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2. Tha1. in order more fully to p~otcct ~he srcurity af this m~xt~a~t, the nwrl~a~?r, tugeiher w qh, •arnl ~n :KfJ~uun ~a, ~hr munthly
paymtnu under the terms of tMe note socurcyl he~eby. on thr first Jay uf each manth until the said rn?tc is fully panl, will p:~y ta the
mo~t~usa the folluwin~ sums:
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(a) An amount wflicient to provide thc holder hereof witA tunds to pay ~he next mor~sa~e insurance prcmium if this insltument ~nd
the note xcurtd heroby are insured, or a monthly char~e !in lieu of a mor~aa~e insuru?c! premium) if they ue held by the
Secretary of Housin~ and U~ban Development. as folbws:
11) If and so lon~ as said note d evee date and this instrument are insured or are rc+nsurcd urder ~he Dmvisions of the
National Housing Act. a~ amount wf'1`uient lo aocumulate in the ha~?ds d the holder o~ (1) month ptior to its due date the
annual morttaae insurance premium. in ~x~ie~ tu pruvide cuch holder with funds to pay such premium to the Secretary of
Housi~a a~d Urban Developm~nt pursuxnt to the Natiunal Housing Act, as amendtJ, and applicable Re~ulations
thereunder, or
111) If and so lon~ as uid nwe ot even date and ~his instrument arc held by the Secretary of Housing and Urban Development,
a monthly char~e lin lieu of a mortgage imurance premium) which shall be in an amount equal to one-twslfth (1/12) ot t
onahalf (S-4) per ceawm of tf~e average outstanding balance due on the note computod witAout takin~ into aacount i
delinquencia or prepayments; ~ ~
(b) A sum equal to the ground re~ts, if a~y, next due, plus the premiums tAat witl ~ext bernme due and payable on policies of fire
and otha' hazarc! insurance coverina 1he mortgascd property, plus tues and asussments next due on the mortgaged property (all
u estimated by the mon~agee) less all sums already paid therctor dividod by the number ot months to dapse before one month
prior to ihe date when su~:h ground renu, premiurtu. taxes. and assasments will bocome delinquent, such sums to be held by
mortdagee in trusi w pay said ground rcnts, premiums, taxes. and special assessmenu: and
(c) All payments mentioned in the two preceding subsections of this para~raph and all paymrnts to be made u~der the note socured
hereby shall be added together and the aggregate amount the~eof shall be paid by the mortgagor each montb in a single payment
to be applied by the mortgagte to the following items in the o~der set forth:
(q premium charges under the contract of insurance with the Secretary of Nousing and Urban Devetopment, or monthly
charge (in lieu of mongage insuranae premium), as the case may be;
(!1) g~ound renis, tues. assessments, fue, aod other hazard insurance premiums;
(Ilp interest on the note secured hereby; and
(IV) amortization otthe principat of said note.
Any deficieocy in the amount of such aggregute mon~hly paymcnt shall, unless maJe go~xl by the mortgagor prior to the due Jate of
the next such payment. constitute an event of Jefault. under this mortgage. The mortgagee may colloct a"late charge" not to exceed two
cents l2c) [or eACh dollu lSll of exh payment mure than fifieen (IS) days in arrcars to cover the extra expense involved in haixiling
delinquent payments.
3. That if the total of the payments made by the mongagor under (b) of paragcaph 2 preeeding shall eaceed the amount of the
payments actually made by the mortgagee. for ground rents, taxes and assessments and inw?ance premiums, as the case may be, suct.
excesa at the option of the mort~agee, s!w!!. be creditod on subsequent paymeots 1o be made by the atort~a~or, or rcfundal to the
mortgagor. If, however. the monthly payments ma~ie by the mongagor under 1b) of paragraph 2 preceding shall not be sufT'icient to pay
ground ~ents, taxes and assessments and insurance premiums, as the case may be, a•hen the same shaU become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to makr up the Jeficiency. on or before the Jate whe~ payment o[ such
ground renu, taxes, assessments, or insurance prcmiums sha11 be Jue. If at any time the mortgagor shall tender tu the mortgaget in
accorciance with lhe provisions of Ihe note secured hereby, full payment of the entire indebtcJness represented thereby, the mortgagee
shall, in computing the amount of such indebtedness, cr~dit to the account of the mortgagor all payments made uncler the provisions of (a)
uf paragaph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any
tsalance remaining in the funds accumulated under the p~ovisions ot (h) of said paragraph 2. If there shall be•a default urnler any of the
provisions of Ihis mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property utherwise
after default, the mortgagee shall apply, at the time of the cummencement of such proceedings or at the time the propeny is otherwise
acquired, the balance then ~emaining in thr funcfs accumulatecf under Ih~ of paragraph 2 prtctding as a credit against the amount of t
principal then remaining unpaid under said note anci shall properly adjust any payments which shall have been made under (u) of said
paragraph. .
4. That he wili pay all taxes, assessments, water rates, and wher guvernmental or municipal charges, fi~us, or impositions, for which
provision has not been made hereinbefore, and in Jefault thereof the mortgagee may pay the same; and that he will promptly.deliver the
ofTicial receipts thercfor to the mortgagee.
S. That he will permit, commit, or sufl'er oo w:ute, impairment, or deterioration of said property or any part thereof; and in the evcnt
of the failure of the mortgagor to keep the buildings on s:?id premises a~d ihose to be erected on said premises, or improvements thereon,
in good repair, the mortgagee may make such ~epairs as in its discretion it may dcem necessary fcx the proprr preservation thereof, and
the futl amount uf each and every such payment shall be immediately due and payable, and shall be stcured by the lien of this mortgage.
6. That he will pay all a~x1 singular the costs, charges, a~f expenses, incluJing reasonable lawyer s fees, and costs of abstrac[s of tit(e,
incurred or paid at any time by the mongagee because of the faiture on the pan of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expensa shall be immediately due and
payable and shall be secured by the lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be requireJ from
time to time by the mortgagee against loss by fire and other hazards, ca~ulaties, aixi contingencies in such amounts anJ Cor such periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not ~
been made hcreinbefore. All insurance shall be carriod in companies approved by morigagee aad the poGcies and rencw$Is thereof shall
be held by morigagee anJ have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, anJ murtgagee may make praof of loss if not made promptly by mortgagor, ared each ~
insurance company concerned is hereby authorized and directed to make payment for such loss directly ta mortgagee instead of to ~
' mortgagor ar~d mortgagee joinUy. a~x! the i~uurance praceeJs, or any part Ihereof, may be applied by mortgagee at its option either to the ~
, reduction of tbe ind~bteciness hereby secured or to the restoration or repair of the properiy damaged. In event uf foreclvsure uf this ~
mortgage or other transfer of title to the mongaged property in extinguishment of the indebtednas secured hereby. all right. title, and €
inierest of the mortgagor in and to any insurance policies then in force shall pacs to the purchaser or grantee. ~
8. That the mortgagee may, at any time perxfing a suit upon this mongage. apply to the court having jurixiiction thereof for the ~
~ appointment vf a receiver, and such court shall fathwith appoint a receiver of the premises covered hereby all arxi singular. irx:luJing all ~
and singular the income, profits, i~cues, and revenues from whatever source derived, each, and every of which, it being expressly ;
~ understooci, is hereby mortgaged as if specifically set forth and describecl in the granting and habendum clauses hereof, and such receiver
shall have all the broad arni eti'ective fanctions and powers irt anywise entrusted by a court to a receiver, and sucA appointment shall be ;
~ made by such court as an admitted equity and a matter of absolute right to said mongagee, and without reference to the adequacy or ~
; inadequary of the value of the propeny mor~gagod or to the solvency or insolvency of said mortgagor or ihe Jefendents, and that such ~
; rents, profits, income, issues, and revenues shalf t?e applied by such receiver according to the lien of this mortgage ancf the practice of such ~
{ court. In the event of any default on the part of the mortgagor hereunder, ihe murtgagor agre~s to pay to the mortgagee on demand as a ~
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/121 of the aggregate of the twelve monthly ~
i installments payable in the then currcnt year plus tho actual amount of the annual taxes. acussments, water rates, and insurance premiums ~
for such ycar not covercd by the aforesaiJ monthly payments. ;
9. That (a) in the event of any breach of this mortgage or default on the pan of the mortgago~, or (h? in the event that any of said F
sums of money herein referred to be not promptly and fully paid without Jemand or notice, or Ic•) in the event that each a?ui every ~he
stipulations, agreements, conJitions, and covenants of said note and this mortgage, are not duly, promptly, arxf fully performeJ; then in ~
either or any such event. the said aggregate sum mentioned in said note then remainig unpaid, with interrst accrueJ tv that time, and al!
moneys secureci hereby, shal! become due and payable forihw~ith. or thereafter, at Ihe option of said mortgagee, as fully and completely as 3
if all of the said sums of money were a~iginally stipulated to be paid on such day, anything in said note or in this rtxxtgage to the contrary
' notwithstarxling; and thereupon or thereafter, at the option of said mongagee, without notice or JemanJ, suit at law or in equity, may be
~
pr~necuteci as if ail moneys secured hereby had matured priur to its institution. The mortg:?gee may foreclose this mortgage. as w the
amount so declared due and payable, and the wid premius shall be wIJ to ~atisfy anJ pay the same tugelher with costs, expenses, and
alluwances. In case of partial foreclosure of this mortgage. ~he mcxtgaged premi~es shalt be u~td wbjrct w the continuing lien of ~bis
mortgage f~x the amount of the debt not thrn due arxf unpaiJ. In such ca~e the provisiuns of this paragraph may again t+e availeJ of
` thereafter from time to time by the mortgagee.
` IU. That the mortgagor N ill give immediate notice by mail tu t~e mortgagee uf any conveyance, tramfer, or ehange of ownenhip of
' the premius.
r 1{. That no waiver of any covenant herein or oF the obligatio~ secureJ hereby shall at any time thereafter be he1J to be a waiver uf
the terms hcreof cx af the note secureJ hereby.
i 12_ That if the mortgagor Jefauh ~n any ot the covcnants or agreemcnt+ containcJ herein. ~x in said note, then the m~xtgagee may
perform the sartx, anJ ell ezpenJitur~~ IirxluJing re:~.unable attorney'~ fecsl maJe hy thr murtgagre in w Juing shall Jraw interest at the
R rate set forth in the nole ~cureJ hercby, anJ sball bc rcpayablc immeciiateiy and without dcmand by the morlgagor to the mortgagee, and.
~ to~ether with interai and cos~s accrumg Ihereon. shall be secured by this mortgage.
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