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2. That, in ordet moro fully to protect tAe security of this mort~a~e, thc rtw~tQa~~, t~ether wilh, arn1 in addilion ta the m~~othly
payments under 1he terms of !he note secured hereby, on the flru day of each month until the said nute is fully pai~1, will pay to the
mon~s~ee tAt followins sums:
(a) An amouat wfficieat to provide the hdder heroof with funds to pay the nex~ mortga~e inwrance premium if this instrumeat and
the aote securcd hereby are i~ured. or a monthly cAarse lin lieu ot a mort~ase insurance prcmium) if they are Aeld by the
Secrctuy of Housin~ and Urbaa Development. ss fdbws:
(D It aad so lons u aaid note of even date aad this inswment ue iasured or are niraurcd under the orovisions of the
Natioaal Housins Act. an amouat sufficient to aocumulate in the hands d the holder one ( U ma~th,prior to ita due date the
anaual mon~e i~surance premium. i~ order to provide such hdder with funds ta pay such premium to the Sec~etary of
Housic?s and Urban Development purst?ant to the National Housing Ac~ as amendcd. and applicable Re~ulations
thereunder; a
(IU tf and so long as said note of tven date and this instrument ue.held by the Secretary of Housing aod Urban Development.
a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amouat equsl to onatwelflh (1112) of
oue-Aalf (~i) per antum of the ave~age outstandina balance due on the note computed without takin~ iato aocouat
delinquencia or prepaymenu;
(b) A sum equal to the ground rcnts, if any. nezt due, plus the prtmiums that will next beoome due and payable on policia ot tirc
and other haz~rd ipsursnce oovering the mortgaged proQerty, plus taues and assessments next due on the mo~tgaged property (all
as estimated by the mortga~ee) las all sums already paid therofor divided"by the number of months to elapse before oae month
prior to the date wt~en such =rouad rents. prem~ums. taxes. and assessments will become delinquent. such sums to be held by
mongagee in tnut to pay uid gmund rents, premiums, tazes, and special assessments; and
(c) All paymenu meataaed in the two praxding subsections of this puagraph and all paymeau W be made under the note secured
hereby shall be sdded together aad the ag~egate amount thereof shall be paid by the mortgagor each month in a singk payment
w be applied by the mort~agee to the fdlowing items in tt~e order set forth:
(p premium charges under the contract of i~uurance with the Secrctary of Housing and Urban Deve~opment, or monthly
charge (in litu of martgage insurance premium), as the case may be; ~
(11) ground rents. taxa. assessments. fire. and other hazard insurance premiums:
QlU interest on the ~ote securcd hereby; and
(1 V) amortizadoa of the principal 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 payment, constitute an event of default under this mortgage. The morigagce may collect a"tate charge" not to excced two
cents (2c) tor each dollar (S1) of each payment more than 6Reen Il5) days in arrears to cover the extra expense involved in handling
delinquent psyments.
3. That if the total of the payments made by the mortgagor under lb) of paragraph 2 preceding shall exceed the amount of the
payments aetually made by the mortgaget, for groend rents, laaes and assessmenis and insurance premiums, as the case may be, such
~ ea~cas u U~e opt~o~n of We mortaagee, shall. be credited a? subsequeat paymeats to be made by the mortgagor, or rcfunded to We
mortgagor. If, however, the monthly payments made by the mortgagor u~de~ (b) ot paragraph 2 preceding shall ~ot be sufrcient to pay
ground rents, taxes and assessmenu and insurance premiums. az the case may be, when the same shall become due and payablo. then the
mortgagor shall pay to the mortgagre any amount nxessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be. due. If at any time the mortgagor shall tender to the mortgagee in
accordanct with the aorisions of the nwe secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee
shall, in oomputing the amount of such indebtedrtess, credit to the account of ihe mortgagor all payments made under the provisions of CA)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Devebpmer?t and any
balance remaining in the funds accumulated under the provisions of (6) of said paragraph 2. lf there shall be a default under any of the
provisions of this mortgage, raulting in a public sale of'the premises covered hereby, or if the mongagee aoquires the property otherwise
after default, the mortgagee shall apply, at the time of the commencement of such proceedings or a! the time the property is othenvisc
acquired, the balance then remaining in the funds aceumulated under Ib) of paragraph 2 preceding as a credit against the amount of
principal t:~cn remaining unpaid under said note and shall properly adjust any pay:.tenu which shall have been made under (a) of said
paragraph.
4. That he will pay all taxes, assessments, w:.:;r rates, and other governmental or municipal charges, fines, or impositions, for w•hich
provision has not been made hereinbtfore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver tht
official receipts therefor to the mortgagee.
S. That he will permit, commit, or suifer no waste, impairment, or deterioration of said propeny or any part thereof; and in the event
of the failure of the mortgagor to keep the buildings on said premises and those to be erected o~ said premises, or improvements thereon.
in good repair, the morigagce may make such repairs as in ets discretion it may deem necessary for the proper preservation thereof, and
the full amount of each and every such payment shall be immodiately due and payable, and shall be secured by the lien of this mortgage.
6. That he will pay atl and singular the costs, charges, and expenses, including reasonable (awyer s fees, and costs of abstrac~s of tiile,
incurretl or paid at any time by the mortgagce becaeue of the failure on the part of the mortgagor promptly and iully to pcrform the
agrcements and covenanu of said promissory note and this mortgagc, and said costs, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage_~ ~
7. That ho will keep the imQrovemenu ~w eaisting or hereafter erected.on the mortgaged propeny, insu~ed may be required from
time to time by the mortgagce against loss by fire and other hazards, casulaties. ^nd contingencies in such amounts and fOr such periods as
may be required by mixtgagee. and will pay promptly, when due, any premiurtu on such insurance fo- payment vf which rrovis:~:n has not
been made hereiabefore. Ap iasurance shall be sarried in compania appraved by mortgagoe and the policies and renewals thereof shall
be held by mortgagee and have attached the~eto loss payable clauses in favor of and in form aec^ptable to the mortgagee. In event of loss.
he will give immediate notice by mail to mortgagee~ and moAgagee may make proof of foss if not made promptly by mortgagor, and each
insurance company conetrned is hereby authariud and directed to make payment for such loss directly to mortgagce instead of to
mortgagor and mortgagee joinUy, and the insurance proceeds. or any pa[t thereof, may be applied by mongagce at its option either to ihe
reduction of the indebtedness t. -eby securod or to the ratoration or repair of the property damaged. In event of toreclosure of this
j mortgage or other transfer af title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tiUe, and
y interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
k 8. That if the premises, or any part thereof, be condemned onder any power ot eminent domain, or acquired tor a puilic ase,
~ t6e damages, proceeds, and the consideration [or such acquisition, to tl?e eztent o! the tull amount of indebtedness npon this
~ \fortgage, and the Note secured hereby remaining unpaid, are 6ereby assigned by the Nortgagor to the ~lottgagee and shaU be paid
~ forthwith to the ~IortRaRee to be applied by it ou account of the indebtedness secured 6ereby. whether due or not. .
[ 9. That the mortgagce may, at any timr pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
~ appointment of a receiver, and wch court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all
4 and singular the income, profits, issues, and revenues from whatcver source derived, each ard every of which, it being expressly
~ understood, is hereby rtartgagod as if spocifically set fortb and described in the granting and habendum clauses hereof, and such receiver
shall have all the broad and offoctive functio~u 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 matter of absotute right to said mortgagee, and withoet reference to the adequacy or
~ inadequacy of tht value of the propertymortgagod or to the wlvency or insolvency d said mortgagor or the defendents. and that such
rents, profits, income, issues, and revenues shall bt applied by such receiver according to the lien of this mortgagc and tht practice of such
court. ln 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 renta! for the premises an amount at Icast oquivalent to one-twelfth 11112) of the aggregate of the twelve monthly
i installmenu payable in the then current year plus the actual amount of the annual taxes, as.sessments, water rates, and insurance premiums
for such yeaz not covered by the aforaaid monthly payments. .
~ 10. That (a) in the event of any breach of this mongage or default on the part of the mortgagor, or (b) in the event that any of said
sums of money herein referrod to be not promptly and fully paid without demand or notite, or (c) in the event that each and every the
° stipulations, agreements, conditions, and covenants o~ said note and this mortgage. are not duly. pramptly, and fully performed: then in
E either or any such event, tht said aggregate sum menteoned in said note then remainig unpaid, with interest accn~ed to that timt. and all
! moneys secured hereby, shall become due and payable forthwith. or thereafter, at the option of said mortgaget, as fully and completely 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 mortgage to tht contrary
' notwithstanding; and thereupon or thereafter, at the option of said moRgagee, w•ithout notice or demand, suit at law or in equity, may be
prosecuted u if all moneys secured hereby had maturod prior to its institution. The mortgagee may foreclose this mortgage, as to the
amount so declared due and payablo, and the said premisa shalt be sold to satisfy and pay the same together wiih costs, eapenxs. and
albwances. In case of partial faecbsure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not thcn due and unpaid. In such case Ihe provisions of this paragraph may again bt availed of
; thereafter from time to time by the mortgagee.
s t I. That the mongagor will givt immediate nolice by mail to the mortgagee of any conveyance, transfer. or change of ownership of
~ the premises.
; 12. That no waiver of any covenant herein or of the obligation xcured hereby shall at any time thertaRer be held to be a w•aiver of
`r the terrtn heroof or of the note secured hereby.
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