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2. lh~t, in ~xJer mu~e fully w prute~t lht.rcun~y uf ~hi+ nw~~gagr, thr nrurtr~gur, tugcthcr M~~h, a?xl in additiun tu, thr mun~hly
payments unJa ~he Icrms uf thr nutr .c+~urr~1 hrrtby, un Ihe tint Jay uf r:kh nxmth unul the w~d nuiC is fully p:uJ, will pay tu the
mort~a~rt ~ht fulluwing sums:
(a) An amaunt sufricicnt ta provide the hd~ler hereof with fwxls tu pyy tAe next mortga~e insurance prem~um if thi~ instrument and
the note secured hereby a~e ensured, or a manthly char~e lin lieu of a mart~age insurance prcmiuml if ~hey ue held by ihe
Secrctary uf Hausing ~nd Urban Developme~t, as folbws:
111 li and so lona as said note of even da~e and ~his instrument are insural or are re+nsured under the orovisiun~ uf the
National Hausing Aet. an ampunt wfTicient to accumulate in tht han~fs a( the holder o~e ( I l month priar to its dur date the
annual mort~age insurance premium, in ~Jer to provide such holde~ with fun1~ to pay +uch premium ~o the Secrctary of
Housing a~d Urban Devetopment pursua~t to the Natiunal Hausing Act, as amrnded, anel applicabte Regulations
the~eunder; or
111) If and so tong as ~sid note of even date and this irutrumznt are held by the Secretary of Nousing and Urt+an Development,
a month7y charge lin lieu cf a mortgage insurance pr~mium) v?•Aich shatl be in an ameiunt equal to one-twelfth 1l/12) of
une-half ('h) per centum of ~he average outstarxiing balance Jue un the nute comput~i without ~aking into socount
delinquencies or prcpaym~nts;
lb) A sum equal to the graund rents, if any, next due, plus the premiums that wiH next become due and payable un policies of firc
a~x1 othe~ hazard insuranee covering ~he mortgaged property, plus taxes and asxssments next due on the mongaged property (all
as esamated by the mortgagee) less all sums already paid thWefor divided Dy the number of munths to elapsc before one month
priur to the ~iate when such ~round rents, premiums, taxes, anJ a+ussmrnts will became delinquent, such sums to be held by
mor+6agee in trust to pay said ground rents, premiums, taxes, and special asscssments; a~d
Ic) All payments me~taned in the two preceding subsections of this paragraph and all payments to be made under the note secured
hereby shall be sdded together and thr aggregate amount ~hereof shall be paid by the mortgagor each montb in a single payment
to be applied by the mortgagee to the following items in the order set forlh:
11) premium charges unde~ ~he contracl of insurance with the Secrctary of Housing and Urban [kvelopment, or rtwn~hly
charge (io ticu of martgage insurance premium), as the case may bc;
111) ground renls, taxes. asstssments, fire, and other har.:ud insurance premiums;
(111) interest on the note srcured hereby; and ~
(IV) amortization of the principal of said note.
Any Jefx;iency en the amount of such a~regate monthly payment shall, unl~~s maJe goud by the mortgagor prior w the ~ue date of
the next such payment, constitute an event of default umier this mortgage. Thr mongagee may colle~t a"late charge" not tu excreJ twu
cents (2c) for exch dollar ISI ) of e:uh payment mure than fiRrrn t ~ SI days in :urears to cover the extra expense involved in hanJling
delinquent payments.
3. That if the total of the paymrnta maJe by the murtgagor unJer Ib) of paragrsph 2 p~ec:eJing shall excred the arrwunt~of the
payments actually maJe by the mortgagee, for ground rrnts, tax~~s and atises~ments and insurarx;e premeums, as the case may be, suct.
eacess at the option of the mortgagee, shall. be credited on sub~sequent payments to be made by the mortgagor, or refuaded to the
mo~t~agor. If, huwever. the monthly payments m~ie by the mortgagur under Ib) of paragraph 2 preceding shall not be sufficient to pay
grounJ rents, tazes a~xl :usessmems :snJ insuranez prrmiums, as the case may be, when the same shall becomr duc :+nci psyable, then the
morlgagur shall pay to the mortgagee any amuunt ne~catary to make up the defxiern.y, un cx t+efore thc Jate when payment of such
ground rents, taxes, assessments, or insurarxe premiums ~hall be due_ If at any time the mixtg~gor shaU trnder to the mungagee in
accordance with the provisions of the nute secur~d hereby, full payment of the enure in~iebtedness represenled thereby, the mortgagee
sh•rll, in computing the amuunt of such irxiebte~iness, credit to the account of the mortgagor all payments made under the provisions of (u)
of paragraph 2 hereof which the mortgagee has nut become obligatc~l to pay tu the Secretary of Housing anJ Urban Development and any
balance remaining in the funds accumulated under the provisions of Il~l of said paragraph 2. If ~here shall t?e a default uncler any of the
provisions of this mortgage, resulting in a public sale uf 1he premises coverctii hereby, ur if the mortgagee acyuires the property otherwise `
after defaull, the mongagee shsll apply, at the timr of the commencement of ~uch proceeding~ or at the time the property is uthera~ise
acquirrd, the batancr then remaining in the funds acrumulatcY! unJer Ih~ of paragraph 2 precc-~iing a~ a crcdit agaimt the amount of
principal then remaining unpaid unJer said note and shall properly aJjust ~ny payments which tihall have t+ren made under lu) ~~f said
paragraph.
d. That he will pxy el) taxes, as~essmrnts, water rates, and other governmrntal or municipa) charges, fines, or im{x»itians, for which
provision has nat been made hercinbefore, anJ in Jefault thrr~~~f the mortgagee may pay thr same; and that hr Hill prumpUy deliver the
official receipt~ therefor to Ihe mortgagee.
S. That he will permit, commit, ur sutTer no wasle, imp:~irment. or Jeterioratiun of saiJ pn?perty ur any part thrrcof; anJ in Ihe event
uf the failure of the rtwrtgagor ta keep the buildings un said premisL~ anJ thosr to t?N erected on said premixs, or improvementti thereun.
in giwd repair, the rr~rtgagce may make such repain as in its discr~tion it may Jeem necrssary fcx the proper preservation thereof. ~nd
the full artx~uni of rach and every such paymenl shall be immztiiiately Jue arxl payable, atK1 shall be xtiurc~l by the lien of this morigage.
b. That he will pay all and singular Ihe costx, charges; arxi expenses, including reasonable lawyer s fees, and costs of abstracts of title.
incurred or paid at any time by the mongagee because of the failure on Ihe part vf' the mortgagor promptly and fully to perform the
agreements anJ covrn:~nt~ uf ~aid prnmi~sory note anJ thiti mortgage, and said costs. charges, arxi expensc-~ shall be immediately Jue and
paysble and shall be secureJ by thr lien of thiti mortgagr.
7. That he will keep the improvements now existing or he'reatter erected on the mungageci property, insureJ a. may be requirrd from
time to time by the mongagee against loss by fire and other hazards. cazulaties, and contingencies in such amuunis anJ fiir ~uch periods as
may be requiretif by mortgagee. :~nd wil) pay pr~mptly, when due, any premiums un wch insurance for paymenl uf ~a hich provi~ion ha+ not
been made hereinbefore. All insurance shali be carried in companies approved by mortgagee and the policies and renewals thereof shall
be helJ by mortgagee and have attached thereto Ivss payable clause~ in favor of and in form acceptable to the rtwrtgagee. In event of loss
he will give immediate nutice by mail to mortgagee, arni mortgagee may make pra~f of loss if rwt made prompdy by mortgagor, and each
insurance company concerned is hereby authoriud anJ dirccted to make payment for such I~xs Jirectly to rtx~ngagee instead of to
mortgagor and mixtgagee joinUy, artd the insurance proceeds, or any part thereof, may be applied by mortgagee at its oplion eilher to the
reductiun of the indebtedness hereby seeured or to the restoration or repair of' the propeny damaged. In event uf foreclvsure of this
ITlOflgl$C Of OIfICf l~JI1ti~Cf O~ UUN [O the mortgaged pruperty in extinguishment of !he inJet+tedness u~ureJ hercby. all right. title, and
interest of the mortg~gor in and to any imurance policies then in forcc shall p:~s~ to the purchaser or grantee.
I 8. fhat the nwrtgagee may, at any lime pending a suit upon thic nwrtgage, apply to the court having jurixtictiun thereof fi?r the
appointmrnt of a receiver, anJ such court shatl forthwith appuint a receiver of the premises covered hereby all and ~ingul~r, irxluJing all
anJ singular the income, profits, issues, and revenues from whatever source Jerivecl, each and every of which. it t+eing expressly
understo~xi, iz hereby mortgagc~l as if specifically set forth and descrit~f in the granting and habendum c~auces hereof, and such receiver
ahall have aH the broad anJ effective function~ and powers en ~nywice entrusleJ by a court to a receiver. and wch a uintment shall be
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maJe by wch courl as an admitteJ oyuity anJ a matter af ahwlute right to tiaid mortgagee, and w•ithout rrfereru:e to the adequacy or
inadeyuacy of the value of the propeny mortgaged or to the wlvency or insolvency of s:+id rrkirigagor ur the defenJents, and that wch
rents, prufits, income, iuues, anJ reveeuc~ +hall br applird by such receiver according to the lien of thi. mortg;~ge anJ the practice of wch
court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay tu Ihe murtgagee on demanJ as a
reasonable monthly rental for the premisc~s an amount at least equivalent ro one-tweffth (1/t21 of the aggregate of the twelve monthly
installments payable in the then current year plus !he actual amount ot the annual taxes, assessment~, water rates. and insurance premiums •
for such year not coverecl by the aforesaid monthly payments.
9. That Iu) in the eve~t of any breach of thic mortgage or default on the part of the rtwrtgagor, or /h) in the event that any uf saiJ
sumc of money herein referred to be not prompUy and fully paid withaut JemanJ ur notice_ or 1~~) in thr event th:?t each and ever~• lhe
stipulatiuns, agreements, conJition~, and covenants of said note and this mextgage, are nW duly. promplly. anJ fully perfiirmed: then in
~ either or any such event, the wid aggregate ~um mentioned in said rwte then remainig unpaiJ. w ith interc~+t accrued to that timr, and all
money~ secured hereby, shal! become due and payable forthwith, or thereat~ter, at the uption of said mortgagee, as fully :ind completely as
~ if all of the wid wms of money were originally stipulated to be paiJ on such day. anything in tiaiJ note ur in thiti rrwrtgagc to the contrary
notwithstanJing; and thereupon ur thereafter, at the option of said «wrtgagee. withuut naicc or demanJ. tiuit at law or in rquity, may be
~ pro+ecuteJ as if al! moneys secureJ hereby heJ matureJ priur to itti instiwtion. "The rtwrtgagee may furecluu thi~ rtwrtgage, as tu the
I ar?wunt w declared due and payable, and ~he said premisec shall be wtd to .atisfy and pay the wme tugether with co+ts. expensec, and
aUuwanceti. In case i~C partial fureclutiure of this mixtg:~gr, the mortgageJ premite~ shali be sc~ld .ubject to the continuing lien of this
me~rtgage fur ~he amount of the debt no~ then due and unpaiJ. In wch ca~e thc provi~iuns of this paragraph may again hr availcJ of
lhereafter from time to timc by the morlgagee.
10. ~hat the rrn~rtgagor will give immediate notice by mail [u the rtx~rtgagee of any conveyancr_ transfer. or change of ownership of
the prrmices.
I I. 7hat no waiver of any covenant herein or ut the ubligation secured hereby tihall rt any time thereafter be heW tu be a waiver of
the terms hereof or of the note secured hereby.
12. "I'hal if the mcxtgagor default in any of the covenants or agreement~ cuntaineJ herein, or in wid rwte, then ihe mortgagee may
perform the same, anci all exprndiwres 1 including reaconable auorney's feesl maJe by the murtgagee in w doing shall Jraw interest at the
rate set fwth in the note secured hereby, anJ shafi be repayable immediately and K ilhout Jemand by the mortgagur to the mortgagee, and.
toge~her witb interest anJ ccxts accruing thereun, shall be xcured by thiti mortgage.
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