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3. TAat, in wder murd fully n? pn~Itct the ucurity. ~~f thi. murtgagc, the irwrlgagu~, I~rther wilh, and in aJJiiiun W. Ihr mu~lhly
paymzots unJcr Ihc tcrmc of thr n~~te secu~eJ hrrcby, un thc firs~ day uf rxh muoth until thc caid nwr ic fully paid, witl pay 1o the
m~~ngagee the Colluwin` wms:
lal Aa amount sufficient to {xovide ~he hdder hereof with funds to pay the next mortga~e insurance premium if this instrument and
the note secu~ed hereby arc insured, or a monthly char`e lin lieu of a mongagc insuradce prcmium) it they are held by the
Secretary of Housin~ and Urban Development, as tolbws:
(U It and so lonj u said note of cven date and this instrument are insured or are rcinsured unde~ the arovisions ot the
National Housiag Act; an amount sufficient to accumulate in the Aa~ds d the holder one (1) month prior W its due date the
annual mort~age insurance premium, in order to provide such holder wieh funds to pay such premium to the Secretary ot
Housing and Urban Development pursuant to thc Natiunal Housing Act. as amended. and applicable Rcgulations
thereunder. or
tlq If and so long as said note of even dale and this instrument are httd by the Scrrctary of Housing and U~ban Development,
a monthly charge !in lieu of a mortgage insurance premiuml which shall t+e in an amount equal to one-twelfth (1J12) of
one-half (~4) per centum of the average autstanding bala~?ce due on the note computed without taking into aaou~t
delinquencia or prepayments; •
!b) A sum equa! to the ground rents, if any, ~next due, plus the premiums that will next become duc and payaWe on policies of fire
and other hazard insurance covering the morigage'd propeity. plus taxes and assessments next due on the mortgaged property (ai!
as estimated by the mortgagee) less all sums already paid thrrefor dividcd by the number of months to elapx before one month
prior to the date whea such ground renu, prem~ums, taxes, and assessments will become delinqucnt, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes. and special assessmenu: and
(c) All payments mentaned in the trro preceding subxctions of this paragraph and all payments to be made under tAe note secured
hereby shall be addcd together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagce to the following items in the order set forth:
ll) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium). as the case may be;
111) ground renls, taxes. assessments, fire, and other hazard insurance premiums;
(111) interest on the note secured hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall. unless made go~xl by the mortgagor priur to the due date of
the ~ext such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two
cents 12c) for each dollar ISI) of each payment more than fiReen 115) days in arrears to cover the eztra expense iovolved in handling
delinquent payments.
3. That if the.total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shal! exceed the amount of the
payments actually made by the mortgagee, f~ ground rents, taxes and assessments anJ insurance premiums, as the case may be, such
exccss at the option of the mortgagee, shall. be credited on subsequent payments to be made by the aartgagor, or refunded to the
morrgagor. If, however, ti~e monthly payments made by the mortgagor under Ib) oP paragraph 2 preceding shall not be sufficient to pay
gruund rents, taxes a~xi assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up-the deficiency, on vr before the date when payment of such
grou~xi rents, taxes, assessrrtents, or insurance premiums shal! bt due. !f at any time the mortgagor shall teixier to the morigagee in
accordance with tAe provisions of the nute secured hereby, full payment of the entire irnlebtedness represented thereby, the mortgagee
shall, in computing the amount of such iacfebtedness, cretiiit to the account of the mortgagor alt payments made uncier the provisions of lu)
of puragraPh 2 hereof which the mortgagee has not becume obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds accumulated under the provisions oi ~h? of said paragraph 2. If there shall be a default urnler any of the
provisions of this morigage, resulting in a public sale of the premises covered he~eby, or if the mortgagee avquires tAe property otherwise
after detault, lhe mongagee shall apply, at Ihe time of the commencement of such proceedings w a: the time the property is otherwise
acquired, the balance then remaining in the funds accumulated under fh~ of paragraph 2 preceding ac a cr~iit agaiact the amuunt of
principal then remaining unpaid under said note and shall properly adjust any payments which shall have been maJe under Iu) of said
paragraph. -
4. That he will pay all taxes, assessments, water rates, anJ Whe~ governmental or municipal charges, fines, or impositions, for which
provision has not bee~ made hereinbetore, and in default thereof the mortgagee may pay the same; and that he wi!) promptly deliver ~he
ufGcial receipts therefar to the mortgagee.
5. That he w•ill permit, commit, or sufTer no waste, impairment, or deterioration of said pre~peny or any part thereoi; and in the event
of the failure ot ~he mqrtgagor to keep the buitdings on said premises and those to be erected on 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 preservation thereof, and
the full amount of eacl~aad every such payment shall t+e immetiiiately due anJ payable, arxi shall be secured by the lien of this mortgage.
6. 7'hat he w•itl pay alt ami singular the costs, charges, ancl expenses, including reasonable lax~yer s fees, and cosls of abstracts of title.
incurred or paid at any time by the mortgagee becauae uf the failure on the part of the rtwrtgagor prompdy and fully to perform the
agreements and co/~enants of said promissory note and thic mortgage, and saiJ costs, charges, anei expenses shall be immediatety 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 mortgageci 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 wch peri«!s as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment uf which provision has not
been made hereinbefore. All iasurance shall be carried in companies approved by mortgagce and the policies and renewals thereof shaU
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptabte to the mongagee. In event of loss
he w~ill give immediate notice by mail to mortgagee, an~i mortgagee may make proof of loss if not made promptly by mortgagor, arni each
insurance company concerneJ is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to
mortgagor and mortgagee jointly, and the insurunce prceeeds, or any part thereof, may be applied by mortgagee at its option eithe~ to the
reJuction of the indebtedness hereby secured or to the restoratipn ~r repair of the property damageJ. In event of foreclosure of this
rtwrtgage or other transfer of title to the mortgaged property in extinguishment of the irniebtedness secured hereby, all right. title, and
interest of the mortgagor in and to any insurance policies then in force shati pats to the purchaser or grantee.
8. That if t6e premises, or any part thereof, be coademned uader any power ot emineat donfain, or acquired for a public use,
the damages, proceeds, and the consideration [or such acquisition, to the extent of the (ull amount of inde6tedness upon this
~lortgage,andthe~iote secured hereb~~ remaiaing unpaid,are hereby assigned by the \1ort~agor tothe 1lortp,agee and shall be paid
fotthwith to the ~iortKaRee ro be applied by it on account o( the indebtedness secuted hereb}, whether due ot not.
9. Thal the mortgagee may, at any time pending a suit upon this mortgage, apply 1o the court having jurisdiction thereof for the
appointment of a receiver, and such coun shall forthwith appoint a receiver uf the premises covered hereby al( and singalar, inctuding all
arxi singuiar the income, profits, issues, and revenues kom whatever source derived, each and every of which, it being expressly
understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receirer
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 as an admitted equity and a maiter of absolute right to said mortgagee, and without reference to the adequacy or
i~adequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that sueh
rents, profits, income, issua, and revenues shall be applied by such receiver accorciing to the lien of this mortgage and the practice of such
court. in the event of any default on 1he part of the mortgagor hereurnier, 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-twetfth 11112) oF the aggregate of the twelve monthty
installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (6) in the event that any of saiJ
sums of money herein referred to be not promptly and fully paid without demand or notice, or Ic) in the event that each arni every the
st~pulations, agreements, cunditions, and covenants of said note and this mortgage, are not duly, prompdy, arxl fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued 1o that time, and all
nnoneys secured hereby, shall become due and payable forthwith, ar thereafter, at the option of said mortgagee, as fully and comptetely as
if ali of the said sums of money were originally stipulated to be paid on such day, anylhing in saiJ note or in this mortgage to the contrary
notwithstanding: and thereupon or thereafter, at the option of said mortgagee, without notice or demanJ, suit at law or in equity, may be
prosecuted as if all moneys secureci hereby had matured prior to its institution. The mortgagee may foreclcxe this mortgage, as to the
amount so declared due and payable, and the saiJ premises shal! be suld to satisfy and pay ihe same togethe~ with costs, ezpenses, and
allowances. In case of partial foreclosure of this mortgage, the mor~gaged premises shall be sold subject to the continuing lien of this
mortgage for the amuunt of the debt not then due anJ unpaiJ. In such case the provisions of this paragraph may again be avaifed of
thereafter from time to time by the mortgagee. .
l l. That the mortgagur will give immediate notice by mail ~a the rrartgagee of any conveyance, transfer, or change uf ownership of
the premises.
12. 7hat no waiver of any covrnant herein or of !he obligali~~n securecl hereby shall at any time thereafter be held to t+e a waiver o!
the terms hereof or of the note secureJ hereby.
' BOOK~:1G pA6EJ~4lA
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