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2. ~hat, in order nw~e fully tu prut~~:t thr sicu~ity .~f th~. mur~g.tgr, thr murtgagur, togeiher wiih. ~rx1 in uJJniun tu. ~hr m~mhly
p:?ymen~+ unJer thr tcrm. uf ~hr nutr +rcur~til hrrrb~, un ih~ fir~t J:~) uf r:uh m~~nth unul ~he +a~d r.uir i~ fully pa~d, w~ll pay w Ihe
murt~:y~cr thr f~~IluNine wm~:
la) An amuunt wilw~rnt w prov~J~ thr holder he~ruf M~ih furxl. tu pay 1he neat mu~tgage ~nw~ance premium if thi~ inttrumcnt an
the nulC st~urtal hrrcby are ioau~eJ, ~x a munthly char~c un I~eu .?1 a mortguge ineur~nce prcmwm) if thcy a~c hrlJ by the
ticcrctary uf Huu.ing and Urban Devtlopnxat, a-+f~~liows:
111 1t and so lon~ as +aud nute c~f evrn date arn! Ihis in+trumrm are mwrcd ar are rrinwred unJer the pro~'i~iuns of the
Natiotwl Huu~~n~ Act. a~ am~wnt sutTicient to aa:umulatn in the ha~x1~ of the hulder une l i) month ptiur w its due Jate the
snnusl nwrt~~~t iowrarn:e premium, in cxder a~ pruviJ~ w~h I~u1Jer w•i~h funJti w paY +uch premium u~ ihe Secrctary ot
Housing and Urban Lkvelupmenl punuant t~? the Natiunai Huu~ing Act, a+ amrnded, anJ applic;able ReQuleuons
tAerounJer, cx
111) If and ~o lung as said note ot' even Jate anJ lhis instrumtn~ arc hcW by ihr Secrctary o[ Huu~n~ at~J Urban Devdopment,
a. munthty chargr lin lieu of a mongage in~urance prrmiuml which .hall br in an artwunt cqual w unatweltth 111121 of
one-half 1'•~ 1 per centum uf the avt~age out.ianJing balan+:e due un th~ note computed withuut taking into a~x:uun~
dtlinquencies or prepayments:
(b) A~um eyual ta the grourxf rents, if any, next due, plu~ ihe pram~um+ that w~ll next become due arn1 payable on ~+olicies of fire
and othc~ haxs?rJ irtsura~xe covering the murt8s6~ P~~«Y• P~us tax~s and assestimCnt~ next due on the morlgaged prope~ry (all
as estimated by the mc?rtBwgee> Icss a~~ sums alrcady paid therefor divided by the numbe~ of months to elapx before one munth
pricx w the date when such graurnl rents. premiums. taxes, and assasments will t+ecume delinquent, such +ums to be held by
nxx~gagee in t~ust to psy sa~d SrounJ rcncs. premiums,laxes, and special assessments; and
(c1 WYments mentionrJ in the two preculin~ subsections ut this paragraph and all paYments to be made under the note sccu~ed
hrrcby shall be ad~kd tugether and the aggregate amount Ihereof shall t?e p:+W bY ~he mo~tgagor each month in a single payment
to be applird by the mortgagce to ~hc tollowing items in the order ut furth:
111 prcmium chargr+ undtr the cuntract of iacurance with the Scv:rclery uf Huuun~ and lirban Devebpmenl, ar munthly
charge lio lieu of mortgagr insurance premium), as the cax m•ry be;
111) gruund rent+, taxe+, a~sessmrnts, fire, and olhrr hazard inwran~:e premiums; _
U11? intere.t on the nute ucured hereby; anJ
IIVI amortiiation of the Exincipal otsa~d nae.
Any .leficiency in th~ anx~unt of .uch aggregate mc~nthly paymeot .hall, unirc. made go.K1 by the mcxtg:~g~x priur to ~he due date of
lhe ntxl ~uch paymem. con+titute an rvrnt of default unJer thi+ mortgagr- ~ihe morlgaRer may co~~ct.t a"~ate charge' not to etcerd two
cents 1~c1 for ~ach ~k~llar IS1~ uf exh pa~ment more Ihan fiftzen (1~1 day~ in arrean to covar the extra expense involved in harniling
dtlinyueM payments.
i. That if the total of thr payme~t. m:,de by the mortgagor under 1b1 of paragraph 2 preceding +hall exceed thr aim~unt of the
paymrnt~ actually mede by ihr mextgagre. for grounJ rtntti, tazc~ and a~~escmrnh and imurarwr premium~, a+ thr c•r~e may be. ~ucF.
exoas at the option ot the mottgagre, shall, be creditcd on subsequent payments to be made by the mortgagor, or rcfunded to the
morlgagor_ ff. how~ever, the monthly paymenl~ made by 1he mortgagor unJer Ibl ~f p.~ragraph ~ preceJing shall not be sufficient to pay
grounJ rent~. taxes and ascrs~ments anJ imuranco prcmiums, a~ the ca~e may t+e. Nhen the same ~hall hecome due anci payable, then the
rtwrtgagor ~hall pay tc~ thc mortgagce any amount nerestary to make up the Jrficiency. on cx before 1he datz when payment of such
graund rent+, ta~es. asstssmrnts, ar incurarke premiumc ~hall tx Juc. If ae eny time ihr m~xtgabur ~hall terxier tu the mortgager in
accorJancz Nith the pmvi~ion~ of ~hr note ~rcurrJ harchy, full payment of the rntire indebtalntsc rrpresentrd thereby, the martgagee
shall, in computing the amoum of ~uch irxielxcYlnecc. cretilil ~o the account of the m~x~gagcx all paymenu maJe under the provisions of lal
of paragraph 2 here~if Nhich the murtgagre has not become obligated to pay to the Secretary of Housing arxi Urban Developmerit and any
balance remaining in the funJ~ accumulated ureder the pro~iciom of (b1 of +aid paragraph 2. If there shall be a default wxler any of the
proviciuns ~~f this mortgage. re,ulting in a puhlic +alr ~~f the premi~cw covrreci hrreby. ur if ~hr mortg~gte acyuirrs the property otherwise
alter default. the m~utgagee +hall apply. a~ the umr uf thr cummencement uf wc ~ pr~xeed~ngc or at the time the proprrty ~c otherwise
acquireJ, the balance th~n rem~ining in the funds accumul~tcYi under rh~ uf paragraph 2 precc~ling ati credit again.t the amount of
principal then remaining unpaid unJer said note and shall pruperly adjust sny payments w~hich sh:,ll have been made unJ~r Io1 of said
paragraph.
~1. That he will pa~ all ta~cr. a.tir..mrnts, ~~ater ratc~. anJ o~her ~,overnmtntal or municipal charg~~. fine+. ur impo+iuuns, fur Nhich
prov~sion ha+ nW txen made hereinhefure. and in default therci~f thc murtgager may pay thr +ame: and th.+t he will prumpdy delivcr the
officiel receipts Iherefor co the murtgagee.
5. That he will permil, commit. ur wfCer no wa~te, impairmrnt, or dcteriuration of ~aid property or any part thereuf: arxf in the rvent
of the failure uf ~hr murtgagor ti~ keep the buildingti on said prrmi~r~ anJ tho+e to t+e erectrd on caid premises. or impruvementti th~reon.
in g~xx1 repair, the mortgagee may maMe such repairs as in its Jiscretiun it may deem necessary for the pruper pre.ervation thrreoL anJ
the full ~rtwunt of each anJ evrry +uch payment shall be immeJiately duz and payable. anci shall be secured by the lien of ~his mortgage.
6. "fhat he w ill p•ry ~II anJ :ingufar the cextc, charge., arxl e~{+~nsrs, including reasun•rble lawyer's fees. and costs of abstracts of title.
incur~ed ur paid at any time by the mortgagce b~tiau~e of thc frilure on the pert of the rtwrtgagor prompUy and fully to perform the
agreem~nt, arni covenant+ of ~aid promiss~xy note and ~his mortgage. and sa~d ants, charges, and expenses sh:ill tx immediately due and
payable anJ ~hall be ~tc.ureJ by thr lien uf thi~ m~xtgage•
i 7. -ihat he will kerp the improvement, now~ eristing or hereafter erected un thr mortgaged property. inwred as may be required from
t time to time by thr mortgagee aga~nct lu., by fire and uther hazard~, casulatieti. anJ contingencies in such amounts and for such periuds as
i may t+c requ~re~i h~~ mortgag~e, and w ~II pay promptiy, when due, any premiumti un wch ins~rance for payment of K•hich pruvision has not
~ been made hereinbefore. All insurance shall be carried in companies approved by mortgaBee and the policies and rcnewals thereof shall
~ be held by m~~rtgagee and have attachrci Ihrre~u lixti payable clause~ in favor of a~J in form acceptable to the mortgagee. In e~~ent of loss
he witl give immrdi~te noii~e b}• ma~1 tu mortgagee. arxl murtgagre may make pnw~( of loss if rK~t m~de Qrumptly by morig:~gor, arxl e:uh
~ msurarnr compan~ concerneJ is hercby auth~xized and directed to make payment for such loss directly to mortgagee insteaJ oi to
~ mortgag~~r ~n.f m~xtgagee j~indy, and thr insurance proceeds. or :+ny part ther~~f, may be applieJ by rtartgagee at its uption either to thr
reductiun uf the indeMednecc hcrehy uti:ured or to the restoration or repair of the property damaged. In event of foreclusure of this }
mortgagc or othcr transfer of hde to the mortgaged property in e~tinguitihment of the inJebtedness ~ecured hereby. all right. titlr, and
~ interes~ of thr morlg~gur in and to am~ inwrance ~liciec then in furce .hall p:++s to the purchaser or grantee.
R. That the nwrtgagce maY• at ~ny time ~xrxiing a+uit upun ihis murtgage. :+pply to the court ha~ing junxlictiun thrrcof for the
apEx~intment of a rcti:eiver. :~~x1 such court shsU forU~with appoint a receiver of the premises covered hereby all aixi ~ingul:+r_ including all
arul tingular the income, profits, i~sue-~. and revenurs from whatever wurce derivai. each anel every of which. it t+eing expressly
urxirrct~l. ic hereby mortgag~~l a+ if specifically ut furth anJ Jescritx-e1 in the grantinb and habendum clauses hereof, and such receiver
~hall ha~•e all the bra?d anJ r(fective functium and power~s in anywise entructed by a court to a receiver, and such appointment ~hall be
made by wch court a. an :~dmittrd rquit~ anJ a malter of ahwlute right to ~e~d mortgaKee, and wilhout reference to the aJequacy or
inaJequacy uf the ~aluc uf the pr~~prrty murtgageJ ur to the wlvency or insulvrncy uf ~aid rtwrtgagur or ~he defendrntc, arnl that wch
rents, prufitti. ir~cume, i,~ue.. and re~~rnur~ ~hall t+e applieJ b~~ wch receivei accurJing to the lien of thi+ murtgage anJ thr practice of wch
court. In the event of any defauit on thc part of Ihr rtx~rtgagur hereunJer. the mortgagur agreea tu pay tu the mortgagre un demand ac a
reasonable monthly rental for the prrmne~ an amount at iea~t equ~valent to one-twelfth 11/121 of the aggregate of the twelvr muothly
installment~ payable in the then current year plus the acwal amounl uf the annual taxes. atiscysm~nts, Hater ratrs, and insursnce premiums
for stxh year n~~t covertd hy 1he afon~aiJ monthly paymenh.
9. That lu) in the evrnt uf any breach of thiti m~xtgage or Jefauh on thr p:ut uf the mortgagor. ur Ih) in ~he evcnt thst any of taid
sumti of muney herein refrrr~Yi tu Fx not prompUy anJ fully paid withuut drmanJ ur nutice. ur !c) in the e~•rnt that rach a~J e~~ery the
stipulatiun.. agrermrnt.. c~~nJin~.n.. ~nd covenants uf +aiJ nute anJ thi~ murtgage. are not duly, prumptly, arxi fully performeJ: thcn ~n
- e~ther ur any ~uch event, thr ~i~ a~reg:~te sum mentiuned ~n ~:+iJ nutr then rrmainig unpaiJ. N ith intere.t :+ccrueJ to that time, and all
~ nwney'~ +e~ur~1 herehy. ch:~ll hecome due and payable forthw ith. or thereaflcr, at the ~~+tiun of ~aiJ murtg:+gre. a+ fully anJ completely as
if all of Ihe w~d sums uf rtwney Nerc ~~nginally.upul•rted u. hr paid un tiuch Jay. amthing in wiJ nutr ~x in thi, nwrtgag~ tu Ihe cuntrary ~
~ notw ~Ih.taniling: and thereupun ur thrrca(trr, at the opliun of +aid nwrtgagee. withuut nu~icr ur Jrma~J. ~uit at law ur in ryuity. ma} br
~ prv+ecuteJ ati if :+11 nwneyti ~cti:ureJ hereby had niatureti priur to itc imtitution. The murtgager m~~ f~xrclu+e this mort~;age, a+ tu Ihe
~ artwunt co declarrd Jue and payabir, and the ~aid premi.c~ tihall he .uW to s~titify and pay ~he wme tugether with cu.t+. exFx:nses. and
~ allow:~ncr,. In catie uf partial f~,rcclu~ure ~~f thi~ murtgage. the murlgagrJ premiu~ .halt br wld .ubj~tit tu the ~ontinuing lien of ~hiti
rrk~rtgnge fur the :+muurtt ~~f ~he Jebt n:~t thrr. diie ~nJ unpaid. In ,uch ca.~ thr pruvi~ium u( thiti paragraph may agx~n tx a~•ailyd of
~ thereafter-from t~me tu timc hy thc mort~;egre.
~ IU. I hat the nH~rtgagur ~ ill g~~r immediatr n~~tice by mail t~~ the murtgagee uf a~~y ~om~yance. tran.fer. ~~r change uf uwner.hip of
~ the pr~mitic~.
1 I. That nu ~~rv~r ut any covcnant hrrern or of thc uhli~ation xYUred herrh} .h~ll :~t any time thereafter be heW w tn a waicrr of
the term~ herei~f or of the nule ticcureJ herchy.
~ 12. That if the murtgag~~r JrGwlt in any of the eu~'cnant~ or agrermrnt+ cuntaineJ herein. ~x in saiJ rxrie, then the mortgagrr may
perform the same. anJ ~II ~i{xnd~wrc~ ~ incluJing rea~onable auorrtey'. fec~l madr hy thc mortgager in w duing sh•ril Jraw interest at the
~ rate ut forth in the note ~ecureJ herrhy. and shidl t~ repayable immediately anJ W hhout JemanJ by the rr~rtgagor to Ihe rtwrtsagee, and.
together with interesl anJ c~xt~ accruing Ihereon. ~hall be ucured by thic murtgage.
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