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That. in order mon tuliy to protect the se~:urity ot this mortgage. the mortgagor, together with, and in addition to, the monthly payments under the temna o[ the note secured hereby. on the tust day of each month until the said note is fuily paid, will pay to the mort- gagee the toUowi~g sums: ~ (a) An smou~t sulYlcient to provide the holder henof with funds to pay the next mortgage insuta~ce premium if this instrument and the not~ secund hereby are insured, or a monthly charge (in lieu of a mortgsge ir~sura~ce ptemium) if they are held by the Secro- tary of Housina aed Urban Development as foUows: (1) lf and so long as said note of even date and this instrument are insurcd or are reinsured under the provisions of theNational Housing Acl, an amount sufCcient to accumulate in the hands of the holder o~e (1) month prior to its due date the annual mortgage insurance premium. in order'to provide such holder with funds to pay such premium to the Secretary of Ilousing and Urban Development putsuant to the National Nousjng Act. as amended. and applicable Regulations thereunder: or (tl) I[ and so lon6 as said note ot even date and this instrumcnt are held by the Secntary ot Housing a~d Urban Dcvelopme~t. a monthly chuge (in lieu of ~ mortgage insurance premium) which shall be i~ an amount eyual to ono-twelfth (1 J12) of one-half (1 /2) per centum of the average outstandina balance due on the note computed without takins into account de- linquencies or prepayments: (b) A sum equal to the ground rents. i[ any, next due. ptus the premiums that will r-ext become due and payable on pdiciea of Gre and other hazard insurance covering the mortgaged 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 5f months to elapse before one month prior to the date when such ground rents. preiniums, taxes, ~nd assessments wil! become delinquent. such sUms to be held b~ mortgagee in trust to pay said ground rents~ premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this puagaph and all payments to be made under the note secured hercby shaU be aJded together and the aggregate amount thereof shall be paid by the mortgagor each monlh in a singte payment to be applied by the mortgagee to the following items in the order set fotth: (t) premium charges under the contract of insurance witi~ the Secretary of Ifousing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be: (11) ground rents, taxes, assessments, fire, and other hazard insurance premiums: (111) interest on the note secured hereby; a~d (IV) amortization of the principal of said note. Any deficiency in the •amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed tour cents (4~) [or each dollar (SI ) of each payment more than Cfteen (I S) days in arrears to cover the extta expense involved in handling de- linquent payments. - 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall excred the amount of the pay- n~ents actually made by the matg,agte, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess if the losn -s current, at the opt~on ot the mortgagor. shall, be credited on wbaequent payments to be made by the mortgagor, or refunded to the mortgagor. If, however. the monthly payments made by the mortgagor under (b) of paragraph~ 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the cue may be. when the same shall become due and payable, then the mortgag~r shali pay to the mortgagee any amount necessary to make up the deficiency. on or before the date when payment of such ground rents. taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shali tender to the mortgagee in accord- ;,nce with the provisions of the note secured hereby, full payment of the erstire indebtedness reprcsented thereby, the mortgagee shall, in ~omputing 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 Srcretary of tlousing and Urban Development and any balance remaining in the funJs accumulated under the provisions of (b) of said paragraph ?. If there shall 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 de- fault, the mortgagee shall apply, at ttic time of the commencement of such proceedings or at the time the properiy is o~herwise ac- yuired, the balance then remaining in the funds accumulated under 1 b) oi paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, ~assessments, water rates. and other governmental or municipal chazges, fines, or impositions, for which provision has not been made hereinbe(ore. and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment. or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the builJings on said premises and those to be erected on said premises, or improvementa thereon. in good repair. the mortgagee may make such repairs as in its disctetion it may deem necessary for the proper pteservation there- of, and the fuU amount of each and every such payment shall be immediately due and payable, and shall be securcd by the lien of this mortgagee. ~ 6. That he wili pay all and singular the costs, charges, and expensrs, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to per~orm the agreements and covenants of said promissory note and this mortgage. and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the mortgagee against loss by fire and other hazards, cawalities. and contingencies in such amounts and for such periods as may be tequ'ved by mortgagee, and will pay promptly, when due, any premiums on such insurance fur payment of which ptovision hes not been made hereinbefore. AQ insurance shall be carried in companies approved by mortgagee and the policies and renewais thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. in event of loss Fe will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not maJe 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, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- tion of the indebtedness hereby secured or to the restontion ot repa'v of the property damaged. In event of foreclosure ot this mortgage or ~ther transfer of title to the mortgaged property in extinguishment of the indebtedness secured hercby, all right, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That if the premises. or any part thereof, be condemned under any power of eminent domain. or acquired for a public use, the damages. prceeeds, and the 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- gagce 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 cuurt having jurisdiction thereo[ for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- ~tood, is henby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matte; of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of eha value of the property mortgaged or to the solvency ot insolvency of said mortgagor or the defendants, and that such rents, profits, ir- ~ome, issues. and revenues shall be applied by such receiver acco~ding 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 monthly rental for the premises an amount at least equivalent to one-twelCth (1/12) of the aggregate of th~ twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and inwrarice prcmiums for such y ear not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach ot this mortgage or default on the part af the mortgagor, or (b) in the event that any of said sums ot money herein referred to be not ptomptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulations, agteements, conditions, and covenants o( said note and this mortgage, are not duly, promptly. and fully performed: then in either ot any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, writhout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had maturcd prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, 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 paragaph may again be arailed of thereafter from time to time by the mortgagee. ~ r~~ 348 PaGE 4~ 6~~ • , ,~ Huo-sz, ~oti+ ~~-~s- ; ~ ~. ~.~ _ :~ _.~~~ _ .~~- .~~.>, ,.~, ..._ ~. ;> ~ ~ .m.°~. ~`