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3. '1hat, in ordc~ ~rwre fully to pruta~ the xcuriiy oi th~s ::art~agr, thr m.~ngagor, tuge~hr~ with, prxt in aJditiun tu, lhr nxmtMy
payments uoder ~Ne te~ms of the nutt securctil hrroby, un the finl day uf cw;A munth unul the said +xxc is fuUy paid, wilE pay to the
mort~a~ce thc fo!luwin` sums:
la) An amount suflkient to provide the hdder hueof with funda to pay the next mortgage inwrance premium if this instrument and
the note secured hereby are insured, or a monthly charge lin lieu of a mortgage insurance {xrmium) if they ue held by the
Secrctary of Hausin~ and Urban Developmenl, as tolbws:
ID If and w long as ssid note of even date and lhis inttrument are insured or are reinsurcd under the provisions of the
National Housing Act, an amount wfliCient to aocumulate i~ the hancts of the holder one 1! ) month p~ior to its due date the
annual mortgagt insurance promium, in order ta provide such holder with funds to pay such premium to the Secretary of
Housing and Urban Devolopm~nt pursuanl to the National Housing Act, as amended, and applwable Regulatiuns
thereunder; or
(11) [f and so long as said ~ote of eren date ard this inst~ument are held by Ihe Secretary of Housing and Urban Development,
, a•moathly charge lin liou of a mortgage insurance premium) which shall t+e ir~ a~ amount equal to one-twelfth (11121 pt
ono-hal( (Sfs ) per centum of the average outstarnling balarn;e due on the note compute~i without taring into accuunt
Jelinquencies or prepayments;
(b) A.sum equal to the ~ound rents, ii any. next due, plus the premiums that will neat become due and payable o~ policics of fire
and other hazard insu~ance c33tiPn$ tile mOttgageA propeny, ptus tues and as~cssments next due on the mortgaged property (al!
as estimated by the mortgagee) less all sums already paid therefor divided by the number of awnths to elapse belore one month
prior. to•t1~q date when,su~h gcound reats, p~eauums~, taues, aad assessments will become delinquenl, such sums to be held by
rrwr!dagee in trust to pay sa~d ground irnts, premiud?s, taxcs, and spocial assessments; and
lc) AN payments mentioned in th~ two preceding subsectio~a of this paraarapt~ and alt payments to be made under the note secured
hereby shall be added togtther and 1he. aggregate amount thereoi shall bo paid by the mortgagor each munth in a single payment
to be appliedby the mortgagee to the foliowing items in the order set forth:
!1) premium charges under the contract of insurance witA the 5ecretary of Housing and Urban Development, or monthly
charge (in licu of mortgage insurance premium?, as tAe casc may be;
(Ip g~ound rents, taxes. asvestments, firt, and othcr hazard insurance premiums;
Ull) interest on t6e nWe secured hereby; and
(IV) anwrtization of the principal of said nWe.
Any Jtficie~cy in the anwunt uf such aggregate monthly payment st?all, unlc~ss ma~fe gcxxl by the mortgagor priur to the due date of
the next sucA payment, const+tutr an event of default u~xler this mortgage. "fhe murtgag~e may cullect a"late charge" not w exceed tvvo
cenu l2c) fo~ each dollar IS11 of each payment mure than fiftten (15) days in arrears ~o cuv~r the extra expeose involved in handling
delinquent payments.
3. That if the tota! uf the payn~nts made by 1he mortgagor under Ib) of paragraph 2 prcy:eding shall eticeeJ 1hr amount cif the
payments xtually ma~fe by the m~xtgagre, Cor ground rents, taxes and assessments and insurance premiums, as the case may be, suc~
eatcess at the option of the mortgagee, shall, be credited on subsaquent payments to be made by the mortgagor. or refunded to the
mortgagur. !f, huwever, tht mon~hly payments made by Ihe mortgago~ under 16) of paragraph 2 preceding shall not be sufficient to pay
grou?xi rents, taxes and atcessmrnts and insurance premiums. as the case may be, when the same shall become due arxl payable, then the
mortgagor shall pay to the murtgagee any artwunt necessary tu make up the defic.iency, on cx betore the date when payment of such
gruu+x! rents, taxes, assessments, or insurarKe premiums shall be Jae. It at any time the m~tgagor shall terxfer to the mongagee in
uccordance with the provi~ions of the note srcured hereby, full payment of the entire irnlebtedness represented thereby, the mortgagee t
shall, in cumputing the amuunt of such i~xlebtrdness, credit to the account of the mortgagex a!1 payments maJe uixler the provisions of (a)
of paragraph 2 hereof which the mortgagee has not become obligaterl to pay to the Secretary of Housing and Urban Developmeni ancl any ~
balance remaining in the funJs xccumulated under the provisions of Ib~ uf said paragraph 2_ If there shall be a drfault uncier any uf the
provisions of t6is mortgage, resulting in a Public sate of the premises covered hereby, or iithe mortgagee auquires the property otherwise
after default, the mortgagee shall apply."at lhe time of the commencement of such proceedings or at the time the prop~:rry is otherwise ~
acquired, the balanCe then remaining in 1he funds accumulatc~i under /h~ of paragraph 2 preceding as a credit against lhe amouni of `
principal then remaining unpaid under said ~ote and sha!! properly adjust any payments which shall have been made under lu) of said 'j
paragraph.
A. That he will pay all taxes, asccssmentx, water ratrs. and other governmental or manicipal charges_ fines, or im{wsitions. for which. }
provision has not been maJe hereinbefore, and in deiaull therc~f the mortgagre may pay the same: and that he aill promptly deliver the ~
off'icial receipts therefor to the mortgagee.
S. That he will permit, commit, or sutTtr no waste, impairmeat, or dettiioratiun of said property or any part thereof; and in the rvent ~
of the faiture af the mortgagor to keep the beailt~ings on said premisd and thoae to be erected on said premises, or improvements thcreon.
in good repdir, the martgagee may ma~e suc repairs as in its discretion it may deem necessary for the proper preservation thereof, and
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the full amount of each anJ every such paym t'shaH be immediately due and payable, and shalt be secured 6y the lien of this mortgage.
6. That he wiU pay atl and ~en~nlar Me costs, charges; and,expernes, induding reasonable lawyer's fees, and costs of abstracts of tide.
incurcoci or paid at any time by the mort~agre berause of tho failure ~n the part .of the mortgegor promptly and fully to perform the
agreements and eovenant~ of said prom~ssory note and this mongage, and said costs, cha~ges, and expenses shaN be immediately due and
payable and sha!! be secured by the lien of this martEage.
7. That he will keep the itpprovemeats now existing or hereafter erected on the mortgageJ pruper~y. insured as may t?e rrqui~eJ from • f
time to time by the mongagee a,gainst loss by re and aher 6azarefs, casulaties, anei contingencies in such artwunt. snd for such periods as
Snay 6~ required by mortgagee.'and will pay ~omptly, when due, any premiums on such insurance for payment of whKh provision has not ~
been a~a?de hercinbefora All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
be he1J by mortgagee anJ hare at[SCbead thereto Iess payable claus~s in favor of and in form acceptable to thr mortgagee. In zvent of loss
he wep give immediate notice by~r~i1 to moriga~ee. a~x1 mortgagee may make prewf of loss if not made prompUy by mortgagor, and each
insurance company concerned" ~s hereby authorized and ifirected to make paymeni for such loss directly to mortgagee instead of to
mongagor and mortgagee joinUy, and the iosurance proceeds, or any part thereo€ may be applied by mortgagee at its option either to the
reduction of Ihe indebteJness hereby secured or to the restaation or repair of the prope~ty JamageJ. In eyent of foreclixure of this
mortgage or other transfer of tiUe to, the mortgaged properjy in eztingui~hment of the indehtedness securnl hereby, aU right, titlc, and
intereu of the mortgagor in and to any insurance policies then in forCe shall pass to the purchaser or grantee.
' 8. That the mortgagte ~y.y) Yny tirm peqdirig a suit upon this morlgage..app~y to the court having jurixiiction thereof for the
~ xppointment of a recerver. and su~Fourt shall forthwith appoint a receiver of the premises covered hereby all and singular, including all ;
i and singular the income, profits. ~ssues, and revenues from whatever source derived, each arxi every uf which, it beirsg expressly t
~ understo~~, is hereby mongaged as i~specifically set fonh and described in the granting~and habendum clauscw hereoL a~d such receiver
' chall have al) the broad and effective functions and powers io anywise entrusted by a court to a receiver. anJ ,uch appointment ~hall be t
E maJe b such court as an admitted
~ Y equity artd a matter of at?wlute right to saiJ mortgagee, and without reference to the adequ:+cy ur
inaJequacy af the value of the property mortgagod or to the solvency or insolvency of said mortgagor or the defendents, anJ that such
' rents, profits, income, issues, anJ revenues shall t~e applieJ by wch receiver according to the lien of this mortgage anJ Ihe practice of such #
court. In the event of any defautt on the part of the mortgsgor hereunder, the mortgagor agrees to pay to 1be mortgagee un demand as a
reasonable monthly rental for the premises an amount at least equivalent to ono-twelfth 11/121 of the aggregate of the twelve monthly ~
~ installments payable in the then current year plus the acwal amuunt of the ann~al taxes, azsessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
9. That la) in the evem of any hreach oi this mortgage or Jefault on the part of the nwrtgagor. ~x Ib) in the event that any of saiJ
sums of muney herein referred to be not promptly and fully paid a•ithout demand or nvticr. or Ic) in ~he event that each arni every~ the
stipuiations, agreements, conditions. and covenants of said note anJ this m~xtgage, are not duly, promptly, arxl fully performeJ: thco in
either or any such event, the said aggregate wm mentioned in said note then remainig unpaid, w ith interrct accrued to ~hat time, and all
rtwneys secured hereby, shall become due and payable fvrthwitb, or thereafter, at the option of said mixtgagee, as fulty and completeiy as
if aN of the caid sums of money were origin:~lly stipulateJ to be paid on such day, anytbing in said note vr in this nwrtgage to thc contrary
notwithstanding; and therwpon or thereafler, at the option of said mortgagee, without notice or dem~rxi. wit at law or in equity, may be
prosecuted as if all nwneys secureci hereby had mawrrJ prior m its instiwtian. The m.xtgagee m:+y forrclu~e this rtx~rtgage, as to the
amount so declared due and payable. and the wid premises shalf be wIJ to satisfy and pay the wme together with ants. expenses, and
allowances. In cax of partial foreclixure of this murtgage, the mortgaged premises shall t+e xild ,ubj~rt to the continuing lien of this
mortgage for the amount of the JeM not then dur anJ unpaid. tn such case the provisions of [bi~ paragraph ma}~ again t+e availed of
thcreafter from time to teme by thr mortgagee.
10. That the mortgagur w ill give immediale notice by mail to Ihr murtgagee of any com•eyance. tr•rmfer, or change of ow~nenhip of
the premiscs.
! 11. 7hat no waiver of any ci~venanl herein or of the ohligalion secured hereby shall at :~ny time thereafter be heW to be a wai~•er of
the terms hereof cx of the r?ote ucurrd hereby.
i 12. That if the mortgagur defaup in any of the covenants or agreemrntti cont:+ineJ herein. or in said note, then the mextgagee may
~ prrform the same, arwf a!I rapenJilurr~ IincluJing reasonible,attorney's feecl maJe by Ihe mixtgagee io w doing shall draw interest at lhe
; rate set forth in the note secured hereby, anJ shall be repayable irt~mediatcly and withuut demand by the rrwrtgagur to the mortgagee, and.
' together with interest and axts xcruing thereon, shall t+e secured by ~his mortgage.
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` soox ~13 ~a~ ~305
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