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( h:~l. m urJrr nwrr fidly 1u pr.H.ti1 thr .~iunty ~d~ thi~ murt~,agr. Ihr muitg.~~u~, tugrlh~~ Nilh. :ux! in aJd~Uun lu. thr nwmthl~
paymrn~. undrr thr ~~rm~ uf ihr nu~~ .rcunYl hr~rh~, un thr fin~ dap uf rach munlh umil ihr..u.l nutr i~ fully paid. ~~II pa~ tu thr
nw~tg:~g~r Ihe fi~UuNing.um~:
la1 .~n artxwnt wffic~tnt to proviJr the hulJrr htrcuf wi~h fund. tu pay thr nexl morlgage m~ur~nce {+remiu1n if Ihic imtrunxnt anJ .
iht nute srcurCJ hrreby ~fC in~ured, ~x a munthly chargr lin lieu of a ma~tgage imurancr prrmiuml,if Ihey arr hrW by thr
~rctary of Housing a~J Urban DtvelupmrM, at follows: '
111 If aoJ u~ long as ~iJ nu~e ot rvrn Jate anJ this in~trumcnl are in~urrd or arc reimurrd u~xier tha provi.i~~ns uf the
National Huu~ing Act, an amount suRicient to accumulate in Iht handc of the h~ilJer one l 11 monlh prior to i~s due datc lhr
annual rtwrtgagr in~urance premium, in urdrr t~+ pruvidr such huWar with funJs tu pay wch premium to the tiecretary uf
Huusing and Urban [kvrlapment punuant to the Natiunal Hou~ing Act, a~ amrndcJ, arn1 appl~cable RrgulaUun+
~he~tunder, ~
1111 If anJ w long ac wid nute of cvcn date anJ this instrumrm arr hrlJ by the Secrctary of Howing anJ Urban [kvrlupment,
_ ~ . __....y~n~. ~~n~~,.r
:l Itri1OUl1y Cl~a~(~c i~ii i1~ii JL a iii•.i~KagC .,~~:i;w'.i~c ~:C:Tuii~TiJ :iu~.u - ~ :ii 3i: ::TiiiiFEii
one-half 14~ 1 per centum o'. the avrrage outstarxiing balance du~ on ~he note computed wuhout taking into aaount
del~nyuencia w prrpaymrnt~;
Ib) A~um ryual to the gruu~xl rents, ~f any, next due, pluc the premiums that will next become due arxi payabk on policies ~~f fire
arxi other hazarJ insurar?cr cove~ing the mortgagrd properry, plus taxes anJ as~es~ment~ ne~~ due on thr mortgaged properly lall
as estimatal by ~hr mor~gegce) Isss all cums already paid therefor JiviJt~1 by the number of monlhc to elapse before one mcxuh
prior to the date when such grounef rents, prem~ums, taxes, and usessments will tx~:ome delinyuent, such +um+ to br held by
nwrtgagre in trust to pay said grounJ rents, premiums, tates, and special a~ssmrnts; and
(c) All payments mentioned in the two preceding subsections of ~his paragraph arni all payments to t+e made under the note ucureJ
hcreby shall be added together and the aggrrgatr smuunt thereof shall be paid by the ~txutgagor each month in a single payment
to tx applied by the mortg:+gee to the folluwing items ~n the order set forth:
_ 11) premium charges unJer thr contract oi insurance with Ihe Secrctary of Hou~ing and Urban [~velopment, or rtwnthly
charge lin lieu of mortgage insurance premium/, aa tho case may t+e;
111) gnwnd rent~, taxes, ascecsments, fire, and other hazard insurance premiums;
U111 interest on 1he notr secured hereby; and
IIV) anwrtiution of the principal of said nute.
.~ny Jeficirncy in the arm~unt of such aggrrgate monthly puyment shall, unl~~,s maJe gu~xl by the m~xtg.~g~x priur tu the duc Jate of
the next ~uch payment, constitute an rvent of defaull unJrr this mortgage. fhe mo:tg~grr may c~~llrct :i ~~latr charge" nut tu «cerd twc~
crni+ i'_~i fi~+ cnch .fu;Ear i511 .it e:.:.l~ ~a~n:~r.s sm~:e :h~n tifieest t3a)'s sn turc~ !e~ co~er thr rttra eti~xn,r i~w?h~~Yl ~n hanJline
Jelinyuem paymentc. _
3_ 7hat if the total uf the paymrnt. made by the mortgagi?r unJer Ih1 of paragr:~ph 2 preceding +hall rxrrrd the anwunt uf thr
payments actually maJe by Ihe m~xtgagre, fur gruund rents. taxes :~nJ ac,es~mrnts anJ insurance premiumti. s~ lhe ~asr may be, such
eacess at the option of the mortgagee, shall, be creditcd on subsequent payments to be made by the mortgagor, or refunded to the
~x~ngagur. If, hawe~er. the mon~hly papmrnh maJ~ by Ihe mortgagur under (bl uf paragraph 2 preceding shall not t+e sufficirnt tu pa)
~truund reat., taxe. and as+e+~mcn~c and imuranrr prcmiums, at the case msy be, when the samt shall t+r~ume due and payablr. then the
rm~rtgagor +hall pay to the mortgagre any anx~unt nrces.ary to mak~ up ~he deticirncy, on .x brfurr the datr w~he~ paymem of ,uch
FrounJ rentti, taxr., acsrscmrntc, or inwrance premiums .hall be dur. If at any time the mortgagor shall IenJrr to the mvrtgagre in
accorJancr with the provi~iort. of ~hr note setureJ hereby. full paymem uf thc entire indebtctiinec+ representrd thereby, the rrk~rtgager
,hall, in romputing the amuunt of such irnleMetine~~, crrJit to the :~ccount of Ihe mortgagix all paymentt maJe unJer the provisioro ut fu~
ut paragrrph 2 hereof Nhich the murtgagre ha~ not hecume obligated to pay to the Secretary of Huucing and Urban Ikvrlopment anJ any
h:Jance remaining in the funds accumulateJ under 1he prov~tione of (h) of said paragraph 2. If there ~hall tx: a Jrfault undrr any uf thr
pruv~cions of thiti m~xlgage. rcwuluug in a public tialr uf th~ prcmi,rc covereYl hrrehy, or if the m~xtg:?g~c acquirc~ thr pn~xrty uthrrNix
aftrr Jefault. the murtgagee ,hall ~ppl~~, at ihc timr uf th~ cumm~ncemrnt of ~uch pnkc~d~ng~ i~r at the time thr pruprrty i. utherH ~~r
acqwr~til, the balancc then rcmaining in thr t~unJi :iccumulateJ u~der Ib1 of paragraph prcc~Jing a~ a creJit again+t the amuunt uf
.w.. ..1 ...1.. ..1 n.l .6~.11 nr..wrlv ..IiuU •.nv ~avmrMC ~4'hich ~ht~ll h:lva' ~`Cn tfl:l~~ UOa~Cf Itll Of S:lll~
y.-i.i : j.u. .....«....^e, • r " + ' . • ~ -
paragraph. ~ v
a. ~ha~ he Nill pay all tate., a+,r+~mrnt.. Natrr rate.. and other guvernmrntal or muoicipal chargcy, fine~. ar im~x~.i~iun.. fur ~hich
pn~vi,iun bas not F+rrn maJr hereinhrfure. anJ in deG?ult thcn~~f ~he mortgagrr map pa~• thr ,:~mr: and thxt h~ ~~II prumptl~ Jrl~v~r Ih~
official r~tiript~ th~rcfor tu Ihe mortgagrr.
5. fhat he will permit, commit. ur suffer no Na~te, impairment, ur Jeterioratiun of w~d pn~perty or any part thereuf: and ~n ~hr r~•rnt
uf thr f~ilure uf the mortgagor to ket~+ ~he buiWingc un +aiJ premi~s and tho~e tu be rrc~tc~i un ~a~d premix~. ur impruvrmrnt+ thereun.
in g~xx! rrpair. Ihe rYwrtgagee may makr tiuch repain ati in it~ di.cr~tion it may Jeem nec~wsary for thr pn~er pre~trvatiun therzof. anJ
~ the full artx,unt uf exh anJ ~.~ery~ tuch payment chall be imme-~liately due anJ payahfr. anef shall he secured by the lien of Ihis mongage.
~ b. That he Wil) pay all and ninFular the cu~t~. .harge,. arxl exExn,e,. incluJing rea,unsble law yer's fee.. :+nd c~nt~ of aM~racts of tidr.
` in~orreJ ur paiJ at any time by thr murtgagtr t+c~aux uf ihr failurr un thr part uf the nwrtgagor prumptl~~ anJ f~dly tu prrfurm thr
k agreemrnlti and covenants of said promi.~ury nute anJ thi~ murtgag~. and ~aid cints, ch:~rge~, arxi ~xprnx-~ ,hall t?e immeJiatel~ dur anJ
! pay:+blc anJ shall be secured by the licn of thiti mortgage.
` 7. "That hr will kee the im rovtmrnt. rww exi~tin or hereafter erecteJ on 1he murt a rd ru ert imureJ a~ ma ' he r~ uireJ f~um
~ P P B K" S P P Y• ) '~l
time to ume hy the rtwrtgagr~ againtit lu.s by firc aoJ othrr hatarJ~_ casulatiec, anJ contingrncir~ in ;uch ~rtxwnt, and fix ,uch peri~xiti :n
may he reqwreci by murtgagee, anJ will pay promptly. when Jue, any premiums un ,uch imurarece fur payment uf Nhi~:h pruvi~iun has nu~
bcen made hereinbefore. All insurance shall be carried in companies approved by mortgagee and tfie policies and renewals thereof shall
t~ hrld by mortgagee anJ have attacheJ therrto luss p~yable clau~es in favor of anJ in form arceptable tu the morigag~r. In ~~•ent of lo~,
he w ill gi~~r immrdiate rwtice by m:~il tu murtgagee, anJ murtgagee may makr pnwf of loss if rk~t made prompUy by mixtg~gur. an~f each
imurarkr c~~mpany concernrJ i+ hereby authorizeJ anJ directeJ to make payment for suCh kns Jirectly to mixtgagre imiraJ uf to
rrwrt¢agur and mortgagre juinUy. and thr inwr.inre pnxeed~, ur any part thereof, may he applied by m~xtgagre at itc uption either to the
reJucti~~n uf thc indebteelne~s herrhy szcureJ or to the rcyturation ~x rrpair ut the pruperty damaged. In e~•ent of f~~reclu,urr of this
mortgage or uth~r transfer of ti~le to the mortgagrd pro{+erty in rttinguishment ut the indrMeJn~~ti utured hereby, all right. titlr, anJ
~ intrrr~t of the mixtgagor in aod to any in+urance polici~s then in force shall pats to the purchacer i~r ¢ran~ee.
~ 8. That i( the pre•mises, or anp part thereof, be condemned under an~• poN~er ot rrtunent duma~o, or acquired (or a public nsr,
the dama~es, proceeds, and th~ consideration for such acquisition, to the extrnt o( the (ull amount ot indcLtedness upon thi~
~ \lortQarr,.indthc\ote secared her~bc r~mainin~ unpaid,arf• her~•b~~ a~sirned L~ the• \lurt~a~or tothe ~IortgaRe•e an~l shall be p.~id
(~~rih~.i~h to th~• ~tert~a~e~ to be applied bc it un a~•count of thr indebte•dnP~ti .e~~~urPd h~•reby, xhether due or not.
~ 9. Tha~ the murtg:~gee may~, at an~~ time penJing a wit u~x~n this m~rtg:~ge. apply t~i the court having jurixliction thereof for thr
apEx~~ntment uf a recei~~er. anJ such court ~hall forlhwith ap{wint a receiver of the premitiet cuvereJ herehy all anci ~ingular, including all
~ anJ ~ingular the itnome, profih. is~ues. ~nd revenur. Gum whatever wurce deri~~eJ, each arxf every uf which. it being e~pre.~ly
~ understuoJ. is herehp mortgag~~f as ~f spea:dic:tlly ut ti~rth anJ ~etiCnt~eU in t~e granting anu na'nentiu~n ciau+r~ i~r~r~ri_ a~~u ~tc~ii'e:
~ ~hall have all Ihe bro•id anJ effective functions and p~~wen in anyw ise entrusted by a court to a receiver. and such app~nntmeot tihall br
made by such court a, an admilted equity and a matter of abwlure right to saiJ murtgagee, and without referetkr w the aJequacy or
~ inad~yuacy ~~f the v;~lue of the pruperty morigagcYi ix tu the wlverxy or insolvency uf said rtxirtgagor or thr defenJents. arn1 th~t wch
k~ rentc, profitc. income. icsues, arxl re~enue+ shall t+e applied by such receiver according to the lien of thiti morigage arxl 1he praetice of wch
~uurt. In the cvent uf any defauh on the part uf the nxxtgagor hereunder. the murtgagor agreec to pay to the mi~rtgagee un demanJ as a
rcawnable munthlq rental Cor the premises an amount at least equivalent to one-tH~lfth (1/121 of the aQ~tregate of the ~weh•r rtwnthly
imtatlmenl+ payablr in thr Ihen current year plus Ih~ acwal amuunt of the annual taxes. a~sc~timent~, water rates, anJ imurance premiums
- for ,uch yrar not cover~i by the aforesaid munthly payments.
~q
~p, "~hat lu) in the event of any brrach uf thi~ mortgage ur def~ult on Ihe part uf the murtgag~x. or Ih) in the e~•ent that any uf.:?iJ
~um~ of mnner herein referral to be not prompdy and fully paid without demand or nWice, or Ic1 in Ihr event that rach anJ cvery the
- ~tipulation~, agrermentti, cunditiom, and covenants of said note and this mortgage, are nut duly. prompdy, anJ fully prrformed: then in
,~'z ehher ur any such event. the caid aggregate .um mentionrd in .aiJ note then remainig unpaiJ. w ith interest :~ccrueJ tu that time, anJ all
_ rtwn~yti .ecured hereby. ~hall brcomr Jue and payable forthw ith. ur therraRer, at thr ~~tion of +~id mixtgagre. ati full~~ anJ completely as
if all uf the wid wms uf m~mey were originally ~lipulated to I+e paiJ on .uch Jay, anything in ~:+iJ note or in this mcxtgagr to the wntrary
notwithtitanJing. anJ ihereupon ~~r thereafler. at the uptiun uf s:~id mortgagee. Kithout aotice or JemanJ. wit at law or in ryuity. may t~r
prutiecuteJ as if all moneys ~ecureJ hereby had maturrd priur to it. ins~iwtiun. The murtgagte m•ry f~xeclo.e ihis rrn~rtgage. ati to thr
arrx~unt ~v declared due anJ payable. and the >aiJ prrmices shall be swld to satisfy and pay the wme tvgether w ith cintti, rx{+enses, anJ
alluwance~. In cax uf partial f~~reclu,ure uf thi~ mortgage, the m~xtga~eJ premis~w .hall be wIJ subj~tit to Ihr cuntinuing Gen of this
rtx~rtgage for the :+muunt uf the deht n~~t then due arxl unpaid. I~ u~ch catir the proci~iun. uf thit parag~aph may again t~e av:~il~d of_
lhereafter from time to timr by the murtgagee_
I l. lhat the rtwrtgagur Kill ~i~•e immeJiate nutice hy mail to the murtgagre of ~ny cumry:~rH-e. transfer. or change vf uwnenhip c.f
the premiu~.
~ 12. That no Naiver of any anenant herein ur ~~f Ih~ ohhg:~tiun scti:ureJ herchy~ rhall a~ an~• time thereaf~er t+e hrlJ a~ hr a waiver uf
- the termti hereuf or of the n~~te tiecurrJ herehy.
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