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2. That. in or~ murc fully w p:utcc~ th. +rcurity of this rtw~t~a~e. the mur~e~Xur, t~cthe~ wnh. ~rn! in :nlditiun to, thr mon~hly
paymtntc undcr the te~ms uf ~ht note ~ecurr~i hr~eby. ~o :he first day uf rach m~nth uotil the wa1 nwe is (uily {wiJ, will pay to Ihe
mo~te:y~re the fi~lluwin~ sums: ~
(a) An amourtt suf'ficient to pruviJe tAe holdcr he~a*~t v?•ith fu~+c to pay the ?xxt m~on~s~e insurance premium if this insaument snd
the note sccured heroby ue iasu~ed. a a monthlY cha~se lin lieu at a mxt~age insurance promium) if they uc hcld by the
Saretary a[ Housin~ and Uiban Development, as fc~lbws:
q) lf xnd so la+~ at said note af even date and this insuument urc insurcd or aro rc~nsured un~ier the nrovisions of the
Nat~oaal Huusu?i Act. aa amouat wfl"Kie~t to aocumulate in the hands af the holder one (1) month prior to ita due date the
annwl mon~a~e insurance promium, in order to provide such hdde~ with tunds to pay such prcmium to lhr Secrclary of
Housi~ aad U~ban Development pursuant tu the Natio:wl Hou.tin= Ac4 u aaxRCied. aad applicable Rc~ulatiu~s
the~eunder. cx
(IU -if and so long u said ~ote of even ~iate and this iastrument are heki by the Sccretuy of Housinj and Urban Devebpment.
a monthly charEc tin_lieu ..i a mort~aage insurance premium) which shall be in an amount equal to one-twelith 11/12) af
ooahalf l~) per centum of the average outstanding balance due on the note oomputod without takin~ into aaount
de{inquencies or prtpaymcnu; •
~ Ib) A wm equa! to the sround rents. if any. nest 3ue, plus the premiums that will qext become due and payabie on p~licies of fire
and uthr~ hazard insurance rnvuing thc mo~tgageci property. plus tua and assessmenfs neat due on the mort~aaged property (all
u estin?atcd M? the mcrt`aaee) less all sums alreadY Paid thador divided br the numba o( months to elapae befoce oae montA
p~or to thc dau whca w:h ~uad rents, ptemeums, taxes. and asaesxments will become dehnqucnt, such sums to be held by
mo~tgagee in trust to psy said Bround rents, premiums. taxes. and spccial Yssessmenu; and_
lc) All WYments mentioaed in t!?e two preceding subscctions of iha pars~aph snd all paymeats W be mde under the note secured
Asreby shall be sdded together and ihe aagreYate amount thereof shall be paid by the mortgaYo~ each moA~h in a sinsk paymeat
to be applied by the mo~rtgagee to the fdlowing items i~ the or.fer set fonh:
IU premium charges unde[ the contract of insurance with the Secretary of Housins and Utban Devebpmer.t. or monthly
charge (in lieu of maigage insurance premium~ as thc case may be;
(Il) ~ound rcnts. taxes. asxssments. Rra, and other hazard inwrance premiums:
t11q iatertst on the n~te sccural hercby: and
(IV) amortizaaon otthe priocipal of sa~d note.
Any deficiency i~ the amoum of such aggregate monthly payment shall. untas made gooJ by the mortgagor prior to the due Jate of
the next such payment, constitute an event of Jefault under this mongage. The mortgagee may collect a°Iata charge" not to exceed two
cents l2c) for each dollar ISI1 of tach pay~ent morc than 6fteen (IS) days in arn:ars to cover the extra ~xpense inralvecl +n hanJling
delinquent paymtnts.
3. That if the total of the payments made b,y Ihe mo~tgago~ under 161 of paragraph 2 preceding shall txceed the artw~nt of the
payments acwally made by the mMtgagee, for ground rents. taxa and assescments and insurance premiums, u the case may be. wch
exoess at the option of the mortgagee. shall. be credited on wbaaqueat paymeats to be made by tt~e awrtaa~or. or refunded to Ux
mortgagor. If, t?ov?rcver, the monthly payments made by 1he mortgagor under 161 of paragaph 2 preceding shali not be sufficient to pay
gruwnd rcnts, taces and atstssments and inwrance premiums. :es the case may be, whe~ the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amo.snt nec~ssary to maks up the deficieocy, o~ .x btfixe the date v?hen payment of such
ground rents, tates. assessmenls, or insurance premiums shall be due. If at any time the mortgagor shall te~xfer to the mortgagee in
xco~nce w9th the provisions of the note secured hereby, full payment of the entire inJebtednas represented thereby, the mortgagce
shatl, in computing the amout?t of wch indebtodness. credit to the account of the mortgagor ali Qayments made under the provisio~u of la)
of paragraph 2 hereof which the morigagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any
balance «maining in the funds accumulated vnder the provisions of (b) of said paragraph 2. If there shall be a default urnltr any of the
pro~isiom of this mortgage, rewlting in a public sale of the premises cuvered hereby, or if the mortgagee aoquires tAe property
othrnvise
after de:ault, the mortgagee shall apply, at the time of the commencement of such proceedings ix at Ihe time the pm~rty is otherwise
xquired, the balance then rcmaining in the [unds accumulated under (b~ of paragraph 2 precnling as a credit against the artwunt of
principal ti~en remaining urtpaid u~xier said note anJ shaU properly adjust any payments which shall have been maJe under tu) of said
paragraph. .
4_ That he will pay all taxes, acszcsments, v?ater rates, anJ other governmental or m~nicipal charges, fine~ or impositions. for which
provision has not been made herrinbefore, anJ in default thereof the mortgagee may pay the same: and that he will promptly deliver the
officiai receipts therefor to the morigsgee.
S. That he will pcrmit. commit, or wfFer no wazte, impairment, or detcrioratiun of sai~! property or any part therruf; ancl in the event
of the failure of the rtartgagor to keep Ux buililings on said prrmises and those to be erected on said premises, or improvemenu thereon.
in good repair, the mortgagee may make such repairs as in its discretioa it may deem necessarY for tht proper prestrvation thereof, and
the full amount of each and every such payment shali be immediatdy due arnf payable. and shall be secured by the licn of this mortgage.
6. That he will pay all a»d singular the costs. chuges, and eapenses. including reasoeable lawyer s fees. and costs of abstracts of tide,
incurrod or paid at any time by the mortgagee because of the failure on the part of the awrtga~r promptly and fully to perform the
agreements and covenants of said promissory note and this morigage, and said casts charges, and expenses shall be immediately due and
pavable and shall be secured by the lien of this mortgagc.
7. That he will keep the imptovemcnts now eaisting or hereafter erected on the mortgaged property. insured as maY be required from
. _ . ~ ~ as
. - - . ar.t~::a:~:..-s3 .ar ~:::t ::~:l~
{ time to time by the mo[tgagee aga~nst lo6s by fire aK1 vcher hazarais. ~~aia.ics. a~sd ..o:..:agc ~.::s :z sa:... F~
i may be require~ by mortgagee, and vrill pay promptly, when due, any premiums on such insurance for payment of rhich pro~'ision~has not
~ beea made txreinbdor~e. All inwraece shall be carriod in compan:es ap~roved by mortgagee and the policies.s~d cepevraLs tLtreof sbaQ.
be heW by mortgagee and have attachod thereto laas payable clauxs in favor of and in form aCts~c3ble to thc moctga8ta ln~~vent of loss
he will g~ve immaliate notice by mail to mortgagce. and mort8agee may make proof of loss if qotitb~e~irompdy by mortgagor, and each
insurance companp concerned is hereby aothoriud and directe:t to make payment for such luas directly to mortgag.e irstrad of to
mortgagor arzd mortgagee jointly, and the insurance praceeds. or any part thercof, may be applial by mortBaSce at its vption cither to the
reductiun of the inclebtalnu~ hereby secured or to the restoration or repair of the propMy damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indelNedness secured leereby, a0 right, title, and
interest of the mortgag.x in and to any insurance policies then in force shall pass to tfr_ purchaser or grrntee.
8. 77!at i( the premises. or an~ part thereot, be condemned apder any power o[ eminent domain. or acquired tor a public u~e,
the damages, proceeds. and t6e consideration tor such acqaisition. to the e:tent o( the (utl amount of iAdebtedness upon ~his
~lortgage. and theNote secured hereby remainiag unpaid. are hereby assi~ed by the alortEtagor to the ~lortgagee and shall be paid
torthaith to the ~IonRaRee to be applied by :t on account o( the indebtedness secured hereby. Mhether due or aot.
9. That the mortgagee may, at any time pending a suit upon this mortgage, app~y to the tourt having }urisdiction thereof for the
appeinlrrxnt of a receiver. and wch court shall forthwith a~point a receiver of the premises covered hereby ail and singular. including all
and singular the income. profits, issue;, and revenues from v?hatever source derived, each and every of which, it being expressly
understoud, is hereby mortgaged as if specifically set forth and dacribed in the granting and habendum clauses he~eof. and wch receiver
shall have all the broad and effcetive functions and powers in anywise entrusted by a court to s. receiver, and such appointment shall be
made by such court a~ an admitted aquity and a matter of absolute right to said mortgagee, and without rtference to the adequacy or
inadequacy ot the value of the property mortgaged or to the solvency or insolvrncy ~ said mortgagor or the dekndents, and that such
rents. profiu, income, issues, and revenues shall b- appfied by such rec.eiver according to the lien of this mortgage anci the practice of such
court_ In the event of any default on the part of the mortgagor hereunder, thc mortgagor agrees to p~y to the mortgagee on demand as a
reasonable month~y re~tal for the premixs an amount at Ie3st equivalent to on~-twelfth (1/~2) of the aggregate of the twelve monthly
instaitments payable in the then cu~reot year plus the actual amount of the annual taxes. asxssments, w~ater raies. and insurance premiums
for such year not cover~d by tix afaesaid menthty payments.
~p, That (a) in the event of any breach of this mongage or default on the part of the morigagor, or Ib) in the event that any of said_
sums of moncy herein referred to be not promptly and fully paid without deraand or notice. c~ (c) in the event that each and every the
stipalations, agreements. conditions. and covenants of said nae and this r~ortgagc, are not duly, promptly. and fullq performed; then in
either o~ any such event, the said aggregate sum mentioned in said note then remainig unpaid. with intcrest accrued to that time, and all
moneys secured hereby, shall become due anJ payable forthwith, or thaeaRer, at the option of said mortgagee, as fully and completely as
if all of the said sums of money were originally stipulated to be pa~d on such day, any:hing in said note or in this mortgage to the contrary
notM ithstanding; and thereupon or ther~after, at the option of said mortgagee, without notice or demand, suit at law c~r in equity, may br
prosecutod as if all moneys securod hereby had mawred prior to its irutitution. The ~nortgagee may foreclose this mortgage, as to the
amount so dcelared dut and payahle. anJ the said prem~aes shall be sold to satisfy and pay the same together with costs, expenses: and
albwances. In case of partial foreclowre of this mortgage. ~he mi,rtgaged premises shall be sotd subject to the continuing lien of lhis
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed uf .
thereafter from time to time by the mcxtgagee-
11. That the mortgagor will give immediate notice by mail to the mortgagte of any conveyance, transfer. or change of ownersnip of
the premises. .
12. That no waiver of any covenant herein or of the obligatian securod hereby shall a1 any time thereafter be held to be a waiver of
the terms hereof or o( the note secured hereby_
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