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"fhat, m urder nwrc fu!!y tu ~rutr.~ thr .rcur~ty ~~f th~r mong,~gr. ~hr nwng.~gur. t~~grthr~ ~.ith. .~n.l in :~dJn~un tu. ~hr nx~mhh
pa~mrn~~ und~r the trrm~ ui ~hr nutr .~~:und hrrrhy. ~~n ~hr hr.i .lay ul ~.~ch nwn~h unt~l th~ .:~~J c~otr i. tidl~ p:ud. Hiii,pa} tu thr
nN~rts.~gce thr fi~Uuwing .umti:
tai An anwunt wffi~iant to proviJr thr hulJer hrreuf with fund+ tu p:+y the orxt morlgage ~murance premium if thi~ intiaumrnt and
the nutr secureJ ~ereby are in+urrd, ~x a munthly chargr lin liru uf a mor~gagr imur+n.:e premiuml if they are hrld by the
Sn;rctary of Housing ~nJ Urban [k~elopme~~, as Culluws:
(U If anJ w lung as s:iid note of even date ~nd lhis instrum~nt are inwreJ or arr rcimurcrl undor ~he nrovniun~ uf ~he
Nationa) Nuusing Act, an amount sutric?ent to accumulatr in the hands of the holde~ one t I) manth pnor io its due date the
annual awrtgagz insurarx:e prrmium. ~n ur~rr to pruviJr .~Kh huWrr wnh funJ~ tu pay wch prcm~um ti~ the ticYrclary uf
Huusing anJ Urt+an Ikvelupmeat pur+uant tu the Natiunsl Huu~ing :1ct, a~ amenJrd, anJ applicablr Rrgula~~un.
thereundrr; or
. 1111 If and w lung wiJ nc~~r of evrn Jatr arxi this imtrumrnt are hrld h}~ ihe Srcret~ry uf Nou~ing a~x1 Urhan l~vrlupment,
a munthly charge lin liru of a murtg;~ge imurancc prrmiuml which ~h:dl hr in an amuunt ryual tu unr-tNClfth 111121 of
onr-half t~il per centum uf the average uyhtarxling t+alance Jue on the nute cumputrd w~thuut tak~ng intu axuunt
dtlinyuencies or prepayments;
(b) A sum ryual to Ihe grournf rents, if :iny, next due, plus thr prrmiu~m that will nrxt brcomc dur arxi payablr un Ewlwie~ of fire
and uthrr harard imurancr covering the nxxtgaectif {+ruperty, plu~ ta~e. and :,.sec,mrn~, next du~ on thr m~xtgaged pro~rty lall
as estimated by the mortgager? less ati ~ums already paid therefur JiviJcvi by the numt+rr of months ta elapse before one munth
priur to tbe date when such ground rents. prem~um., taxes, arxf :,+.ecsment, w~ll becume Jrlinyuent, su:h wm, to be hrld by
m.u~gag~e in trust to pay wid gruunJ repb. prrmiums, tsxr~, anJ,pr~ial :u~r~timent,; :md
1c1 All payments m~ntiuned in thc tKO preceding subsectie~m of this paragraph and all pa~~ments to M made under the note secured
herehy shall be added together and the ag~treg.ue amuunt thereo(.hall t~ paid by the mor~gag~x racA month in a s~nglr paymrnt
t~ be applied by the mortgagec to the foll~~wing ~trm~ in ~he ordrr set furth:
(1) premium charges urtder thr eonlract uf ~murancr ~ith the tircre~ary ut Huu.ing a~J U~b~n I)evrlopment. ur rrnmthly
charge tin lieu uf mcxtgage insurance premiuml, a. the ca.r may he: .
lll) gruund rent~, taxe~, acses.ments, fire. •rnd othrr hararJ ~murance prtmium~;
U111 interest un the note sccurctif herehy; anJ ~
11V 1 amortization uf the principal of s;?id note.
:~np dcficirncy in thr am.,unt ut ,uch aggrr~.dc munthl~ pa~mcnt .hatL untr„ maJc g~xxi h~ ~hr m~xtgagor priur to thr dur ~latr uf
thr next ,uch payment, comtitute an r~•rn~ of default un~ler thi~ moit~agr. ! hr mung:~gre ma~ :.~Il~tit a~ lat~ ~h:~rge" not t~. rrce~d !wu
ccntc 1_c) for earh Jnllar ~SI? of each paymrnt mure than fitlr~n 1151 da~ti ~n arr~ar. tu co.rr thr rrtr:~ .~~mc invuivcJ in'hanJl~ng
d~l~nqurnt payments.
3. ihat if the total of tht paymr~t~ ma~te h} thc mortg:~gur undrr Ih) u! paragraph ~ prcced~ng ~hal) c~~rcd th~ an~.iunt .if the
paymrntti actually m~de hy Ihe murtgagre, fi,r gruund reRt~. ta~at ;~nd a~.t~+menb and ~murarkr premium~. ac thr ~ak mav be, wch
eicess at the option of the mortgagee, shall, tse credited on subsequent payments to be made by the mortgagor, or rcFurtdeJ to the
murtgagix. If. huwc~cr. the munthl~~ p:t~ mrnt. n?aJr hy ~he m<~r~gagur under ih) uf p:uagr:iph 2 Pr~tirding .hall nut tx ~ufficirnt tu p:+y
gn+:~nd rent.. ta~e+ anJ a~~e,.ment. and imura~cr prcmium,, a. thr c~se m:iy be, uhen thr ~:ime .hall bccninc Jur and p:i~.~hle, thrn thr
nx~rtgagor ~hall pay to the morlgagr~ any amuunt n~Yt..an tu malr up thr drfi.i~nc~•, un ~~n c~fi~rr tha Jatr when pa~ntrnt ~~f.ucb
gruurni rc~h. e,~tr~. a~,~~smrnt,. ur in.ur:iRic premiu?n~ ,h:ill hr due. If at an~ tim~ the m~xtgag~,r ,hall t~nd~r ti~ ~he murtgagre ~n
:i:curJa~cr uith ~he provi.iuo, .>f the nut~ ,ecund herehy, full paymtnt ut' the rnt~rr ~nJrbtr.lne,t rrprr,rntrd ther~hy. thr nwrtgager
~h:+ll, in computing the amuu~t of ,urh indebt~yin~y~, cr~-~lit [o the acrount of the murtgagur .til paymentc m:+de u+xier the pru~i~~um of Iri)
~~f p:uagrapn ' hereof which the murtgager hac nut hrrume ohligat~vi ti, p<?y W thr tiec~~tary uf H~~utiine :~nd l:ihan 1)evrlu~ment anJ 3nr
; b,L~oce remaining in the funJ~ accumulatcY! under thr pru~i,ium .~f Ih~ uf ~aiJ p:,ragraph If thrre ,h~ll br a def:wlt undcr an~ ~~f ~he
pruv„+um ~if thi, murtgage. re.ulUng in a publ~c ,alc uf thr prrmi~e~ ru~•rrcYi h~rehc, ur if the m~~r~eagre .uyuirc~ thr pr~~prrtt utDeru i.r
.iftrr .irf~ult. the marlgagre .h:ill apply. .it thr Iimr uf thr ~ummrncemrnt uf ~uch pnuerding, ur at thr Ume thr pmprrt~ i~ utherw ite
.i.yuirc.l. th~ h:~iance thrn rrmaining in thr ti~nd. ac~umuL~t«1 und~r ~h~ of p.ua~raph prrcrdme a, a crcdrt ag:umt tfir amuunt uf
principal thrn rrn~a~ning unpai~i undrr wtid nul~ an~ ,hall pruprrly ;~Jl~~•t ant pa}~nrnt. wh~ch ,hal! h.i~c FM~n maJ~ un.lrr ~u) uf v~id
~ p:ir~gr:iph.
-l. ihat hr ~~ill pa~ all ta!~e., ati~c,~ment+. water r.nr.. unJ ~~thrr c~~~rrnmrntal o~ muni~ipaf charge~. tin~w or nnpa~~~Ii.+m. f~~r whi~h
! pm~~~iun h;is nul txen madr hert+nt~fur~..md in ~tfault thrreuf thi murt~agrr ma) pa~ Ih~ ~amt_ and th:~t hr ~v~ll prumptly d~l~~cr th~
` ufti<<:et rcteipts th.rcfur to ~hr murtgagrr.
l hat he aill permit. commit_ ur cufTer no a~te. impairmen~, or deteriur.uiun uf ,aid pr~~rty ur ~ny part therroi' an.i ~n ttir event
! uf thr failure c~f the rth.rtgagor to keep thc buildi~ez on saiJ premi.c~s and thu.e tu be crected on +aid prrm~srs. ~x ~mpruvem~nt. thercvrs.
~ +rt g~x~ repair. thc martgagee me~ makr +urn rrpairs .is in it~ ~i~cr~Uun it m~y~ Jeem nrc~v~ry for thc proprr prrunali~~n ihere.~f. and
{ the full amuunt ~~f rach and r~~ery w~h paym~nt .h:~ll hr immc~liately dur and pa} ahle, and tihall t+~ u~:ured hy the licn uf thiti rtwrtg;~gr.
r That hr W itl pay all anJ ~fngutar the c~nt~. ~hargc~. a~x1 ea~xn~r,. incluJin~ r~a,unable la~~tr ~ tee,. :ind cu,h uf c~h,uact, uf titlr.
` incurred ur p:?id at ar.y Ume ny~ ~n~ n~rtgagee becnu,~ uf the failurr un the part uf thr murtg:ig~~r prumptly :~nd fulh t.~ pe~Lurm the
s agreements and coven:~nt. of ~ai~ prumi~sory notr and thi~ murtg~ge. and tiai~ rmt., charcr~. :~nd r~prn.e. tihaii hr ~mntcJi;~tr1} di~e :~nJ
~ pa~ ahlc anJ ~hatl he securcd by the liert of th~c morleace. .
= 7. That he will keep the improvemcnts now c~i,ting ur herrafler erect~d un thr murtgagcJ pruFxrty, imured a~ ma~~ br required frum
timr to time by the mortgagee against li»s by fire anJ othrr ha~ard~, c3,ulatics. ar..i :unt~ngen~ir. in ,u~h ~muunt. snJ for ~uch periuJ. a.
= ma~ t+e required t+y mortgagee. unJ uill pay prumptlti, u hrn Juc :iny premiums „n ~uch imur.u~ce ?c~r pa~•ment ui W hich pru~•i.ion ha+ nut
? been made hereinbefore. All insurance shall be carried in companies approved by mortgdgee and the policies and renewals Ihereof shall
h~ hcld hy mongagee and havr attached thereto luss ps~ahle clauses in fa~•~~r ut anJ in form :ircept:~hle t~~ thr nxirtg.~gee. In evrnt i~f luss
` he w iIt givr immrdiate noticr by rneil to murtgag~e. ~nJ murtk~g~e may maA~ pruuf uf 1~.,. if nut made promptlr h}~ murtgagur, and ~ach '
~ in.urarke cumpan}~ concerned i~ herehp auth~xi~ed and dirititrJ to makr pa~ment f~~r tiuth lin~ dire~th t.~ nwrtgagee IR1ic:lll uf to
= nx~rtgagor a~J murtgagee jointly, anJ the insuranrr pnxecJs, ur any part ther~~~f. may hr applirJ hy mt~rigagec :~t it+ optiun rhhrr to Ihc
;
rcdu~tiun of thr indrbiedne~~ herehy ,a:urctil or 1» the r~~t~~r:iUun ur rep:iir of ih~ prup~rty de~mageil. tn event ul fure~lu+ure of th~~
murtgage ur other transfer of title w the murtgaged pr~~{+ert}• in e,~ungui~hn~~m u( the indrhtedn~,. ,r.ureJ hcr~hy. :dl right, titlt. and
; interest of the murigagor in anJ to any insurancr pulicies thin in fi~tce .hall patis to the purcha~er or grantrc.
~ R. That if the pr~mises, ur an~ p:~rt thrr~~of, be cnnd~mned andFr an~ po~.rr ~~f ~minrnt du~r:,in, ~.r a~~~~uir~~1 for a puLlic u.r,
5 thr ~lama_~~s, pro~eeds, and thP considrration tor ~v~h acyui~ition, to the exteot o( thc• (ul! ;~;r.nunt ot in~i~~btedness upa,n :hi~
{ 11ort~age,an;ithe\ute securrd h~~rnc~ rr.mainin~ un}~aid„~re h~rfPtlt' J~RI~Q11P!1 bc tfi~• V~~rt~,~gnr n~thc• tlortRaef-e anJ shall bc- ~~.~id
~ furt6~. ith to tht~ 11ort~~eee to be applird h~ it un accu~~nt of tA~- indr•Ltf•dn~~.~ u;t•d he~n•hc, ~~hcthrr ~iuc~ or not.
i 9. That thr mortgagee may. at any time pcndinc a~uit u~x~n thiti m~utgage, appl} tu ihe cuurt hawng juriuliction thereuf fur the
= appu~ntm:nt of a receivrr, and such court ~hal! forthH ith spFxrnt a rec~iver of the prem~.r. cu~errJ herehF alt and tiingular. irxluding all
y and ,inguiar the incumr, prufit., i~w~ti. anJ rerenur. fn~m uhatever u~urcr derived, each .~nd rver} uf which. it heing e~pre.slp
= under~to~x1. i~ hereby m~utgaged a~ if tipctiificalh ~rt furth and drxribeJ in th~ granting and h.?tx ndum clau.r. hereuf. and wch re~en•er
~hal! have all the broaJ and effeclive functium anJ pow~n in anywi,e entrutited by a a~uri tu a rec~iver. snd ~uct~ appuintment ,haU br
msdr b~ .uch cuwt u` ~n aJmrtteJ eyuit~ and :e n:~ttrr :~f ah,~~lutr right to ~aid mortgagee. anJ ~iihuw refererke tu the ad~~quac} or
in:~dequacy .~f the ~alue of the prupert~ murtgagrd .~r tu thr ~~dv~ncy or im~~l~cne}~ af .aiJ nk,regagur ur thr defrndrnh_ and ~hat ,uch
rents, profits, incume. it.ue.. anJ revenurc thall !+e applieJ hy wch receiver accnrJinF u~ the tirn of thi, murt¢age and the pr~etice of such
~ourt. tn the ccent uf any Jefault on the part of thr murtgagor hereunJer. the murtgagur agrecy 1u pay h~ thr murlg:igre un ~emand a
rea,unabte monthly rental for the premi:es an amuunt at least eyuivale~t ti~ unc-twelfth 11(I?~ uf the aggregate of the t.~ehe rtx~nthly
_ imtallmerts payable in the then current year p{us the actual am~~un1 uf thr annual tares, x„e.~mrnt~_ wat~r ratec, and in~uranr~ prrmiums
fi~r ~uch year nut covered by the af~xe.aid monthl~~ pa~ments.
_ ~p, ~I"h:~t Iu) in Ihe event of any hreach of thi~ m~rrtgag~ ur Jefault un th~ p:ut uf thr rr~xtga~ur, ur Ih) in thc rvrnt that :iny of ~aiJ ~
sum~ of muney herein reterreel to be not promptl)~ c~nd fully paiJ without JemanJ ~~r notice. ur ic1 in thr rvent that rach snd even thc
_ ,tipulatium, agreements. conJitiuns. and cu~~enantti o( ,aid nolr and Ihi+ murtgage. arr nut duly. prumptly. and fully perfurmcJ: thrn in
ei~her or anp ,uch event. the ~aid aggrrgate ~um menti~~ned in ,aiJ nute then rema~nig unpaiJ, w ith imere.t acerurd to that timr. and all
mun~ys cecured herehy. ,hall txc~~me Jue anJ pay:+blr furthW ith. ur thcreaRer. at the uptiun af,aid m~xtg:~ger. a~ fu~ly artJ com~letel~ a.
if all uf the ~:siJ ~um~ of money µere origioaNy.upulatrd t~> hr paid un ~uch J:~y. :+mthing in wid nute ur in thi~ r~x,rtgaEr tu the cuntrary
1 n~~tN ithsiandmg: anJ thereupon or thereaf!er at the uptiun uf .a~d murig:~gec. H ithuut nuticr ur ilcmancl. ~uit at law ur in equity_ may he
_ pru~ecutrJ a~ if all monry. +cYUred heret+~ had m~wr~Yl priur W it~ in,titutiun. The rtx,rtg:~ger m:ry fixc~lc.~c thi~ rrnirtgage. a~ to thr
artx~unt ,o declareJ Jue anJ payahle. artJ the xiid premices .hall be u~IJ to .ati~f~ and pay thr ,.?me tugcthcr ~ith cu~t~. expenu~, and
~ allowancec. In cak of parual foreclu~ure uf thi~ mortg.~ge. the mortgagcd prerniuti .h:Jl hc u~W whjcYt t~. the conti~uing lien uf this
Rx~rtgage fur the am~~unt of thc Jeb! nut thrn Jur and u~pa~d. In .u~h ca~r thr pru~~i.ium uf this paragraph may again t+e av.eileJ of
thereaRer frum timt to nme hy the murtRacrc.
" 1 l. That thr nwrtgag~~r w ill gi~e immrJ~at~ nuuce hp mail tu ihr m~~rtgager al .~n~ comeyarx:e. transfer, or chsnge oi uwnertihlp uf
- Ihr premi~eti.
` I2. That no aarver ~~f an} ~u~em.~n1 hcrein +rr uf the uhligation serur~J hcrrh} .hall at any timr thereafler be heW t~. he a wai~er of
j [he trrm~ hereof ur u( Ihe nute ~ec~r~d hrrrh~.
E._~
~ ' f ~ 223 PACE2Q37