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Aat, in urder murt fully to pru~rr~ ~At.rrutily of :hi. mi~rl~;agt. Ihc murl~t:,gur, tugrd~er Nith. anJ in .~dJ:u~~n t~~. Ihr m~~nlhi)~ {u) mcnl.
unJer thc trrm~ ut Ihr mNe ~ecutrJ Aereby, uo tAr hr.l Jay uf each munth until ~hc .aiJ nott i~ (ully paid. Nill p~y tu 1hr murlgagrr ~hr futluN -
ing.um~: s.
la1 An am~wnt +ufttcient to provick thc hulJcr herrut w ith funJ. tu pay the nttt murtgagr inwr.~ncc prrn~uim i( thi. imiruu~~nt :inJ Iht +
nwe ~ecurrd hercby ate inwrcJ. ut a munlhly rhargr 1in liru ut a murlgage in.urancr ptrmiuml it Ihe~ arc hrld hy Ihe tiecrrl~ry ut
~ HuucinganJ Urban Ikvrlopmenl a~ fullaws:
11) It anJ w kmg as +aiJ nott oi rven Jate anJ Ihis ~mtrumrnl are imurrJ ur rrc rcinwrcd undrr tF?a pruvi.ion, o! the Nutiun~l
Nou.i~g Acl, an amuun~ wtticiint tu ar~:umulale in thr hunJ. uf thr hulJar une 111 munth prior la it. dut datr thr annu:~l murt- }
gage insur.~nre premium, in o~Jer tu praviJe wch hulder with (undc to pay ~uch p~emium 1~~ Ihr tiecrr~ary o[ Ncw~ing a~d . ~ ;
Urt+ao lkvrlupment pur~uant ~u the National Hew~ing Act. eti amenJ~d, anJ applicabk Regulatiu~~ lhercunde:: or ~
111) It anJ +u k?ng a~ saiJ nwe ot evrn Ja~e anJ lhi. imuumen~ are helJ by the Srcretuy of Huu.ing and Urban Ikvclupmrnt.
mun~hly charge (in lieu ut a mortgage in.uranre prrmium) which ahall he in an amuunt equnl tu une-tv?elftA I II121 ot unt-halt ~ •
l 1121 per centum ot tht rvrr~ge vuictanding balance Jue vn thr nute rumpweJ wiihout taking in~o acc~wnt dtlinyutncie. or
prrpayments:
Ibl A cum e~ual to IMr grounJ rents, if any, next +1ue. pluc the prcmiums ~hat wifl next lxcomc due and payabk on ~wlicic+ .~f fire anJ
other hazarJ inwr~nce co~•ering the mortga~J pwperly. plus taxes and asse~~meMs nt~t Jur on the mortgagtJ ptu{+erty !al! as e~ti- ~
matctii by tht murt~ee) ks~ aU sums alrraJ~ paid thcrrtor divideJ hy ~ix number ut month~ to elap~r 1~ture une mun~h priw t~~ thr {
Jate when wrh gruunJ ren~,, prrmiums, ~a~ec. anJ a.scstimrnts wilt becume delinquent, wcA sum. to tx heW hy m.~ng:ysce in tru,t ~
w pay uid gruuml rcnts. prcmium~. t•rtex, anJ special a»essment~: and
Ic1 All payments mentiuoed in the two preceJing subucrionc of this paragraph and all paymen~c to Me made unJrr tt?e n~we .ecurcd heri- {
hy chall tx aJded t~ether and Ihe aggregatt amuunt thtrtot shaU tx paid hy 1hr morlg:?gor rach munth in a cingle payment to he ap- ~
p1ieJ by the mongagee to Ihr fullawing items in the order se1 torth:
111 premium charges wxler tht contract ot insuranct with tht Secrc~ary uf Ncwsinb and lirhan ikvelopmenL or m.~ntAly ch:~rgt ~
Iin liru ot nongage inwrance premiuml. as the c~se may tx: ~
1111 growxi rems, tases. ascessmems. fire. and o~he~ hazard insurance premiums;
1111 interest on the nWe ucured hereby: and
IIV) amortization of the principal of said nate.
Any deRciency in the amount of cuch :~gtegate momhly payment shall, unless made good by the mortgagur pria~ to the due date of the nert
wch payment, conslitWe an event ot default unJer this mortgage. 71~e mortg•rgee may ra11ec1 a"late charge" not to e~cred two cenls 12e1(or
earh d~dlar ~SI1 of cach paymeM morc than fifteen ( IS) days in arrears to cove~ the extra e~penca imolvctif in hanJling delinquent paymem+.
3. ~il~at i~ tlx tMal of the paymentt made by the mortg:+gor unJer lb) of paragraph 3 prcreding chall e~cted the amount uf Ihe paymentc
actuelly madt by the mortgeget. (or gruunai rents, taxe~ anJ a~se~sments and inwranre premiums. as the ca.e moy he. wch etczcc at the op-
tion ot the mongagee, shall. he credited ~~n sut+xyuent payments ta lx made by the mortgagur, ar retundeJ to !he mortgcigor. I(. howe~•er. the '
monthly payments made by the mongagor utxler (b) of paragraph 2 preceding ~hall nW be sufficient to pay gruund rentc, ta~e~ and assescment~ ~
and insurance premiumt, as Ihe cace may be. when the same shall txcome duc anJ payabk. then the mortgagor ~hall pay to the mortg:igee any
amount nece~cary to make up ~he deficiency, on or txtore ~he Jate whzn payment of such gruund rems, taxes. as.escments, or inwr~ncr prem- ;
iums ~h:~ll tx Jue. It at any time the murtg:~or ~hall tender to the murlg:tgee in xcordance with the provisi~~m o( the nWe ~ecureJ hereby. tull ~
payment ot the entire inJebtedness repre~ented thereby, thc murtgagee shall. in com~iuting tho amuunt of such inJehtedne+c. credit to the ac- ;
count o( the mongagur all payment~ made under the pro~•i.ions of Ia) of paragrxph 2 hereof which Ihe mortgegee has not be~ome obligateJ w ~
pay to the Secrctary oi H~wsing and Urtian Ikvelopment anJ any hslance remaining in the fu~x1. accumulated u~xler the pruvi,ioo~ uf Ih) of ~
.aiJ paragraph'_ If thcre shall be a detault under any ot tht pr.~vizions of this mortgrge. resulting in a public sale ot tFK premices co~ereJ herr- ;
hy.or if the mortgagee acquires the property Wherwiu after default, the murtgagee sh:?Il apply, at the time of tlx commencement of cuch pro-
ceedings o~ at the time tlx properly is olherwise acquired, the balance then remaining in ttx funds accumulatcd under 1 b) of parageph 2 prereJ-
ing as a credit against the amount ot principal tlxn remainirtg unpaid under said note and shail properly adjust any payments N hich shall havt :
been made urder ! a) of said paragraph. #
a. 'R~at he will pay all taxes. assessmentz, water rates. arn1 otlxr governmental or municipal charges. fir:es, or impositiun,. (or which pro- ~
vi,iun has not been maJe herrintxtore, anJ in default thereof the mor~gagee may p•r~ ~hr ,ame: anJ tba~ he will promptty Jrlic~r the utTi~ial ~
e
rec~iplc therefor tu the mortgagee. i
S. "il~at he will permit. cammit. or sut~er no waste. impairmenL or Jetcriorati~~n u( ~aid pruperly or any pan thereut: anJ in ~he r~ent of the ~
(~ilure of the mortgagor to keep the buiWiagc on wid pcemice+ and tho~e w he erectrJ an v~id premise.. or impro~ement. thrreun. in g~x~ re-
pxir. the mortgagee may make surh repairs ac in i1s diuretion it may deem neces~ary fur the proprr pre+ervation Ihereof. ~nd the full arnount uf
each and every wch paymenl shall tx immediately Jue anJ pay~ble. anJ shal! be xc ured by the lien o( Ihi~ mort~ge.
6. 'il~at Ix wiq pay all arul singular tht costs, chargts. and etpences_ incluJinK rea.unahk lawyer's tees. and custs of abstracts of ti11e. in-
~ curreJ or aid at an time b the mort ee txcause of ~he failurc on the ert o( the mon •ngor rom tl ~ and full • to rform Ihe agreements
P Y Y &1R P b P P Y ) P~ ~
~ and covrnantc of ~aid promissory nole and this mortgage, and ~aiJ costs_ rharge~. and e~{+~n~t~ ~hall tx immediately due and payabk end shall
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f he cecured by the lien ot this mort~tge. ?
I 7. That ht wiU keep thc improvement~ now ezisting or hereafeer crected on the mo~tgaRed property. inwreJ a. may bc reyuireJ (mm timr
~ to time by the martgagee agninst bcs by fire and wher hazarJs. ra.ualtie~. anJ cuntin~:en~eee in wch amount~ and for wch Fxrial. a+ may he
~ requireJ by mungagee, and will pay promptly, when due, any premiums un wch inwrancc for paym~nt uf w hich pro. i.iun h:~. not been madr '
hereintxfore. All incuranc~.h:Jl tx carried in companie~ approved hy mortgagre and the {x~licie~ anJ reneNal•, there~~f tihall hr held b~ morlga- `
~ gee and ha~e attachrd thereto lo.s payrble clau+es in favor of anJ in form acceptable to the murigager. In evrnt u( I~~., hr will gi~e immediate "
y noti~e by mail to mottg~tte. and mortgagee may make proof of loss if not maJe prompUp by mortgagor. anJ each imur.~nce company con- i
~ cerned is hereby authorized anJ directed to make payment tor such k~~s di~ectly to murtgegee instead uf tu mortgagor anJ mortgagee joindy.
anJ the insurance ptoceeds. or any part lhereof. may be applirJ by murtg:~gee at ih uptiun eithcr lu ttx reduction of the inJeMedne~s herebr
E ticcured or to tix rcatoralion or reFair ot the property damaged- In event of torerlowre o( this mortgage or other tramfer of titk to the murt-
gaged property in ettingui~hmenl of Ihe indebteJness secured hereby. all right. IiQr. anJ intercct o( the murt~tor io •rnJ to -rny inwrance ~wli- _
ci:s then in forct shall pass to the purchascr or grantet. ~ `
8. That it tlx premises, or any part Ihereot, tx condemned undcr am ~x~wer uf rminrnl domain. or acy4~red fur a publir use. tl~r Jamagr+. f
proceeds, an~ the cunsideration for such acquisition, to ~he e~trnt uf tht full amuunt uf inJebteJnec+ upu~ Ihis A1i~rtg:?gr. anJ thr Nwe ~ecurrJ
~ hrreby remaining unpaid, are hereby assigned by Ihr Nort~gor to the Mortg:+gre :+nd .h~ll t+e paid torthwith to the :1lortgagee to tx applieJ by ;
it on account ot the indebteness secured hereby, whether due or not. ~
~ 9. "Il~at 1he mortgagee may, at any time {xnding a suit u{wn thic mortgage. apply to Ihe court having juriwiiction Ihereo( for the apF+oint- +
~ ment of a receiver, and wch court shall (orthwith appoint a receiver of the premi~ts covereJ hereby ~II anJ ~ingular. incluJinF :~11 anJ ~ingular ~
tbe incume_ profits. is,ues. anJ revenues from whatever source deriveJ, each and every of which. it txing expressly urniersro.xi. is herehy ~
~ mortgaged as if specific:Jly set tonh and descritxd in the granting and halxndum clau~t hereof. and wch receiver shall ha~~e ~II ~Ix bru~d anJ ~
~ edective fur?ctions anJ powzrs in anywise entrusted by a cuurt fo a ~eceiver. :~nd tiuch app~intmrm chall t~r maJe hy ~uch cuurt as an ndmitted
~ equity anJ a matter o( absolute riy,hl to saiJ morlgagee.:+nJ wilhi?w re(errnre to the ~dequacy or in.sdequ-rcy of the valu~ of thr property m~~rt- •
~;aReJ ur to 1he solvency or imolvency of ,aiJ mongagor or the defenJant,. and that wch renh. profit~. in:ume. i,~ue.. :~ad re~enue. ,hall ne ~
r
applied by such recei~•er according w the lien ot this mortg:?ge anJ the pra.tice of wch oourt. In the event of any Je(ault on Ihe p~rt of the mc?rt-
~ ~tor hereunJer, ihe morlp,agor agrees to pay to the mnrtg~ete nn demanJ a~ a rea~onabk mon~hly rental tor the premi~rs an amount at kaal
equiv~lent to onatwolfth 11/RI u( the -rg~cregate ot the Iwelve monthly intitallmentc payabk in tix then cuttent year plu~ tht actual amount of
~ the annaal taxex, acatssments. water rstes. and ~nwrance premium. fur such year nM covercd by the aforesaid monthly payment,.
~ 10. That Ia1 in the event of any breach a( this mortp,age or de(ault on 1hr part uf the mort~ragor. or 1 b1 in Ihe tvcnt that any ot .aiJ wm~ of
~ money F?erein rc(erred to tx nol prompUy and fully paid without demanJ or nutice_ or Ic) in tht event that e~ch and evcry the ~lipulations_
agrezments, conditionc. and covenants of tiaid nute and Ihis mortgage_ are not duly. promptly. and tully pert~:rmed: then in either or any wrh
~ event. the ssid agitrega~e sum memioned in wid nute then remaining unpaid. with interesl accrued lo that time. anJ all money+ ~ecureJ hereby.
~ tihall hecume due anJ payabk forthwith. ur therca(ler, at tht option of said mortgagee, as fullq and compktely as if all o( the ~aid sums of mi~n-
ey acrc oripjnally stipulated to tx paid on wch day. anyehing in caiJ note or in this mortg,?ge to Ihe cuntrary nu~withstanJing: anJ Ihereup~m or
~ thereafter, at the uption of .aiJ martgagee. with~wt notice or demanJ. +uit at law or in eyuity. may t+e pro~ecuted a~ it all moneyc ucureJ here-
by heJ matured prior to i1~ instilution. The mutlga~;te may foretlo~c Ihis mortgage. at t~~ the amuunt w Jeclared Jue and payabk. ~nd Ihe SaiJ
premises ahall be ~oW to tiatisfy anJ pay the ,ame t~~etber wilh co~tti. e~pencec. anJ alluwancrc. In case of partial foreclosurc of Ihi~ mortgagt.
the morlgageJ prcmi~es chall tx wld whiecl ro 1he cunliouing lien of th+s mortgage (or the amount uf the debt nol then due and unpaid. In such
cax 1Fie provisions ot thi~ paragraph m-ry again tx avaikd of thcreatter from time ro time by thc mort~wgee.
` 6U0~(~4~ FAGE S~~ ~
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