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2. That, in ~xder.mare fully to prottct the.eru~ity of thi~ rtwrt~:~~e. 1he owrt~a~ur, to~Nha wi~h, s~xt in aJJ~iwn w, thr mon~hly
payments unJer IAe te~ms of the nute .ecurrJ hrrrby, on the first Jay uf each mun~h un1i1 thc .aid nulr is fully paiJ, will pay to ~hc
mortga~et the Wlluwin~ sums~
(a) An amount sut'ficient to provide the hdder hereof with functs to pay ths neat mortp~e insurance premium if this instrument and
the note secured hereby ue insured. or a montAly chAr`e (in lieu of a mort~ase i~surance premium) if they ue held by the
Secrctuy of Housins and Urban Development, as folb•+vs:
(q If and w lon~ at said ~ote of even date and this instrument are insured or in rcinsured under the provisions of the
National Housins Act. an amou~t suPC~cient to aocumulate in ~he hands ut ~hc Aolder one (1) month prior to its due date the
annua! mortgs~e insurance prcmium, in order to provide such hdder with fuods to pay such prcmium to the Scc~stary of
Housin= and Urban Development pursuant to the Nationa! Housing Act, as amended. and spplicable Regulations
theteundcr; or
111) If and so long as said ~ote of even date and this instrument are held by the Secretery of Housing and Urban Development,
a monthty cha~ge (in lieu of a mortgage insurance premium) which shall be in an amount equal to onatwelRh 11/12) of
oorhalf 1s~4) per cenwm of the ~?verage outstaoding balance due on the note computod without t~?ting into aceount
delinquencia or prepaymeats;
lb) A sum equal to the ground rents. if any. next due, plus the premiums thst will next become due and payablc on policics of firc
and othe~ hazard i~urancc covering the mortgaged propeYty, plus tazes a~d a.cxssments next due on the mortgag¢d property (all
as estimsted by thc moftga~ee) las all sums already paid therefoc divided by the number of months to elapse beforr one month
prioc to the date when such grourd rents. premiums. taxss. and assessments will become deliaquent. such sums to be held by
mo~tgagee in trust to pay said ground rents, prcmiums, tazes, and special assessmenu; and
(c) All payments mentionc~i in the tvro praeding subsections ot this paregraph and all paymeau to be made undtr the note secured
hereby shall be added together and the aggregate amou~t thereof shall be paid by the mortgagor each month in a single payment
to be applied by tho mortgagee to the fdlowing items in the order xt torth:
(1) prcmium charges under the conuact of insuranco with the Secretary of Housing and Urban Devebpment, or monthly
charge !in lieu of mongage insurance premium), as 1he case may be;
(11) ground rents. taxa, asscssmenu, fire, and other hazard insurance premiums;
(111) intercst on the note secured hereby; and
(IV) amortization of the principal of said note.
Any deticiency in the amouat 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 u~xier this mongage. Thc mortgagee may coltect a"iate cha~ge' not to exceed two
cents t2cl for each doUar (S!1 ot each payment more than fifteen (IS) days in arrears to cover the extra expense involved in handling
delinquent payments. -
3. That if the total of the payments mack by the mortgagor under (bi of paragraph 2 preceding shall exceed the amount of !he
payments actually macle by !he mortgagee, for ground rents, taxes and acussments and insurance premiums, as the case may be, such
excess at the optan of tbe mortgagee, shall, be credited oa subsequent paymenu to bc made by the mortgagor. or cefuadod to the
mongagor_ If, however, the monthly payments made by the mortgagor under (bi of paragraph 2 precedieg shal! not be sufficient to pay
ground rertts, tates and assessments and insurance premiums, as the cax may be, when the same shall become due and payable. then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such
ground rents, taxes, assessments, or insu~ance premiums shall be due. If at any time the mortgagor shal! teFxier 1o the mongagee in
accordance with the provisions of the note secured hereby, full payment of the entire irniebtedness represented thereby, the mortgagce
shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisio~ of (a)
of paragraph 2 hereof which the mongagee has not become obtigated to pay to the Secretary of Flousing and Urban Developmei(~ and any
balance remaining in the funds accumulated under the provisions ot (b) of said paragraph 2. lf there shall be a default under any of the
previsions of this mortgage, resulting in a pablic sale of the premises covered hereby, or it the mortgagee aoquires the property otherwise
after default, the mortgagee shalt apply, at the time of the commencement of sueh proceedings or at the time the property is otherwise
acquired, the balance then ~emaining in the funds :.:cumulated under Ib) of paragraph 2 preceding az a credit against the amount of
prirx:ipal t~~en remaining unpai~ urtder said note anef shall properly adjust any payn:ents which shall have been made under (u) of said
paragraph. , •
4. That he will pay all taxa, assessments, w;.. ~r rates, anJ other govemmental or municipal charges, fines, or imposilions, for which
provision has not been made hereinbefore, and in defaolt thereof the mortgagee may pay the same; and that he will profipQ~ deliver the
oificial receipts therefor to 1he mongager.
S. That he will permit, commit, or suffer no w~aste, impairment, or deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor to keep the buitdings on said premises and those to be erected on said premises, or improvements thereort.
in good repair. the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the full amount of each and every such payment shall be immediately due and payable, and shall be socured by the lien of this mortgage.
6. That he w•ill pay all and singular the costs, charges, and expensts, including reasonabte iawyer
s fees, and costs of abstrac~s of title,
incurrec: or paid at any time by the morigagee because of the failure on the part of the mortgagor promptty and iully to perform the
agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage_
7. That hr will keep ihe improvements now existing or hereafter erectod on the mortgaged property, insured as may be required from
time to time by the mongagee against loss by fire and otAer hazazds, catulaties, °nd contingencies in such amounts and for such periods as
may be required by mortgagee, and wip pay promptly, when due, any premiums on such insurance for payment of w~hich rrovis= has not
bcen msde hereinbefore. AI! insurance shall be carriod in companies appraved by mortgagee and the policies and renevvals thereof shall
be held by mongagee and have attached thereto loss payable clauses in favor of and in form acc^ptable tu the mortgagee_ In event of loss
he will give immediate notice by mail to mortg3gee, and mortgagee may make proof otloss if not made promptly by mortgagor, and each
insuranee company concerned is hereby authorized and dirocted to make payment for such lou directly to mortgagee instead of to
mongagor aad mortgagee jointly, and the insurance proceeds, or any part lheroof, may b~ applied by mortgagee at its option either to the
reduction of the indebteJness ~eby securod or.to the restoration or repair d tt~e properry_damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged propeny in extinguishment of the inaebtedness secured hereby, all right, title, and
j interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
' 8. "R~at it the premises, or any part thereof,be condemned under aby poNer of eminent domain, or a~rquired for a p~:~lic use,
; the damages. proceeds, and the consideration tor such acquisition, to the estent o[ the full amount of indebtedness upon this
~ \tortgage, and theNote secured hereby remaining unpaid, are hereby assigned by the ~lort~agor to the ~lortgag-e and shall be paid
~ fotthHith to the ~1ortRaRee to be applied by it on account of the indebtedness secured hereby, whether dae or aot. ~
~ 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the -
i appointment of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all
f, and singular the income, profits, issues, and revenua from whatever source derived, each and every of which, it being expressly
~ understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver
~ shall have all the broad and efTective functions and powers in anywise entrusted ¢y a courR to a rceeiver, and such appointment shall be
4 made by such court as an admiued equity and a matter of absolute right to said mortgagee, artd without reference to thc adequacy or
inadoquacy of the valoe of !he propeny mortgaged or to the solvency or insolvency of said mongagor or the defendents, and 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
I court. In the event of any default on the part of the morigagor hereunder, the mortgagor agrees to pay to !he mortgagee on demand as a
reasonable monthly renta! for the premises an amount at least equivalent to one-twelfth 1~/~2) of the aggregate of the tW~elve monthly
installments payable in the then current year plus the actual amount of the annual taxes, auessmenis, w•ater ratcs, and insurance premiurt~c
for such year not covered by the aforesaid monthly payments.
j0. That (a) in the evertt of any breach of ihis mortgage or default on the pan of the mortgagor, or (b) in the event that any of said
sums of money herein referred to 6e not promptly and fully paid without demand or notice, or (c) in the event that each and every the `
st:pulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed: then in ~
either or any such event, the said aggregate sum meniioned in said rwte then remainig unpaid. w ith interest acerued to that time, and all i
; moneys secured hereby, shall become due and payable forthwith. or thereafter, at the option of said mortgagee, as fully and completely as ~
E 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 the contrary
i notwithstanding; and thereupon or Ihereafter, at Ihe option of said mortgagee. without notice or demand. suit at law or in equity, may be p
prosecuted as if all moneys sacured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the ;
€ amount so declared due andQayable, and the saiJ premises shall be sold to satisfy and pay the same together with costs, expenses, and
; allowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this
; mongage for the amount of the debt not then due and unpaid. In such case th~ provisions of this parag~aph may again be availed of
? thereafter from time to time by the mortgagee.
° I l. That the mortgagor wiU givt immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
~ the premises.
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12. That no waiver of any covenant herein or of tbe obligation secured hereby shal! at any time thueafter be t,eld to be a waiver of
~ 1he terms hereof or of the note secured hereby. ~
` eo~x 2i4 P~~E 2~.52
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