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3. 1Tu~~. in o~der mure iul1~ ~o pru~K~ iht ~u~i~y of ~his mor~~aer, the morte:~~. t~ethn v?ith. arx! in ;K1Jniun ia~, the moniAly
p;~y?mnt~ u~dtr tht te~mc ot the nwr ~tcured hrrthy, on the flnt day cf e:ech nN~nth untii the sai~f w~e is fully paiJ. will paY to ~he
mo~te:yjae ~he (ulluwinY sums:
la) An amou~t sufticie~t to pruvide the hd3ec hereot with luixis to pay the ~xxt mort~a~e iasura~ce premiu~n if this instrument and
the note secwed hereby are insu~cd, or a monthly char~e (in lieu of a mortsaje insuraace premium) if they ue hrld by ~he
Secretary ot Hcwsi~ anJ U~ban Development, as tolb~vs_
(q lf and so long u said note d even date and this insaume~t are insured o~ are rcinsured unde~ the orovisions oi the
NatioQal Nousin~ Ac~, an amount sufficiertt to aceumulate in the hsnds d ehe holder o~e l l) month ~ior to its dus date tM
annual mon~a~e insu~ance prtmium, in ordcr to provide such holde~ with funds to pay such premium to thC Secrttary of
Hw~sio~ and Urban Developmont punuant to the Nati~al Housing Act. as amer?~kd. and applicable Rtgulations
thercunder; or
(11) If and so long as said note o( eveo date aad tAis i~at~umant are held by Iht Secreta~y of Hot:sing and tlrban Devebpmcnt.
a monthly c~arge lin lieu of a mort~age insurance premiwN which shall be in an amount equal to one-tK•elfth (11121 of
ono-half l'h 1 per centum of the av~vage ouutandin~ balance due on the note computed without taking into aocount
. delinquenciea or ptepayments;
(b) A wm e.~ual to the grournl rents, ii any, neat due, plus the p~emiums that wi~l next bernme due arni payable on policies of fire
aod otAer hazard insurance covering the mor~gaged property, plus tues and atxessme~ts neat due on the mc~ngage.i properry lall
ps estimated by the nwrtgasee) less all wms ~atrwdy paid therefcrc dividal by the number of awnths to elspx befote one mo~th
prior to the date whea such growd ronts. premwms, tues, and asseszments wil! become delinquent, such sums to be held by
mortgagee io truu to pay said gnwnd ~ents, prcmiums, ta~ces, snd special assessmenu: and
(cl AI~ PaYments mentioned in the two precedi~g subsections d'this paraaraph and all payments to be made under the note secured
1Kreby slu11 be added together aad tite a86regate amount Ihereot shall be paid by the monaag~x each moath in a singk pnyment
to be applied by tht mortgaget !o the fdlowin~ items in the ader set focth:
1q prcmium charga undet the co~tract oC insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu c+f mortgage insura~xe premiuml, as the case may be;
g~.~nd re~u, taxes, assessments. fire. and other hazard ic4wrance premiums;
(IIU interest on the noce secured hercby; and
UV) amorti7ation of the principal of said note.
Any deficiency in the am~unt of such aggregate monthly payment shall, unless maJe 3ood by the mortgag~x priex to the due datr oi
the ne~t such payment, constitute an event of default under this mortgage. The mortg:+gee may cdltct a"late charge" na to excec~f two
cents 12c1 for each dolla~ ISI1 of rach payment more than fifteen /151 days in arr~ars to cuvt~ lhe extra exptns~ invulved in hanJling
delinquent payments. - -
3. That if ihe total oi the payments maJe by the mortgagor under Ib) of paragraph 2 prtctding shall excred the •rmiwnt of the
payments xtually made by the mortgagee, f~x ground rents. ~aaes and asussmrnts and insurance p~~miums. as tAt ~asK may be, such
ea~oess at the optan of the mortgagee, shdl. be credited on wbsaquent payma~ts to be made by the mortaasor. or refunded to the
mortgagar_ If, howYVer, the monthly payments medt by the mongagor under Ib) of paraZ[raph 2 p~c~eding shall not be sufficient to pay
ground ~entc, taxes a~xl asxssments and insurance premiums, ~ the case may br, whrn the same shall become due arn1 payable, then the
mortg~gor shall pay to the mortgagee any artxwnt ~ecessary to m:Jce up the deficiancy, on or bekxe ~he date veh~n payment of such
gruu~xi rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortpagor sh~ll terxler to the mortgagee in
xrnrJance vvith the provisions of 1he note secured hereby. full payment of the rntire irtdebtedness representrd thereby, the mortgagee
shalt, in rnmputing the amount of such indtbtedness, credit to the account of the murtgagor all payments mack u~xier the provisions of Iu1
of paragraph 2 hueof which the mortgagte has not t+ecome obligate~i to paY to tht Secretary of Hw~sing and i'. ~an Devebpment and any
ba:ance remaining in the funds accumulated unJer the provisions of Ibl of said paragraph 2. If thzre shall be a.fef~ult under a~y of the
provisions of this mortgage, rtsulting in a public sale uf the premises covered hereby. or if the mortgagee acqui~a the propeity otherv?•ist
after default, tt~e mortgagee shall apply, at the time of the commencement of such proceedings or at tht time the p~oprrtY is othervvix
acquireJ, the balance then remainirtg in the funJs accumulated under (b~ of par:?graph 2 precctiiing as a crc~iit agaiast the amount of
principal t~~en remaining unpaid u~xfer said note and sfiall properly aJjust any payments which .hall have tx-e.n made under I~r) of said
paragraph.
4. That he witl pay all taxes, assestiments, v?atrr r~tes. and Wher governmental or municipal charges. fines. or iu~~~itions, for which
provision has not been made hereinbefore. and in Jefault thercwf the mortgagze may pay the same: and that he v?ill promptly Jeliver the
otTicial receipts therefor to the mortgagee.
5. That he wilf permit, commit, or sufier no w aste, impairment, or deterioration of said prooerty or any part thereof; a~x1 in the evrnt
of the failure of the mongagor to teep the buiWings on said premiscs and thine to be erected on said pr~mises, or improvemtnts therton. _
in gaod repair, the mortgagee may make such ~epairs a~ in its discr~tion it may deem necessary for the proper preservation thereof, and
the full amount of each and every• such payment shall be immediately due and payable, and shall be secured by thc lien of this mortgagr.
6_ That he w~ill pay all a~x1 singular the cusGS. charges. anci expenses, including reawnable lawyer
s fecs. and costs of abstracts uf title.
incurrctil or paid at any time by the morigagce because of the failure on Ine part of ~he rtwrtgagar promptly and fully to perform the
agreements and covenants of said promiss~y note and this m~tgage, and said costs, charges. a~x1 expeRCes shall be ~mmediately Jue and
payable and shall ix secured by the lien of this mortgage.
7. That he will keep the impro~emtnts now existing or hereafter erected on the mortgaged property, insured as may be required from
time to time by the rrwngagee against loss by fire arxi other hazardc. casulaties, and contingencies in such amounts and for wch Qeriods as
may be required by mortgagee. and w•ill pay promptly, when Jue, any premiums on wch insurance for payment of which provis'aa has not
been made htreinbeforc. All insurance shall be carriod in companies appr~ved by mortgagee and ttte policia and rer.svrals thercof shall
be heW by mortgagee and have atta~:hed thereto lo6s payable clauses in favor of and in form acceptable to the mortgagee- In evcnt of loss
he wiU give immediate notice by mail :o mortgaget, arnf morcgagee may make pro.yf of loss if not made promptly b} mortgagor. am1 each
insu:..~ce company concerned is henby authorized and directed to make payment for such loss directly to mortgagce inctrad of ta
rrwrtgagor arxi mortgagee join~ly, and the insurance proceais, or aeY Part thereof, may be appii!d by mort8a8ce at its option either to the
reduction of the irnlebteJness ~ureby secured or to the restoration or ~epair of the property damaged_ In e~•ent of foreclosure of this
mongage vr other transfer of title to the mortgaged proQzrty in extinRuishment of the indebtedness secureci hereby, all riFht, title, and
interest of the m~xtgagor in and to any insuranct policies then in force shall pass to the purchaser or grantee.
8. 71~at if the premises, or any part thereo(, be condemned under aay power o( eminent domain, or acquired [or a public use,
!he damages, proceeds. and the consideration tor such acqnisitioa, to the exteat of the (ull amount o( indebte~fness apon thia
~lortgage, aad the ~ote secured hereby remaining unpaid. are hereb~ assigned by the ~IortEragor to the Slort~cagee and shall be paid
forthNith to the ~1onAa~tee to be applied by it oa account o( the indebtedoess secured hereb}. Nhethe~ due or not.
9. That the mortgagee may, at any timt pe~xling a suit upun this mortgage, apply to the court having jurisdiction thereof for the
appoinirtxnt of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby ail arxi singular. including all
and singular the income, profits, issua. and revenues from whatever source derived. e~h and every of which, it being eapressly
understoai. is hereby mortgaged as if specificaily set forth and described in the granting and habendum clauses hereof, and such receiver
shall have all the broad ared efiective functions and powers ~n anywix entrusted by a court w a rceeiver, and such appeintment shall be
made by such court as an aJrt:itted oquity and a ma:ter of absolute right to said mortgaget, and without reference !o ehe adaqaacy or
inadequacy of the value of the property mongaged or to the solve~y or insolvency of said mortgagor or the defcndents, and that such
rents, profits, income. issua, and rer•enues shall be applied by such receiver xcording to the lien of this mortgage and the praciice of such
court. In the evcnt of any default un the part of the mortgagor hercunder, the mortgagor agrees to pay M thr r.~orcgagee on uemanJ as a
reawnable monthly rental for the premises an amount at least equivalent to one-tvrclfth 11?121 of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes. assessmeots, Nater rates. and insurance premiums
for such year nol covered tryr the aforarid mo~?thly payments
~p, That la) in the event of any breach of this mortgage or default on the part of the mortgagor. or (h) in the event Ihat any of saiJ t
sum3 of money herein rderred to be not promptly and futly paid without demand ar notice, or Ic) in the event that each ard every the
stipulations, agreements, conditivns. and covenants of said note and this mcxtgage, are nct duly. promptly. arn1 fully performeci: then in
either or any such evrnt, the said ap,gregate sum mentioned in saiu note then remainig unpaid. with interest accrued to that time. and all
moneys secured hereby, shall become due and payable forthw~ith, or thereafter, at the option of said mortgagee, as fully and completely as
if all of the said sums of money w-er~ originally stipulated to be paid on wch day. anytF.ing in sa?d note or in this morigage to the contrary
notwithstan~ling: and thereupon or thereafter, at the c+~tion of said mortgagee. w~thout notice or demand. suit at law or in equity. may be
prosecuted as if all moneys socureJ hereby had matured prior to its institution. The mortgagee may foreclou this rrwrtgage. as to the
amount so declared due and payable, and the said premises shall :x sold to satisfy and pay thr same ~ogether with costs. eapenses. and
allowances. In case of partis! foreck?cure c~f' this mortgage, the mortgaged pre:nises shall be sofd subje:t to the continuing licn of this
mongage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph ma; again bt availed of
fhereafter from time tn time by 1he mortgagee.
11. That the morlgagor vrill give immeJiate notict by mail to the mortgagee of any conveyance. transfer, or change of ownership of
the premises.
12. That no waiver of any covenant herein or of the obligation secured hereby shall at aoy time thereafter be held to be a waiver of
the terms hereof or of the note secured hcrcby.
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