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2. '('hat. in ~der murc (ully to proiect thc xcurity of lhis mu~tgaYe, the mvi~ea~~, ta~ethe~ wi , a~xl in :iddition to, ~he m~nthly
paymcnts unde~ thz te~ms of the no~e secured htreby, un the flnt Jay of rach nH?n~h un~il the saul rKnr i~ fully paid, will paY to the
mort~a~ee the Wllowin~ ~um~:
(s) A~ ~mount sufficient to provi~k the holder herwf w~th funds ta paY the atxt mor~~a~e insurynce premium if this instrument and
the note secured hereby are insured, or s monthly char~e li~ licu o( a murt~+y~e insurance premium) it they are held by the
Socret~ry of Housin~ aad Urban Devetopment, as folbws:
(U If and so loa~ as sa~d ~ote d even date and this inst~ument ue irtsural ur ue rei~uured under the ~rovisions ot the
Natiunal Housin~ Act. a~ amount wfficieat to accumulate in the hands of the ho1dK o~e l l) moothprior to its due date the
artnual m~rt~a~e irtsu~ance Qremiam. in aJer to pruvide sucA hdde~ w~ith funds to pay such premium to the Secretary of
Housin~ and Urbsa De~?e~oPment pursuant tu the National Nousing Act. as amernlcd, and applicable Re~ulations
thereunder: or
(II) If aad so lo~= as said ~wte of even date and this insuume~t ~re held by the Secretary of Housin~ aad Urban Developmen~
a monthly charge lin lieu of a mort~,age insuraace premium) which shall be in an amount equal to one-twelflh (1112) of
ane-half l~) per centum uf the average outstanding balance due on the nae computed without taking into aacount
delinquencia or prcpaymenu:
Ib) A wm equal to the ground rents. if aay. ncxt due. plus tt~e premiums that will neat beoome due and paya~e oa policia of fire
~ and other ha:ard iasurarce covvin~ tAe moctta~ed PcoputY• P~us ~axa apd a.ssestments next due oa the mort~a~ed property (all
as estimated by the mort~a~ee) ~as al~ sums already paid thcre[or divided bg? the number of months io elapqe betore one month
prior to the date when such ~round rcnts. premiums. tues, and sssessments will become delinquent, wch sums to be held by
nqctaaaee in trusl b pay said ttou~d raus. ptemiumt, tues, and specisl assessmenu: and
lc) All paymenu mentioned in the two prec,edin~ subsectioas of this para~aQh and all paymentt a be made under the aote secured
hereby shall be added together_and th4 s~~Site amount thereof sha'fl be paid by the mortgagor each month in a single payment
to be applied by the monga8ee to lhe to~lowina items in the order set forth:
~ preatium charses under-the contnct•of iasurance with the Secretary of Housing atid Urba~n Devebpmeo~ or monthly
char~e (in lieu of mo~tga~e insurance prcmium~ as the case may be;
111) g~ound rents, ta~es. assessments, fire, and uther hazard insu~ana promiums;
(111) iMerest on the nde secured hereby; and
(IVy amortization of the pcinoipal of said note.
Any deficiency in the amount of such aggregate moo~hly payment shall, unles~ made good by the morlgagor prior to the due date of
the next such payment, constitute an event of default under ~his mortgage. The mortgagee may collect a"late charge' not to eaceed two
ctnts 12c) for each dollar IS11 of each payment more than fiftcen 1151 days in arrears to cove~ the eztra expense involved in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exceed Ihe amount of the
paymena actually made by the mongagee. for Bround rents, taxes and assessments and insurance premlums, as.the case may be, suct.
exoas at the option of the mort~agee, sha11. be c[edited on subse9uent paymenu to be made by the mortsa~or. or refu~ded to tt~e
mortgagor. If, however, the monthly payments made by the mortgagor under Ibl of paragraph 2 preceding shall not be sufficient to pay
ground rcnts, taxes and assessments and irtsurance premiums, as the case may be, when the same shall become due and payable, then the
mongagor shall pay to the mortgagee any amount neces~ary to make up ~he deficiency, on or before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due_ If at any time the mortgagor shall tender to the mongagee in
accordance with the provisions of the note secured hereby. full payment of the entire indeMedness represented thereby. the mortgagee
shall, in rnmputing the amount of such indebtedn~cs, eredit to the account of the mortgago~ all payments made under the provisans of (a)
of paragraph 2 hereof which the mortgagee hat not become obligated to pay to the Secretary of Housing and Urban Devebpmedt and any
balance remaining in the funds accumulated under the provisions oi (h) of said paragraph 2. If therc shall be a default under any ~f the
provisioas of this mortgaga resulting in a public sale of the premises coverai hereby, or if the mortgagee aaquirCs the property othervvise
after default, the mortgagee shall apply, at ths time of the commencement of such proceedings or at the time the property is othcrwix
acquired, the balance ihen remaining in the funds accumulated under Ih) of parag~aph 2 preceding as a credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under la) of said
paragraph.
4. That he will pay all taxes, assessments, w~ater rates. arxf aher governmental or municipal charges, fines. or impositions, for which
ti.~..~.,Fr,fn~P. and in default ~hereof the m~xtgaBee may pay the same: and that he will prompdy deliver the
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ofTicial receipts therefor to lhe mortgagee.
S. That he will permit, commit, w wfier no wa~te, impairment, or deteriuration of saiJ property or any part thercof; and i~ the event
of ~he failure of the moitgagor to keep the buildings on said prcmisa and those to be erected on said pranises, or improvements thereon,
in good repair, the mortgagee may make such~rspai~s as ~n ~ts discretion it may deem necessary for the proper preservation thereof, and
the full amount of each and eve~y such paym~nt shall he immeiiiatety due and payable, and shall be secured by the liea of this m~rtgage.
6_ That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer
s fee3, anst tosts of abstracts of title,
i incurred or paid at any time by the mongagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants oi said promissory note and this morigage. and said costs, charges, and expenus shall be immediately due and
payable and shall be secured by the lien of this mortgage_
7. That he will ketp the improvements now eaisting or hereaRer erected on the mortgaged property, insured as may be required from
time to time by the mortgagee against laas by fire and other hazards, caculaties. and cont~ngeneies in such amouots and for such periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not
bcen made hereinbefae..All insurance sha11 be carriod in companies approved by mortgasee and the policies and renewals thereof shall
be held by mortgagee and have attached lhereto loss payable clauses in favor of and in form acxeptable to the mortgagee. In event of loss
he will give immeJiate notice by maif to Mortgagee. and mortBa6~~ ~Y make proaf of loss if rot made promptty by mort6agor, and cach
~ insurance company concerned i~. hgre~y authorized and directed to make payment for such loss directly to mortgagee instead of to
mortgagor arxl morigagee jointly, arid t6e insurance prceeeds. or any part thereof, may be applied by mortgaBee at rts oPtion either to ihe
reduction of the indebtedness hereby socured or to the resto~ation or repair of the property damaged_ In event of foreclosure of this
mortgage or other transfer of tiUe to the mortgagod property.in extinguishmrnt of the imiebtedness secured hereby, all right, tiUe, and
interest of the mortgagoc in a?x1,lo any insuranCe policies ttuen in force shall pass to the pu~chaser or grantee.
8. That the mortgagee ma~, at any time pending a suit upon this mortgage, apply to the court havina jurisdiction thereof for the
appointment of a receive~. and stieh court shall farthwith appoint a receiver Of the prem'~ses covered hereby all and singular, i~cluding all ~
and singular the incoma, profits. issues, and revenues from whatever source derived. each and every of which, it being expressly
understood. is hereby mortgaged as if specifically xt forth and described in the granting and habendum clauses hercof. and such receiver E
shall have all the broad and effective functiom and powers in anywise entrusted by a court to a receiver. and wch appointment shall be
made by such court as an xdmitteJ equity and a matter of absolute right to said mortgagee, and witfiout reference to the adoquacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, issaes, ancl revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such
court. In the event of any default on the part of the rrw~rtgagor hereunder, the murtgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least equivalent to one-tweltth 111121 of the aggregate of the twtlve monthly
installments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates, and insurance prcmiums
for such year not covered by the aforesaid monthly payments.
9. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor. or (h) in the event that any of said
sums of money herein referred to be not promptly and fully paid without demand or notice. or (c) in the event that each and every the
stipulations, agreements, condition,. and covenants of said note and this mortgage, are not July. prpmptly, arni fully performed: then in
either ex any such event. the said aggregate sum mentioaed in said note then remainig unpaid, with interest accrued to that time, and all
moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee. as fully and completely as
if all of the said sums of money were originally stipulated to be paid on such Jay. anything in said note or in this mortgage to the contrary
notwithstanding; and thereupon or thereafter, at the option of said mortgagee. withvut notice or demarxl, suit at law or in equity. may be
proxcuteJ as if all moneys secored hereby had mawred prior to its institution. 7he r~wrtgagee may toreclose this mortgage. as to the
amount so declared due anJ payable. and the said premises shall be sold to satisfy and pay the +ame together with costs, expenses. and
allowancec. In case of partial foreclosure of this mortgage. the mortgaged premises ~hall be wIJ subject to ~he continuing lien of this
mortgage for the amount of the debt not then Jue and unpaid. In such catie the provisiuns of this paragraph may again be availed of
the~eafter from time to time t+y the mortgagee_
10. That the mortgagor will give immediate notice by mail to the murtgagee of any conveyance, transfer, or change of ownership of
the premises.
1 I. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be he1J to be a waiver of ,
the terms hereof a of the notc se.urcd hereby.
12. That if the rn~rtgagor default in any of the covenants ur agreements con~ained herein, or in said note, then the mortgagee may
perform the same, and all eapenJitures 1incluJing reasonable attorney"s feesl maJe by the m~xtgagce in so doing shall draw interest at the
rate set forth in the note securcd hereby, and sh~ll be repayable immediately and without Jemand by the mortgagor to the mortgagee, and.
together with interat and costs accruing thereon, shall be secured by this mortgage.
800K PACE 1~~
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