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2. That, io order ~x~re fully tu prutc~;t the sccurily .~f ~h~~ rtwr~gagr, thr mur~Qa~ur, Iugether with, anJ in :ulJhiun to, lhr nk?~thiy
payments under thc torms of the nute .ecureJ hrreby, un the finl J~y uf r:M:h munth until thr aa~J naic i. fully paiJ, v?il1 pay to ~h~
mortYaQee the [ulluwin~ sun~s:
!s) An amount wfficitnt to provide the holde~ hercof with funds tu p~y ~he neat mort~a~e inw~ance premium if this instrument and
the not~ secured hereby are insured. or s monthly char~e lin lieu of • mart~a~e insurance prcmium) it ~hey ue held by the
Sectetary ot Housin` ~nd lJ~ban Development. t~s folbws: '
tU If and w lon~ as said ~ote of even date and this i~trument ue insurod or ue reiruurcd under the ~~ovisions of the ~
Nation~l Housins Act. an amount sufTicient to aocumulate in the bands of the holdtr une I1) monthpricu to its due date the
' annual mongs~e insurancs promium, in onk~ to provide such holder witA funds to pay such p~emium to the Secretary of
Housins and Urban Development pursuant to the National Housin` Acl, as amended. atxl applicable Regulatiuns
thereunder. or
(IU If and so long as said nole oieven date atx! Ihis irat~ument ar~ heW by the Secrotary oi Housing and Urban Development,
a monthly char~e (in li~u of a mortQage insurance premium) which shall be in an amount equal to one-twelfth (1/12) ot
one-halt (44) per centum of the averrge ouutanding balance due on the nota computed without taking imo swount
delinquencies or papayments; ~
(b) A sum cqual to lhe ground rcnts. if any, next due. plus tAe premiums that will next become due and payaMe on policies of Rre
and other hazard insuranet covering the mortgaged proQeny, plus taxa and acsessments next due on 1he mortgsged prope~ty (all
as euimated by the mortpsee) less all sums already paid the~efor divided by the number of months to elapae before one month
prior to the date whe~ such ~rournl ~ents, prem~ums, taxes, and asxssments will become delioquent, such sums to be heW by
mortgagee in trust to pay said ground rents. premiums. taxes, and specisl assessmenu; and
(c) All payments mentioned in the two praceding subsections of this paragraph and all payments to be made under the note securcd
hertby shall be added fogethcr and the ag~regate amount thereof shall be paid by the mortgago~ eacA month in a single payment
to be applied by the mortgagee to the fdlowing items in the order set forth:
premium charges under the contract uf insurance with the Secretary of Hous~ng aad Urba~ Devebpment, or monthly.
charge (in litu of mortgage insurance prcmium), as thc case may be;
(Iq ground rents, taxa. asiessmenu, fire. and other hazard insurance premiums;
Q!p intercst on the noto securod hereby; and
(1V) amonization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shatl, unless mack good by the mortgagor prior to the due date of
the oext such paymen4 conslitute an event uf default utKler this mortgage. The morlgagee may cullecl a"late charge" not to exceed two
cents 12c) for each dollar IS11 of exh payment morc than fiftecn IIS1 days in arrears Io cover the extra expenx involved in handling
cklinquent payments.
3. That if the total of the payments made by the mortgagor under 16) of paragraph 2 p~eceJing ~hall exceed tAe amount of the
payments actually made by the mortgagce, for ground rents, taaes and assessmerits and insu~ance pr~miums, as the case may be, such
e~cesa at the option of the mortgagee. shall. be c~edited on subsequent payments to be made by the. mortYagor, or refundod to the
moregagor. !f, Aowever, the monthly payments made by the ~mc~rtgagor under tb1 of paragraph 2 preceding shall not b~sufficienl to pay
grounJ ~tnts, taaes and assessmrnts and insurance premiums, as the case may be, a~hen the same shall become due and payable, then the
mortgagor shal) pay to the morigagee any amount necessary to make up !he defiriency, on ar beFore the date v?hen payment oF such
grou~d renis, taxes. assessments, or insurance premiums shali be due. If at any time the mortgagor shall terxler to the mohgagce in
accorefance with the provisions of the note secured hercby, fult payment ot the entire indebtedness ~epresenttd thereby, the mortgaget
shall, in computing the amount of such indebiedness, ereeiit to the account of the morlgagor all payments madt under the provisions of lal
of paragraph 2 hereof which the mortgagce has not become obligatod to pay to the Secretary of Nousing and Urban Development aaJ any
balance remaining in the funds accumulated under the provisions of (h) of said paragraph 2. If there shatt be a default under any of the
provisions oC this mortgage, raulting in a public sale of the premises coverni hereby, or if the mortgagte acquirts the property oth~rvvise ~
after default, the mortgagce shall apply, at the time of the commencement of +uch proceedings ~x at the time the property is otherw•ise t
acquirat, the balance then remaining in the funJs accumulatc~i under !b) of paragraph 2 preceding ac a creclit against the amvunt of ~
principal t~~rn remaining unpaid uncler said rwte and shall properly adjusl any paymems which shall have bern maJe under lu) of said
paragraph. ~
4. That he will pay all taxes, assessments, water rates, and uther governmentat ur municipal charges, fine~, or impositions, for whech
provision has not been made hereinbeiore, and in default thercwf the mortgagee may pay the same; and that he w•ill prompUy deliver the j
official receipts therefor to the mortgagee. '
S. That he will permit, commit. or sufi'er no waste, impairment, or deterioration of said property or any part lhereof: ancf in the event ~
of the failure of thc mortgagor to keep ihe bnildina.s on said premises and thase to be erecteJ on said prcmises, ix improvements th~reon. t
i~ good repair, the mo~tgagee may make such ~epairs as in its discretion it may deem necessar~• for the pr~per Preservation thereof, and i
the Cull amount of each and every such payment shall be immediately due and payable, and shall be serurecl by the lien of this mortgage. ~
6. That he will pay all and sengular thr custs. charges. and eapenx~s, including reasonable lawyer's fees, anJ costs of abstracts of title,
inwrred or paid at any time by the mortgagce because of the failure un the part of the rrartgagor prompUy and fully to perform the
agreements and covenants of said promissory note anit this morigage, and said custs, charge~, anci expences shall be immediately due and
payabfe and shall br secured Dy ihe lien of this mortgage.
7. That he will keep the improvements rww existing un c~rcafter erecteJ on the mortgaged property, insured as may be required from
time to time by the mortgagee against Icxs by fire anJ other hazards, caculatics, anJ coMingencies in such amounts and fur such peri~xis as ~
may be required by mortgagee, and will pay promptly, when due. any premiums on wch insurance for payment of whKh provision has not
been mtde hereinbefore. All iruurance shall be carried in compania approved by mortgagee and the policies and rcnewals thereof shall
be held by mortgagee and have attachod thereto ioss payabie clauses in favar of and in form accepiable to the murtgagee_ In event of icxs ~
he will give immeJiate notice b mail to mort a ee, and mort a ee ma make roof of loss if not made rom tl b mixt a or, and each '
Y B 8 S 8 Y P P P Y Y 8 8 ~
insurance company concerned is hereby authorized and directed to make payment for such loss directly to rrwrtgagee instead uf to ~
mortgagor and mortgagee jointty, and the insurance prceeeJs, or any part therrof, may be applied by mortgagee at its option either to the
reJuction of the inJebtedness hereby secure~t or to the restoration cx repair of the property damaged. In event of forecl~nu~e of this ti
mortgage or other transfer of title to the mortgaged property in eatinguishment of the indebteJness securccf hereby, a11 right. tide, and ~
interest of 1he mortgagor in and to any insuranee policies thcrt in (orce shall pasc to the purchaser ~x grantee_ ~
8. That i! the premises, or any part thereof, be condemned under any power oI emineut Jomain, or acquired br a public use.
the damages, prnceeds, and t6e conside~ation ior such acquisition. to the extent o( the full amuunt o( ioJebtedness upon this ~
~lottgage, anJ the \ote secured herebv remaininR unpaid, are hereby assigned b}• the \fortRaqor to the 1lortgagee and shal) be paid (
forthwith to the ~lorty,aRee to be applicd b~ it oa account of the indebtedne~s secured hereby, whether due or oot. €
9. That the mortgagee may, at any time pencfing a suit upon this mortgage, apply to tho court having jurisdiction thercof for the t
appointment of a receiver, and such a~urt shall forthwith appoint a receiver of the premises covered hereby all arnl singular. incluJing all f
and singular the income, profiu, issues, and rcvenues frum whatever ~ource derived, each and every of which, it bcing expressly ~
underst~wd. is hercby mortgageJ as if specifically set forth and described in tfie granting antf ~iabendurq clauses heroof, and such receiver ~
shall have all the broad and efTective functions and powers in anywise entrusted by a court to a rectiver, and wch appointment shall be
mack by such court as an admitted oquity and a matter of atnolute right to said mortgagee, and without reference to the adequacy or ,
inadoquacy of the value of the property mongaged or to the solvency or insolvency of said mortgagor or the defendems, and that such -
rents, profits, incume, iuues, and revenues xhati be applied by such rectiver according to the lien of this mortgage ar~d 1bt practice of such
court. M the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mwtgagee on demanJ as a '
reasonable monthly rental for the prcmises an amount at least oquivalent to one-twelfth 11/12) of the aggregate of the twelve monthiy
installments payable in the then current year ptus the actual amount of the annua! Iaaes. assessments, w•ater rates, and insurance premiums
for such year not covereci by the aforesaid monthly payments.
10. That (u) in the event of any breach of this mortgage or Jefault on thc part of the mi?rtgagor, or Ib) in the event that any of s:?iJ
sums of money herein referred to be not prompUy and fully paid without demand or notice, or (c) in the evrnt that each and every the -
stipulat+ons, agreemertts, conditions, and covenants of said nde and tbis mortgage. are not duly, promptly, arxl fully performed: then in l
either or any such evenl, lhe said aggregate sum mentioned in saiJ note then remainig unpaid, with interect accrued to that time, anJ alt
moneys secured hereby. shall become due aRJ payablt forthwith. or thereafter, at the opiion of said mortgagee, as fully anJ completely as f
if all of tht said sums of money were originally stipulateJ to be paid c~n such day. anything in said note or in this mortgage to the contrary
notwithstanding; and thereupc>n or thercafter, at the option of said mortgagee, without notice or demand: suit at law or in equity, may be
proxcuted as if all moneys secured hereby had matured prior to iGs institution. The mortgagee may Rxeclose this mortgage, as to the
amount so declared due and payable, and the xaid 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 mortgageJ premises shall tx sold subject to the continuing lien of lhis ;
mortgage for the amuunt of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of ~
tbereafter from time to lime by the mwtgagee.
! 1. That the mortgagor w~ill givt immediate notict by mail to the mortgagee of any conveyance, transfer, or chang~ of ownership of ~
the premises. ~
12. Thai no waiver of any covenant herein or of the obligation secured hc~eby shall at any time thereafler be held to be a waiver of ~
the terms hereof or of the note secured hereby.
So~~i'~ ~i4~~9 ~
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