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2. That, in ardir mcxe fully to prutect tht u~urity ot this mo~~ea~e, the mur~~~r, t~~ethcr v?ith, xm1 m aKtd~t~un Ia thc rnmthiy
paymenl~ unJer the terms of the nott cc~u?e~1 hrrrl+y, on the first day of each mnnth until the s~id nWt ic fu11Y pa~d. will paY lo tht
mortgagte Ihe followinQ sums: •
(a) An amount wfficient to provide the holder hereof v?ith tunds to pay the next mo~tp~e inwrance p~emium if ~his insvument and
the note secured hereby are insured. or a monthly char~e (in lieu of a morttase insu~ance Premium) it they ue held by the
Secrcury of Housin~ and Urban Developmenl, as folbws:
(1) If and so long as said note of evcn date and this instrument are insurod or ue oeinwrod unde~ the provisions d the
Natioaal Housin~ Act. an amount sufFicient to accumulate in the hands d the holder a?e (11 mouth~wr to itsdue date tbe ;
annual morl~a~e insu~a~ce prcmium. in order to provide such hdder with funds w psY wch premium to tfx Secretary ot ;
Housinf and U~ban Developmeot pursuant to the National Housing Ac~ a~ smendtd. and sPP~icabk Re~ulstions
thueundcr: or ~
(11) If and so lo~ as said note of eve~ date and ~his instrument ue held by the Socretary of Housins and Urban Developmrnw ~
a monthly charge (in litu of a mortgage insurance premium) which shall be in an amount equal w orte-twetfth (1112) of
Q~-~~{ !v~) per centum of the averag~ outstanding ba?Iance due on the note computod without ahius into socount
delinquencies or prepayments: :
lb) A sum equal to the ~rouod rents, if any, next due, plus the premiums that will next beoome due ard payable on policies of 6r~e Y
311d OlilCf ilaLtli~i i~uUieiii:G Wyct itt i:~c I:a'r:: •J..~ e..~l .e~~ee~nta ~il dut on lllt IIIO~it~t~ P~~P~rtY lall
~ s:~su t vr a.j. y.+ ;
~ as estimated by the mottgatee) less all wms ~I~esdy paid therefor dividad by the number of months to elapse betore oae moath ;
priar to the date when such girou~d rcnts, pre5m~ums. taxa, as~d assessments will bocome deli~quent, such waa to be held by ~
mortgagee in trust w pay said 6round rents, premiums, taxes, and special asxssments: and ;
(c? All Paymenu ment'aned in 1he tw~o preced~ng subsections of this pangrap6 and all payments to be made ualet the aote socured ;
hereby shall be added togetAer and the aggregate amount thereof shall be paid by the mortga~or each month in a sir?jk payment i
to be applied by the mortYagee to the following items in the order set forth: ~
(t) prcmium charga under the convact of insurance with the Secretary of Housing and Urban Devebpmen~ or awnthly
charge (in lieu of mortgage insurance premium), as the case may be; ;
Ul) ground rents. tattes. atsessments. 6re. aaci othet hazard inwrance premiums: ~
(!11) interest oa the note securod hereby; and
(IV) amortiraaon of the principal of said note• ~ $
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the m~xtgagor prior b the due date of
the next such payment, constitute an event of default under this mongage. The mortgagee may cdlect a"late charge" not to txceed tw'o ~
cents (2c) for each dollar (SI) oi each payment more than fifteen 115) days in arrears to cover ~he eatra expense involved in handling ~
delinquent payments. -
3. That if !he total of the payments made by the mortgagor under Ib) of paragrapb 2 preceding shall eaceed the amount of the
payments actually maJe by the mortgagee. for ground rents, taxes anci assessments and insucance premiums. as the case maY be• wch ;
eaccess at the option of tde mortgagee. shall, be aedi[ed on wbse4uent paYa?eau eo be made by We mortp~or. or rcfund~ed [o the ~
mortgagor. If, however, the monthly payments made by the mortgagor unJer Ib? of paragraph 2 preceJing shall not be sufCxient to pay ~
ground ren[s, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payabk, then the ~
mortgagor shall pay to the mortgagee any amount necessary to make up the deficien?:y, on or before the date when payment of wch
ground rents, tazes, assessments, or insurance prcmiums shall be due. If at any time the matgagor stwl~ ternier to the mort6a8K ~
acrnniance with the provisions of the note secured hereby, full payment of the entire irniebtedness represented thereby, the mortSaEee
shall, in computing the amount of such indebtedness, creriit to the account of the mortgagor all paYments made unde~ the pm~is'wns of 1a) ~
of paragraph 2 hereot which the mortgagce has not becume obligated to pay to the Secretary of Housing and Urban Devebpment aad any
t?alance remaining in tAe furnls accumulated uncier the provisions of (b) of said paragraph 2. If there shall be a default undcr any of the ~
provisions of this mongage, raulting +n a public sale of the premi..es cmerod hereby, or if the mortgagee aoquires the property otherr?'~se
after default, the morigagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise ~
xquired, the balance lhen remaining in the funds accumulated under (b) of paragraph 2 precaiing as a credit against the amount of
principal t.~en remaining unpaiJ uetder saiJ note and shall properly adjust any paymenu which shall have betn e~ade under /o) of said i
paragraph. '
4. 7hat he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines. or impositions. for vrhich s
provision has not been made hereint+efore, and in Jefault thereof the morigagee may pay the same: and that he will promptly deliver the t
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official receipts therefor to the mortgagee. ?
5, That he will permit, commit. or suiTer no waste, impairment, or deterioration oF said property or any part thereof: and in the e~~ent ~
of the failure of the mortgagor to keep the buildings on said premises and tfase to be erec[ed on said premises. or improvemenu thereon.
in go«1 repair, 1he mortgagee may make such repairs as in its discretion it may deem necessary for the proper Qreservation thereof, and -
Ihe [ull arrwunt of each and every such payment shall be immediately due and payablc, and shall be secured by the lienof this mortgage- ~
6. That he will pay all arni singular the costs, charges, and expensa, including reasonable lawyer
s fees, and costs of absvacts d titk.
~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the -
agreements a~xl covenants of said promissory note and this mortgage, and said costs, charges, and exper~ses shall be immediately due and ~
' ` payable and shall be secured by the lien of ihis mortgage. '
j 7. That he will keep the improvements now existing or hereafter erecteJ on the mortgaged property. inwred as may lx required from ~
E time to time by the morigagee against loss by fire and other hazards, casulaties. and contingencies in such amounts and for wch periods as ~
~ may be requirrd by mortgagee, and will pay prompdy, when due. any premiums on such insurance for payment of which pro~ ision has oot ~
~ been made hereinbefora All insu~ance shall be carried in compania approved by mortgagee and the Policies aad renewals tfxreof s6a11 ~
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form aviceptable to the moriBagce• In event of loss ~
he will give immediate notice by mail to mortgagee, anJ moriga8ee may make proot of loss if not made promptly by mortgagor. and each
insurance company concerned is hereby authoriud and directed to make payment for such loss directly to mortgagee instead of to
mortgagor aod mortgagee joinUy, and the insurance proceeds. or any part thercof, may be applied by mortga8ee at its option either to the
reduction of the inJebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness saured hereby. all righ~ title. end .
inte~est uf the mortgagor in and to any insurance policies then in force shall pass tu the purchaser or grantee.
8. 77~at i( the premises, or any part thereot, be condemned under any power of eminent domain. or acqnired (or a public use.
the damaqes. proceeds. and the consideration (or such acquisition. to the extent ot the tull amount of indebtedness upon this
~lortgage, and the~Iote secured hereby remaining unpaid, are hereby assigned by the ~tortgagor to the ~lortp~gee and shall be paid '
(orthNit6 to the ~tortRaRee to be applied by it on account o( the indebtedness secured hereby, w6ether doe or not. :
~ 9. Tt~at the mortgagee may. at any time pending a suit upon this mortgage, apply to ihe court having jurisdiction thereof for the _ ~
appoiniment of a receiver, and such court shall forthwith appoint a receiver of the premises coveraf hereby all and singular. includi~ all }
and singular the income. profits, issues. and revenues irom wnatever source ~crivc~i. cach a:td every of which, it being ex~cssly ~
understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauxs hereof. and wch raeiver ~
shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted oquity anJ a malter of absolute right to said mortgagee. and vv~thout reterence to the adoquacy .~r
inadequacy of the value of the property mortgaged or to the solvency or insolvency d said mortgagor or the defendents, and ihat wch
rents, profits, income, issues. and revenues shall be applied by such receiver according to the lien of lhis mortaage and the prutice of wch
~ court. In tht event of any default on the part of the mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on demand as a
- reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11/121 of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annua{ taxes, assessments, water rates, and inwrance prcmiums
~ for such year not covered by the aforaaid monthly payments.
~ ~p, That (a) in tM event of any breach of this mortgage or default on the pan of the mortgagor. or l6) 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 cach and every the ~
ax stipulations, agreements, conJitions, and covenants of said note and this mortgage, are not duly. promptly, and fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then rema~nig unpaid, with interest accrued to that time. and all r
moneys secured hereby, shall become due and payable forthwith, or thercafter, at the optiun of said mongagce, as fully and compktety u ~
if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
} notwithstanding; and lhereupon or thereafter, at the option of said morlgagee, without notice or demand. suit at law or in equity. may be
~ prosecuted as if all moneys secured hercby had matured prior to its instiwtion. The mortgagee may foreclose this mortgage, az to the
~ amount so declared duc and payable, and the said premises shall be sold to satisfy and pay the same togdher with costs. expenses. and
~ allowances. In case of partial f~xeclosure of this mortgage. 1he mortgaged premises shall be sold sabjoct to the continuing lieo of tha
mortgage for the amount of the debt no1 then due and unpaid. In such case the provisions of this puagraph maY again be availed of
~ thereafter from time to time y 1 e m~xtgagte. .
I 1. That the mortgagor will give immediate notice by mail to the mortgagce of any cunveyance, t~ansfer, or change of ownership of
the prcm~ses_
12; That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaGer be held w be a w-aiver of
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~ the terms hereof or of the oote secured hereby. • ,
OR ~
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