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2. fhaL in u~Jr~ murr fully lu p~ul~vt thr ,rcunty uf Ihi. niurtgage. lhr mwtgagur, tu~rther ac'~th. .~nJ ~n ;~dd~tiun tu, ~hr eix+n~hly
p~ynt~nh unJer Ihe term+. ut thr Au1~ ,c~ur~Yl hr~rhy. un the iir.t Jay uf rarh munth unUl th~ ~a~d qol~ fuUp p:~iJ, wi}I pa~ tu thc
nwngag« th~ ti,tluN?ng.um~
lal ~n anx~unt ~u(fk~ent to pruviJr tAe holder herruf with funJ, w pay th~ nex~ rtwrtgage inwrance premium if thic emtrumrnt anJ
the nutr srcure~f hareby art ~nsured, ~x a manli,ly charge lin liru of a mu~~gage imarancc {xcmium) if they are held by the
Secrctary of Housing ;?nJ Urban Development, as folluws:
111 li and w long as said nott of even dace atxl this instrument :ue inwred ar :+re rein+ured urxier ~he nrovisiuns of the
National Housing Act, an amount sufTicient to actiumulatr io the hands ai the halder one 11) month ~xior to its due date the
an~ual murtgage insurance premium, in ~xder tu prov~Je such hoWrr wi~h funds to pay +uch prrmium tu lhe Secretary ~~f
Nousing and Urban Develupmenl pursuant w the Natiunai Hou,i~g Act, :u anxnded, and applkablt Regulatium
thertundrr, ar ~
111) If anJ w long as wid note uf even ilatr a~xl this instrumrnt are he1J by the tircrrwry of Huusing anJ Urban (kvrlopmeM,
a monthly charge lin lieu of a murtgage imurancr premiuml Nhich ~h~ll br in an umiwnt equal w onr-twelfth f'/12) of
onr-Aalt 1'n ) per cen~um of the average uut~tanJing t+alanc;e due on the note computecl withaut ta?ing inta a.~c:uun~
drlinyutncies or prepaymentti;
(b) A sum equal ta lhe ground renls, if any, next due, plus ~he premiums that wilt ~~xt become due ami payable oe pulicies of fire
and u~her hazard insurance covering thr mortgaged property, plus taxes and ~csessmems nex~ Jue on the mortguged property lall
as estimated by thc mortgagec) less all sums already paid the~efor divided by the number uf munths to elapsr txfore one month
pri~x to the date when sueh grourxi rents, prem~ums, taxes, anci as+essments wiN t~ecome delinyuent, such ~ums to be heW by
murtg~gee in trust to pay said ground rents, premiums, laxes, a~d+pecial a.~e~~ments: anJ
lcl All payments mentioned in the two preceding subsections c~f this paragraph and all paymentt to be maJe under the note secured
hereby ~hall br added together and thr aggregate amount thercof shall be paid by the mor~gagor each month in a single payment
to t.e applied by the martgag~~e to the i'oU«wing itrms in thc urder set forth:
11) premium charges unde~ the cuntract of imur.ince w~ith the Secretary of Huusing and Urtwn [~velupment, ur munthly
charge tin lieu af mcxtg:~ge insu~artce premiuml. as ~he case may t+e:
111) ground rents, taxes, a_tsessments, fire, and other hazazJ incurance premiums;
UII) interest on the nwe securrd hereby; and
fIV1 amortization of the principal of said note.
:\ny deficiency in the artwunt i~f ,uch aggregate monthly paymrnt ,ha1L unl~ys made g~xx1 by the mortgag.x pnar to thr Jur date of
the next ,uch payment, comtilute an rvent uf default u~xler thi~ murtgagr. I he murtgagee ma~• collert a°latr charge" not to rxceeJ tw.~
cents 12c1 fi~r each Jollar 1511 uf e:xfi payment mur~ Ihan fiReen IISI days in arrear+ W cover the eclra exprme imulvcY! in h:?nJl~ng
Jrlinquent paymenls_ _
3. That if 1he tolal of tht paymrnt~ made by the morigagor under Ibl of p.iragr~ph 2 pr~-~~d~ng .hall exceed th~ anwunt i~f the
payment. actuaUy made bq the mixtgagrr. fi.r ground rents, tasec anJ a~u•+~meo1+ and inm~rante premium,. ati the ta~c may t+e. such
excess at Ihe option of the mortgagee, shall, be credited on subsoquent payments to be made by the rtwrtgagor, or refunded to the
m.xtgagur. If, hu.~evcr, the rrxmthl~ paymentc maJr by the mortgagor under 1h1 uf paragraph ~ preceJing ,h~ll not be ,uffirient to pay
ground rents, taxcw anJ at~es.ment~ and insur~nce prrmiums, a~ the caxe may tx. when thr c:~me +hal! becomr dur and p~yahle. then thr
mortgagor shall pay to thc mortgagce any am.~unt n~wc~wr} tu make up thr J~ficicn.:y. un ~u txture the dat~ ahen psymrnt uf wch
gruunJ rent+. taxes, atisessmr~t~. or insurance premiumc ~hall 1+e dur. If at any time lhe m~xtgag~x tih;~ll trnder to the murtgagce in
accordance with the provisionc uf thr note +c~ured hr~eby, fu!! payment uf the entire inJebtrdnetic rcprrsented thereby, thr mortgagee
,hall. in r~~mputing the amount of tiuch irxfebtedne~s, cr~tiiit to the accuun~ oi the murtgag~x all paymrnls made under the provi.ionc of lul
of par.?grapfi 2 here~~f w•hich the morFgagee ha~ not t?ernme obligatrJ to pay to the Secretary of Huu,ing arxl ('rban Dtvelopment arxi any
haianre remaining in the funds :iccumulatrJ under ihe pruvi.iuro uf Ih~ of ~aiJ paragrapb 2_ If there ~hull be a Jrfault urxkr anp uf the
provi~i~~m uf thi~ m~xtgage, reculting in a puhlic ~alc uf the premic~~ co~~er~~i hrreb}•. ur if thr m~utg:~ger acyuire~ the propcrt~~ othrr~ ix
aRer drfault, thr mortgagee ~hall rpply. at the time uf the commencement ol w~h pnxr~ding~ ~r at the tim~ thr pruprrty i+ otherwi~e
:uyuirev, thr b~lance then remaining in thr fund. accumul:etc~i under ~h~ u1~ paragraph ? pre4eding a, a credit agaimt the am.~unt ~~f
principal tarn remaining unpaid unJer tiaid nute and .hall pruprrty ~Jju,t any payment, Nhich .hall hc?~~r hern maJe unJrr 1u) uf ,aid
paragraph.
-1. ~hat he will pay all taxec. a.ce~,mrn1~. watrr rat~~,. anJ uthrr guvernmrm.~l ur mumcip.?I ~harg~~, tine+. ur imrx~.it~on.. f~~r ..hich
p:uviciun ha, not tx:en made herrintkiurc, and in drfaul~ thrrr.~f thr murtgagre m:?~ pay the ~amr: ~nd that hc ~ill prumptl~ ~iclivcr ttie
uflicial n~.cip~c thcrefur tu the murtg;~gre.
5. ~hat hr N iN prrmit. cummit_ ur .uff~er n~~ wa,te. impairment, ur detrriur:+tiun vf +aid pru~xrty or any p~rt therruf; and m thr e~~nt
uf ~he failure uf the murtgagor tu keep the building+ on SaiJ premitiec and thuse to t~c crectcd on said premi~es, or impruv~ment. thereon.
in gu~xl rrpair_ the rnortgagee ma~ make wch repairs .u in itti Jiscretion it may deem ncti~~ary fur the proper preservation thereof. ~nd
the tull anx>unt of e~ch and r?ery .uch p~ymrnt shall tx immedi~tel~~ due ~nJ pa}•uble, arKl .hall bc x~:ured hp the lien ul thi~ murtgage.
6. ~~hat hr will pay all and singular thc c~nts, charg~~_ anJ e~pencch, in~luding reasunable law}~tr~s fe~~, and cost~ of ah.tracts uf titlr,
~ncurrcYl or paiJ at any time hy thr murigag~~ t+~caucr uf thr faifure on the part uf thc nwrtgagur promptl~ and fully to ~riorm thc
agrrements anJ co~~enants of s:iid prumn~ury note :+nJ thi+ murtg~ge, and wid antti. ch:~rge~. :~nJ t~peme. ,h:iU be immcdi~tely dur and
pa.able anJ .hall be secured by the lirn of Ihir mortgage.
7. "fhat he will keep the improvement~ now exi~ting ~.r herrafler erectrJ un th~ murt~:~grd property, intiured ac rria~~ tk: cequire~i frpm
timr tu ~ime h~ the rrwrtgagre agaimt loss by firr anJ othrr hazard~. cawtaties, and contin¢en~i~~ in ,uch anwunt, and fur w~fi prri~~is as
ma} t+e rryuireal by mcNtgagee, anJ wiq p:~y prumptl~•. whrn due, any premium. on,uch imurance fur paymem ot ~rhich pruvi,ion has not
been made her~inbefore_ All insurance shail be carried in companies apQroved by mortgagee and the policees and renta~als the(eof shal!
he helJ h~ murtgagce and have attached therrto loct payable clauses in fa~or of anJ ~n form acceptshle t~~ thr irx~rtgagec. In ~veilt i~t' Icxc
' hr w ill gi~•r immediate nutice by mail tu mortgagee, arxi mortgagee may make prouf of lo~~ if nut maJe prumpdy hy motl~ag~ur. anyi cach
i in,urancr com~ssny concer~eJ i+ hereby authurited anJ Jir«ted to make ~+ayment fiit wth I~ns dirertly tu murtgager ~nttcad uf to . '
nx~rtgagur and mortgagee juinUy. and the inwrance prcxredc. or any part therc~~f, may he applieJ M~ rtx~rtgagec at its uptiun eithrr to the
; rrJucUun uf the ~ndrbtedne,+ hrreh} tie~ur~~i ur tu thr rc~tur.uiun ur repair uf the propert} damage~. In ev~nt i.f fureclusure of this "
murtgage ur vther transfer uf tide tu thc mortgaged prc~rrt~ in rttingui~hment uf thr enJchtrJnch~ securrJ hereby, all right. title. •rnd
int~r~tit uf the murtgagor in and to any insurance pulicir~ then in force shall pais to the purchacer or grantee.
~ R. 'fhat i( the prt•mises, ur an~ part ther~rot, be cundrmn~d un~i~r an~ po~~~~r of ominent dumain, or a~quire~~i fur a public u~e,
F [he 3am.~re•v, proceedc, and the consi~leration fer surh acquisition, to the e~tFnt o( th~~ (ult amount of indc•bteJne~.s upun this
~ 11urt~a~r~,an~lthP~ote seeured hereb~• remainin~ unpaid,atr hereb~• as~iRned bc thc~ ~lort~a~or rothe Jlort~a~c•F~ and shall he paid
forthwith to th~~ \Iort~aReF to be applie~i{ Lc it un a~•count u( the• ind~bt~~dnec~ .e•rurt~d h~reb~, whether due~ or not.
' 9. That thr murtgagee may. ~t an~ timi pen~ing a.uit upem thiti murtgage. apply to the ce~urt ha~ing juriuliction therrof fur ihe
~ app~intmen~ nf a recei~~er. and ~uch cuurt ~hall f~~nhw ith ap{x~m1 a receiver of the prcmi.e~ cuvered h~reby all and .ingular, itxluJing al)
' arxl ~iogular thr incomr. prufit., iti,ues.•and revenue~ fr~~m N'F1:1(CYCf wurce drri~•eJ. e:~ch :.nJ every uf which. ii t+eing expre.,h
~ unJer.tu~xl. is hereb}~ murtg:f~Cll 3ti 1( ~~1t'CIflCaily set furth anJ dcweriheJ in the granting anJ h~brnJum cl:~u~e~ hereof, anJ ~u.h recei~~er
shall bave all the bruad anJ ePFectire functianc and powen in :~nyw ite entrutiteJ by a court to a receiver. and wch apFx~intment ~hall br
~ made by wch cou~t as an aJmitteJ equity and a mauer of abwlutr right to ~aid rtwrtgagee, and without reference to tht aJeyuacy or
~ inadeyuacy uf the value uf the property mortgageJ ur tu the wlvrncy~ ur imol~•rncy vf ,aiJ rtwrtg:egor or the defenJent~. arnl that ~uch
rents. profits. incomr_ i.cueti_ ard revrnues chall be applied by wch recei~•er accurding to the fien of thi~ murigagr anJ thc practice of such
Q cuurt. In the e~ent ~~f an}~ Jefa~lt on the part c?f the mortgagur hercunder. the murtgagur agrees to pay to the m~~rtgagee ~~n JemanJ ati a
« a.unaF(e munthiy renta! fi~r the premiu~ an amount at tea.t eyuivalent to.vne-twelRh I1/12/ uf the ageregate of the twel~c rtH~nthlr
imlallment. payable in the then current year plus Ihe actu.J amount of the aonual ta~es. a~se~~ment~. water ratrs, and imurance prrmiuml
tur tuch year nut covernl by the afore,aid munthly paymentc. .
~Q. That lu) in the evrnt of any hreach of thi~ murtg~ge ur default un the part of the nwrtgagur, or fh) in the r~ent that any uf ~aeJ
; sumc ~~f munry herein referretif 1o he not promptly and fully paid without JemanJ or notice, ur Ii ) in the e~•ent that each anJ e~•erv the
uipulations, agrecments, cunditiun~, and cove~ant~ of .aiJ nutr and thiti murlgage. are not July, promptly. and fully prrf„rmed: then in
ei~her or an~~ wch event, the wid aggregate ,um mentiuned in ~aid note th~o rrmain~g unpa~d, w ith interr~t accrued iv that time. anJ al!
r»~~nry, ~er:ureJ hereby. sba{I become due anJ payshle forthw ith, ur ihereafter. at the ~~tiun of +aiJ mixtgager, as fully anJ cumplrtely ati
if all of the wiJ wm~ of ~ruiney uerc originally titipulated t„ be paid un .uch day. anything in wid note ur in thi~ rrwxtg;~ge tu the c~~ntrary
nutK ilhst:~nJing; and thereu~n or thereafter, at the up~ion ~~f .aiJ mortgagee, a ith~~ut n~~tice ur Jem~ed. +uit at !aa ur en equity, rrwy ha
; pnnecutrd as if all rn~meys cecured hereby had matur~•d priur to itc io~titution. The murtgagee may fixeclu~e this ~m,r~gagr. a~ to thr
arrkwnt ~o Jecl•rred due ~nd pry~ble. and thc ,aid premises ~hall t+e wld to sati~fy ~nJ pay the same together with cotitti, expen~e~. and
' alluwa~.e~. In ca~e of partia( fureclutiure of thit murtgagr. the murtgagrJ premitiec ~h~U he ~Id wbjrct t~~ the continuing lien ol this
~ murtgage for the amuunt uf the deM not then due :?nd unpaiil. In .uch catie the provisiuns of this paragraph may agaio be availeJ of
lhereafter from timr t~~ lime b~ the mongagce.
1 I. That the mcxtgag~x w ill Rive immediatr nutfce by mail to the rr=ortgagre erf .~rty amveyance, transfer. or changr of ownertihip of
the premiie~.
12. Ihat no waivcr of any a~ccn:~nt herein or uf the ~~hligatiun xtiured hrrchy tih:~ll at ~n~ time thereafler be held to he a wai~'rr of
the term~ hercuf or of 1he notc tiecureJ hcrehg.
BOUK ~~S I;'~Gi ~'OOK 7 PACE'~+j ID . .
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