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<br />200605642
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<br />or "articles in substitution therefor, whether or not the same are, or shall be attached to said building or buildings in any
<br />manner. It is hereby agreed that to the extent permitted by law all of the foregoing property and fixtures arc to be deemed
<br />and held to be a part of and affixed to the realty.
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<br />TO HAVE AND TO HOLD the premises and property above described, with all the appurtenances thereunto belonging
<br />unto the Mortgagee, and to its successors and assigns, forever. The Mortgagor represents to, and covenants with, the
<br />Mortgagee, that the Mortgagor has good right to sell and convey said premises; that they are free from encumbrance; and that
<br />the Mortgagor will warrant and defend the same against the lawful claims of all persons whomsoever; and the said Mortgagor
<br />hereby relinquishes all rights of homestead, either in law or in equity, and all other contingent interests of the Mortgagor in
<br />and to the above-described premises, the intcntion being to convey hereby an absolute title, in fee simple, including all rights
<br />of homestead, amI othel rights and interests as aforesaid.
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<br />PROVIDED NEVERTHELESS, that the Mort2aRor is iustly indebted to the Mortgagee in the principal sum of
<br />Four Hundred Twenty-Three Thousand* Dollars ($ 423,500.00 ) and that the Mortgagor shall well and truly payor
<br />cause to be paid to the Mortgagee, or order, the principal sum as provided in and evidenced by its certain Promissory Note (or
<br />any Note in renewal or extension thereof) of even date herewith; and shall further pay all additional sums and advances
<br />according to the terms hereof as the Mortgagee may advance to the Mortgagor and also any and all sums now or hereafter due
<br />from the Mortgagor to the Mortgagee. Said Note shall bear interest from date on the outstanding balance at
<br />6,50 per cent per annum, payable in monthly installments beginning on the first day of the month following the
<br />date hcreof with a final maturity of July 1, 2036 . Said Note is identified as being secured hereby by a
<br />certificnte thereon. All the terms of said Note are incorporated by reference, and this conveyance shall secure any and all
<br />extensions of said Note however evidenced. This Mortgage is to remain in full force and effect until all conditions and
<br />covenants of said Mortgage are performed, at which time this Mortgage shall be null and void.
<br />*Five Hundred and No/l00ths
<br />And shall perform each and every covenant, condition, and agreement herein contained, then these presents shall be
<br />void, othcrwise to remain in full force and effccL
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<br />The Mortgagor in order more fully to protect the security of this Mortgage, agrees:
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<br />I. That Mortgagor will pay the Note at the times and in the manner provided therein;
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<br />2. That Mortgagor will not permit or suffer the use of any of the propcrty for any purposc other than thc use for
<br />which the same was intended at the time this Mortgage was executed;
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<br />3. That the Rcgulatory Agrecmcnt, if any, executed by the Morlgagor and lhe Secretary of Housing and Urhan
<br />Development, acting by and through the Fcderalllollsing COlllmissioner, which is being recorded simultaneously herewith, is
<br />incorporatcd in and made a part of this Mortgage. Upon default under the Regulatory AgreelJlcnt and upon thc rcquest of the
<br />Secretary of Housing and Urban Development, acting by and through the Fedcral 1I0using Commissioner, the holder of the
<br />Notc, al its option, Illay dcclare the whole of the indehledness secured hcreby to be due and payablc;
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<br />4. That all rcnts, profits and income from the property covered hy this Mortgage arc hereby assigned to the holdcr
<br />of the Note for lhe purpose of discharging the debl hcreby secured. Permission is herehy given to Mortgagor so long as no
<br />default cxists hereunder, to collect stich rents, profits and income for use in accordance with the provisions of the Regulatory
<br />Agrecmcnt;
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<br />5. That upon default hereunder the holder of the Note shall be entitled to the appointment of a recciver hy any
<br />courl having jurisdiction, without notice, to take possession and protect the propcrty describcd herein and operatc same and
<br />collect lhe rents, profits and income therefrom;
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<br />6. T\.1at al the option of the Mortgagor the principal balance securcd hercby may be reamortizcd on tcrms
<br />acceptable to the Secretary of I-lousing and Urban Devclopment, acting by and through the Federal Housing Commissioner if
<br />a partial prepaymcnt results from an award in condemnation in accordance with provisions of Paragraph 8 herein, or from an
<br />insurance payment made in accordance with provisions of Paragraph 7 herein, where therc is a resulting loss of project
<br />income;
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<br />7. That the Mortgagor will keep the improvements now existing or hereafter erected on the deeded property insured
<br />against loss hy fire and such other hazards, casualties, and contingencies, as may be stipulated by the Secretary of I-lousing
<br />and Urban Development, acting by and through the Federal lIousing Commissioner upon the insurance of the Mortgage and
<br />olhcr hal.ards as may be required from time to time by the holder of the Note, and all such insurance shall be evidenced by
<br />standard Fire and Extended Coverage Insurance Policy or Policies, in amounts not less than necessary to comply with lhe
<br />applicable Coinsurance Clause percentage, but in no event shall the amounts of coverage be les.'l than 80% of the Insurable
<br />Values or not less than the unpaid balance of the insured Mortgage, whichevcr is the lesser, and in defllllll thereof the holdcr
<br />of thc Note shall have the right to effect insurance. Such policies shall be endorsed with standard Mortgagee clause with loss
<br />paY;lhle to the holder of the Note :IInllhll ll<;l"fYlarr 9f 119116in8 an-' "rlnn g....YIRI'IllIlRt aR intllrllRtmur app"u, and shall be
<br />deposited with the holder of the Note;
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<br />That if t he premises covered hereby, or any part thereof, shall be damaged by fire or other hazard against which
<br />insurance is held as hereinabove provided, the amounts paid by any insurance company in pursuance of the contract of
<br />insurance to the exlend of the indebtedness then remaining unpaid, shall be paid to the holder of the Note, and, at its option,
<br />may be applied to the debt or released for the repairing or rebuilding of the premises;
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<br />8. That all awards of compensation in connection with condemnation for public use of or a taking of any of that
<br />property, shall be paid to the mortgagee to be aPlllied to the amount due under the Note secured hereby in (I) amounts equal
<br />to the next maturing installment or installments of principal and (2) with any balance to be credited to the next payment due
<br />under the Note. That all awards of damages in connection with any condemnation for public use of or injury to any residue
<br />of that property, shall be paid to the mortgagee to be applied to a fund held for and on behalf of the mortgagor which fund ·
<br />shall, at the option of the mortgagee, and with the prior approval of the Secretary of Housing and Urban Development, either
<br />be applied to the amount due under the Note as specified in the preceding sentence, or be disbursed for the restoration or
<br />repair of the damage to the residue. No amount applied to the reduction of the principal amount due in accordance with
<br />( I) shall be considered an optional prepayment as the term is used in this Mortgage and the Note secured hereby, nor relieve
<br />the mortgagor from making regular monthly payments commencing on the first day of the first month following the date of
<br />receipt of the award. The Mortgagee is hereby authorized in the name of the mortgagor to execute and deliver valid acquit-
<br />tances for such awards and to appeal from such awards.
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<br />9. That the Mortgagor, together with and in addition to the monthly payments undcr the terms of the Note securcd
<br />hereby, will pay to the Mortgagee monthly, beginning on the first day of the first month after the date. hcreof and of each
<br />month thereaHer until the said Note is fully paid, the following sums:
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<br />(n)
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<br />An nmount suTflclent to prnvide the Morlgagee with runds to pay the ncxt mortgagc insllrance premium if this instrumentanll the
<br />Note secured hereby are insured, or a monthly service charge, If they 8re helll hy the Secrelary or Uousing and Urban
<br />nevelopment. as folloW!l:
<br />(I) If nnd so lonll as said Note or even date and this Inslrument are Insured or are reinsured under the provisions of the
<br />Notional I-(ollslng Act. On amount sufficient 10 Reeumulnte In the hnnds or the Mortgagee One month prior 10 Its due date
<br />the annual mortgage insurance premium, in nrder to Ilrovide such Mortgagee with runds to pay such Ilfemium tn the
<br />Federal I-Inusing Commil\.~loner pursuant to the Nalionalltousing Act, as amended, and applicable Rel\ulalions thereunder,
<br />or
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