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That, in urdrr rtx~rc futl~• u~ prot~~t thr ,r~urity of thi~ murtgagr. Ihr m~~rlgagur~ ~~~elhrr .+iih. .~nJ in adJ~~~un w, ~hr m~~mhly
paym~ntx undrr ~he trrms of ~he nutr ~rcur~J hrrrhy, un ihe firct d;ry i~f rach nu~nth un~if thr ~aial nulr i~ iully paid, ~ill pay tu thr
murlgagte thr fi~lluwing.um~:
(al An amount sufficient tu provide the huWer hereuf with funJs w pay the nrxt mortgage imurance premium if Ihic imtruemnt and
the note sceured htrcby are insu~eJ, or a monthly charge lin lieu of a mo~tgage insurance prrmium) if thzy are held by the
Secretary of Housing and U~ban Development, as folbws:
IU If and so long as said nute uf even date and this irtstrumeni are irisurai or are rcinsurcd u~xfer the provisiuns ot the
National Housing Act, an amount sufFicient to accumulate io the hands of the holde~ one (1) month {xior to ils due date the
annual mortgage insurance premium, in arJer to provide such hold~r with funcis to pay such premium to thr Secre~ary of
Housing and U~ban Developmrnt pursuant to thr NaUunal Howing Ac1, as amenJrJ, arxi applKable Rrgulnuun+
thrrruntler; w
U11 If and w long as said nute of even date arnf this instrument are heW by the Secretary of Howing arxf Urban Development,
a rtwnthly charge tin lieu of a mo~tgage insarance premium) whech shall be in an ar~wunt ryual to unr-twelfth 111121 i~f
one•half 1~) per centum of thr average outstanding balance due on the nute computed withuut talcing into acc~~un~
d~linquencies or prepaymen~s;
~b) A sum equal to the ground rents, if any, aext due, plus the premiums ~hal wiU next become due anJ payable on policics of fire
and other hazard insurence covering the mortgaged property, plus taxes and a~.cessments neat due on the mortgagcd propcrry 1a11
as ostimated by the mortgagte) Iess all sums already paid thercfor divided by the numbe~ of months to elapse betort one month
prior to the Jate when such ground rents, prem~ums, taxes, arxl assessments vrill become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; and
(c) All payments mentioned in the two preceding subsections of this paragraph and a!f Payments to be made under Ihe note xcured
hereby shall be added together and tM aggregate ~mount thereof shall be paid by the mortgagor each month in a single payrt?ent
to be applicd by the mortgagee to the fullow~ing items in the orde~ set forth:
U) premium charges under the contract of insurance with the Sec~etary of Flousing and Urt?an Dev~lopmrnt, or monthly
charge (in lieu of mortgage inswance premium), as the case may be;
lll) ground rents, taxes, asscssments, fire, and other hazard insurance premiums;
(111) intetest on the note secured hereby; and
(IV1 amorti7ation of the principal of said noce.
Any deficiency in the anwunt of such aggregate monthly payment shall, unless maJe goai by thr mvrtgag.x prior to the dur dat~ of
the next such payment, constitute an event of default urnier ~his mortgage. Thr mortg:?gre may culiect a~'tatr charge" not to excerd two
eents l2c) for tach dollar fSl l of each Payment more ~han 6f1~en I IS) days in arrc:us to cover the extra ex{~nse invulvrd in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 precrding .haU rzcerJ the :~rrx~unt of thr
payments actually made by the mixtgagee, fur grnund rents. ~a~es and acsessmems and insurarx:e premiums, as the ~ase may be, xuch
eacess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refundod to the
mortgagor. If, however, the rrwnthly payments ma~fe by the mortgagor under Ibl uf paragraph 2 preceJing shall not be suCficirnt io pay
smu~xi rents. taxes and assessments and insurance premiums, as the case may be, when the same shall became due arxi payable, then the
rtwrtgagor shall pay to the mortgagee any amount necessary to make up the Jeficiency, on or before the Jatr when payment uf such
ground rents. taxes, assescments, or insurance premiums shall be due. if at any time the mortg:~gor shaN terxlYr to the mortgagrr in
acc~rdance w~ith the pro~isions of the note secured hereby, full payment of the entire indebteclness represented thcreby, the mortgagee .
shall, in computing the amount of such indebtedness, cr~iit to the account of the mortgag~x all payments made under the provisions of (u)
of paragraph 2 hereof which the mortgagee hac not become obtigated ta pay to the Srcretary of Houseng and Urban Development ani any
balance remaining in the tunds accumulated wxier the provisions of (h) of said pazagraph 2. If there shall be a default urxler any of the
provisi~~m of this mortgage, resulting in a public salr of the pr~mises covered hereby, or if the mvrtgagee acquir~ the property utherw ise
after default, the mortgagee shall apply, at the time of the a~mmencement of such proceedings or at the time thc property i. uther..•ise
acquireJ. the balance then remaining in the fundc accumulate~f under 1 hJ of paragraph 2 precedinF as a creJit agaimt thr amounl of
principal t~~en remaining unpaid under said note and shall properly adjust any payments which shall have been made under fu) of saiJ
paragraph_ ~
4. That he W ill pay all taxes, a~.se~.sments, aater ratc~, and other governmental or municipal charges, fines, or impu.i~iuns. fur which
provision has not been made herrint~efore. and in default thercti~f the mortgage~ may pay the same: and that he will prumptly deli~~er the
official receipts therefor to the mortgagee.
S. That he will prrmit, commit, or sutTer no Naste, impairment, or deterioration uf,aid pruperty ur any part thereuf: and in thr event
of the failure of the morigagor to keep the building~ on said premises and those to br erectrd on said premises. or improrrments [hereon.
in gcwd repair, the mortgager may make such repairs as in its diseretion ic may deem ~ecessary for the proper preserva~ion thereof, and
the full amvunt of each and every such payment ahall be immeciiately due anJ payable, arni shall be x~ured by the lien uf this mortgage.
6. That he w~ill pay atl anJ singular the costs, charges, a~x1 expenses, incluJing reasonabte lawyer's fees, and costs of atrstracts of title.
incurreci or paid at any time by~ the mortgagee t+eeause of the failure on !he part of the mortgagur promptly ~nd fully to pcrform the
agreements arxi covenants of said promissory note and lhis mortgage, and saiJ costs. charges. ;~rxi exprnses shafl be immediately due and
payab!t ~nd shall be secured by the lien of thic mortgage.
7. i"hat he will keep the improvements now~ existing or hereafter erected on the murtgagc~ai property_ imured as may l~e requirc~i from
time to time by the mortgagee against lusa by fire and uther hazarcls, casulaties, and wntingtrnic~ in ~uch anwunts anJ for such periods as
may be requiretif by mortgagee, and will pay promptly, whro due. any premiums on such insuranre for p~qmeat of uhich pm~~iseort has not
been made heroinbttore. A~i•is~:u.~a~fce3'!f'dltbe carriai in companies approved by mortgagee and the policies and renewals thereof shall
be held by murtgagee and have3ttached thereto I~ss payable clauses in favor of ar~d in form acceptable to the mortgagee. In event of losc
he W ill give immediate notice by mail to mortgagee, and morlgagee may make prauf of loss if not made promptly by m~xtgagor, and earh
~nsurance company concerned is hereby authorized anJ JirecteJ to maAe payment for tuch loss Jirectty to mortgagee inttead of to
rtxxtgagor anJ mortgagee jointly, and the insurance praceeds, or an~• part thereof, may be applieJ by rtwrtgagee at its option either w the
, ~eduction uf the inJebtednett hereb~~ secured or to the restoration or repair of the property dam~ged. !n e.•ent of fore~losure of ~his
rrx~rtgage or ather transfer uF title to the mortgaged property in extinguishment uf ihe indebtniness cecured hereby. :~11 right, titlc, and
interest of ihe mortgagur in and to any insurance policies then in furce shall pass w the purch:sser or granlee.
8. That if t4e premises, or any part theteof, be condemned uader any poMer o( eminent domain, or acyuirF~1 for a public use,
the damaRes, proceeds, and the consideratiorc for such acquisition, to the extNnt of ~he ful) amount o[ indebtedness upun this
~lortgage,andtheYote secured hereb~ reniaininR unpaid,are hereby assi~ened b~~ the )1ort~a~or tothe ~lortRa~ce and shall be paid
forth~+~it!? to the \1or~QaRee to be applied b~- it on account of the indehtedness secured herebv, ~~hether due or not.
9. That the murtgagee may, at an~~ time pending a suit upon this mortgage, apply to the cuurt having jurixfictiun thereof for the
! appointment of a receiver, and such cuurt shall forthw ith appoint a receiver of the premises covered hereby all anJ singular. irxluding all
anJ singular the income, profits. issues. anJ revenues from uhatever source derived, rach and every of Khich. it being aapressly
understooJ, is hereby mortgaged as i( sprcifically set torth and dexribed in the granting and habendum clauses hercrof. anJ ,uch receiver
shal) have all the broaJ and tffective funetiuns and powers in anywise entrusted by a court to a receiver, and such appointment shall t+e
; made by wch court as an admitted equity and a matter of abso(ute right to said rrwrtgagee, and without reference tu the aJeqoacy vr
inadequacy of the value of the property morigagcYl or to Ihe solvency or insolvency~ of said mortgagor or the defenJeots, and that such
rents, profits, income, i~sues, and revenues shall be applied by such receiver according to the lien of this mortgage and the pracuce of such
court. In the e~~ent of any default on the part of the mortgagor hereander, the mortgagor agrers to pay to the mortgagee un demanJ as a
reasunable monthly renta! for the premises an amount at least equivalent to une-laelfth (11~ 21 of the aggregate of the tKelve rtwnthly~
installments payable in the then current year plus ihe actual amount of the annual ta~es, assessments. w~ter rates. and insurance premiums
for such year not covered by thr aforesaid monthly payments.
10. That (n) in the evrnt of any breach of this mortgage or Jefault ~n the part of the murtgagur. ur Ih) in the evem that any of +aid
sums of money herein referred to be not promptly and fully paid without demand or notice. or Ic-) in the event that each arxi every the
, stipulauons, agreements, conditions, and covenants uf said note and this mortgage, are not July. prump~ly. and fufly performeJ: thcn in
either or any suc.h event. the said aggregate som menti~ned in saiJ no~e then remainig unpaid, w ith interest accrued to that time. and all
moneys secured hereby, shall become due and payable forthw ith, or thereafter. at the option of saiJ mortgagee, as fully and completely as
if all of the said sums of money w•ere originally stipulated to be paid on such day, anything in said note or in this mortgage to thr contrar~-
notw~ithstanding: and thereupon or thereafter, at the option of saiJ mortgagee. withuut notice or demand, suit at law or in eyuity~. may t.~
pr~ecuted as if all moneys secureJ hereby had maturctii prior to its instiwtion. The mortgagee may foreclose this mortgage. ac to the
am.~unt so declared Jue and payable. and the said premixs shall be soW to satisfy and pay [he same tugether w•ith ants. expenses, anJ
~ altowances. In case of partial foreclcxure of this mortgage, the mor~gaged premises shall be u~W subject to the cur.tinuing lien of this
rtwrtgage fcx the amount of the debt not then Jue anJ unpaiJ. In xuch ca~e the pro~•isions of this paragraph may again be a~~ailed of
i thereafter from time to time by the mortgagee.
I l. That the mortgagor w ill give immeJiate notice by mail to the mortgagee of any cvn~•eyance, transfer, or change of owner~hip of
the premises.
12. That no waiver of any cavenant herein or uf 1he obligation secur~i hereby shaH at any time thereaRer be held to be a uaitier of
the terms hereof or of the nole cecured hereby.
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