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1 hal, in orJ~r n~.x~ full~ tu prui«t ~hr .c~unty uf Ih~. mu~tgagr. 1hr ~nu+lgagur. lugrthrr ~~1h. an.i ~n .~~duiun 1~~, thr nxm~t~t~
p:~~tnrnh uh~lrr Ihr trrrm uf thr nutc .~tiur~vl hr~rhp. ~~n thc fir~t d;~y uf r;KA mun~h unti) ~hr,..ud rn~tr n fully p:ud. will p:ry' 1~~ thr
nx~r~gagrr !hr fulluHins ~um~:
~a1 An anwunt ,uffwicnt to pruvidr thr huWrr hereuf Nith funds ro pay tht nex~ morigage in~u~ancr premium if thi. imtrunxn~ and
the nute ~ecur~d htreby are insurzd, ur a mun~hly ch:+rge tin licu of a rtwngagr imurance prrmium) if ~hey are hild by ~he
Srcretsry uf~ Houaing and Urban Derelopmrnt, as foUuws:
11) If and w lung as aaid note of even Jate •rnd this instrumenl are insurc~l ar are rcinxured u~xier the hrovi~~onc uf the
Natiunal Housing Act, an amuunt wfficirnt t~~ acrumulate in 1he haadc af the Fx~lder onr 111 montA pr~or to its dur Jate th~
annu~! murtgagr inwrance premium, in .xJ~r tu p~.~vid~ ~uch hi~lder with fundc tu pay ~u~h premium tii thr Srcretary uf
Huuaing and lirban Urvtlopmrnt purauant t~, the Na~iunal Nuwing Aet, a. artxnJrJ, anJ ~pplicable Rcgul~tiun+
thrrcundrr, or
1111 Ii and x~ lung +:,id auti uf even Jate anJ thi+ in+trum~nt are he1J by the Secretary of Nuu~ing arxf Urban [kvrl.+pmrm,
a nwnthly charge I~n lieu uf a mixlgage insurance premiuml Nhrch ~hall i+e in ~n ;~nwunt eyu~l to unr-twelfth 11l121 of
one-half 1!~: ) E+er centum of thr averagr ou~stand~ng halance due on the aute cumputed wnh„ut tak~ng ~ntu accuunt
Jelinyurncies or prep:~} ments;
~b) A~um eyual to thc groun.i rcot+, if any, nex~ due, plu~ the prrmium. that wi11 nrit t+ecome due anJ p~yablr un Fx~l~rieti uf firr
a~x1 other ha~ard in~urance covering the m~xtgag~~l proF+erty. plu~ taxes and acses,ment+ n~xt due on the mcxtgagrd property lall
as ~stimated by the mortgageel tess all sums already paid therefo~ dividc~t by the numtxr of munths to elapse before one month
prior tu the date when such grourxl rcnts, prem~ums, taxrs, ~nJ •rc~r,.ments w~ill hc~ume delinqu~nt, surh ,um~ tu he hctJ hy
nwrtgagre in trust to pay ~aiJ gruund rentc, ~+remeums, taxrs, and +pecial a»r~+mrnh: und
ir) All peyments mentioned in the two preceding subsections af thi, paragraph and rll payments to bz made unJer the note secureJ
hereby ~hall be added logether and the a~tgatr :~m.~unt ~hereof shall lx paid by the mortgagur cach munth in :i ~ingle paymrnt
to t+e apptie~t by the mortg:?gre to the follu~ing iiem. in the ordrr set forth: - •
111 premium ~harge± unJrr the tuntract of ia.urancr w~lh the Secretar)' oi Huu+ing and t:rban [hvrlupmrnt, ur tnonthl~~
charge lin licu of mortgage insurance premiuml, a~ thr case may he: .
1 tl l gruund rents, taxes, a~ces~ments, fire, and other hatard insurance prem~um~;
1111) intere~t un the n~e +ecurctil herrby; and ~
(IV1 antorticatiun uf the principal uf sa~J note.
:\ny drfnirrkp in ihr .~mc~unt uI' wch a~regate monthly paymrnt chall, unle.s maJe guixl hy thr m~~rtga~:ur pnur tu thr du~ Jat~ uf
thr +iext .uch paymrnt, cun.~~tut~ :?n ~vent uf Jrl~ult wxier thi, mortgaEe. ~ihc murtb:~gre may cullect :i' lat~ chargt" nut tu rx~~ed twu
«nt~ 1?~) Cor each Jollar ~511 of ~a~h paymrnt mare ~han tiftrrn 1151 Jay, in arrcar. to covrr thr e~tra ~~pen,r invulr~d in h:indling
Jrlmyurnt payment~.
Z. 'Ibat if the t~~t;d uf th~ payments m~Jr hy the mi~rtgagur unJer Ihl of paragruph ' pre:rding ,hall ~trred thr anwum uf thr
pa~~mrnt+ actually m.xle by thr murtgagce, for ground rent~. la~rs end as,r,.m~nt. and incurance premiumc, a~ thr ~a~e may t?e, +uch
excrss at the option ot the mortgagee, shatl, be crcdited ort subsequen! paymrnts to be made by the mortgagor, o~ refundai to the
rrx,rt~agar. If. howe~er, the rt?on~hly paymrnt. m:eJe hy the murtgag~~r under ~hl of
par:~graph 2 prr:cJiog shall nut bt.utfici~nt t~, pu).
~;rnund rrnt.. taYe+ and a,.r..menet .inJ in.ur:mcr premium.. ;~c thr rase may t+r, whrn the wmr ,hal~ hecum~ due anJ payaMe, thrn thr
nx~rtgagur ~hall pay tu the muregagr~ .in}- amuun! neieti+ary tu m.~kr up thr d~ti:ien~y. un ~x txfurr thr datr wh~n paymrr?t ~~f +u.fi
gruund renh. t~trti. as.r~smrnt., ur imurarxe prrmiums chall br due. If at an~ timr thC mortgagur ahalf tcndtr tu the mung.~gee m
acc~~r~apcr with the proviciom uf thr note ,ecurcJ hrreby. full paymrnt af the ~ntire in~tehtctinc~~ reprr~rntrd therehy, the rrwrtgagre
.hatl. in computing the amuurtt of ~uch imirbtctin~~c, creJit to thr acc~>unt of the mortgagix all pa~ ment~ maJe unde~ the pruvisiuns ~>f lul
~~f p:~r.igraph 2 hereof which Ihe m~~rtga~ee has ~at hrcomr ohligatral to pay tu the Secretary• uf Housing arxi l rhan Dr~~rlopmrnt and an}•
balance rcmaining in thc fund~ :u:cumulat~-~i undrr thr pruvi~ium uf th~ of ~~id paragraph 3. If th~rr +h:tll 1k Jefault unJar :~ny ~~l thr
pru~ i.ium uf thi. mcxtgage, rc~sulting in a puhlic +ak of thr premi~e. ~ovrred hcreby, or if the mcxtgagce auyuirc~ ihe prupcrty utherH i,r
aft~r Jefault. thr mnrtgagee .hall ap~l~. :~t th~ ~im~ uf the commencrment i~f ~uch pnkeeding~ ~~r a~ Ihc timc thr pru{xrt~ i> ~~thrrH i.c
:iryuired, the h:Ja~cr th~n rrmaining m thr fund. :~icumulatc~l under ~h1 uf par:igraph ~ pre~ralirtg a+ .e crrJ~t .ig:~in,t thr am~~unt uf
pnnc+p:t! th~n rrmaining unpaiJ undrr +aid nutr aod ~hali proprrl~ ad}u~t am payment~ ~hi~h ,h:Jl h:i~r h~rn m;~dr und~r ~~1) ~~f .;iid
paragr.iph.
-i. That hr ~ill p:?y all tax~w, a.~«,m~nt,. ~~:~t~r r:~t~~,. anJ uther g~~orrnmrntal or mwii~ipa! ~hargr~. flnr,. ur ~m~x+.~uum. f~~r ..hich
pruvi,~uo ha~ no1 hc~n ~naJe herrinF+~furr, and in drfault Ihrrr.~f thc murtgager may p~y the ~amr: :~nd thai hr will pr.,mpth d~li~~r thr
~,Ilicial rctieiph th~rrtor t~~ 1hr mortg~gcr.
I hat he ~ill permit, commit, or,uti~er no w:,,te, impairment, cx deteri~uatiun of said property ur any part thercuf: anJ in thr r~ent
uf thr faelun uf the mortgagor to krep the building~ un .aid prcmi~es anJ Iho,c tu be erntrd on .aiJ prrmix,. ur impruv~m~nt. ther~un. -
in g~wrl rrpair. the rtx~rtgagee ma} m~ke ~uch rrpain in it. di~tretiun it msy~ deem nece..ary ior thr pnq?cr pre+erv,rtiun thcr~uf, and
thr full arnuunt uf each anJ even wch paymrnt ,hall hr immrJiately due and payahle, a~x! shall he tecured hy the lien of this nwrtg~g~.
Thnt hc ~~ill pay all and .inguiar the cext~. charge,. ~nJ ~~prme;, including rra~unahle IaN}•er'~ fr~ti_ and cott. of ~h,Uact~ uf titlr.
incurrctil ur paid at any time hy the m~irtgagee brcatne uf the f:,ilure on thc p:~rt i.f the mor~gagur p~~~mpth and futly tu p~rfurm the
egrecm~~t+ cirxl covtnant~ of ~aid pntimiti.ory notr anJ thi+ murtgage, anJ said e,nt~. chargec_ and ~sptn.~-~ ,hsll hr immrJi,del~ Juc and
p:~~':ihle anJ ~hall he ~e~ureJ b)' Ihe lirn of thi. mortgagr.
i. 1 n:~t he will keep thr improvemcnls now ezisting or hereafter erectecl on the mortgagrd pruperty. ~mured a~ may t+e rryuirctl frum
; t~me tu time h~ the murtgagte ~gaimt fu,1 hy fire :inJ vther hazardc. casufatic~+. and cumingrrecits in wch amuunt, and for ,uch peri~xiti „
may hr n-yuircd by murtgagee, and Kill p~y prumptly. W hea Jur. ~ny premium. un wch in~ur~ncr fur payment of Hhich pru~~ieiun ha~ not
; been made hereinbefore. All insurance shall be carried in companies apQroved by mortgagee anJ the policies and rertewals thereof shall
hr hrtJ by m~~rtgagee anJ have atiachecf ihereta li~s pa~ablr cl•ruses in favor of anJ in f~xm acceptable ti? the rtx?rtgagec. ta event uf lo»
~ hr ~ill gi.e immrJiate notice hy mail tu murtgagee, anJ murtgagee may makr pruuf uf los+ if nut made pn~mpdy by murtgagor, anJ each
; u:.urancr cumpanq cuncerned it hereb} authurited and directed to nzake payment for ~uch I~xs JirecNy tu rtwrtgagee imtraJ uf tu
~ nx~rtgagur and murtgagec jointly, anJ thr insuranre prixreJ+. ur :iny part thrr~~if, may he applieJ by rrx~rtgagre at it+.~puun cithrr to ~hr
E r~Ju~tiun of thr inJebt~~lne~.t hereby .ecureJ or tu 1hr re~turatiun cx repair of thr pruprrty Jamaged. In event vf furecfu~ure uf this
; murtg.+gr ur uther tran~fer ~~f title tu the murtg~gcd pn~+erty in rxtingui.hment of thc ind~hteJrtr;s x~iued hrrehy, :~II right, titlr. :,nd
~ int~r~.t ~~f the mortg.+gvr in and io any in.urance policies then in furce thall pass to ihe purchaser or grantee.
8. ~I~hat if thr pr~mises, or an}~ part thereot, be cond~mned under anr• poti.er emin~nt domain, or ac~~uir~•d tor a public u~e,
: th~• ~:ama~e~ti, pro~eeds, and the cunsiJ~ration for ~uch acquisition, to the ~~te•nt o( the (ull amount o( ind~•hiedn~~ss uFwn thi~
' ~l~~rt~a_e~,:m~{thr~ute ~ecured t~erebc rern~inin~ unpai~l,ur~~ hF•reb~ a~sienrd b~- th. ~I~~rtFa~or tothe 11nrt~ar~•e• .ind shall be~ p~id
i
~ forth~. i?h tu th~• \lort~a~~e to Ge apF;lie~d L~~ it un ac•count ot the inJe•btedn~•~s ~r~ urPd I~~mh~, .~hrthe•r du~ ar not.
9. ~l~hat thr mortgagre may. :~t any ume prrnling a,uit up.~n thi+ murtgage. :?pply to the cuurt h:+virtg jurixlictiun thereuf fcir the
apFx~int:nrnt uf a receiver, anJ .uch cuurt ,hall furthwith ap~x~int a rreeiver vf thr prrmixti cuvereJ herchy all and ~ingular. including all
} anJ ,~ngular the incume, profitti. ~,.ues, anJ revenue. frum whatevrr wurcr derivrJ. e~ch and rvery~ of which. it heing ~xpre~~ly
~ undLr+iu~xl. is hereby mcxtgagc~l a, if ,pecifically set forth and dc~criheJ in the gr:~nting ard hahendum ctautic~ hcrcof. and ,uih rrceiver
3 ~hall have alI the hruad anJ effi~tivr functions ~nd puwer~ in anyN+~e entrutited by a courl lo a receiver, anJ ~u~h appuintment ,hall br
3 madr by wch cuurt ati .~n aJmhieJ equity and a matter uf ~hwlute right tu said murtgagee, and Nithuut reference tu thr adeyuac~ ur
~ in:~Jeyuac~ uf thc valur of the p~uperty murtgagr.l .x tu the ~ulver?~:y or imuh•ency of .riJ murtgaFur or thr Jefendent+. ~nd that ,uch
r~nt~. pn.fiti, incomr. i~~ur~. .~nJ revrnues ~hall he applird by ~uch receiver according to the lien i~f thi, murtgage arxl the practice of +uch
~ a~urt. In the evcni ~if any default un ~he pan of the rtxxtgagor hrreunder, the murtgagor agrcrti to pay to the m~.rtgagee +m drmanJ a~ a
3 rra.unahle monthly rent:~l fur Ihe ptemi+e~ ~n amuunt at lea~t eyui~alent tu une-tHrifth (1/12) uf the aggrcgatr uf thr twelvr rtx~n~hly
? in.taltmrntti payable in the then current yrar plus the actual amount of the :?nnua! taxes, at~e.timentti. water r.~tes. and inwra~ce prcm~umti
G~r wch year not covered by the aforesaid monthly paqments_
~p. '~hat lal in the event of any hreach uf thi. mortgage ur default un the part of the rtxxtgagur. ~~r Ih1 in the event that any~ uf ~aid
~um~ of m~~ney herein referreel to be not prompdy and fully paid w~ithuut demanJ or notice. ~~r 1~-) in thr rvent that rach anJ c~•erq thr
+tipul~tiun+. ~greements. condiuun~, and covenanh uf ,aiJ note anJ thi~ murtgage. arr nol duly, prompUy, and fully perfi~rmed: then in
~ither or :~ny wch event, the ~aid aggregate ~um mrntioned in ,:+id note Ihen remai~ig unpaid. v~ ith imerest accrurd to that time. ~nJ all
moneyl x~iureJ hereby. .hatl tkcume Jur anJ pay:~Me forthu ith. ur ihereafter. at ~he ~~+tiun of said murtgagre, ac fullp anJ complctely a~
~ ~f all of the ,aiJ ~ums uf money were uriginall~ stipulated tu t+r p:~iJ un wch Jay~, anything in ~aiJ notr or in thiti nwrtgagt Iu ihe contrary
' nut~ ithtitanding; and lhrreuExm ur thcrrafter, at the uptiun uf .a~d murtgager. wiihou~ notice or demanJ. ,uit at Ina nr in ryuity. m:~y be
pnneculeJ a. if :+II mc~ney~ SecureJ herehq had maturrel preur to ib institwion. rhe nwrtgagee may fixeclo.e thi~ rrHx~gage, as tu the
arix~unt w declared due and pay:~ble. and the ~aid prem~sec ~hall be vilJ tu ~atisfy and pay the wmr tugether wrth cutit~. expemes. anJ
- allowancrti. In cax uf p:irlial foredu.ure uf this mortgage. the murtgagrd premities ~hatl he w~td .ubjrct tu the contmuing l~rn uf thi~
nwrtgaRe for the amuunt of thc dcht not ihrn Jue and unp.~iJ. In wch ~ase ~he pruvisiom uf this paragraph ma~• ag:~in he availed of
Ihereafter from time to time h~~ the murtgacee.
z ` 11. fha! the nwrtgagor will gi~r immeJ~at~ nutic~ hy mail to the morlgager uf any comryance. tramfer, or change oi uwner.hip ut
~ thc premiset.
; 12. I hat no waiver iif any c~~venant hrrem ur uf the obligation ~e~urc~1 hrrehy ~hall at an) time thereafter he hrld W he a u:+iver of
" the termti hereuf i~r i~f Ihe nate ircured hereh~. '
~ ~ t ~ 2~~ FAtiE 2Q~.~V
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