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I~hat, in urdtr nx~rr fulh ~u prul~tit Ihr ,rcuru~ Ihi~ nlurt~a~;r. Ihr nwrt~.~gur. lugrlhrr ~~iih. ;uxl in :~J~liuun tu. ihc nw~nthl~.
pa~nirn~. uuJrr ihr ti~mc uf th~ nulr .r~ur~til l~rrrhp. un thr fiht ilay ul c:~Ch nt~~nlh unul thr ~.ud nutr lidly p:u~i. NiU p:t) lu Ih~
nwrlga~~c thr fidluNinb ~um~:
(a) An artx,unt ,ufficient 1o pruvide the huldrr hr~ruf with funJs to pa~ Iht nrxt rtk?rtgage imuranc~ premium if th~, imtrument anJ
the nute ~cureJ hereby are in~urrd, ~x a munthly chargr lin liru of a tno[tgage imuraner~miuml if they are hrW by the
Secretary ~i Housing and Urban D~vdupment, ac folluwc: ~
11) !f and w lung as said note of even date and this instrument aze incun~i or are reimured urxltr ~he provi.ions of 1he
National Housing Ac1, an amount sufTicient to accumulate in the hands of thr hulJer one (11 month Ex~o~ to its due datr the
annual martgagr iasurancr premium, in urJ~r tu pruviJe ,uch holJer wilh funds ~u pay wch prrmium to thr tiec~etary of
Huusing anJ U~ban [hvrlopment punuant tu Ihe Natiunu) Nuu~ing Act, as amrndeJ, anJ applkshlr Rrgulauun~
thereunJer, or
11 U tf anJ w fong :.t ,:siJ nute of even date ancl thi. insvumrnt are held by the Secrelary of Nuu.ing arnl Urban Ikvelupment.
a nwnthly charge (in lieu of a mortgage inwrance prrmium? which ,hall t+e in an amuunt ryunl tu une-twrlfth 111121 of
une-h:~lf 1'i:) prr centum uf the avCr.~ge ountanJina balrnce due un th~ nute cumputcvl w~thuut taking intu saount
delinqurncies or prepayments;
1b) A,um eyual to the grou~xl rentx, ~f any, nezt due, plus Ihe premiums that will neit Aecome due arxl payable on policiec of fire
and other hatarJ imurance covering the mortgagtd ~op~rty, pluc tazes and a„e+~ments next due on thr murtg~ged prope~ty tall
as estimated by the mortgagre) less al! sums already paid therefor dividc-~l by the numtKr of months to elapse before one month
prior to the date when such grounJ rents, premwms, tax~, and a~.se~sments will become Jelinyuent, +ucA +ums to br he1J by
mortgsgee in trus! to pay ~aid ground rents, premiums, tatrs, and special aa~e~cmrnts; and
Ic1 All payments mentioned in the tw•o preceding subsectiuns of Ihis parag~aph and all payments to be made unde~ the note secured
hrreby shall be added together :~nd the aggregatr amoum ~hereof shall be paid by Ihe m~xtd:~gor each month in a single payment
to be applird Dy the murtgagre to thr following items in 1he orde~ set forth:
il) premium charges under the contract of insurance wi~h the Secretary of Houcing and Urban Ikvelopment, or m~mthly
charge lin lieu of mixtgage insurance premiuml, as the case may be;
111? ground rent~, taxes, a+sessments, fire, and othrr hacazd ~nsuraixe premium~:
UIU interest un Ihe note secureci hereby; and
(IV) amortization af the principal of said note.
Any deficiency in the amount of ~uch aggreg~t~ monthly paynirnt shall, unlr+~ maJe g~xkl hy thc murtgagur priur to the dur date uf
the ntxt ~ueh payment, cortstitute an rvrnt of Jefault urxler thi~ murtgage. I hr murtg:igee may colleti:t a"late charge" nut tu r~crrJ tw.~
cents 12c? fix each Jollar IS11 uf e:Kh payment nzure than fiftern I ISI Jays in :ur~arn tu cuvrr the r~lra exExnx invulvrd in handling
JrGnq?rcnt payment~.
~hat if the total of the paymenis made by !he mortg3gor under Ih) of paragraph ~ pntieJing ~hall c~crtd the arrn~unt uf the
payment~ xtualfy madc hy 1he murtgagre, fur grounJ rrnts, taxes und assessment, and insurarke premium+. a~ the ~ax may br, such
excess at the optiun of the mortgagee, shall, be crzciited on subsequent payments to be made by the mortgagor, or refunded to the
rtx?rtgagur. If, hoN•ever, the nwnthly payment+ mede hy Ihe mortg~gor under !hl of paragraph 2 prcti~Jiog ~hall not lx- sufticient tu pay
gr.~u~xt rrnts, taxes anJ a,+~t+mem~ :inJ imurance prcmium~. :?s ~he cxse may t+e, when the wmr shatl hecome due arxi pay~blr, thrn thr
nrxtgagor chall pay tv the mo~tg3gee any amuunt nctetcary tu m:?le up the drfxiency, un .x Ixforr the Jate w~hen p:+ynnnt of ,uch
ground ~ent., ~axcw, a.sessments, or in,urance prrm~ums .hall be due. If at any time Ihe mixtgagur shaU tender to the murtgagre in
accurdance wuh the provi+ions af the note ~rrureJ hereby, full payment of the enlire inJebtcvinc~+s repn-srnted therrby, thr rtwrtgag~e
tih:?II, in computing the amuunt of such inJebteeines., cr~tit to thr account of thr murtgagur ail paymrnts m:~de under thr pruvisions of 1u)
of paragr:~ph 2 hereof wbich ~he mortgagee has not hrcume obtigatc~l t~ pay to thr ScY retary of Housing snJ l.'rban Develuprmnt anJ any
balance remaining in the funds accumulated under the provisi.~m of (b? of xaid paragraph 2. If there shall t?~ x def.?ult urxirr any u( thc -
pruvi,iom of this mort~age, rcwulting in a puhlic salr uf thr premic~-s cuirereJ herehy. ur if the m~Ktgagee acyuireti thr pn~+erly othen+ice
aRrr Jrfault, the mortgagce ,hall apph•. :tt the time uf the commencement uf +uch pr.xecding. ur at th~ timr th~ pru~rt}• i, uthrrw ise
acyuireJ, thr h;ilance ihen rrmaining in the fund~ accumul:~t~ti1 under fh~ of p:uagraph ? pr~rJing ati a crrdit agaimt thr amuunt uf
principal th~n remaining unpaid under ~:sid mrtr an.f ch:iti pruperty aJju+t any pavn~ent~ which 1II:III F1:11'C hcrn m.,dr und~r lul of ~iJ
para¢raph.
-i. ~hat he will pay aU taxc~. a»eti,mrntc, watrr r.~te+. anJ u~her governmcmal ur municipal chargr.. tin~s, or impu.itiunc. for which
provi+iun h:~ti nut tkrn maJe hrrrintkforr. .inJ in drfauk ther~~~f the murigagee may pay the tiume: anJ that hr will prumplly drlivcr the
offici:J receipt~ therefor to the mortgag~e.
5. I hat he ~ill permit, cummit, c~r ,uti~rr nu ~~:~,te, impairm~nL ur detrriuratioo uf ,aid pn?perry ur any part ther~uf: anJ in Ihr evrnt
uf the tailure of the mortgsgor to keeP the buildings on ~id premi~e+ ~nd thu~e to tk rrctitrJ on ~aiJ prrmiuw. or impnn~rment, thrrcun.
in g~x.J rcpair, the ~rwrtgagee may make such repain a. in it, Ji.cretion it may Jeem nece~.ary f~x thr pruper pre~ervatiun thereuf. anJ
Ihe full amount of rach and ever~~ such payment Yh311 t+e immediatrl~ due anJ payable, and ~hall be secured by the tien of this rtwrlgage.
6. That he K iH pay all and singular thr ce»ts. eharges, a~xi ex~mes, including rcasunable IaNyer's fe4~s. anJ c~~L~ of at+stracta of tiUe.
incurrcYl or paiJ at ~ny time hy the mur[g.iger bc^~au~e of ~he failure on the part of the murtg~gur prumptly and fuUy to perform thc
~grerment. arxi covenantc of ~aid prumi.wry note an~f this mortgag~, and ~aiJ ~~rt+, ch:?rge.. anJ expen+e.i ~halt t?e immediatety~ dur and
payabte anJ shall t?e secured by the lien of this mortgage.
7. "fhat he will keep the improvements nuw exi,ting ur hr~e:dter erc~ted on the m~~rtgag~d proprrty, inwred a. may t~e requir~til Gom
time W timc by the morigagce againsl luss by fire anJ uther ha~ard,, ca~ulaties, and contingencirc in ~uch :imount, anJ fur ,uch periudc as
may be required by murtgagee, and ~rill p~y promptl~~, when due. any premiumc on wch ~muran.r for paymenl uf w hich provision has not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be held hy mortgagee anJ have attached thereto I~ payahlr clau~es in favor of anJ in form ~cceptahle to thr rtx?rtgagee. In event uf lo~
he N il! give immediate nutece by mail to mortgagee, arxl mixtgagec may make priH~f of Itxs if nut maJe prompUy by mixtgagor, and each
i~wrance company cancerned i+ hereby authurized ~nd diretited tu make paymem for ~uch lixs dirc~tly to m~tttgagee instesd of to
murtgagor and mortgagee jaintly. ~nd the insurance procteds, or an~• part thcr~Y~G ma}~ tk :q+plirJ by rrH,rtgagee at its option rither ti~ thr
reJuctiun i~f the inJebteJness herehy tie~ureJ nr ro the re,t~xatiun or repair uf the pruperty Jamaged. fn event of foreclusure of thiti
murtgage ur uther transfer of title to the mortgaged pri~?erty in rxtingui,hment uf the inJebtrJnc~~ .~tiured hereby. all right. title. anJ
interest of the mortgagor in anJ to any incurance policies then in fi~rce .hali pacs to the purch~ur or grantee_
8. That if the premises, or an}- part thereof, be condemnrd un~ler an~ Fw~.er o( eminent ~iota,ain, ar acyuirrd lor a public ~~.e,
the Jama~es, proceeds, and the cunsideration for such acquisitioa, to the ext~~nt o[ the (ull .~n:ount of ir.dc~Ltedn~ ss uEwn this
\lort~a~e,~ndthe\ote secured hereb~~ r~m~inin~ unpaid,arf~ hen•L~• assi~ned b~ th~• ~lort~.ieor tothi~ tiort~ase-e•:ind shail Le p.~id
lorih~. ich u~ the 11ortRaRee to be applied bv it on account of thr indebtednrss srrur~d hen•h}~, ~chether du~ ur not.
9. That the mortg:~gee may, at any time pending a,uit u~~n this murtgsge. •rpply to Ihe court having juriulictiun thrreof for the
ap~~intmem uf a recei~~er, anJ such c~~urt ~hall forlhN ith appoint s recriver of the premi~es covereJ hereby atl ancl sin¢ular, inctuJing aH
and singular the income. prufitti, issuec, anJ revenuec from whatever suurce derived, each anJ every of Nhich, it heing expretisl~•
unJerstuiKl, is hereby mortgaged a~ if c~:ifieally set forth anJ Jc~xribeJ in the granting anJ habenJum claus~~ hereof, anJ ~uch rreciver
+hall have all the broad and effective functions and powers in anyw•i,e entrusted by a court to a receiver, and such appointmrnt tihall br
made by such court as an aJmitteJ rquwn~ and a matter uf at?wlute right w s:iid mortgagez. ~nJ N ithuut refererxe to the adeyuac~• or
inaJcyuacy uf the value uf the property murtgageJ ix to the ~olven~y or imol~~ency of said rrx~rtgagor ur the JefenJent~. and that ,uch
rents, profits, income. icsues, and revenuet shall I+e applied by such receiver according to the lien of this tne~rtgage and the practice of such
~uurt_ Irt the e~~eRt uf any def:~ult un the part of the rru~rtg:~gor hereunder, the r?wrtgagor agreec to pay to the mortgagee un demanJ as s
rea,unsblc munthly rental for the premises an amount at le:ut eyuivalent to unc-twelfth 1 II121 of the aggrrgate of the tNel~•e rtx~nthly
imtallm~nts payable in the then current year plus the actual amount uf the annuat taze,. atisrnment~. water rates, anJ inwrance premiums
far such year not covereJ by the afore~aid monthly payments.
10. That la) in the event of any breach uf ihi+ mortgage or default oo Ihe part of the nx~rtg~gur. or Ib) in the event that any uf wiJ
sumc of muney herein referreJ to be not promptly and fully paid without demanJ or notice. or 1~~1 in lhe event that each anJ ~very ihe
stipulations, agreemenh, conditiuns. and co~•enant~ of ti~id nute aoJ this mortgage, are not duly, prumpUy, anJ fully perfurmeJ: then in
either or any such event, the +aid aggregate ~um mentioned in tiaid ~ote then remainig unpaid, with intere,t accrued to ihat timr. anJ all
rm~nrys ~ecured hereby, ~hall become due :~nJ payable forihw ilh, ur thereafler, at the i~lion of ~:~id martgagee, as fully anJ completely a~
if all of thr ~iJ sums oF muney wrre originaRy ,tipulateJ tu hr paiJ u~ mch Jay. anything in taid ni,te i,r in thic mortgage tu the contrary
notw ithtilanding: and thereupon ur thereaftcr, at the optiun oC ~aiJ mortgagce, Hithuut nutice or JemanJ. suit at law or in eyuity, ma} bc
pnnecuteJ ati if all rtwney~ Se~ureJ hercby haJ maturetil priur to iiti institution. "~he rtwrtgager m:ty f~xeclo,e Ihi~ murtgage, as to thc
artxwnt tio Jeclared Jue anJ payable. and the raiJ premi~es shal! be w~ld tu salisfy anJ pay the ~me t~~trther w~th custs, exj+en~es, anJ
alluwance,. In case uf partial forrclocure of thic murtgagc, the mortgageJ premisrs shall be wIJ ,uhjrct to the cununuing lien uf this
rtx~rtgage fur thr ~muunt uf the Jefit not Ihen Jue anJ unpaiJ. In ,uch ca~r the provitiionti of thi, parsgraph may ag:~in f+e a~~ailed of
thereaRer from time to time by the mortgagee.
l l. ~fhat ihe murtgagor w ill give immediatr nutice hy mail to the mortg-rgee ~~f an~~ cunveyarke, tramfer, or change of uwnenhip of
the premi~e~.
12. ~(hai no waiver of any rovcnant hcrrin or of the obliga~ion +ecured herchp .hnll at :tny~ time thereafler be hcld to h~ a waiver of
the terms hereof ur uf the note secured herehy_
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