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<br />200702328
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<br />(b)
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<br />(II) If pnd In Ion. liS spld Nole of even dale IInd Ihlslnslrul11enl lire held hy Ihe Seerelllry of Bouslnlllnd Urhlln l>evelopl11enl.
<br />n monlhly lervlcc chnr.e In IIn Imounl equlllo 1'12 of 1'2% of Ihe llveralc oulllllndlnl\ rrlnclpal blllpnce due Oil Ihe Nnle
<br />compoled for each IUccellSlve yellr bepnnlnl wllh Ihe nrst dllY of the monlh followln.lhe dllle of Ihll IIIllrumenl,1f Ihe
<br />Secretllry of Housln.lInd Urban Develol'menl II Iho Mortppe (Beneficiary) nllmed herein. or Ihe firlt dllY of the monlh
<br />followlnl 1I!Illlanment. If the Nole nlld this InAtrument are a.laned to the Secretary of IIlluslnlland Urban l)eYelUpnlcnt,
<br />wllhuullllkln,lnln nccount dellnlluencles nr rrellPymenl;
<br />^ ,um elluallu Ihe lround renll, if pny, next due, pllll the prendnma thll' will nexl becume due and payable on pollclel of nre
<br />IInd olber "Jilin')' inlurllnce euyerln. Ihe premises cuverod hereby, plul _ter rlltes, lues IInd IIl11e..menls next due un the
<br />premises covered hereby (pit liS estlcoated by the Morllllpe) leu IIlIlums .Iready lIPid Iherdore dlylded by Ihe number uf munlhs
<br />lu elapse before one nlOnth prlnr to the date when lueh pound rents, premium., water rat.., lue. and aueamenls will beCOlne
<br />delinquent, luch surns to be beld by Mor'p.ee In Irust 10 pay said pound rents, premiums, _ter ra'es, tlllCl, and lpedal
<br />'MIlSlmentl.
<br />All payments menUuned In the IWI) precedln. subsections of Ihls par..raph IInd 1111 pllymenls tu be made under Ihe Nute llI!cured
<br />hereby Ihalt be lidded .o.elher and Ihe lIareple .mount thereof shllll be paid eleh munth In a Iln&le pay men. to be applied by
<br />Mortlagee to Ihe followlnlllel11lln tho urder set rorlh:
<br />(I) I'remlum ehnr.es under the Cuntr.el uf Insur.nee with the Secretllry of Iioualnl and Urb.n Deyelupmenl, adlnl by .nd
<br />throulh Ihe Federal Huuslnl Comml,.luner or servke charle;
<br />(II) sruund rents. laxe., specllllllllllessments, weter rates, rlre and uther ,r3,__.I. Insurance premiums;
<br />(III) Intere'l on Ihe Note seeured bereby i
<br />(IV) IInlOrllzallun or the prlnclp.1 ur ..Id No.e;
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<br />(e)
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<br />10. In the event the Mortgagor rails to pay any sums provided ror in this Mortgage, the Mortgagee, at its option, may pay
<br />the same. Any excess runds accumulated under (bJ or the preceding paragraph remaining arter payment or the items therein
<br />mentioned, shall be credited to subsequent monthly payments or the same nature required thereunder; but ir any such item
<br />shall exceed the estimate therdor, or ir the Mortgagor shall rail to pay any oUler governmental or municipal charge, the
<br />Mortgagor shall rorthwith make good the ddiciency or pay the charge be rare the same becomes delinquent or subject to
<br />interest or penalticlI and in ddault lhereor the Mortgagee may pay the some. All sums paid by the Mortgagee and any sums
<br />which the Mortgagee may be required to advance to pay mortgage insurance premiums shall be added to the principal or the
<br />debl secured hereby and shall bear interest rrom the date or payment at the rate Ipecined in the Note Bnd shall be due and
<br />payable on demand. In case or termination or the Contract or Mortgage Insurance l1y prepayment or the Mortgage In full, or
<br />otherwise (except as hereinarter provided), accumulations under (aJ or the preceding paragraph hereor not required to meet
<br />paymenls due under the Contracl or Mortgage Insurance, shall be credited to the Mortgagor. tr the property is sold under
<br />roreclosure or is otherwise acquired by the Mortgagee aHer ddault, any renlaining balance or the accumulations under (b) or
<br />the preceding paragraph shall be crediled to the principal or the Mortgage as of the date or the commencement or roreclosure
<br />proceedings or as of the dale the property is otherwise acquired; and accumulations under (aJ thereor shall be likewise
<br />credited unless required to pay sums due the Secretary or Housing and Urban Development, acling by and through the
<br />Federalllousing Commissioner under the Contract or Mortgage insurance;
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<br />II. That the Mortgagor will pay all taxes which may be levied upon the Mortgagee's Interest in said real estate and
<br />improvements, and which may be levied upon this Mortgage or the debt secured hen!by (but only to the extent that such is
<br />not prohibited by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State
<br />or Federal, imposed on Mortgagee, and will me the orncial receipt showing such payment with the Mortgagee. Upon violation
<br />of this undertaking, or ir the Mortgagor is prohibited by any law now or hereaHer existing hom paying the whole or any
<br />portion or the aroresaid taxes, or upon the rendering or any court decree prohibitinl the payment by the Mortgagor or any
<br />such taxes, or ir such law or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage
<br />debt, the Mortgagee shall have the right to give ninety days' written notice to the owner or the mortgaged premises, requiring
<br />the payment or the mortgage debt. U such notice be given, the said debt shall become due, payable, and collectible at the
<br />expiration of said ninety (90) days.
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<br />12. That Mortgagor will not commit, permit, or surrer waste, impairment, or deterioration or said property or any
<br />part thereor, and in the event or the railure or the Mortgagor to keep the buildings on said premises and those to be erected
<br />on said premises, or improvements thereon, In good repair, the Mortgagee may make such repairs as In its discretion it may
<br />deem neces.'1ary ror the proper preservation thereof, and any sums paid for such repairs shall bear interest from the date of
<br />payment at the rate specined in the Note, shall be due and payable on demand and shall be fully secured by the Mortgage;
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<br />13. That ir there shall be a ddault in any of the terms, conditions, or covenants or this Mortgage, or the Note secured
<br />hereby, then any sums owing by the Mortgagor to the Mortgagee shall, at the option of the Mortgagee, become immediately
<br />due and payable. The Mortgagee or any holder or this Mortgage and the Note secured hereby shall then have the right to enter
<br />into the possession or the mortgaged premises and collect the rents, Issues, and profits thereof, In any action to roreclose, the
<br />holder or this Mortgage shall be entitled to the appointment of a receiVer or the rents and profits or the mortgaged premises
<br />as a matter or right and without notice with power to collect the rents, issues, and pronts or said mortgaged premises, due
<br />and becoming due during the pendency or such roreclosure suit, such rents and pronts be;ng hereby expressly assigned and
<br />pledged as additional security ror the payment of the indebtedness secured by this Mortgage, without regard to the value or
<br />the mortgaged premises or the solvency or any person or persons liable ror the payment or the mortgage indebtedness. This
<br />Mortgagor ror itselr and any subsequent owner hereby waives any and all dcrenses to lhe application ror a receiver as above
<br />and hereby specirically consents to such appointment without notice, but nothing herein contained is to be construed to
<br />deprive the holder or the Mortgage or any other rleht. remedy, or privilege it may now have under the law to have a receiver
<br />appointed. The provision ror the appointment or a receiver or the rents and profits and the assignment of such rents and
<br />prorits is made an express condition upon which the loan hereby secured is made;
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<br />14. That no waiver or any covenant herein or or the obligation secured hereby shall at any time therearter be held to
<br />be a waiver or the terms hereor or or the Note secured hereby;
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<br />IS. That all payments made by the Mortgagee to remedy a default by the Mortgagor as aroresaid and the total or any
<br />paymenl or payments due rrom the Mortgagor to the Mortgagee and in ddault shllll be added to the debt secured by this
<br />Mortgage and shall be repaid to the Mortgagee upon demand. Any such sum and Interest thereon at the rate speciried in the
<br />Note shall be a lien on the premiscs, prior to any other lien attaching or accruing subsequent to the lien oC tbis Mortgage;
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<br />16. That so long as the Mortgage is insured under the provisions of the National Housing Act or held by the Secretary
<br />or Housing and Urban Deveiopment, it will not voluntarily create or permit to be created against the property subject to this
<br />Mortgage any lien or liens inferior or superior to the lien or this Mortgage, and further it will keep and maintain the same free
<br />rrom the claim or all persons supplying labor or materials which will enter into' the construction or any and all buildings now
<br />beinl erected or to be erected on said premises; .
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<br />17. That the improvements about to be made upon the premises above described and all plans and specirications
<br />comply with all municipal ordinances and reaulalions made or promulgated by lawrul authority, and that the same will upon
<br />completion comply with all such municipal ordinances and regulations and with the rules or the fire ratina or inspection
<br />organization, bureau, association or orrice which are now or may hereafter berom.. applicable to the premises above
<br />described;
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<br />I R. TI,~f "'111I Fllnd, tQ t1- '~Uftl_.....~ 119r~iA Ir. tv ~. WIld iR tit. GgAltr.i~ivA .~f E~rti1iq 'i1Mp.nuAnu:',nl. nn fl..a ',q,l,
<br />_herd" t1ellerihr.d, h, aeeoula"G.. ~ltl, 6 htlildillS loa" a&fe~"llmt lIatell 0' 19 , hlltwlleA the M8rt8888f
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