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2. Tha~ in order awrc fully to prutat the security of lhis mor~~aee, the md~t`~ot, C/igcther w th, a~ in :+JJrta~n tu, the munthly
paymena under the terms ai the nwe ucurrd hereby, w~ Ibe first d~y ai r~h month until the s~n1 nutc is fully pa~d, will pay lu thr
mo~ajte the folluwina sums: .
la) Ao amount wfiiciont to provide the hdder hereof with funds to pay the oez~ mort~ase inwrance.premium ij~tbis ins~tument and
the note securcd her~eby a~e insured, or a monthly chu~e lin licu of s mortp,~e insurance premium) #~tfidy ~e held by the
Secrctary of Houain~ and U~ban Development, ss folbws:
(i) It anA ao lons as said note of even date and this instrument ue insyred or are rcinsurcd urder the arovisions at the
National Housin~ Act. an amounl suflicient to sccumulate io the hands af the holder one l l) monthprior to iu due date the
annwl mortpse insurance premium. in ordcr to provide such holde~ wi~h funds to pay such p~emium to the Socretary ot
Hauins and Urban Development purwant to the National Housing Act, as amendcd, and applicable Regulations
thcreu~der. or
111) If aod so long as said note of evee date a~d this inst~ument are held by ~he Sarctary of Housing and Urban Development.
a monthly cAarge (in lieu oi a mortgage insurance premium) which shall be in an amount equal to one-twelflh 11/!2) ot
one-hatf (!~4) per centum of the ave~age outstanding balance due on the note computod without taking into aceount
delinquencies or prepaymentr,
(b) ^ sum equal to the ground rents, if any. next due, plus the premiums that will next become due and payable on policies of 6rc
and other haurd insurance covering the mongaged property, plus tazes and assessments next due on the mongaged property (all
ss estimated by the mongagee) less all sums already paid therefor divided by tAe number of mo~ths to olapae before one month
prior to the date when such ~round rents, premiums, taxes, and assescments will become delinque~t, such sums to be held by
mor.gagee in tnui to pay said ground r~'nts, prcmiums, tanes, and special assessments; and
(c) All payments menlaned in the two praceding subsections of this puagraph aud all payments to be made under the note secured
hereby shall be added together and the aggregate amount thereof shalt be paid by the rtwrtgagor each month in a single payment
• to be applied by the mortgagee to thc following items in the order xt forth-
(p premium charges under the contract of insurance with the Secretary of Housi~g and Urban Devebpment, or ma~nthty
char~e (in lieu of mortgase insur_ante premium~ as the case may ba; _
(!p ground rents, wees. asxssments. 6re. and other hazud insurance premiwns;
(Itl) interest on the note secured hercby; and
(1V) amortization of the principat of said note.
Any defi~iency i~ the amount of such aggregate monthly paymenl shall, unless made goal by the murtgagor priur tu lhe due date of
the next such payment, constiwte an event of default under Ihis mixtgage. The mortgagee may cullect a"late churge" not to exceed two
cents (2c) for each dollar (S11 of each payment more than fifteen (IS) days in arrears tocuver the extra expense involveri in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (bl oC paragraph 2 preceding shall exceed the amount of the
payments actually made by the m~xtgagee, for ground rents, taxes and a~sessments and insurance premiums, as ihe case may be, sucF,
ea~~sa at ihe option of the ~nortga~ee, sha11. be credited on subsoquent paymenu to be made by the mongagor. or refuadod to the
mortgagor. If, however. the monthly.payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sut'ficient to pay
ground rents, taxes and assessraents and insu~ance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the morlgagee any amount necessary to make up the deficiency, un or before the date when payment of such
grouad rents, taxes, asse.ssments, or insurance premiums shall be due. If at any time the mortgagor shaU tencler to the mortgagee in
acconlance with the provisions of the note secu~ed hereby. full payment of the entire indebtedness represe~ted thereby, the mortgagee
shall. in computing the amount of such indebtedness, credit to the account uf the mortgagor all payments made unJer the provisions of (u)
of paragraph 2 hueof which the mortgagce has not become obligated to pay tu the Secretary of Housing and Urbaa Development and any
balance remaining in the funds accumuiated ursder the provisions of (h? of said paragraph 2. If there shal! be a default under any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or if tAe mortgagee aoquires Ihe properry otherwise
after default, tht mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise
acquired, the balance then remaining in the funcls accumulated urtder (h/ of parag~aph 2 preceding as a credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under lo) of said
paragraph.
4. That he will pay all tazes, assessments, water rates, anef other governmenta! or municipal charges, fines, or impositions, for which
provision has not been made hereinbefore, and in Jefault thereof the mortgngee may pay the same: and that he will promptly deliver the
ot~'icial roceipts therefor to the mortgagee. .
S. That he will permit, commit, or suffer no u•aste, impairment, or deterioration of said property or any part thereuf; and in the event
of the failure of the mottgagor to keep the buildings on said premises and thou to be erected on said premises, or improvements the~eon,
in good repair, the mortgagee may make such repairs a~ in its discretion it may deem nocessary tor the proper preservation thereof, and
the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage.
6_ That he will pay all and singular the costs, charges, arni expenses, including reasonable lawyer s fees, and costs of abstracts of title.
incurreJ or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note and this mortgage, and said costs, charges, and eapenses shall be immediately due and
payable and shall be secured by the lien of ttiis mortgage. _ -
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from •
time to time by the morigagee against loss by fire and other Aazards, casulaties, and contingencies in such amounts and for such perioJs 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 htreinbefore. All insurance shatl be carriod in companies approved by mortgagee and the policies aad renewals th~reof shal!
be held by rtwrtgaget and have auached lbereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate ootice by mail to mortgagee, and mortgagee may make proof of loss if not made. promptly by mortgagor, atK1 each
insurance cumpany concerned is hereby aufhorized and directed to make payment for such loss directly lo mortgagee instead of to
' mortgagor and mortgagee joinUy. and the insurance proceeds, or any part thereof, may be applied by mOrtgagee at its option either to the
reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclowre of this
mortgagc or other transfer of title to the mortgaged property in eztinguishment of the indebtedness secured hereby, a!I right. title. and
' interes! of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisJiction thereof for the
appointment of a receiver, and such court shalt forthwith appoint a receiver of the premises covered hereby all and singular, including all
i and singular the income, profits. issues, and revenues from whatever sou~ce derived, each and every of which, it being express{y
~ understood, is hereby morigaged as if specifically set fonh and described in the granting and habendum clauses hereof, and such receiver
! shall have all the broad and effective functions and puv?ers in anywise entrusted by a cuuri to a receiver, and such appointment shall be
~ made by such cuurt as an admitted equity and a matter of absolute right to said mongagee, and without reference to the adequacy or
~ inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, aod that such
€ rents, profits. income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such
: court. In the event of any default on the part of the mongagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
i reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 1 U~ 21 of the aggregate ot the twelve monthly
~ instaltments payable in the then curre~t ytar plus the aclual amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
i 9. That (a) in the event of any breach of this mortgage or default on the pan of the mortgagor, or (b) in the event that any of said
sums of money herein referral to be not promptly and fully paid without demand or ndice, or Ic) in the event that each and every the
stipulations, agreements, conditions, and covenants of said note and this mongage, are not duly, promptly, arxl fully performed; then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that timr, and all
i moneys secured hereby, shall become due and payable forthweth, or Ihereafter. at the option of zaid mortgagee. as fully and completely as
i if all of the said sums of money were originally stipulated ~o be paid on such day, any~hing in said note or in this mortgage to the cuntrary
notwithstaixiing; and ~hereupon or thereafter, at the optiun of said mortgagee, without rwtice or demanJ. wit at iaw• or in equity, may be
prosecuteci as if all moneys secured hereby had matured preor to its ins~itution. The mortgagee may forecluse this rrK~rtgage, as to the
amount so declared due and payable, and the said premises shall be soW to xatisfy and pay the same togelher with costs. expenses. and
allowances. In cax of partial foreclosure of this mortgage, the mortgaged premises shatl be wld subject to the coatinuing lien of this
mortgage fcx the amount of the debt nut thrn due and unpaiJ. In such case ~he provisions of this parsgraph may again be availed of
thereafter from time to time by the mortgagee. -
Id. That the mo~tgagor will give immediate nwice by mail to the mortgagee uf any cunveyance, transfer, or change of ownership of
~ the p~cmises. _
1 I. That no waiver of any covenam herein or of the obligation secured hereby shall at any time thereafter be heW to be a v?aiver of
the torms hereof or of the note cecured hereby.
~ !2. Tha! if the r~wrtgagor Jefault in any of Ihe covenants or agreements contained herein, or in said rwte, then the mi?rtgagee may
~ rform the same, and all ex
~ pe pendiwreti 1 incluJing roa+onable auorney's feesl made try the m~xtgagee in w doing shall draw interest at the
~ ~ate set fortb in the note securod he~eby, and shatl bc repayable immctiiiately end without demand by the mortgagor to the mort~agee, and.
~ to~elher wilh intaal and costs accruing thereon, shall be secureJ by Ihis mixtgage.
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