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l het, in ~xJer morc (uU to ~olecl the ~ecuril ot thi. mort e. the murt .~r. t~ ether w ilh. rnd in :N1Jn~.~n ~o. ~hr monih) mr~1~
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unJer ~he lermc af the note serurcJ hereby, an the fint day of each munth untii ~he wid n.ue i~ tully paid. Nill pay lo Ihr mung~aee the tulluw -
ing.ums:
lal An :+mount .utficien~ to p~ovide the Auldar hrrcoi N i~h funJ. tu pay 1he nt~t mungage imutanct premium it thi. m,trument a~d the
n~Ke cecured herehy are imurrd, ur a mantAly charga lin liru u( a mortg:+ga inwranre premiuml ii they arc he1J by ~he Sccrrtsr~ u(
H~w.ing etK1 Urt+an [k~•ebpment as tollowc: ,
111 If and so long ~s said nole of even Jate and lhic insuument are inwred or are reinwred unJer Ilx pro~ ivum ~it the N~tional
H~w~ing Act. ~n amount sufficieot to accumulate in Ihe h:+nJs of thr holder unr 111 munth p~ior lu it~ Jut datr the annual murt-
gage inwrance premium, in order tu provide wth lwkle~ witA tunJs 1o pay wch premium to the kcrctary af H.wsing anJ
Ufi:?n [kvebpmtn~ pu~su:uu to tAe National Huusing Ac~, a~ ame~xird, and ypplicabk Regulatwn? IhereunJer; or
111) It and w lung as saiJ nolc ut even Ja~e rnd this instrumcnl :ue hzld by the Sttirciary of Hiw~ing and Ucb:u~ Ikvelupmrnt. -r
mu~thly ~harge lin lieu ot a mon~e inwrance premiuml whKh ~hall t+e in an amuunt tqual Io une•twd(~h 1111'1 ot unt-Aalt
(112) pe~ centum o( lhe average uutstanJing balance due on the nutt cumputeJ w~ith.wt taking imu acccwnt delinQuencies ur
• ~ prepaymenls;
tb? A~um cqual to the growxi rents, it any, next due, plux the prcmiums tAat will netit heromc due and payahk un Fx~liriati of fire :+n.i
Wher hazard inwrance covering Ihe martgaged pro{+enp, plus taxe. anJ a~sessmenta ne~t Jue un the murtbageil pruperty lall •rs t+ti-
matal by the mottgagcel k~s all sums alreaJy p•riJ therefur Jividad by the numbt~ ot monlh~ to rlap.r befure unc munth p~iur tu Ihe .
, date when wch gruund rents, premiums, tarz~, and asu++mrnts will Ixcome delinquent, wch sum~ to bc heW by murtgagee in trust
to pay said gruurn! rents, premiums, taxes, and special asu+~mznts; and
Ic) All payments mentioned in the t+s~o ~rn eding sutxx!'esK-R~ et th:~ !+~.a¢ra~h anJ all payments la bt madr under the note ~rrurcd hert-
by shall be added together :~nJ the :~gregate amuunt thercot shall t?r paid by Ihe mortgagor each munth in a~ingk payment to tx ap-
plied by Ihe mortgagee to the foUowing items in the ordet set tonh:
111 premium charges undtr Ihe contract o( insurance with 1he Secretary ot Hcwcing anJ Urban Ikvelopme~t, or munthly rAarge
lin lieu of mongage inwrance premium), as the ra~e may ?x:
111) grounJ rents, taxes, assessment+, fire, and other ha~ard insurance prrmiumc;
Illi interecl on the note secured hereby: and
(IV) amortization uf ttx principal ot caid nott-
Any deficiency in thr amount ot such:~regate monthly peyment ~hall. unlecc m:~Je good by the murtgagor prior to ihe due date ~t 1he nest
wrh payment, constitutt an event ot detault urxfer this mongage. 'R~e mortgagce may collec~ a"late chargr" n~N to rticred tv?•o cents 1'_c1 tor
each dollar (SI) ot each payment more than fitteen 115) days in arrrars ro cover the ~x1ra etipenu involved in handling Jelinyuem paymem~.
i_ That if the total ot the payment~ maJe by the mortgagor urnier Ib) ot paragraph 2 preceJing shall e~reed ~hr amount ot the payment.
xtually maJe by the mongagee, tar ground rents. ta~es and asses~ment+ snd i~suranct premiums, as IFrc ca.e may t+e. surh e~cecs at the ~
~ion of the mongagee. shall. tx credited on wbsryuent paymenls to be made by ~he mortgagor. ur rrtwxled 1~ Ihe mortgagor. It, however, the
monthly paymenis made by the mortgagor unJer 16) ot paragraph 2 preceding .hall not l?e sufTicient to pay grourxi rents. taxes and assecsmentti
anJ insurance premiumc. :?s tlx cace may tx. when the same shall become due and payabk, lhen ~he mongagur sh•rll pay to 1he mortp,:~re any
amount nececcary to meke up the defiriency. on or befurc the Jate w•hen pryment ot such growxl rtnts, tates, assessmrnts, or insurance pcem-
iumc sh:Jl t~e due. It at any time the murt~t~r .hall tenJer to the murtgagee in arcordance with the provisi~ns ot the note secured hereby. tull .
papment of the entire i~debtcdness repre<<~,tc:i ihsreby. tht mort~ttt shall, in computing the amount of such indebtednesc_ credit ta the ac-
c~wnt of thr mortgagor :~11 payment+ madr unJer the pruvisions ~~f la1 of paragraph 2 hereot which tht mongaget has not htcume ubligattd to
pay tu the Serret:uy of N~w~ing and lJrban Ikvtlopmrnt and any halanre remaining in the (unJc accumulated unJer the pro~~isions at IM uf
~aid para~aph 2. I( tt?ere shall tx a default urxler :~ny of tlx provisions of tbis mortgage. resulting in a puMic sale oi the premi~zc c~~.~ered herc-
hy, or if the mortgagce acquires the propetty atlxrwise atter detault, ttx mortga~tee shall apply, at the time of tFx commrncemtnt of ~uch pru-
reedings or at the time the property is otlxrvrise acquired, the b:Jance then remaining in the tunds accumulated u~xler 1 M of paragra~h 2 preced-
i~t as a credit ap,xinst the amount of prirtcipal lhen remaining unpaid under said note and shail properly adjust any paymems which shall have
been made under 1 al of said paragraph.
a_~ That he wiN pay alt laxec. acsescment.. water ratec. anJ other governmental or municipal chargec. finec. or imEx»itiunc. tor which pro-
vi,ion ha~ ~ot heen-made hereinbtforc. and in Jtfauh thereof the mortgagee may pay Ihe wme::?nd that he w-ilf prompUy Jeliver Ihr udici3l
receipts thercfor to the mort~ee.
5. 'ihat he will permiL commit, or ,utler nu w a~te, impairmrnl. ~r detrrior:~tion uf .aiJ pruperh~ or ~ny part thereuf: and in the tvent of ~he
(silure of the mortgagor to keep the buiklings on vid premi~e~ and Ihuse to t?e ere~~ed un ,aid prcmi~ec_ ~ir improerment. thereoo. in g.~..J rc-
pair. lhe mortgagee may make such repair~ as in its diuretion i~ may Jeem neces.ary fur tF?r pru{+er preservatioa thereo(. and the full amount of
each and every such payment shall tx immediately due and payabk. anJ .hall tx secureJ by the lien of thi~ mort~te_
6. That he will pay all and sirtgular the costs, charges. and e~penses, including rea,unabk lawyer's fees. and costs of abstracts of titk. in-
j rurced or paiJ at any time by the mortgagee t?ecause of the tailure on tht pan ot thc murtgagur prompUy and fully to perfurm the agrcements
~ and covenanls of said promissory note and this mortgage, and .aid cosis. rharges. and e~~ntes shall tx immediately Jue and payabk and chall .
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tx ucurcd by the lien o( this mortgage.
~ 7. 71~at he will keep the impwvements now eaisling or hereaftcr trectzd on ti?e mortgageJ pro~rty. imured a~ ma~ t~ rcyuireJ frum time
4 w time by the mortgagce ag:+inst bss by fire anJ other hazards. casualties. and contingenr~~c in surh amuunh and for tiu~h ~ri~xi. a. ma~ he
~ reyuireJ by murtgagee, and will pay ptumpUy, when dae. -rny premiums un wch inturaoce tor pa} ment o( which pro~ i,ion ha~ not t+een maJe
; hereinhe(ore_ AI{ incurance shali !x carrieJ in companitc;~pproved by mortg:+gee and the {+oliciec aoJ renewalti thereof .hall he helJ hy murtga-
gee ane! have attachtJ lhereto loss payably dauties in favor of and in torm acce~table to tF?e mortgagee. In t~ ent of lo., he w ill give immrdi:~tr
~ notict by mail to mongagee. and mortgagte may make proof of bss'if not made prumpUy by mortgagcx. anJ ea~h in.urance company con-
~ cemed is hereby authoriztd and Jirected to make payment for ~ucb bss direcdy to mortgagee instt:~d ot tu mort~agor and mortgagee joinU~ _
~ anJ the insur:~nce proceeds, or any part thrr~ot. may be applied by mortgagce at itc option either to the reduc~iun of the indebtedne~. hereby
~ secured or to the restoration or repair of the property damaged. In event ot foreclowre of this murtgage or olher tramfer of tiik to the mi~n-
gageJ proptrty in e~tinguishment uf the inJebtrdncss ~ecured hereby, alt right. tiNr. anJ interest of the morlgagor in anJ tu anp imurrnce poli-
~ cies then in force shall pass to the purcha~er or grantee. ,
Y 8_ "Ihat if the premises. ~r any part thereo(. t+e conJemned und~r an}~ puwer of eminent domain. or acquireJ for a public u~e. the d:~mages.
~ proceedc. and Ihe consideration (or such acyui.ition, to the e~tent of the tull amount uf indebtednetic u~+un thi. Mort~.nge. and It?r IriNe .ecurrJ
hereby remaining unpaiJ. are hereby assigned by the Atort~agor lo Ihe Nu~ tg~gct :+nd ~hall ix paid forthwith tu ihe Nurtgagee ta he applied h~
~ it on account of the indebtenesc secured hereby. whether Jue or not.
~ 9. That Ihe mortgagee may. at any time {xnding a cuit upon thi~ morlgage. :+pply to Ihe ccwn having jurixiiction thereof for the ap{x~int-
~ ment uf a receiver, and such c~wrt tihall forthwith appoint a receiver of the premi+e~ covereJ herehy all and .ingular. including all and .ingular :
~ the income. profits, iswes. and revenue~ hom whatever source JeriveJ. each and every of which. it t~g e+?pre~+ly urnfers~~wd. is herehy '
~ morty,ageJ as i( specifically set torth and describeJ in the granting anJ hat~eodam clau~es hereo(. and wch rccri~er ,hall have all the hruaJ and ±
dTective functions anJ powers io •rnywise entru.ted by a roun to a receiver. anJ .uch appointment shall tx m:,de b} .unc ~oun an admitte~ e
~ eyuity and a maUer of abcolute right to +aid mortbagee, and withoW retrrence to the adeyuacy or inadeyuacy of tht ~alue o( the pru~+ert~• murt- _
gaReJ or to the colvency ex insolvency of ~aid mortgago? or Ihe Je(enJ:~m~. anJ that cuch rent.. prufit+. inrumr. i..ur~. :mJ revenur. ~h~tl t~
4.; rpplieJ by such rcceiver according to the lien uf this mortp,:~e and the practice of such coutt. In ttx event vf any default on the pan of the mort-
_ g:?g~tt hereunJer, the morty,agor agrees to pay to 1he mortg:?gee on JrmanJ a~ a rea~on:~bk mon~hly rental for the premises an amount at k:~.t "
~ equivalenl to ane-twelfth (1(12) of ihe aggregate of the twelve monthly in~iallmentc payahk in the then currcnt year plus the actual amuunt ot ~
Ihe annual laxes. atices~ments. water r•rles. and imuranee premium~ for such year not covered by the aforecaiJ monthl}~ pay mentc.
10. That Ia1 in the event of any breach of ~hi. mortgage or Jefault un tFer part ot the mortgagur. .x 16) in ihe e~ent thai am ut .rid wm. at
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muney herein rc(erred lo tx not prompUy anJ fully paiJ withiwt demand or nutice. or Icl in the e~ent thal each anJ e~ery the .tipulatiun..
F~ agreements, ronditions. anJ covenantti of tiaiJ nute and thi~ mong:+~r. are not duly. prompUy. and fully per(ormzd: then in tither or any wch
e~~ent. the ,aiJ aggregate sum menlioned in wid note then rcmaining unpaid, with interest accrutJ to ihat time. and all moncy+ secured herrhy.
~ shall txcome Jue and payabk forthwith. or Ihereafter. at the option ot said morlgagee, at ful~y and cumpletely a~ i( all ot the .aid .umc ot m.~n-
cy Nere originally stipulated to tx paiJ on ~urh day. anything in s:wiJ note or in this mortgege to 1he cuntrary nolwithstanding: and tbcreuM~n ~x
Ihcrra(tu_ at the option o( said mortgager. without nolice ur JemanJ. ~uit at law• or in equity. may tx pro~ccuted a~ if all mune} s~ecureJ here-
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~4 hy haJ malureJ prior to iK inttitution. The murtg:+gee may fureclu~c Ihi. mortg:~ge. a~ to tht amuunt w Jeclared Jue rnd payabk. anJ the ceiJ
prtmi~ec.hall tx cold to s~tisfy anJ pay the ~ame tc~ether with co~t.. et~+ence~_ and allowance~. In case o( partial (ore:bwre ot Ihis mort~te.
~ the mottgaged premi~e~ shall be ~oIJ wbject tu the continuing lien ~~t thi. mortgage for the amount of the debt not then Jue and uopaid. In wch
cau the provisiooc of thic par:~gr:+ph may :4;ain he av:iilyd of thereafter h~~m time to time hy the mortgagee. ,
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