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1 h.~t. ~i~ ~~nlrr murr fulh tu pr~~tril thr .ri urit~ uf ihi. mur1~:.~~;c. ~hr m~~~tti.~~;.~r. iuEr~hci ith..~~~~1 in ad~litiun ~u. ll~c m~1n~M> pa~~ment; '
un~lrt ih~ tcrm. ~~f Ihc n~~tt .crur~J h~rchti•, on thr finl ~I:~~ a( rach m~~ .iti ont~l It~r.:~iJ ~~„tr i. (ully p:uJ. µ ill p:~~ 1~, lh~ m~i~t~hg~~ thr tull~~~t-
in~;.uni~: .
(a1 :~n:imuunt ~u0icirnt lu pru~iJe the hul~lrr h~r~uf ~~ith funJ. lu p.~>• ihr nr~t m:,ri}~.~~e in.u~.~nrr ~rcmium if thi. in.trumrnt an~l il;e
nulc .r~ured i~rr~hy aue iii.ur~d. ur munthl~ charge lin liru „f :i muri~;.,~;r in.uran.•~ pr~miuml if thr~ are held hy the tirrrr~:,r~ ~~f
!lou.in~; and Urh:~n Ih•~ ~lupm~ nt a. fullu~~ '
IU If an~l .u tong a. ~:iid nutr of c~~n d:+ic :~nd ihi~ iml~umrnl arr in~un`J ur :ur rrin+urc~l unJ~~ thc pru~~i.i~~m uf thc I~:Uiun:d
. Ilou~in~; Art.:~n ~ ntuunl ,uliicie~u tu:~rrunwl.~te in Ihe ;~and. uf 1hr h~ I.;~ r une l I) munlh priur lu il, dur ~I;~Ir Ihc :~nnu:d muit-
g:~~;c imur;~nc~ p~emium, in urdcr tu pro~idc ~uch huldrr Hith fund. iu p:iy .urh pr~mium 1u thr tierr~lary uf Iluu.inp :~ii~l•
l~~han 1)~ ~cl~,pmenl pur~uant l~~ thc Natiun:~l Il~~using Act, a, :~mcndcJ. :ind applir.iMt Rrgul;~tiun. thcrcunJcr, ur
• 11l1 It :ind su lun~; i. .ai<<nolr i~f cvrn datr anJ thi~ in~UUmrnt are he1J hy thr S~crrlary nf Huu.in~; ami Urhan 1)cvcl~~pm~nl. a ~
monthly charFe lin liui uf a murtg:~gr in,uranrr premiLLpi) 1\hit;h ~h~ill he in :~n :~muunt tyual ta unr-t~~ cU~h 11I1?? uf unc-h;~l(
' 11/'_1 per ~~munt uf lhr a~~rage uuht:~nJing hal:~nc~ Jur on the nute ~omputed ~~ilhoiu Inkin?t iiHu arcuuitl ~Iclinyuenrir. ur
pr~paym~nu.: + - . •
(hl .um cyu:~l tu thr F~uu~zd rrnt,, if any, ncxt Ju:, plu~ Ihr p~cmium~ Ihai ill n~ ~t hecumr duc :~nd paqahlr un pulirir. uf firr anJ
ath~r h:~r.~rd in~ur.~nce cuvering Ihc morlga~;eJ prupe~ly. pluc lart~ anJ acee~~m~nt. ne~l due on the murlgageJ prup~ rt~~ lall rcti• -
m;~ted hy thc niurl~;ager) Ict~ all ,ume already paiJ therefor divided h~• thc numher uf rkinlhc ~u rlap~c hefure one munth priur to ~hc
, - ~late wl~cn .uch'~;n~unJ r~nt~. prrmium.. t:~~e.. anJ :~~~c~timentc will heci,me ~Itlinqu~nt. su~h ~um. tu he hcld hy niurtg:~gee in tru,t
tu pay ~aiJ gruund rent~, premiums. ta~c+, anJ spcci:d as~etsmcnl~: and - . ;
Ic) Ail p:iyment, mentiuned in the t?co prereding ~ubicctiun+i~f Ihis p:~r.~~;r:,nh :~nd all paymtntti tu be madr un~i~~ thr notr .erurcd hrrr- 1
b}• th:?11 be added tu~;ethcr an~l 1he at~gregalr amuunt Ihcreuf ,hall bt p:iid t,y the morlg:~gur carh munth in .ingle paymcnl tu hc .~p-
. plir~S hy ~hc murtg:+~;cc tu tt~r tollo~~~ing itcn?. in th~ order ~et turth: ' ~ _
tl) pr~mium charge. under the runtr:rct ut imur,~ncc ~vith the Secrctary uf Huu.ing and Urb;in U~~rl~,pment, ur munthl~ ch:~rgc ~
- lin liru uf murtga~e imur.~nce premium), as Ihe ra~e may tk: -
llll grounJ rcnt.. ta~e~.ac~es.ments. fire.:uid uther ha~ard in,uranre prcmium,: .
, U 11 intere~t ~m the ncitc ~rrureJ hcreby: and ~
11~') amortiration of the princip:d uf ~aid note. -
_ An~• dcficirnr~• in Ihe amount ot cuch aZ;Z;retiate munthly payment ~halL unlr.~ mad, gu.~~l by thc mortg:igur pri~,r tu Ih~ ~lue Jat~ of the nett ~ . -
~uch payment. c.~mtiwte an ~~•ent of dcfault unJer thi, murtgage. The mongagre may cullect a"late rhar~~" not tu c~cceJ tKU i~nt~ i_'cl for ;
each doll:ir lSl) uf ea~h pa3 ment mure than fi(teen l I S) Jays in arrearn ~u ~uver the r~tr.~ c~prme im~ol~•rJ in h:mdlin~ dclinyuent paymenh.
"I~h:~t i[ Ihe total of thr payments made by the mortg~gor und~r (h) i~t paragraph ' pre~eding ~hall e~cecJ th~ amuunt t~i thc paymcnt.
- aciually made by the murtgagee. fi~r ground rentc, ia~es and ai.es~menh and in~uran~e pr~mium~. :~ti the ra,~ ma~• tx. such e~ce~s al th~ op-
tiun af the murtg:igce. shall, tx creJiteJ on ~uh~eyurnt pa}•menl. to he made hy Ihe mcirlgagor, ur rcfunJc~ tu Ihe ma~tg:,gur. If. howe~cr, thr =
_ ~ m~~nthly paymcnts madc hy thr murtFagur under (b) u( par,igraph 3 precrding shall nu~ he sufii~ient tu pay gri~unJ rents, la~es and ,~ssessmenn ~
- . .+nd imurancc premiums, at the ca.e may he. ~tihcn the same shall brcom~ Jue and payabl~ . Ihen the morlg:+gur shall pay Ri the mongagce any ~
amuunt ne~e~sary t~~ m:ike up thrJeticiency, on ur h~forr the Jatc ~+hen payment oi ~uch gruund renl., t:~~e,. :?ssessment~. or im~~r;lncc prem• - ~
iums chall be Jur. If :~t any time the mortg;~gor ~hall tenJer tu Ihe mortg:~gee in accordancc i~h thc provisiom of the notr serureJ hereh~~, full !
5
p:~}•ment uf Ihe entire inJetrieJne.~ rcprec~nteJ ~herehy, the mortgagec shall, in computin~; ~he am~~unt of wch indehtednesx, creJit 1o thc ar-
. rount u( the mongagur .~II p:~~~mem. m:?de unJtr the pro~ i.ion~ i~f 1:~1 uf pcua~:raph 3 hercof hich ~hc mungagee has nut hc~ume uhlig:~teJ to ~
, p:ty to thr Secretary ut Huu~ing and Urban [)e~~clupment and any hal:u~ce remaining in the funds accumulateJ unJer the pro~~i~iunti o( Ib) uf
si~id par.~graph It there ~h:~ll t.z a Jefault under any of the provision~ of this mortgage, resulting in a public ~ate of the premice; ru~ereJ herc- •
hy, ~u ii the murtgagee acyuire~ the prupertq uthe; w~ise :+fter default, the mortgagee shall apply~, at the timz of the cummenrement ~tt .uch pru-
ceedingc or at the time the prupert~~ ic uther~+•ise acyuired, the balance then remaining in Ihe tunds accumulated under 1 b) of paragraph' prered-
- in~ a, a rredit against the amount u! p?incipal then remainine unpaid onJer said note and shall properly~ adjust any payment. w hich >h;tll havc
heen m~de unJer (a> oi sxid paragr~ph. .
3. "fhat he ~•ill p:,~• a11 ~a~eti. a,~c~tim~ nb. N:~ICr r.~te~. and othcr ~;o~•ernmental or municip:d rharge~. line~. ot impe~~itions. for a hich pro-
_ ~i~iun h:i, nut txrn maJe h~~rinh~f~~re. an~l in J~L•~ult thrr~ut thc murtga,;ec m:~~~ p:~~' 1h~ ~:ime::~nd ~h:~t he ~~ill pr~~mptly delivrr Iht ultiri:il
_ rereipt~ thrrefur ti~ the murtcagee.
i. "That he ill permit. commiL or ~ufTer no ~~atite. im iirment. or deteri~~ratiun of ti:iid ru ert}• i~r :~n ~ ~
P~ p p ) part th~reuf: anJ ir~thc e~~cm i,f thr
failure of the mor~gaeur to k~ep the huilding. on aaiJ premises :~nJ tho~e tu be crecteJ un c:iid premitic,. ex impro~•cment~ the~eon. iai gu.~J re- ~
pair. th~ m~~rtg:~ga e may m;ike ~urh mpair: at in its Jisrretion it may Jcem nere,~ary fur thc pruper preservation ~hercuf. :md ihr full :~maun~ uf s
e:~rh :~nd e~~rr}• such p~pment ,hall be imm~di.~tely Juc anJ payable. :~nJ ,hall ix sec~reJ by the lien uf this mortgage. ~
6 ~ hat he ill pay all and ~incular the costs. charges, and e~pense>, incluJing reswnable law•ye.'s fees. :~nd cotih ~if ah~tracts uf title. in- -
, currcd or paiJ :~t :sny time hy the mortg.igee because of the failure an the part af the mortg:igor promptly and full}• tu perfurm the acrecment,
and tot~enant, of SaiJ promis~;ir~• nule anJ this mort~age. anJ ti~id cost~, charges. and e~penties ~hall be immediatelp Jue and p~pable and .hall
be secureJ h~• the lien u( thi~ mortcage. .
7- That he ~~~ill keep thc impru~~cmentti noK c~i,ling ur hercafter crerteJ on the murtgageJ property. incureJ :~ti may he required frum timc
tu lime h}~ thc mun~agrc :~g:iimt lu~s hq firr i~nJ uther hararJc. ca~ual[iex. and contingenrics in tiuch amount+:+nd for ~uch pcri.kf~ re~ay he
reyuire~i h~• murtg.;gee. anJ ~~ill p:i}• promptly, tihen ~iue. any premium~ i~n ~uch ;nw~ance fnr paymem vf ~shirh pro~i,ion hat not hecn made
hereinhefore. All in~ur.inrr tih:~[I be rarricJ in com~anies appro~•rJ by mortgag~e anJ the policies and rer~ew•al. thereof shall be held b} mon~.~-
_ ~ ~:ee and have auacheJ Ihereto lo.s p:iy~ble rlauses ii? fa~~or of :~nd in (orm acrept:ible t~i the mongagee. In event of losti he ~~ill gi~e immediate
nutice hy mail 1o mortg.igee. ;mJ mong~~ee m:fy make proof ot lass if not'made promptly. bs murtgagur, and each insuran~e iumpany~ con- ~
` .~erned is hereb~~ :w~huri~eJ anJ direcle:l to make_payment fo~ ~uch loss directly to mortgagee insfead of to mortgagor and mortgagec jointh~,
and the insurance ;~ruceedc. ur an}• part thereuf. may be applied hy m~~rtgagee at it~ optiun either t~~ the re~iuction of the inJehtedne~~ herehy '
~ecureJ i~r to th~~ restora~iun or repair of ~he property d:~mageJ. In e~•ent uf (oreclosure of this m~ngage or other tran.fer uf title t~~ the mort- '
_ ga~ed prupert~~ in r~tingui.hment :sf the indebtednrss ticrureJ herchy, all ris;ht, title, anJ interest of 1he mcxtgagor in and to any in~urance puli- L
cieti ~hen in force ~haU pass tu the purrhac~r or gr.~ntee. - _ i
- X: '~ha~ if ~he premi~e~_ or:,ny pan thereuf. hr runJemneJ under c~ny pow•er of emin~nt Jomain. or arquired for a public use. the Jam:~gcs. '
- procccdti_ :~nd the ~ansiJer.dion f~~r.~uch :trquisition. to Ihe c~tcnt of the full aniuunt uf inJehteJne,. upi~n Ihiti ~turtg~~gr. :~nJ thc Nc~te u~urrJ ~ - 1
- hrrehy rem:~ining unp:~iJ. are herrht~ .+ti~i~;n~J h} Ihe ~turt~;acur !u the ~tortga~;ee ;~n~ tih:Jl he p:~id forth~~ith to ~he ~i~~n~agce tu he :~pplieJ h~ ~
' il i~n a~~~~unt o( !he indehirne.~ .riured hereht•. ~chether duc ur ~~ot _
y. l h:~t the m~,ng;sc~e ma~ .:~t an~~ timr penJin~ ,ui~ upon thi~ martg,~c. ap~t~ ?u ~he ~uuri hc~ving juri,dirti~,n there~~f fur ih~ .
ment i~f a recei~~er. : nd ~uch court ~h.Jl furth~?ith appoint rrcei~~er .~f the ~±remise~ c~n•ered herehy all and singular. including all and ~ingular
_ the inci~me. profite. i>weti, ;ind re~•enurs from w~hate~~rr :uurre derived. each and e~•ery uf ~shich. it being e~pressly unJerstood. i~ herehy ;
£
mortgaceJ a~ if ~pecifically set funh anJ de~cribeJ in th~ granting and habendum clcw~es hereoL and such rerei~~~r ~hali have all .he hruad anJ
cfT~rti~~e (unctionc and puwen in anyHisr entrustcJ hy a c~wri to:+ recei~•er. ar~~~ ~urh appointment tih:~ll bc made t+~~ ~uch court a~~ an aJmitte:i ~
cquity and a m.~lter of absolute ri~;ht to said mortgagec. anJ w•i!huut referenre lo the adequary or inadequacy of ~he +~alue of ~he properly morc- ~ ~
~ gaged or tu Ihr tiolvcnc~ or in,uf~rncy uf".aiJ murt~;;igi,r ur the drfendanh. and that wrh rent~. prufit~. income. ic,ue~. anJ re~rnur+.hall he ;
f applied by ~uch recei~~er aecordin~ to the lien of thi. mortgage anJ the practice of siich courl. In the evenl of an~• ~lefault on the ~art of the murt- ~
~ i or hereunder, lhe mortea ~or acree. to ;
; . . l~~R pay tu Ihe morteagec on Jemand as a rea~onahle monthly~ rental for thcpremi.es an amuunt at Ieatt ~
equi~•alrnt tu onc-tuelfth 11?I?1 uf ~he :+~s;recate of the tHehc monthh• in~tallments pa~•:~hle in Ihe thrn ~urrenl ~~ear plus the actual amount oi ~
~ the annusl ta~ec_ a~sessmenh. ~~~.~ter rate~. and in~urance prcmiums for surh year n~~t cot•ereJ by~ the afuresaiJ moMhly pa~•menls. ~
~ i0. "fhal (al in the event of any hre:~ch uf thi~ mortcag.e or de(auR i~n the p.~rt of the mongagor_ ar (h) in ihe event that an}~ uf said sumti uf
F muney herein referreJ ~o bir not promptlp and fully paiJ uith~iut demand or ni~tire. or Ic) in the e~•ent that each anJ ecery Ihe stipulationc. ~
~ :+g~eementti. conJiti~~n,. ;md ro~en:ints of c,iJ nute and thi~ m~xtgage. .,re n~~t Julq_ promptly. and fully performed: then in ri.her u~ any ,uch
event. Ihe .aiJ a~Lregate sum memi~m~J in ~aiJ nute then remainingunp.~id. with intereSt accnied to that time. and all moneys serure.! herehy. ~
~h:Jl hecomr due and pa~•able furthwith. or ~hereafter. ,~t the option of said rortgagee. ac_ fullq anJ completely ac if a!I of Ihe saiJ sums of mon- ~
~ W ere ori ~in.dl ~~ti ulaleJ to be ~
S' b ) p paiJ un tu~h Jay. anything in said note or in Ihis mor~gage to the contrary notwiths~anding: :m,l thereu~~n or
therealter_ a~ ~he optiun ot SaiJ morlgacee. without notice or Jemand. wit at law• or in equity. may bc prosecuted as if all moneyc ~ecureJ here- ~
hy haJ matured prior to its insti!ution. The mun~ae~e may~ toreclo~e Ihi~ mt~rlgage_ ac to the amount su JeclareJ Jue anJ pa~•able_ anJ the ~aid `
rcmise~ shall tx soW [os.~Iisf ~
P' y:~nd pa~ the +;,me toFether wilh costs, e~pen~e~. and all~?wanc~c. In ca~e of p.~rtial foreclosure of thi~ mortF~€~-
the mortgageJ premise~ ~hall b~ sold ~uhject tcz 1he cuntinuing lien of this mortgage"(or ~he amount o( Ihe Jebt not ~hen Jue and unpaiJ. In turh ~
, rare thc provisionc of Ihis p,~raer,~ph ma}• again h.~ availcJ „f ihereafter from time tu timc by Ihe mortgagee. ~
I I_ Th.it the morlg.igi~r ~tiill gi~~e immedi.~te notice b}• mail to the mortg:~gee uf an~ crm•eyan~e. transfer_ or change ot ow~nership ~~f the "
premi~es_ ` " ~
_ - I?_ Thal no wai~•er uf any co~Fnant herein or of the uhligation secured hereby sh:+ll at any time there:~Rer be heW to he a~,ai~•er o( the ~
termc hereaf or of Ihe note scrureJ hcrehy. t
BQOK ~Jc7 PACE 2~8 1 ~
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