph.
4. That he will pay all taxes, assessments,.water rates, anJ wher govemmenta! or municipal charges, fines, or impositions, for whicf~
pravision has not been made hereinbefore, and in default thercrof the mcxtgagee may pay the same; and that he will promptly deliver the
official receipts therefor to the mortgagee.
S. That he will permit, cammit, or suffer no waste, impairment, or deterioratiun o( said property or any part thereof: and in the event
of the tailure of the mortgagor to keep the bui(dings on said premises and those to be rrected oo said premises, or improvements thereon,
in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper prese~vation thereof, and
the full amount of each and every such payment shall be imme~iiately due and payable, and shall be secured by the lien of this mortgage.
6. That he will pay atl and singular the casts, charges, anci ezpenses, including reasonab)e lawyer
s fees, and costs of abstracts oC title.
incurred or paid at any time by the rtwrtgagee becaux of the failure on 1he pari of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory nde and this mortgage, and said costs, charges, and expenses shall be immeciiatety due and
~ payable and shatl be secured by the iien of this mortgage.
7_ That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from
time to time by the mortgagee against loss by fire and other hazards, casulaties.-and contingencies in such amounts and for such periocts as
may be required by mortgagee, and wiN pay prompily, when due, any premiums on such insurance for payment of which provision has not
bcen made hereinbefore. Ail iasurance shall.be carriod ia companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attached thereto lass payable clauses in favor of and in form aceeptable to the mortgagee. ln event of loss
he a•ilt give immediate notice by mai! to mortgagee, and mortgagee may make p~oof of lo~,c if not made promptly by mortgagor, and each
imurance company concerned is hereby authorited and directed to make payment for such loss JirecUy to mortgagee instead oF to
mortgagor and mortgagee jointly, and the insurance prceeeds, or any part thereof, may be applied by mortgagee at its option either to the
reduction of the irKlebtedness hereby secured or to the restoration or repair of the property damaged_ In event of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebcedness secured hereby, all right, title, and
' interest of the mortgagor in and to any insurance policies then in force shall pats to the purchaser or grantee.
i 8. That i( the premises, or any part thereof, be coademned under.any pow~er o( eminent domain, or acquired for a public use.
I the damages, proceeds. and the consideration tor such acquisition, to the extent o( the (ull amount of indebtedness upoa this
f 1lortgage,andtheNote secured hereby remaining anpaid,are hereby assi~ned by t6e Mortgagot lothe :1lortgagee and shall be paid
k (orthHith to the 1lortp,aRee to be applied by it on acconnt of the indebtedness secured hereby, whether dae or not.
€ 9. That the morigagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
~ appointJnent of a rcceiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singutar, inc(uding all
~ and. singular the income, profits, issues, and revenues from whattver soe~rce derived, each and every of which, it being expressly
C understoal, is hereby mortgaged at if specifically set forth and described in the granting and habendum clauses hereof, and such receiver
~ shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
~ made by such court ac an admitted equity and a matter o! absolute right to said mortgagce, and without reference to the adequacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, issues, and revenues shall be applied by such rectiver according to the lien of this mortgag~e and the practice of such
~ court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11J12) of the aggregate of the twelve monthly
insiallments payable in the then current year plus the actual amount of the annua( taxes, atsessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly paymenls.
10. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
sums of money herein referrecf to be not promptly and fully paid without demand or notice. or (c) in the event that each and every the
stipulations, agreements, conditions, and covenants af said note and this mortgage, art not duly, promptly, and fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all
~ moncys secured hereby, shall become due and payabte forthwith, or thereafter, at the option of said mortgagee, as fully and completety as
' if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this morigage to the contrary
~ notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without ratice or demand, suit at law or in equity, may be
prosecuted as if all moneys socured hereby had matured prior to its institution. The mortgagee may foreclox this mortgage, as to tht
amount so declartd due and payable, and the said premises sha!! be sold to salisfy and pay the same together with costs, expenses, and
; allowances. In case of partial foreclosure of this mongage, the mortgaged premises shall be sold 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 b~ availed of
~ thercafter irom time to time by the mortgagee.
E 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyanct, transfer, or change of ownership of
the premises.
; 12. That no waiver of any covenant herein or of the ob)igation secured hereby shall at any time thereafter be hetd to be a waiver of
the terms hereof or of the note secured hereby.
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; ~c~r2~2 Pac: z45
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