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2. ~fhat, in urJer murr fuUy tu protrci thr +~~urity ot 1hi~ mcxtgagr, thr murt6:~ur. togrthr~ wnh, anJ ~n adJitiun tu, thr nx?nthly
payn~nt. undr~ tAe tcrm+ uf the nute ~ctiurrJ hr~rby. on the fint J;~y of r:xh munih until Ihr ~aiJ nute ic fully paiJ, will pay lo lhe
murtg:~tr the fi?Iluwing .ums:
lul An amount wfficient to pruviJe the holde~ herzof with funJs to pay the ntxt mortgagt ~n~urance premium iithis ip+trument and
the note securai hereby are insu~ed, or a mo~thty chuRe lin lieu of a mortgage inaurance p~rmium) it they are hcld by thz
Secrc~ary of Housin~ arni Ucban Development, as Pulbws:
ll? If and w lon~ as said note of even date and this instrument are insurecl or are reinsured u~xler the provisions of the
National Hous~na Act. an amount suflicient to aocumulate in the hands of the holder one l l) moMh prio~ to its due date the
an~ual nwrtgage insurance promium, in onler to proviJe such holJrr wilh funds to pay wch premium to the Secretary of
Housing and Urban Devtlopment pucsuant Io the Nutiunal Hou~ing Act, as amended, and applicable Regulatiuns ~
;
thereunJer; or
IIi1 If and so long as said oote of evtn date arn1 this insuument are held by the Secretary ut Houcing arxl Urban Development,
a monthly charge lin lieu of a martBaBe insurance premiu~n) whicfi shall be inan amount tyual tu une-twelfth I1112) of ~
one-half /ti4) pe~ centum ot lhe average ouatarnling balance due on the note computed wi~hout taking into aocount ~
delinquencies or ptepayments: ~ i
lb) A sum equs! tu the gruurxi rents, if any, neat due. plus the premiums ~hat wijl neat become due artd payable on policies of fire +
and other hazard insurance wvering the mo~tgaged prope~ty, plus taxes and actessments next due on the mortg~ged property lall ;
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when sueh ~ourn1 ~e~ts, prem~ums. taxes, and assessmona will become delinquent, such sums to be held by
moctgagee in trust to paY said ground rents, premiums, laxts, and special asstssmcnts; and
(c) All payments mentioned in the tw~o preceding subsections of this paragraph and all paymentc to be made under the note secured
hereby shall be added togetAer and the aggregate amount lhereot shall be paid by tAe mortgagor exh month in a single payment
to be applied by the mortgagee to the Iollowing items in the urJe~ xt forih:
(1) premium charga under 1he contract of insurance wilh the Secretary of Housing and U~ban [kvelopment, or monthty
charge lin lieu of mortgage insurance premiuml. ~s the case may be;
(11) ~ground rents, taaes. assessments. fire, and other hazard insurance premiums;
(III) interest on the note secured hereby; arxi
QV) amortizatiun of the pri~cipal of said twte. -
Any deficiency in 1he amount of such a~,r~rgate montAly payment shall, unlest maJe g~wd by the mortgagor prior to thr duc datc of
the nett such payment, constitute an event of default under ihis mortgage. The mortgagee may callect a"late chuge" not to eaceeti two _
cents 12c) for each dollar IS11 of each payment m~xe than fifteen 1151 days in arrears to cover the extra expense involvc~l in handling
Jelinquenl payments. - ~
3. That if 1he total of the payments made by the mortgagor under Ib1 of paragraph 2 prrceJing shall rxceed the artx~unt of the
payments actually made by tht mortgagee. fur ground rents, taxes and assessmtnts and insurance premium~. as the case may be, such
excea at the option of the mortgagee, shall, be credited on subaaquent payments to be made by the mongagor, or. refunded to the
mortgagor. If. however. the monthly payments made by the mortgagor under Ib1 of paragraph 2 preceding ~hall ~ot be sufficient to pay
grourxl rents, la~es anJ asxssments anJ incurance premium~, as the case may be, when thr same shall become due a~xi payable. then the
mortgagor shall pay to the mortgagee any amount necessary to m:?Ye up the Jeficieocy, on ~ t+eforc the Jate when payment of such
grourxi rentt, taxcs, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the m~xtgagee in
acca~dance with the provisions of the note secured hereby, full payment of th~ entire irnlebteciness represented thereby, the mongagee
chall. in computing the amouot of such irxiebtedness. credit to the account of ihe mortgagix all payments maJe under the provisionc of lu)
uf paragraph 2 hereof which the mortgagee has not become ot+ligateJ to pay to ihe Secretary of Housing anJ Urban Devetopment and any
balance remaining in the funJs xcumulate~! uncier the provisions of' (h/ of said pa~agraph 2. If there .hall be a default urnier any of the
provisions of this mortgage, resulting in a public sale of the premises covered hercby, or if the mortgagee aoquires the pn~erty otherwise
after default. the mortgagee shall applr. at the time of the commerkement uf cuch procerJings or at the time the pro~?erty is otherw~ise ~
acyuired, the balance then remaining in the funds accumulateJ under ~b) of paragraph 2 preceJing :u a crrdit agaim~ the amaunt uf
principal then rcmaining unpaid urxler said note and sha~l properly adjust aoy payments w:~:.h shall have lxen made under lu) of said -
Eiaragraph. '
-3_ That he will pay all taae~, a~sessments, µ•ater ratec, and other governmental or municipal charges. finec, or impositions. fur which !
provision has not been made hereinbefore, anJ in Jefault thereof the mixtgagrc may pay the same: anJ that he will promptly delivcr ~he
official re~eipts ther~for to the mortgager. .
S. 'That he will permit, commit. or sufTer no w~ste. impairment, or deterioration of'said property or any {fart ther~f; arnf :r event
of the failure of the mortgagor to keep the,buildings un said prem~ses and those to be erected on said premises, ur improvemer~ts thereun.
in g:wd repair, the mortgagee may make such repairs as in its discreiion it may deem =iecessary for the proper preservation thereof, and
the Cull amount uf each and every such payment shall be immediately due arxi payable, and shall be secured by the lien of this mortgage.
6. That he will pay all ancl singular the costs, charges. arxi expenses, inclu~ling reasunable lawyer s fees, and costc of abstracts of title.
incurred or paid at any time by the mortgagee because uf the failure on Ihe part of 1: ° murtgagor promptly anJ fully to perfiirm the
agreem..nts arni covenants of said promissory note and this mortgage, and said casts, charges, arxi expenses shall be immediately ~iue and.
~ payable and shaU be secured by the lien of this mortgage.
~ 7. That he w~ill keep thr improvernents now existing or hereafter erectni on ~he rn~rtgaged property, insured u rr~y be rrquired from
e time to time by the mortgagee against loss by fire am+ aher hazards, casulaties, and contingencies in such amounts and for su:h periuds as
~ may be required by mortgagee. and will pay promptly. when Jue, any premiums on such insurance fvr payment of which provision has not
~ been made hereinbefore. All insurance shall be carried in companies approved by mort8a8ee and the policies and renewals thercof shall ~
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the rtxxtgagee. In event of loss
~ he will give immediate notice by mail to mortgaget, and mortga~ez may make proof of loss if not made prompUy by mortgagur. ancl each
insurance company co~cerned is hereb~ -~horized and directed t~ make payment for such I~xs Jirecdy to rrx~rtgagee insteaJ of to
mortgagor and mortgagee joinUy. and thc .isurance proceeds. or : ~y part thereof, may be applirJ by mortgagee ~t its option either to the
~ reJuction of the indebtedness hereby secure~ or to the restoralion or repair of the property Jamaged. In event of foreclusure of this
rtwrtgage ~x othrr transfer uf title to thr mortg•rged pr~peny in eatinguishmem oi ihe indebtedness secured hereby, all right. tiUe. and
interest of the mortgagur in and to any insurancc policies then in force shall pan to the purchaser or grantee.
8. That if the premises, or anp part thereof, be condemned under any powet of eminent domain, or acquired (or a public use.
the damages, proceeds, and the consideration iot such acquisition, to the extent o( the full amount oi indebtedness upon this
)lortg:.ge.andthelote sccured herebv re ~inin~ unpaid,are hcreby assigned b~• the \tortRa~or tothe \lortgagee aad shall be paiJ
torthNith to the ~lortp,aRee to be applied b~ it on account o( the indebtedness secured hereby, ~vhether due or not.
9. That the mortgagee may. at :?ny time pending a suit upon this mortgage.- apply to the court having jurisdiction thereof for the
~ppointment of a receiver. and sucn court shal! forthwith appoint a receiver of the premises covereJ hereby all and singular, including ail
and singular the irxome. profits, issues, and revenues from whatever source derived, each anci every of which. it being ~xprzssly
understooet. is hereby mortgaged as if specifically set forth and described in the granting anJ hat+endum clauses hereoL and such receiver
shall h•rve all the broad and ef'fective functions anJ powers in anywise enirusted by a court to a receiver, and sach appointment shall be
made by such court as an admiued equity and a matter of atnolute right to sani rrsortgagee, and wittx~ut reference to the adequacy or
ioadequacy of the value of the property mortgageci or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, issues, arui revenues shall tx applied by such receiver according to tAe lien of this mortgage arxi the practice of such
cuurt. Irt the event of any default on the part of the mortgagor hereuncfer. the mortgagor agrees to pay lu the mortgagce on demand as a
~ reasonable monthly rental for the premises an amount at Ieast equivalent to one-twelfth 11/121 of the aggregate of Ihe twelve monthly
installments payable in the then current year plus the acwal amount of the annual taxes, ass~sments, water rates, and insurance premiums
i for such year not covered by the aforesaid monthly payments.
l0. That (a) in the event of any breach of this mortgagc or default on Ihe part of the mortgagor, or Ih) in the event ~hat any o sa~ f
~s
~ sums of money herein referred to be not promptly and fully paid without demand or naice, or Ic) in the event that eacfi anc! every the
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stipulations, agreements, conditions. and covenants of caid note anJ thic m~xtgage. are not duly, promptly, and fully perf'ormeJ: then in
either or any such event. the said aggregate sum mentioned in said note then remainig onpaid, with intere+t accrued to that time, and all
rn~neys secured hereby, shall become due and payable forthwith. or thereaRer. at the option of said mortgagee, as fulty and cumpletely as
~ if all of the said sums of money were originally stipulated to be paid an such day. anything in s:iid note or in Ihis mortgage to the contrary
nolw~ithstanding: and thereupon or thereafter, at the option of saiJ mortgagee, without rx~tict or dem•rrtd. suit at law or in equity. map be
prosecuted as if all moneys secureci hereby had mawrc~i prior to itt ins~iwtion. The mortgagee may foreclose this mortgage, as to the
~ amount so declared due and payable, and th~~:+id premises shall be soW w satisfy and pay the ~ame together with co.ts, eapenses. and
~ allowances. In case of partiel foreclosure of this mortgage, the mortgaged premi~es shall be sold subject to the continuing lien of this
morigage for ~he amount of !6e debt not then due and unpaid. In such case the provisions of this paragraph may again t?e availeJ of :
~ thereafter from time to time by the mortgagce. '
11. That the rtwrtgagor will give immediate notece by mail to the mortgagee of any conveyance, transfer, or change of ownership of
~ the premiscs.
12, That no waiver of any covenant herein or of the obligation secureJ hereby shall at any time thereafter Me held to be a waiver of
the terms hereof or of the note secured hereby_ 0 a .
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