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2. "(hat, in a'der mure fully to p~utrcl thr +ecurity of thic mu~tgage, ihe,muhgagor, together Nith, arxi in xddniun tu, the munthly
payments under the terms uf thr nute sc~un~l heret+y. ~~n the fint Jay of rach mun~h unti) Ihe said note is fully paiJ, wiU pay tu thr
nw~tg:ysre lhe fulluvring sums:
(a) An anwunt suffi~ient to provide the huldc~ hercof with fucKls to pay the ncxt mortgage insurancc premium if this insuumen~ and
the note secural he~eby are insured, or a monthly charge (in lieu of a mortgage insu~ance premium) if they are held bp the
' Secretary of Housing and Utban Dtvelopme~t, as folbws:
(1) If and w long as said note of cven date and this instrument are insured or are reinsured under thc a~ovisions ot the
National Housing Act. an amount sufficient to aceumulate in the hands of tht holde~ ot~e 111 month ~ior to its due date the
annual mortgage insurxr~ce premium, in orJer to proviJe ~uch holder with funds to pay such p~emium to the Sectetary of
Housing and Urban Development pursuaot tu the National Housing Act, as amended, and applicable Regulatiuns
thereundei; o~
111) If and so long as said notz of even date anJ this instrument are heW by the Secretary of Housing and Urban Development,
a monthly charge lin lieu of a m~xtgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) of
one-half 1'h ) per centum ~f the average outatanding balance due on the note computed withaut taking into aaount
delinquencies or prepayments;
(b) A sum epuallQ.tht~[.ouM11CJri~.if.~t~Y..~Et ~uS..R~u~~e p«miums that will nezt become Juc and payable un policies of fire
a~xl other hazard insurance covcring the mortgaged properry, plus taxes and assessments next due un the martgaged prc.perty (all
as estimated by the mongagee) ~ess all sums already paid therefor divided by the number of months to elapse before o6e month
prior to the date when 3uch Qround rents, prem~ums, taxes. and asses~ments will become delinquent, such sums to be held by
mortgagee in trust to pay sa~d Sround rents, premiums, taxes, and specis~asussments: and .
(c) All paymenu mentioned in the two preceding subsections of this paragraph and all payments w be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor e~h month in a single payment
to be applied by the mortgagee to the following items in the order set forth:
(U premium charges under the contrac+ of insurance with the Sreretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premiuml, as the case may be; ^
(11) ground re~ts, taxes, assessments, 6re, and other hazard insurance premiums;
(111) interest on the note secured hereby; and
lIV) amortization of the principal of said note.
Any deficiency in the amount uf such aggregate nx~nthly payment shall, unless mnde guod hy the mortgagor prior ta the due date of
the next such payrtxnt, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to excerd tw~o
cents (2c) for each dollar IS11 of ea~:h payment more lhan fitieen 115) days in arrears to cover the extru expense involveJ in hanJling
delinquent payments. • .
3. That if the to~al of the payments made by the mortgagor under ibl of Paragraph 2 preceding .hall exceeJ the amount of the
peyme~ts actually maJe by the mortgagee, for ground rents, taxes a~xi ~ssessmrnts and insurance premium~, as the case may be, such
excesc at the option of the mortgagee, shall, be credited on wbsoquent paymenu to be made by the mortgagor, ~r rcfundod to the
rm~rtgagor. If, however, the rrwnthly payments made by the mortgagor under (bl of paragraph 2 preceding shall not t+e sufficient ta pay
groumi rents, taaes anJ as~ments and insurance premiums, as the case may t+e. when the same shall t?ecome due arxf payable, then tht
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of wch
grournl rents, ta~es, acsessments, or imu~ancr prrmiums shall be due. If at any time the mortgag~x shall tcrxler to the mortgagee in
accordance w•ith the provisions of the note secured hereby. (ull payment of the entire irxlebtainess representai thereby, the mortgagee
~hall, in computing the amount of such indebteJness, creJit to the account of the mortgagor all payments made under the provisions of 1~1
uf paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development arn! any
t+:?lance ren~aining in the funJc a~cumulated u~xler the pro~isions of Ih? of said paragraph 2. If there shall be a default u~xier a~y uf tfit
pruvisions of this mortgage, resulting in a public sale of Ihe premiscs cuvered hereby, or if the mortgagee aoquires the property otherwise
after default, the mortgagee shall apply. at the time of the comrAencement of such proceeJings or at the time the proper~y is otherw ix
:icquir~i, the balance then remaining in the funJ. accumulateei under Ih~ uf paragraph 2 prec~~iing a~ a credit against the amount of
principal then remaining unpaid unJer said notc and shall properly ~djust any payments w~hich shall have t+een mad~ under lu) of ~aid
paragraph.
d. "fhat ht Mill pay all taxes, a~seticments. Nater rates, anJ uther governmental or municipal chargrs. hnrs, or im~x»iti.~ns, for Nhich
provition has not heen made hereinbcfure, and in dcf:~ult thrreof Ihe mortgagee may pay the same: and ihat he w~ill promptlp dcliver thc
utl~icial receipts therefor to the mortgagee.
5. That he well permit, cummit, or ~ufTe~ nu waste, impairment, or Jeterioration of said property or any part thereof: anJ in the tvent
vf the failure of the mortgagor to keep the builJings on tiaid premisu~ and those to be erecteJ un said premises. or improvements thereon.
in good repair. the mortgaga: may makr such rcpairs ac in its disu.retion it may d~em nec~sary for the pruper preservation thereof, :ind
the full amount of each and every +uch paymrnt shall be imme~iiately due and payable, and shall be ~ecurecl by the lien uf this mortgage.
6. That he will pay all arxi +ingular the c~xtti, charget, anJ ex{+enses, including reasonable lawyer's fees, and custs of ab~tracts of title.
~ incurr~d or paid at any time by the rrwngagee I~ause uf the failure on the part of the rtxxtgagor prompUy and fully to perEorm the
~ agreements anJ covenaMs of wid promix,ory note and this murtgage. and saiJ cc»ts, charges. arx! expenses shall be immediately Jue and
~ payable and ~hall t+e secured by Ihe lien of this mixtgagr.
~ 7. That he w~ill leep the improvemcnts noH existing or hereafter erctited on lhe murtgageJ proFxrty. insured az may be required from
timr tu time by the rtwrtgagee against I~ns by firr and othcr hazardc, casulaties, anJ c~~ntinge?xies ~n ~uch ~mnunts anJ for s~nh Qeri~xls as
j map bt required by mortgagee, and w•il! p:+)• promptly. when due, any premiums un.uch imurance for pryment of which pru~•i+ion has not
~ been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee anJ have attacherl thereto loss payabte clauses in favor of and in form acceptahle tu the mortgagee. In event of los~
he w ill give immeJiate notice by mail to murtgagee, and mortgagee may make pr~x~f of la,s if not made promptly by mcxtgagor, anJ each
insurance company concerned is hereby authorized anJ directed to make payment for ,uch lo,s JircY;Uy to rmxtgager inuead of to
rrnxtgagor a~J m~xtgagee juintly, and the imurance pnxerds. or any part thereof_ may t+e applicd hy rtx~rtgagee at its oPtion either to the
rediKtiun of thc indebtcdne~s herehy ~ecurc~f or to thc r~~toration or repair uf the propert} ~amaged. In evrnt uf fornknure of this
rtx~rtgage or oiher transfer of tide to the mcxtgageJ pmperty in eatinguishment ~~f the indebtednrts tiecur~~f hereby. all right. tide, anJ
intrrect of !he mortgagor in and to any insurance policies then in force shall pass to the purchatier or grantee.
That ii the premises, ot anp patt thereof, Le condemned under an} poMer of eminent dornaia, or acquired tor a public uxe,
the damares, proceeds, and the consideration [or such acqui~itioo, to the extent o( the full amount of indebtedness upon this
1lortgage,andthe\ote secured here6~• remainin~ unpaid,arc hereb~- assiRned bc the 1lortgaRor tothe ~IortgaRee and shall be paid
(orthNith to the ~lort~aRee to be applied br it on accaunt o( the indehtedness secured h~rebv, ~chether due or not.
9. That the murtgagee may. ~t any time penJing a+uit upun this mortgage, apply to the court having juriuliction thereof for the
appuintment oPa receiver. and such court shall forthwith appoint a receiver of the premises c~~ered hereby all and singular, irkluding all
anJ sirtsular the incomr, prufits, issues_ and revenuc~ from whatever source derived. each anei every of which. it being eaprc~sly
uaJerst~ucl, is hereby mortgaged as if specificatly +et furth anJ describeJ in the granting anJ fiabendum clauses hereof, and su:h receiver
shall have all the txoad and effective functions and pnwers in anywise enwsted by a court to a receiver. and tuch appointment shall be
made by such court as an admitted equitx and a matter of absolute right to said mortgagee, and without reference to the aJequacy or
inadtquacy of the value of the property murtgagc~f or to the solvency or insolvency uf said mortgagor or the defenJents. and that such
rcnts, profits, income, issues. anei revenues shall be applieJ by such receiver according to the lien of this mortgage anJ the practice of such
~ court. In the event of any default on the pan of the mortgagor hereuncier. the mortgagor agrees to pay to the mortgagee on Jemand as a
reasonable monthly rental tor the premices an amount at least eqoivalent ~o one-twelCth 11/121 of the aggregate of the twelve nwnthly
'c
> imtallments payable in the theo current year plus the actual amount of the annual ta+ces. assessment~. warer rateti. anJ insurance premiums
~ for such year not covered by the af~xesaid m~mthly paymentti.
~ ~p. That (a) in the event of any breach of this mcxtgage ur default on the part uf the mortgagor, or (h) in che event that any of said
sums of money herein referred to be not promptly anJ fully paid without demand or notice. or (c) in the event that exh arxl cvery ~he
stipulations, agratments, conditions, and covenants of said note and this mortgage, are not duly, prompUy. and fully performeJ: then in
~ either or any such event, the said aggregate sum mentioned in said note then remeinig unpaid, with interest accrued to that time, and all
muneys secu~ed hereby. ~hall become due anJ payable forthwith, or thereafter. at the optiun of said mortgagce, as fully and completely as
if all of the saiJ sums of money were originally stipulateJ to be paid vn su.h day. anything in said note or in this mortgage to the contrary
notwithstanding; and thereupon or thereafier, at the option of caiJ morlgagee, without notice or demand. suit at law or in ~•quity. may be
proucuted as if all moneys ser.ureci hereby haJ maturecl prior to i45 instiwtion. The mortgagee may foreclose this mortgage. as to the
artwunt sw declared Jue anJ payable, anJ the said premises shall be sold to satisfy anJ pay the same together with c~xts, expenses. and
~ allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be snld subject to the cuntinuing lien of this
~ mortgage for the amount of the debt not then Jue anci unaaid. In such case the provisionc of thi~ paragraph may again be availeJ of
~ thrreafter from time to time by the morigagee.
l 1. That the mongagor will give immcdiate notice by mail to Ihe mortgagee of any conveyance, transfer, or change of ownership of
the premises.
u 12. That no waiver of any covenant herein or of Ihe obligation secureci hereby shall at any time thereafter be held to t+e a waiver of
the terms hereof or of the note secured hereby_
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