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2, 71ia~ i~ ordtr more fully to protxt the securi~y of this mon~a~e. the ~r~~u~r. to~ether wich, arn1 in aclJ~~iun Io, thr nwn~hly ~
payments under the terms of tAe note securM hcreby, oa the fln~ day. of each month u~til thc said nute is fully paid, will pay to th~ ~
mort~t~ee !he tollowi~ wms:
(a) Aa amount wfRcieat to pcovide the hdder heroo[ with iuads to psy the next mon~c it?surance prcmium if this inztrument and i
the iwte aecured hereby sre insured. ar s mo~thlY chu`e lia lieu of a mort~a~e insurance prcmium) if they are hetd by thc
Secretary ot Housins and Urbaa Developmea~ ss fdbws:
(1) If aad so lon~ ~s said aote of evea date aad this insvument ue insured or ue reinsured u~der the ~rovisions of the
Natiot~al Housin~ Ac~ an amount wt1'kieAt to accumulste in the hands ot the holder one (1) month prior to iu due date the
aaaua) mort~s~e iasu~auce pcemium. i~ order to provide such hdde~ with funds to pay such premium to the Secrctary of
Housit~ and Urbsn Development pwwa~t to the Nstiortal Housi~g Acf. as smended aM appliCabk Re~ulations
thereunder. or .
(!I) Uaud so long u ssid note o(even date and this iasuument ue hcld by the Secretuy of Housing and Urban Development.
a tnonthly chu~e (in lieu of s mortgage insurance premium) which shali be in an amount equal W onrtwelfth (1/12) of
onahalf (~V4) per ceatym of,the average ouutaodina b~lance due on the note computod without eaking into aacount
delinquencia or prepaymenu: '
lb) A sum eqwl to the ~round rents, if any. next due. plus the premiums that wili next become due and payabie on policia of fire
aad other haurd insurance ooveri~g the mortgagod property. plus taxes and asscssments next due on the mortgagcd properry (all
as atimated by the mort~a~ee) less all sums atready paid thetefor divided•by the number of months to etapae before ooe month
prior to the dete whea such tround rents. premiums, taxes. and asse~sments will become delinquen~ such sums to be held by
Rqrtpfee ~R trust W pay said ~round rents. premiums, tua, aad spxial assessmena; and
(c) All payments mentaned in the ~w~o preceding subsections of this paragraph and all paymenu to be made under the oote secured
1?e~eby shall be added together and the aggregate amount thercof shd) be paid by the mortgagor cach month in a single payment
, to be applitd by the mortaagee to the fdlowing itemt in the order set forth:
A) premium chu~a uader the coatract of inturaace with the Secretary of Housing and Urban Development. or montAly
charge (in lisu of mongage insurance {xemium~ as the case may be;
(li) ground rcnts. taxes. assessments. fire, and other hazard insurance premiums;
(UD interest on the note secured h4reby; and
ll~ amortiratioa of the principal of said rwte.
Any deficiency in the amount of sucA aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of
the neat such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge' not to exceed two
cents 12c) fo~ each dollar (Sl) of each payment more than fifleen (ISi days in arrears to cover the extra expense involved in handlirtg
delinquent payments. _
3. That if the tqial Qf the payments made by the mongagor under (b) of paragraph 2 preceding shall excced the amount of the
payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excex at the option of the mortg,aQe~ shall. be credited on suhso9uenc paymtnu to be made by the mongagor. or rcfundod to the
mortgagor. If, however. the monthly payments made bj+ the mortgago~ under 16) of paragaph 2 preceding shall oot be sutficient to pay
ground rents, taxa and assessments and insurance p~emiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall Qay to the mortgagee any amount necessary to make up the deficieney, on or before the date when payment of such
ground rents, taxa, assessments, or insurance prcmiums shall be due. If at any time the mortgagor shall tendcr to the mortgagee in
acoordance with the provisions of the nc?te secured hereby, full payment of the entire incfebteiiness representcd thereby, the mortgagee
shall, in camputing the amount of such indebtcdnas, crcdit to the account of the mortgagor all payments made under the provisions of Io1
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any
balance remaining in the funds accumulated under the provisions of (b1 of said paragraph 2. If there shall be a default under any of the
provisioru of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the property otherwise
after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherw~ise
xquired, the balance then remaining in the funds accumulated under Ib) of paragraph 2 preceding as a credit against the amount of
principa) t~~en remaining unpaid under said note and shall properly adjust any payments which shall have been made under (n) of said
paragraph.
4. That he will pay all taxes, assessments, water rata, arni other governmental or municipal charges, fines, or impositions, for which
Provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same: and that he will promptly deliver the i
official receipu therefor to the matgagee. [
S. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof: and in the event
of the failure of the morigagor to keep the buildings on said premises and those to be erected un said premises, or improvements thereon,
in good repair, the mortgaget may make such repairs as in its discretio~ it may deem necessary for the proper preservation thereof, and
the full amount of each and every such payment shaU be immed'eately due and payable, and shall be secured by the lien of this martgage.
6. That he will pay all and singular the costs. charges, and expenses, including reaso~able lawyer s ftes, and costs of abstracts of title. -
incurred or paid at any time by the mot~tgagee becaux of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note artd this mangage, and saiJ costs. charges, and eapenses shall be immediately due and
payable and shall be secured by the lien of this mortgagc.
1_ That he will keep tht improvements now existing or hereafter erected on the mortgaged property, insured as may be required from
time to time by the mortgagce against loss by fire and other hazards, casulaties, and contingencies in such amounts and for such perio.is as
may be required by mortgagee, and will pay prumptly. when due, any premiums on such insurance for payment of which provision has not
i beea made hereinbefare. All insurance shall be cartiod in companies approved by mortgagce and the polecic.c and rrnewals thereof shall
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event uf loss
he will give immediate notice by mail to mongagee. and mortgagee may make proof of loss if not made promptly by mongagor, and each
'i insurance company concerned is hercby authorized aod dirccted to make payment for such loss direcdy to mortgagee instead of to
moregagor and mortgagee jointly. and the insurance proceeds, or'any part thereof, may be applied by mortgagee at its option either tu the
~ reduction of the indebtedness herPby securod or to the ratoration or repair of the property damaged. In event of forectosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured herebp, all right. title. and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee_
8. That if the premises, or any part thereo(, be condemned under any powe~ of emiuent domain, or acquired (or a public use,
the damages, proceeds, and the consideration for such acqoisition, to the extent of the fult amount of iadebtedness upoa this
~
r ~lortgage, and the Note secured hereby remaining uapaid, are hereby assigned by t6e ~tortgagor to the ~tortgagee and shall be paid
E forthwith to the ~fortp,aRee to be applied by it on account o( the iadebtedness secured hereby, whether due or not.
i 9. That the mortgagce may. at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
~ appointment of a raeiver, and such court shal! forihwith appoint a receiver of the premises covered hereby all and singular, including all ~
E and singular the income, profits, issues, and revenua from w•hatever source derrved, each and every of which, it being expressly 3
understood, is hereby mortgaged as if specifically xt fonh and described in the granting and habendum clauses hereof, anJ such receiver
~ shall have all the broad and effective functions 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 absolute right to said martgagee, and without reference to the adequacy or
inadequacy of the value of the propMy mortgaged or to the soivency or insolvency of said r~wrigagor or the defendents, and that such ~
{ rents, profits, income, issues, ar~d revenues shall be applied by such receiver according to the lien of this morigage and the practice of such '
court. In 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 rental for the premises an amount ac least equivatent to one-twelfth 1!I ~ 2) of the aggrega[e of the twelve monthly
; installments payable in tht then current year plus the acwal amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not covercd by the aforesaid monthly payments_
; ~p, That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) io the event that any of said
sums of money herein refercod to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the
stipulations,~gr~ements, conditions, and covenants of said note and this martgage, are not duly, promptly, and fully performed: then in
~ either or any such evrnt, the saa aggregate sum mentioned in said note then remaeneg ~~npaid, with interest accrued to that time, and all
montys secured hereby, shall become due and payable fortbwitb. or thereafter, at the option of said mortgagee, 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 the contrary
notwithuanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity. may be
prosecuted as if ali moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the
amount so declared due and payable, and tht said 'premises shall be sold to satisfy and pay the same together with costs. expenses. and
a~lowances. In cast of panial foreclosure of this mortgage, the mortgaged premises shal! be sold subject to the continuing lien of this
mortgage for the amount of tht debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee_ • f
11. That the mortgagor will give immediate notice by mail to the mortgagte of any cooveyance. transfer, or change of ownership of I
the premises. ~
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be hetd to be a waiver of }
the terms heroof or of the note secured hereby.
socr 224 N~~~,~77
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