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<br />200702328
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<br />or articles in substitution therefor, whether or not the lime are, or shaU be attached to said buildinl or buildinp in any
<br />manner. It is hereby 'areed that to the extent permitted by law all of the foresoinl 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 H A VB AND TO HOLD the premises and property above described, with all the appurten.nces thereunto belonaina
<br />unto the Mortplce, and to its successors and alSips, (orever. Tho Mortplor reproscnts to, and covenants with, the
<br />Mortgagee, that the Mortplor haslood risht to sell and convey said prcmlRa; that they arc free from encumbrance; and that
<br />the MortPlor will warrant and defend the same apinst the lawful claims of all penons whomsoever; and the said MortplOr
<br />hereby relinquishes aU rights of homestead, either in law or In equity, and aU other contlnpnl Interests of the MorlNor in
<br />and to the above-described premi.., th.. intention bclnllo convey horeby an abllOluto title, In roo simple, indudinc aU rlchts
<br />of homestead, and othel risht. and interest. a. aforeuid.
<br />PROVIDED, NEVERTHELESS, that the Mortgagor is justly indebted to the Mortgagee in the principal sum of Three Hundred
<br />Forty~Four Thousand Six Hundred and NollOOths Dollars ($344,600.00) 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 Mortgage 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 Six and SOil OOths
<br />(6.50) per cent per annum, payable in monthly installments, beginning on the first day of the month following the date hereof
<br />with a final maturity of April I, 2037. Said Note is identified as being secured hereby by a certificate thereon. All the terms of
<br />said Note are incorporated by reference, and this conveyance shall secure any and all extensions of said Note however
<br />evidenced. This Mortgage is to remain in full force and effect until all conditions and covenants of said Mortgage are
<br />performed, at which time this Mortgage shall be null and void.
<br />And shall perform each and every covenant, condition, and .greement herein contained, then these prelents shall be
<br />void, otherwise to remain In full force and effect.
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<br />The Mortplor 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 Ute times and in the manner provide'" therein;
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<br />2. That Mortgagor will not permit or suffer the use of any of the property for any purpose other than the use for
<br />which the same was intended at the time this Mortgage was executed;
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<br />3. That the Relulatory Agreement, if any, executed by the Mortgagor and the Secretary of Housing and Urban
<br />Development, acting by and through the Federal Housing Conunissloner, which is being recorded simultaneously herewith. is
<br />incorporated in and made a part of this Mortgage. Upon default under the Regulatory Agreement and upon the request of the
<br />Secretary of Housing and Urban Development, acting by and through the Federat Housing Commissioner, the holder of the
<br />Note. at its option, may declare the whole of the indebtedness secured hereby to be due and payable;
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<br />4. That all rents, profits and income from the property covered by this Mortgage are hereby assigned to the holder
<br />of thc Note for the purpose of discharging the debt hereby secured. Permission Is hereby given to Mortgagor so lonl as no
<br />default exists hereunder. to collect such rents, profits and Income for use In accordance with the provisions of the Regulatory
<br />Agreement;
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<br />5. That UI,on default hereunder the holder of the Note shall be entitled to the appointment of a receiver by any
<br />court having jurisdiction, without nolice, to take possession and protect the property described herein and operate same and
<br />collcct the rents, profits and income therefrom;
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<br />6. That at the option of the Mortgagor the principal balance secured hereby may be reanmrtized on terms
<br />acceptable to the Secretary of Housing and Urban Development, acting by and through the Feder.IHousln! Commissioner if
<br />a partial prepayment 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 there is a resulting loss of project
<br />inconle;
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<br />7. That the Mortlagor will keep the Improvements now existing or hereafter erected on the deeded property Insured
<br />against loss by fire and such other hazards, casuallies, and contingencies, as may be stipulated by the Secretary of Housing
<br />and Urban Development, actlnl by and through the Federal flouslng Commissioner upon the Insurance of the Mortpge and
<br />other halards as may be required from lime 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 the
<br />applicable Coinsurance Clause percentage, but In no event shall the amounts of coverale be less than 80% of the Insurable
<br />Values or not less than the unpaid balance of the Insured Mortple, whichever is the lesser, and in default thereof the holder
<br />of the Note shall have the right to effect Insurance. Such policies lIhall be endorllCd with standard Mortgagee clause with loss
<br />pllyahle to the holder of the Note a.." tlta Sllerlltary ef lIey.I"81l..11 !Jrlta.. 911ulllslJllltRt al intervRt RillY IIPPullr. and shall.be
<br />deposite'" with the holder of the Note;
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<br />That If the premises covered hereby, or any part thereof, shall be damaged by nre 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 extend 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 or the premises;
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<br />8. That all awards of compens.tion in connection with condemnation for public use of or a taking of any of that
<br />properly, shall be paid to the mortplee to be applied to the amount due under the Note lCCured hereby in (I ) amounts equal
<br />to the next maturlnc Installment or installments of principal and (2) with .ny balance to be credited to the next payment due
<br />under the Note. That all awards of damases in connection with any condemnation for public use of or injury to any residue
<br />of that property, shall be paid to the mortpgee to be applied to a fund held ror and on behalf of the mortlagor which fund ·
<br />shall, at the option of the mortgalee, 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 preeedinc 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 Mortpse and the Note secured herebY, nor relieve
<br />the mortplor from makin, relular monthly payment. commencing on the flnt day of the first month following the date of
<br />receipt of the award. The Mortplee is hereby authorized in the name of the mortlaaor to execute and deliver valid acquit-
<br />tances for such awards IIDd to appeal from such awards.
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<br />9. TItat the Mortpgor, together with and ill addition to the monthly payments under the terms of the Note secured
<br />hereby, will pay to the Mortpgee monthly, beginning on the first d.y of the first month after the d.te hereof and of each
<br />month thereafter until the said Note is fuUy paid, the following sums:
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<br />taJ An emounl.urnclenl tu pruvlde the Mur.lI.e, with runds to pay the nOlt mortpge In.ursnce premium Ir thl. Inltr"ment Ind Ihe
<br />Note .ecured hereby Ire Insured, or S monthty senlc. chlrlll, ir they Ire held by the Secrelery or Houllnl Ind Urbln
<br />nevelopment... rollows: .
<br />(I) Ir Ind 10 lonl .. Slid Nole or even date .nd this Inslrument are Insured or Ire relnlured under the provision. or Ihe
<br />Nallonal .Iuusln. Acl, In Imount surnelent to accumulate In the hinds or Ihe Mortll,ee one month prior 10 II. due dllle
<br />tho InnuII mnrlPl' Insurlnce premium, In order to provide luch Mortllllee with rundl to pay such premium In Ihe
<br />Federlt Housln, Commlutoner punuant to Ihe Nationll noulln, Act, a. Imended, Ind .pplluble Reaulstlonl thereunder.
<br />or
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