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2. Iha1, in urJe~ murc fully w protctit the +rcu~~ty ut thi+ murtgagr. thr nwrtgagur. lugtlhcr with, and in adJitiun ~u, thr munthly
payments unJC~ thr ~ernis uf iht nute sc~urcr! hercby, un thc fi~st Jay of e:~h man~h un~il lhe .aiJ nule is fully paiJ, will pay to thr
murt~agrt 1he fi?Iluwing.ums:
la) An amoudt wf'ficient io provi~ie Ihe hoWer hereot with funds tu pay the next mort~a~e insurance prrmium if this inxirumeot and
' the note securcd hereby aro insured. or a monthly char~e lin lieu of a mort~age insucance premium) if they are held by the
Socretuy of H~wsin~ and Urban Development, as folbws: -
(U If and so lons ss ssid note of even date and this instrument are insureJ or arF reinsured u~xfer the ~rovisions of the
National Housins Act. an amount suPfcient tu accumulate in the hands of the holde~ one (1) monthprior to its due date the
annual mon~age insurance ptemium, in orJer to p~oviJe such holder with funds to pay such premium to thc Secrcta~y of
Housina and Urban Development pursuant to the National Housing Ac4 az ame~ded, and applicable ReQulations
~he~eunder; or
(I11 IC and so long as said note of even date and lhis instrument arr held by the Secretary of Housing and Urban Development,
a monthly charge !in lieu of a mortgage insu~ance premium) which shall be in an amount equal to one-twelf~h !1/12) of
one-half (~l per centum of the average outstandiag balance dae on the note computod without takin~ into axount
delirpuencies or prcpayments;
(b) A sum equal to the ground rents, if any. next due, plus the premiums that will next become due and payable on policies of firc
anci other hazard insurance covering the mortgagcd prope~ty. plus taxes and assessments next due on the mortgaged property (all
as estimated by the mbrtga8ee) ~ess a~~ sums already paid therefor divided by the number of months to elapu beforc one month
prior to the date when such gound rents, premwms, ta~ces, and assessments will becume delinquent, such sums to be held by
rn~ngagee in trust to pay said Bround rents. pre~niums, taxcs, and s{xcial assessments; and
lc) All payments mentioaed in the tw~o preceding subsections of this paragraph a~xi all payments to be made under the notc secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each munth in a single payment
to be applied by the mortgagee to the fdlowing items io the order set forth:
(1) premium charges unJer the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu o~ mortgage insurance premium), as the case may be;
(IU ground rcnts, taxes, assessmeots, flre• and other hazard insurance premiums;
UIU interest on the note secared hereby; and
UV) amortization otthe principal of sa~d note. ~ -
Any deficiency in the amount of such aggregate monthly payment shall, unless maJe goal by Ihe mixtgagor prior to the due date of
the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two
cents (2c) for each dollar ISI) of each payment more than fifteen (IS) days in arrears to cover the eatra expense involveei in handling
delinquent payments.
3. That if the totat of the payments made by the mortgagor unJer Ihl of paragraph 2 preceding shall exceed the arrwunt of lhe
payments actually made by the mortgagce, for grourtd reots, taxes and assescments and insurance premiums, as the case may be, such
excess at the option of the mongagce, shall, be crcdited on subsequent paymenu to be made by the mongagor. or refunded to the
rrwrtgagor. If, how•ever, the monthly payments maJe by the mortgagor under Ibl of paragraph 2 preceding shall not be sufficient ta pay
ground rents, taxes a~xi atsessments and insurance premiums, as the case may be, vrhen the same shall t+ecome due and payable, then the
mortgagor shall pay to the mortgagee any ameunt necessary to make up the deficiency, on or before the Jate when payment of such
gruund rents, taxes, assessments, or insura~xe premiums shall be due. If at any time the mortgagor shall tenJer to the mortgagee in
accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee,
shall, in computing the amount of such i~xlebtedness, credit to the account of the mongagor all payments made under the provisions ot la)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds accumulated uncier the provisions of Ib~ of said paragraph 2. If there shall be a Jefault under any of the
provisions of this mortgage, resulting in a public sale of the premisrs covered he~eby, or if the mortgagee aoquires the property otherwise
aCter default, the mortgagee shaU apply, at the time of the commerx:ement of such proceeJin~s or at the time the property is otherwise
acquireei, the balance then rrmaining in the funds accumulateri under /h) of paragraph 2 preceding as a creJit against the amount of
principal t.~en remaining unpaid under said note anci shall properly adjust any payments whieh sh:+ll have been made under la) of saiJ
paragraph. '
-t. That he will pay all taxes, assessrnents, water rates, and Wher governmental or municipal charges, fines. or impositiuns. for which
provision has not been made hereinbefore, and in default ihereof the mortgagee may pay the same: ar~d that he will promptly deliver the
otl'icial receipts ~herefor to the mortgagee.
5. Tha~ he will permit, commit, or suffer no w~aste, impairment. ~x deterioration of said prope~ ty or any part ~hereof; and in the event
of the failure of the mortgagor to keep the buildings on said premises and tho~ to be erected on said premisrs, or improvements thereon,
in gooci repair, the mortgagee may make soch repairs as in its dixretion it may deem neceisary for the proper preservation thaaof, and
the full arrwunt of each and every such payment shall be immediately Jue and payable, arxi shall be u~ured by the lien of this mortgage.
6. Thal he will pay all and singular the costs, charges. arxf eapenses, including reesonable lawyer's fees. anJ costs of aMtracts of title,
incurred ur paid at any time by the mortga6ee because of the failure on the part of the mortgago~ promptly and fully to perform the
agreements arxi covenants of said promissory note and thiti murtgage, and saiJ costs, charge~. anei expenses shall be immrdiately~due and
payable and shall be secured by the lien of this mortgage.
4 7_ That he will keep the improvements now existing or hereafter erected on the mor~gaged property, insured as may be required from
E time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts and for wch periods as "
may b~ requireci by mortgagee, and v~ill pay promptly, when due, any premiums on such insurance fo~ payment of which provision has not
( bcen made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shaU
be held by mortgagee and have attached thereto loss payable clauses in favur of anJ in form acceptable to the murtgagee. In event of loss
he will give immeJiate notice by mail 1o mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, arxi each
insurance company concerned is hereby authorited and directed to make payment for ~uch lixs directly to rtxirtgagee imtead of to
mortgagor anJ mortgagee jointly, anJ the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the
~ reJuctiun of the irxiebteiiness hereby secureef or to the restoration or rcpair of the property Jamaged. In event of foreclosure of this
rtwrtgsge or other transfer of tiUe to the mortgaged property in extinguishrnent of the irxlehteJness ~ecured hereby, all right, title, and ~
~ interest of the mortgagor in and to any insurance policies then in force shall pac.s to the purchaser or grantee_
8. That i( thP premises. or an} part thereof, be condemned under any pow~er o( eminent domain, or acquired (or a public use, i
the dama~es, proceeds, and the consideratio~ (or such acquisition, to the extent of the (ull amount of indebtedness upon this
1lortgage,aodthe\ote secured hcteb~ remainin~ uapaid,are hereby assigned by the Jlort~aqor to~he ~lortgagee and shall be paid {
(ortha~ith to the ~tortRaRee to be applied b~• it on account o( the indebtedness secured hereby, whether due or not. ~
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having juriscliction thereof for the ~
appointment uf a receiver, arxi such cuurt shall forthwith appoint a receiver of the premises covered hereby all and singular, including all }
anJ singular the income, profits, issues, anJ revenues Gom whatever source derived, each anci every of which, it being expressly
understood, is hereby m~xtgaged as if specifically set furih and described in the granting and habendum clauses hereof, and such receiver i
shall have all the broad and efFective functions and pov?ers in anywise entrusted by a court to a receivet. and such appointment shall be i
made by ~uch court az an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or ~
~ inadequacy of the value of the pruperty mortgageci or to the solvency or insolvency of said mortgagor or the defendents, and that such .
rents, profits, income, issues, arxi revenues shall be applicd by such receive~ according to the lien of this rtwrtgage and the practice of such ~
~ court. In the evrnt of any default on the pan of the morigagor hereunJer, the mortgagor agrees to pay to the mortgagee un demand as a ~
reasonable monthly rental for the premises an amount at least equivalent to onc-twelRh l l/12) of the aggregate of the twelve monthly
installments payable in the then current year plus Ihe actual amount of the annual taxes, assessments, w~ater rotes, and insurance premiums
- for such year not covereil by the aforesaid monthly payments.
~ ~p, That (a) in the event of any breach of lhis mortgage or default on the part of the mortgagor. or (h) in the event that any of said
sums of money herein rcferred to be not promptly and fully QaiJ without demand or notice, or (r1 in the event that each ancl every the =
~ stipulations, agreements, conditions, and c~venanu of said note anJ this mortgage, are not duly. prompUy, anJ fully performed; then in *
~ either or any such event, the said aggregate sum mentioned in said note then remainig unpaiJ, v?~ith interest accrued to that time, and all ~
~ riwneys secured hereby, shall become due and payable forthwith, or thereafter, at the optiun of said mortgagee, as fully and completely as
if all of the said sums of money were originatly stipulateJ to E+e paid on wch day. anything in said note or in this mortgage to the contrary
~ notwithstanding; and thereupon or lhereafter, at the option of said morigagee, without notice or demand, suit at law or in equity, may be
~ prosecuted ac if all moneys securecl hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the
amount so declared Jue and payable, and the said premius shall be sold to satisfy and pay the same together w~ith costs, expenses, and
allowances. In case of partial foreclosure of this mortgage, the mwtgaged premises shall t~e sold subject to the continuing lien uf this
~ mortgage for the amaunt of the debi not then due and unpaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time t?y the mortgagee.
~ I l. That the mortgagor will give immediate notice.by mail to the mortgagee of any conveyance, transfer, or change of ownership of
F~ ~ -
~ ihe premises. =
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of
the terms hereof cx of the note secured hereby. ~
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