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2. That. in order moro nruy to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly
paymenb under the terms of the note secured hereby. on the fiat, day of each month until the aid note iz fully paid, wW pay to the mort-
~ov Tito IG`iuZWiii~ iNiu?-s:
(a) Aa amount wfficient to provide the hotdar hereof with fonds to pay the next mortgtge Insurance premium if fhb instrument and
the note secured hereby are Lrarnd, or a monthly charge (in lieu of a mortgage insurance premium) U Way aro held by the Secre-
tary of Housing and Urban Development a follows:
1[ and ao long as aid note of even date and this instrument sre insured or are reia:urad'nnder the provi:tona o[ theNational
Housing Act. m amount sufficient to accumulate is the hands of the holder one (1) month prior to its dun date the annual
mortgage Inararrce premium, in order to provide ouch hdder with fonds to pay wch premium to the Secretary of Housing
and Urban Development pursuant to the National Housnng Act, u amended, and applicable Regulations thereunder; or
(11) If and so long as aid note of even data and this instrument are held by the Secretary of Housnng and Urban Develo meat,
a morethly charge (ta lieu of a mortgsga insurance premium) which shall be in an amount ua! to ono-twelfth (114) of
onehalf (1/Z) pa oeatum of the average outstsndiog balance due on the note computed wi~ut taking into aocouat da
linquendes or prepayments:
(b) A sum equal to the ground rent:, U any, next due, plus the premiums that wIU next become due and payable on potkks of fin
and other hazard insurance covering the mortg~ed property, plus taxes and assessments next due on the mortgaged property (all
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to els before one month
prior to the date when such ;round rents, premium:, taxes, and aaessmeats wUl become delinquent, wch lams to be held by
mortgagee in trust to pay aid ground rents, Premiums. taxes, and special assessments; and
(c) AU payments mentioned in the two presiding subsections of this paragraph and all payments to be wade under the note second
herby shall be added together and the sggngste amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following item is the order set forth:
premium charges under the contract of inxirance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage inwrance premium), as the case may be:
(ll) ground Hats, taxes, a:teuaueab, fire, and other hazard imutance premiums:
(III interest on the note second hereby; and
(1V; amortization of the princippaalI of said note.
Any deficiency is the amount of wclr tc monthly payment shall, antes: made good by the mortgagor prior to the due date of
the next such payment, comtitute as event of default under this mort .The mortgagee may collect a `gate charge" not to exceed four
cenb (fit) for each dollar (tl) of each payment more than fifteen (lS~iys h arrears to cover the extra expense involved in hurdling do-
linquent paymenh.
3. That if the total of the payments made by the mortgagor under (b) of par~aph 4 praxdiag:hall exceed the amount of the pay-
rmnts actually made by the mortpgee, for ground rents, hies and asaessrrrenta and insurance premiums, as the case may be, such excels if
the loan is enrrent, at the option of the mortgagor, shall, be credited on subsequent pa enh to be made by the mo~tga r, or refunded to
the mortgagor. lf, however, the monthly payments made by the mortgagor under (b) of paragraph• 2~ r~axding shall not be sufficknt to
pay ground rants, taxes and assessments and inaunntx premiums, as the csse may be, when We same become due and payable. then
the mortgsgor shall pay to the mortgagee any amount nceesary to make up the deficiency. on or before the date when payment of such
ground rent:, taxes, ss:essments, or iinnsurance premiums shall be due. If at any time the raortgagor:fiall leader to the mortgagee in accord-
ance with the provisions of the note secured herby, full payment of the entire indebtedness represented thereby, the mortgagee shall, iA
computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a).of para-
graph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance
remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If then :hall be a default under any of the provisions
of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after do-
fault. the mortgagee stall apply, at rte time of the commencement of such proceedings or at the time the property is otherwise ac-
quired, the balance then nraainiug in the funds accumulated under (b) of paragraph 2 preceding as a credit sgainat the amount of prLrdpal
then remaining unpaid under, said note and :ball properly adjust any payments whkh shall have been made under (a) of said paragraph.
4. Thit he well pay all taxes, assessments, water rates, and other governmenW or municipal charges, fines, or impositions. for which
provision has not been made heninbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the
official receipts therefor to the mortgagee. ~y,
5. That he will permit, commit, or suffer no waste, impairment. or deterioration of6~~~~6K or any part thereof; and in the
event of the failure of the mortgagor to keep the buildings on said ~ryai44a'apd: QEtlte ~o d said premises, or improvements
thereon, in good repsv, the mortgagee may make such repairs as in its discretion It may~pe~p aolpsary for the proper preservation there-
of, and the full amount of each and every such payment shall be immediately due and'piyabie, and~itail be,socured by the lien of this
mortgagee. • ;
6. That he will pay all and singular the costs, charges. and expenses, including reasonable -lawyer's feed Intl costs of abstracts of
f title, incurred or paid at any time by the mortgagee because of the fii~ure On the part of the mortgagor promptly and fully to perform the
~ agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immedutely due and
payable and shall be ae:cund by the lien of this mortgage.
! 7. That he will kcep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from
time to time by the mortgagee against lose by fin sad other hazards, casualities, and contingencies in such amounts and for such periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not
~ heen made heninbefon. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be
~ held by mortgagee and have athched thereto toss payable clauses in favor of and in form acceptable to the mortgagee. [n event of loss he
will give immediate notice by maid to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in-
surance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortga-
gor and mortgagee jointly, sad the insurance proceeds, or nay part thereof, may be applied by mortgagee at its option either to the nduc
lion of the indebtedness hereby aecund or to the restoration or repair of the property damaged. In event of foreclowre of this mortgage or
other transfer of title to the mortgaged property in extinguidiment of the indebtedness secured hereby, all right, title, and interest of the
mortgagor in and to any inwrance policies then in force shall pass to the purchaser or grantee.
8. That if the premises, or any part thereof, be condemned under nay power of eminent do~irrain, or acquired for a public use, the
damages, proceeds, and We consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and
the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mort-
gagee to be applied by it on account of the indebtedness secured hereby. whether due or not.
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall forthwith appoint a raxiver of the premises covered hereby all and singular, including all
and singular the income, profits, issues, and revenues from wtutever source derived, each and every of which, it being expressly under-
stood, is hereby mortgaged as if specifically set forth sad described in the granting and habendum clauses hereof, and such receiver shall
have all the brwd sad effective functions and powers in anywise eatru:<ed by a court to a receiver, and such appointment ahaU be made by
such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolreacy of acid mortgagor or the defendants, and that such ants, profits, in-
come, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the
event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable
1 monthly renal for the premises an amount at leart equivalent to ono-twelith (1/12) of the aggregate of the twelve monthly installments
payable in the then currant year plus the actual amount of the annual hies, assessments, water rates. and insurance premiums for such
year not covered by the aforesaid monthly payments.
l0. That (a) in the event of any beach of this mortgage or default on the part of the mortgagor, or (b) is the event that any of acid
sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the ati-
pulations, agreements, conditions, and covenants of aid note and this mortgage, an not duly, promptly, and fully performed; then in
either or any wch event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all
moneys aecund hereby, shall become due and payable forthwith, or thereafter, at the option of zaid mortgagee. as fully and completely
as if all of the Laid sum: of money were originally stipulated to be paid on such day, anything in aid note of in this mortgage to the con-
trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand. suit at law or in equity,
may be prosecuted as if all money: secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to
the amount so declared due and payable, and the said premises droll be sold to atisfy and pay the ame together with costa. expenses, and
allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mort-
gage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter
from time to time by the mortgagee.
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