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2. Tbat, in orJer muro fully tu prutoct the securily ot thi~ mort~aje, thc mon~t, toeether whh, and in addiiion to, the monthly
p:~ymenta under the te~ma of the note sc~cu~od heretry, on the first day of each month un~il the said note is fully paid will pay to the
monja~ce the fullowin~ wms:
ta) A~ amvuai wflkieat to provide the holde~ he~ed with fuads to pay the next mortsase inwrance premium if this insuumcat and
the oote securod hereb~r ue irourod. or a aa~thly chu~e (in lieu of a mortsa~e insu~ance premium) it they ue held by the
Socretuy of Housios and Urbaa Developmen~ u folbws:
ll) 1~ aud so lonj as ssid note d evea date aad this instrume~t ue iasured or ue rei~uurod under the provisions of the
Natioaal Housias Act. an smouat wtricicat to aocumulue in the hands dthe holdet oqe l1) rtanthprior to ia due date ~!x
aaaual mort~e iasurancs premium. in or~ to provide such hddtr with funds to pajr such premium to lhe Secrctuy of
Housir~ snd Urbza Devclopaneat pursuant to the Nstiona! Housins Ac~. as amended, and applicable Re~ulatiot~s
~ therwnda: or .
(Iq If and so lonf as said note of even date and this instrument uc held by the Secretuy of Housins and Urhan Development.
a mor?thly charse (in lieu of a mort~e insurance premium) which shall be in an amount equal w onatwelfth 11112) ot
one-half (~i) per ceatum of the :verafc outuanding balance due on the nae computed without talcin~ i~to aaount
delinquen~ies or prtpaymeats:
Ib) A wm equal to the ~round rents, if aay, next due. plus the premiums that will ~?ext become due and payable on policia of Rrc
and other hazard iatiiisi~ce coveria~lfif'mort~fd'pr'~erty. plus ~auees and as'sessments next due on the mortgaaed propeny (al!
as cstimated by the mortp~ee) fas dl wms alrady paid t6adar divided by tbe aumber of months to elapse before oae month
prior to the date whea such srouad rents. prem~ums, tues. ud assessments will bocome delinquen~ such sums to be htld by
mort~ee in trust to pay said sround rents. premiums. tues, and speciat assessments; and
(c) AN payments meaYaned in the tab precedins wbsections d this para~aph and all paymeats to 6e made under the note secured
hereby shall be added to~ethcr and the aggregate amount thereof ahall be paid by the mortga~or cxh moath ia a singk paymcnt
to be applied by t6e mortgs6ee to the fdlowing ite~ in the order set forth:
fU prcmium charses under the contract of insurance with the Secrctary of Housing and Urban Devebpment, or moathly
char`e (in lieu oi mortsa~e insurance prcmium~ as the case may be;
(tl) fround rents. taxes, a~essments, fue. aad other ha~rd insurancr premiums;
(111) interest oa the no[e secured hereby; and
(1V) amorti7atioa of the pciacipal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of
the next such paymen~ constitute an event of dcfault under this mortgage. The mongagee may collect a'~Iatc charge' not to exceed two
cents 12c) tor each dollar (Sll of each payment more than 6fteen (IS) days in arroars to cover the extra expense involvod in haodling -
dtlinquent payments.
3. That if tAe taal of the payments made by the mortgagoc under Ib) of paragraph 2 p~oceding shall euceed the arraunt of the
payments actually made by the mortga~ee, for ground rents, tazes and assessments and inwrance premiums, as the case may be. such
excas at the option of the matpsee. shall. be credited on subeoqutat paymeats to be made by the mo~tgagvr, or refua~ed to the
martgagor. It, however, the monthly payments made by the mongagor under Ib) of paragraph 2 prceeding shall not be sufficicnt w pay
ground rents, taxa and usessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
rtwrtgagor sF~all pay to the mortgagee aey amount necessary to make up the deficiency, on or before the datr when payment of sucb
~rourd rents, taxes, assessments, or irnurance premiums shall be due. If at any time /he mortgasar shall tender to the mortgagce in
accordance with the provisions of the note secured hereby, full payment d the entire indeMedness r~prosented the~eby. the mortgagee
shall, in computinE the amount of such indebtodness, crodit to the aaount of the mortgagor all paymenu made under the provisiora of Ia)
of paragraph 2 hered which the mortgagee hu not become obligatod to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds accumulatod under the provisions of (b! of said paragraph 2. If thcre shall be a default under any of the
provisiom of this mortgage, rewlting in a pubtic sate of the premixs covered hereby, or if the mortgagee aoquires the property otherwise .
after deiault, the mortgagee shall apply, at the time of the commeiuement of such praceedings or at the time the property is othm?ise ;
acquired, the balanct then remaining in tht funds accumulated under Ib) of paragraph 2 preceefing as a credit against the amount of +
principal t.~en remaining unpaid under said note and shall Properly adjust any paymenu which shal! have txen made under lo) of said ;
paragrapb.
4. That he will pay all taxes, assessments, water rates. and other gwernmenta) or municipal charges. 6nes, or impositions. for which t
provision has not been made hereinbefore, and in default thereof the mortgagee may.pay the same: and that he will promptly deliver the 1
offici~l raeipts therefor w the mortgagee. "
S. That he will permit, commit. or wffer no waste, impairment, or deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor W keep the buitdings on said premises and thase to bt erceted on said premises, a improvements thereon.
in good repair, the mortaagee may make such repairs as in its dixretion it may decm nocessary for the proper preservation thereof. and
che full amount of exh. and every wch payment shall be immodiately due and payable, and shatl be secured by the lien of this mortgage.
6. That he wit! pay alt and singular the costs. charges. and expenses, including reasonable lav?ryer s fees, and costs of abstracts of title,
incurrod or paid at any time by the mortgagee bocause of the failure on the part of thc mortgagor promptly and tully to perform the
a~tements and covenants ot said promissory note and this mortgage, and said costs, charges, and eapcnsa shall be immediatdy due aRd
payable anQ shall be socured by the lien of this mortgage.
7. That he will keeQ the improvements now existin6 or hereafter erectod on the mortgaged property, i~uured as may be required from
time w timc by the mortiasee agai~t loss by fire and other hazards, cawlaties, and contingencies in such amounts and for such periods as
may be roquirod by mortgagee, and wiN pay promptly, when due, any premiu~ on wch insurance far payment of which provision has not
been aiade baeinbdaa. All insurancs shall be carriod in companies apprwed by mortgagee and the policia and renewals thereof shall
be held by mortgagee and have attached thereto foss payable clauses in tavor of and in torm acreptable to tho mortaagee. In event of loss
he ~vill give immediate notice by mai! to morlgagee, and mortgagce may make proof of loss if not rnade prompUy by mortgagor, and each
insurance company concerned is hereby authoriud and dirocted to make payment for such loss direcQy to mortgagee instead of to
rrortgagor and mongagce joinUy, and the inwranc~ proceeds, or any patt theroof, may be applied by mortgagee at its option either to the
reduction of tht indeMedness bereby secured or to the restoration or repair of the propMy damaged. In event of (oreclosure of this
mortgage or other transter of title to the mortgaged propeny in extinguishment of the indebtedness secured hereby, all right, tit(e, and
interest of tix mortgagor in and to any insurance policies thrn in force shail pass to the purchaser or grantee.
8. That if the premises, or any part thereot, be condemned under any power of eminent domain, or acquired tor a public use,
tbe damages, proceeds, and t6e consideration for soch acqpisition, to the e:tent oi the full amount'of indebtedness upoa t6is
~tortgage,audthe~o~e secured hereby remaining unpaid,are hereby assigned by t6e Siortgagor tot6e atortgagee aad s6a11 be paid
(orthvrith to the NortRaRee to be applied by it un aecount of the indebtedness secored 6ereby, w6ether dae or not.
9. T6at tht moriEagee may, at any time pending a suit upon ihis mortgage, apply w the court having jurisdiction thereof for the
appointment of a receiver. and wch court shall torthwith appoint a rectivei of the premises covered hereby ali and singular, including a!1
and singufu the income. profits. issues. and revenuts trom vrhatever sourct derived, each and every of which, it being exprusly
understood, i~ hereby mortgaged as if specificaUy set foRh and described in the granting and habendum clauses hereof, and wch receiver
shall have all the broad and effective functions and powers in anyvvise entrusted by a court to a receiver, and such appointment shall be
rt~ade by such court as an admiited equity and a malter of absolute right to said mortgagee, and without reference to the adoquacy or
inadoquacy of tbe value d iht property moAgagod or to the sAlvency or insolvency d said mortgagor or the defendents, and that such
rents, proftts, income, issues, and revenues shall be applied by such rectiver according to th~ tien of this mortgage and the practict of wch
court. In tht evcnt of any default on the put of the mortgagor hereunder, the mortgagor agrees to pay co the mortgagce on demand as a
reasonable monthly rental for the premises an amount at le~st equivalent to one-twelfth { II~ 2) of the aggregate of the twelve monthly
installmenu payable in the then current year p(us the actual amount d the annual taxes, assessments, water rates, and insurance premiums
for such year na coverod by the aforesaid monthly pvyments. ~
10. 7l?at (a) in the event oi any breach of this mortgage or default on the part of thc mortgagor. or (b) in the event that any of said ;
sums d money herein rderrod to be not promptly and fully paid w•ithout demand or notice. or (c) in the event that each and every the
stipulations, agreements, conditions, and tovertants d said note and this mortgage. are not duly. promptly, and fully performed• then in
cither or any wch event, the said aggregate wm mentioned in said nate then remainig unpaid, with interest accrued to that time, and all
moneys socurod hercby, sMall become due anA payable forihwith. or thaeafter, at the option of said mortgagee, as fully and compktcly as ~
if all otthe said sums of money were originally uipulated to be paid on wch day. anything in said note or in this mortgage to the contrary ~
notwitbstanding: and thaeupon or thereafter, at the option of said mortgagee, aithout notice or demand, suit at law or in equity, may be #
prosauted as if all moneys socurod bereby had mawrod prar to its i~stiwtion. The mortgagee may forectose this mortgage, as to the
amount so declared due artd payable, and tMt said premisa si~all be sold to satisfy and pay the same togdher with costs, expenses, and
allowa~es. In cax o( partial foreclosure of this mort~age, the mortgaged premists shall be sold s~bject to the continuing lien of this
mortgage for the amount d tht debt not then due and unpaid_ In such cau the provisio~u of this paragraph rtray again bc availed of
tl~creaher trom time to time by the mort6agee_
I l. That the mortgagor v?ill give immediate notice by mail to the mongagee of any conveyance, traiufer, or change of ownenhip of
the premises.
! 2. 7Aat no waiver d any covcnant berein or d the obligation securod hereby shall at any time thertafter be held to be a waiver of
the terms hered or d the note sccured hereby.
600K PACE
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