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2. Thal, in o~der nx~re fuil~~ a~ p~u~rrt ~hr ,r~urily uf thi+ m~~ngaba. thr m.~rtga~n?r, tugrlhrr Mith, anJ ~n add~tiun to, ~hr m:mthl~.
payment~ unJrr 1he trrms uf thr note ~nur~vt hrrrby, un ~he hnt day ui rach mun~h until Ihr .aid nute i~ fully p:~iJ. will pxy tu 1he
murtbagee 1hr fulluwing sums: !
(a1 A~ amount sutficient to pruvide the holder hereof wilh furxis to pay the next mortgage insuraoce ptemium if thic instrumznt anJ
the rwte xcured hereby are insured. ~x a monthly charge lin lieu oi a mortgage insurance premwm) if they are he1J by the J
Sccretary of Housing anJ Urban Development, as fullows: ~
IU If and so long as said note of even date aod this imtrument are insurcrl or are reinsureJ urnler the a~ovisiuns of the '
Nationa) Housing Act. a~ amount suf'~icient ta accumulate i~ the hands of the holder such
~
e`m urm to the Secret ry~of i
annual mortgagt insuratke premium, in wder to provide such holder with fumis to pay . P ,
Housing and Urban DeveloR+ment pursuant to the Natiunal Housing Act, us amenJrJ, aM1 applir.able Regulatiuns #
thereurnler: o~
1111 If and so long as said note of even Jate a~xl this instrument are hrld by the Secre~ary of Housing and Urban Development,
_ . . . . . • ~....v1 nni._tutrlfth (1f121 of
a rtwnthly chsrge Un heu ot a mongage III~Ulnutc jxt~iuunii .~u.~i . -
one-half ('h ) per centum of the ave~age outstarxiing balance due on the note computrd without taking intu aaou~t
delinquencies or prepayme~ts:
~b) A sum equal to thz grournl rents, if any, next due, plus the pr~miums ~ha~ will neat become due anei payable on policics ot fire
a~xi ot~er hazard insurance rnvering tht mortgagcd property, pfus taxes and assessments next dua on the mortgaged properry (all
as estimated by the mort8agee) ~css a~~ sums already paid thercfor divided by the number of months to elapse before one month
prior to the date when such ground rents, prem~ums, tazes, and asses.uneMs will becomt delinyuenl, such sums to be heW by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and
Ic) All payments mentioned in the two preceding subsections of this paragraph and all payments ta be made under the note securai
hercby shall be added together and the aggregate amount thereof shatl be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the folluwing itenu in the ord~r set furth:
11) premium charga under the contract of insurance with the Secretary of Housing and Urban Development, or rtx~nthly
charge lin lieu of mcxtgage insurance premium). as 1he case may be:
{11) ground rents, taxes, ascessments, fire, and other hazard inwrance premiums;
1111) interest on the nwe secured hereby; and
UV) amortiiation of the principal of said note.
Any deficiency in the amouM of such aggrcgate m~~nthly payment shall, unless made gu~xl by the murtgagor priur tu the Ju~ date uf
the neu such payment, constitute an rvent uf defuult under ~his mortgaga. The m.xtgagee may wfltct a"late chargr not tu excec~l two
' : ~'itYCf 1F1C 4'Ylf~! C](P~'(11C 111\'VIYCtI in hat?dling
cents 12e) fo~ each dollar l~il oi rach paymeni .~tiu.i . - -
dtlinquent payrhents. -
z. That if the total of the payments maJe by Ihe mortgagor under Ib) of paragraph 2 prc~~Jing chalt rxcrrd the artx~unt of ~he
payments acwally made by the murtgagre, fur ground rents, taxes anJ assessments and insur~~xe premiums, :~s the casr may be, such
excess at the option of the mortgagee, shall, be crcditcd on subsequent payments to be made by the mortgagor, or refundai to the
mortgagor. If, however, the nx~nthly payments made by the mortgagor unJer Ib) of paragraph 2 prn.~ding shall not t?e sufficient to pay .
gruunJ rents, taxes a~xf assessmrnts anJ insurance premiums, as the case may be, when the same shall becume due anJ payable, then the
murtgagor shall pay to the mortgagee any amount necessary to mal.e up the deficir~xy. on ~x txforc the dute when payment of such
grounci rents, taxes. assessments, or insurance premiums shall be Jue. If at any time Ihe mcx~gagor shaU tenJer to the mortgagee in
acwrJance with the provisions af thr note secured hereby, full payment of the entire indebtedness represented thereby, the rtwrtgxgee
shall, in computing the amount of such inJebtc~iness, creviit to the account of the mortgagor all payments made uncler the pravisions of fal
of paragraph 2 herrof which the mortgagre has oot become obligate~i to pay ro the Secretary uf Housing and Urban Development and any
balance remaining in the funds accumulated under the provisiuns uf (bJ of ~aiJ paragraph 2. If there shall tx a default urxler any of the
provisions of this mortgag~. resulting in a public sak of the premisrs covered hrreby, or if thr m~xtRagee acyuires the proprrty utherwise
aftrr default, the mortgagee shall apply. at the time of the commrncemrnt of such pnxeedings ur at the time thr propertp is otherw ix
acquir~~i, the batance then remaining in the fund, accumulatcri unJer ~h) of paragraph 2~+rccrJing as a credit againu the amount of
pnncipai then remaining unpaid us.:;r: ~id n~te am1 sha~~ P~QFe~!Y -+~l~~•t any p~ymcntc Nhich shall have t?~en maJe under lu? of said
paragraph.
4. That he aill pay all taxes, ac~e~sments, water rates. anJ ~uher governmental ur municipal chsrge.. finrs, or impositions, for which
provisiun has not been maJe hereint+~fore, and in Jefault there~f the m~xigager may Qay thc same: anJ that he Nill prompUy deliver the
official rc+ceipts therefor to the mortgagee.
, 5. "That he w•ill permit, commit, or suffer no W aste, impairment, or deterioration of ~:?id property or ~ny part there~~L• arnl in the rvent
of the 1'ailure of the mortgagor to keep the buiWings on said premises and ttwse to be erecteci on said premises, vr improvements thereon,
j in g~wd repair, thc mortgagee may make such repairs ~ in its Jiscretion it may deem neces,ary for the proper preservation thereuf. anJ
the full amount of each and every such payment shall t+e immediately due and payable, anJ shall be secureJ by the lien of thi. mortgage.
! 6. "fhat he will pay all and singular the costc, charges. 3nd expenses. incluJing reasonable lawyer's fees. and costs of abstracts of tide.
~ incurrctif or paid ai any time by the-mongagee be.:ause of the failure un the part uf the mortgagur prompUy 3nd fully to perform the _
( agreements anal covenants of said promiswry note and this mungage, and +aiJ costs, charge~, arxi expenses shall he immediately Jue and
; psyable and shall t?e secured by the lien of this mortgage.
~ 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propeny, insured as may be required from
~ time to time by the mortgagee againsl loss by fire •rnd other hazarJs, catulaties. snd contingencics in such amounts and for such peri~~s as
may be required by mortgagee. ~nd ~+ill pay promptly. when due, any premiums on such insurance for payment of which p?ovision has not
been made hereinbefore. All insurance shall be carried in companies approved by morigagee and the policies and renewals thereof shall
t+e heW by mortgagee and have altached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, arxl mortgagee may make pr~~f of loss if nut made prompdy by mortgagor, anJ each
~ insurance company concerned is hercby authorized and directeJ to make payment for such Ie»s Jirecdy to rtx~rtgagee instrad of to
mortgago~ and mortgagee jointly. anJ the insurance proceeds. or any part thereof, may be applied by mortgagee at its uption either to the
~ reduction ot the indehtedness Nereby secured or to the restoration or repair of the property damaged. In e~•ent ~?f fured~nure uf this
mortgage or other transfer of title to the mortgaged properry in extinguishment of the in~iehtedness ,ecure.i hrr~by, sli righ~i. a~tle. and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That if the premises, or an? part thereol, be cundemoed under any poa•er of eminent domain, or acquirF~l (or a public u~e,
the ;IamaRes, proceeds. and t6e coasideration for such acquisitioo, •to the extent o( the full amount oF indebtcdness upon this
1lortgage,andthe~iote secured hereby remaining unpaid,are hereby assigaed by the 11ottRagor tothe ~lort~agce and shall be pail
fosthNith to thc ~IortRaRee to be applicd b~ it on account of the indebtedness secured hereb~, ~+hether due or not.
9. That the mortgagee may, at any time perxling a suit upun this mortgage. apply to the cuurt ha~•ing jurisdiction thereof for the
ap~wintment of a receiver, and such court thall forthwith appoint a receiver uf the premises covered hereb~• all arxl singular, incluJing all
anJ singular the income, profits, issues. and revenues from whatever source derived. ~ach anJ e~ery uf which. it being eapresslY
~ understooJ. is hereby mortgaged as if specificalfy set forth and Jescribed in the granting anJ habenJum clausc~ hereof, and such receiver
shall have all the broad and etTec~ive functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
~ maJe by such cowt a5 an admitted equity and a matter uf at~solute right to said mortgagee, and withuut reference to thr adequacy or
inadequacy of the value of the property mortgaged or to the solvency or incolvency of said mortgagor or the defendent~. and ihat such
rents, profits. income, issues. and revenues shall be applieJ by such receiver according to the lien of this rrwngage anci the practice of such
court. In the event of any default on the part of the mortgagor hereuncfer. the mortgagor agrees to pay tu the mortgagee on demand as a
~ reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11112> of the aggregate of the twelve monthly
~ installments payable in the then current year plus Ihe actual amount of the annual tares. assessment~. water rates, anJ insurance premiums
for such year not covered by the aforesaid monthly payments.
~
~ 10. That (a) in the event of any breach of this mortgage or defauh on the part uf the mortgagor, or Ib) in the event that any of said
sums of money herein referred to be not promptly and fully paiJ without demand or notice. or Ic) in the event that each arxi every the
~ stipulations, agreements, conditions. and covenants of saiJ note and this m~xtgage. are not duly. promptly. :~rxl fully performeJ: then in
~ ~ither or any such evertt, the said aggregate sum mentioned in said nute Ihen remainig unpaid. K ith interest accr~ed to that time, and all
rtwneys securetil hereby, shall become due and payable fathwith, or lhereafter, at the c~ption of said mcxlgagee, as fully anJ completely as
~ if all oF the said sums of money were originally stipulateJ to t?e paid on such Jay. anything in said note or in thic mortgage to the contrary
notwithstanding: and thereupon or thereafter, at the option of said rtwrtgagee, without notice or demarxl, suit at law or in equity, may be
prosecuteel as if all moneys secured hereby had mawred prior to ils instiwtion. The mortgagee may foreclou this mortgage, as to the
amount w declared Jue and payable. and the said premises shall be sold to satisfy and pay the ~ame together with costs, ex{+enses. and
~ allowances. In case of partial forcclrnure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of Ihis
~ mortgage for 1he amount of the Jebt not then due and unpaiJ. In such case the provisions of this paragraph may again be availed of
y~ thereafter from time to time by the morlgagee.
~ 1l. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ~w~nership of
the premises.
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be heW to t+e a w~aiver of
~he terms hereof or of the rwte secured hereby.
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