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such improvements from depredation or injury and to preserve and
<br />protect the personal property therein, and to continue any and all
<br />outstanding contracts for the erection and completion of said
<br />buildings, to make and enter into any contracts and obligations
<br />wherever necessary, either in his /her own name or in the name of the
<br />Mortgagor, and to pay and discharge all debts, obligations, and
<br />liabilities incurred thereby. All such sums so advanced by the
<br />Mortgagee (exclusive of portions of the principal of the indebted-
<br />ness secured thereby) shall be additionally secured by this Mort-
<br />gage and shall be due and payable on demand with interest at the
<br />rate to be specified by the Mortgagee. The principal sum and other
<br />charges provided for herein shall, at the option of the Mortgagee or
<br />holder of this Mortgage and the note securing the same, become due
<br />and payable on the failure of the Mortgagor to keep and perform any
<br />of the covenants, conditions, and agreements of said Capital Ad-
<br />vancc Agreement. This covenant shall be terminated upon comple-
<br />tion of the improvements to the satisfaction of the Mortgagee and
<br />the making of the final payment as provided in said Capital Advance
<br />Agreement;
<br />17. The Mortgagor, will pay to the Mortgagee as required, until the
<br />final maturity date, a sum equal to the ground rents, if any, and the
<br />taxes and special assessments next due on the premises covered by
<br />the Mortgage, plus the premiums that will next become due and
<br />payable on policies of fire and other property insurance covering
<br />the premises covered hereby, plus water rates, taxes, and assess-
<br />ments next due on the premises covered hereby (all as estimated by
<br />the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one (l) month prior to the date
<br />when such ground rents, premiums, water rates, taxes and special
<br />assessments shall become due.
<br />18. Any excess funds accumulated under the preceding paragraph
<br />remaining after payment of the items therein mentioned shall be
<br />credited to subsequent payments of the same nature required there-
<br />under; but if any such item shall exceed the estimate therefor the
<br />Mortgagor shall without demand forthwith make good the deti-
<br />cieney. Failure to do so before the due date of such item shall be a
<br />default hereunder. if the property is sold under foreclosure or is
<br />otherwise acquired by the Mortgagee after default, any remaining
<br />balance of the accumulations under the preceding paragraph shall
<br />be credited to the principal of the Mortgage as of the date of
<br />commencement of foreclosure proceedings or as of the date the
<br />property is otherwise acquired; and
<br />19. That the Mortgagee shall have the right to inspect the mortgaged
<br />premises at any reasonable time.
<br />20. That so long as the Mortgage and Note secured hereby are outstand-
<br />ing, it will not (a) rent dwelling accommodations in the mortgaged
<br />premises in excess of the rates approved by the Mortgagee or for
<br />periods of less than one month; (b) rent the premises as an entirety;
<br />(c) rent the premises or any part thereof to any persons for the
<br />purpose of subleasing; (d) rent the premises or permit its use for
<br />hotel or transient purposes; (e) require of any tenant as a condition
<br />of occupancy life -lease contracts, fees or other payments over and
<br />above those for rents, utilities, and collateral services.
<br />21. In The Event of default in making any payment provided for herein
<br />or in the note secured hereby for a period of thirty (30) days after
<br />the due date thereof, or in case of a breach of any other covenant
<br />herein stipulated, then the whole of said principal sum shall, at the
<br />election of the Mortgagee, without notice, become immediately due
<br />and payable, in which event the Mortgagee shall have the right
<br />immediately to foreclose this Mortgage;
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<br />22. And In Case Of Foreclosure of this Mortgage by said Mortgagee
<br />in any court of law or equity, a reasonable sum shall be allowed for
<br />the solicitor's fees of the complainant, not to exceed in any case five
<br />percentum (5 %) of the amount of the principal indebtedness found
<br />to be due, and the stenographer's fees of the complainant in such
<br />proceeding, and costs of minutes of foreclosure, master's fees, and
<br />all other costs of suit, and also for all outlays of documentary
<br />evidence and the cost of a complete abstract of title for the purpose
<br />of such foreclosure; and in case of any other suit, or legal proceed-
<br />ing, instituted by the Mortgagee to enforce the provisions of this
<br />Mortgage or in case of any suit or legal proceeding wherein the
<br />Mortgagee shall be made a party thereto by reason of this Mortgage,
<br />its costs and expenses, and the reasonable fees and charges of the
<br />attorneys or solicitors of the Mortgagee, so made parties, for
<br />services in such suit or proceedings, shall be further lien and charge
<br />upon said premises under this Mortgage, and all such expenses shall
<br />become so much additional indebtedness secured hereby and be
<br />allowed in any decree foreclosing this Mortgage;
<br />23. And There Shall Be Included in any decree foreclosing this
<br />Mortgage and be paid out of the proceeds of any sale made in
<br />pursuance of any such decree: (1) All the costs of such suit or suits,
<br />advertising, sale, and conveyance, including attorney's, solicitors',
<br />and stenographers' fees, outlays for documentary evidence and cost
<br />of said abstract and examination of title; (2) All the moneys
<br />advanced by the Mortgagee, if any, for any purpose authorized in
<br />the mortgage, with interest on such advances at the rate specified by
<br />the Mortgagee, from the time such advances are made; (3) All the
<br />accrued interest remaining unpaid on the indebtedness hereby
<br />secured; (4) All the said principal sum, The over -plus of the
<br />proceeds of sale, if any, shall then be paid as the court may direct;
<br />24. A Reconveyance of said premises shall be made by the Mortgagee
<br />to the Mortgagor on full payment of the indebtedness aforesaid, the
<br />performance of the covenants and agreements herein made the
<br />Mortgagor, and the payment of the sums owed under the terms of the
<br />said note.
<br />25. It Is Expressly Agreed that no extension of the time for payment
<br />of the debt hereby secured given by the Mortgagee to any successor
<br />in interest of the Mortgagor shall operate to release, in any manner,
<br />the original liability of the Mortgagor;
<br />26. The Mortgagor hereby waives any and all rights of redemption from
<br />sale under any order or decree of foreclosure of this Mortgage on its
<br />own behalf and on behalf of each and every person except decree or
<br />judgment creditors of the Mortgagor acquiring any interest in or
<br />title to the premises subsequent to the date of this Mortgage;
<br />27. The Covenants Herein Contained shall bind, and the benefits and
<br />advantages shall inure to, the successors and assigns of the respec-
<br />tive parties hereto. Wherever used, the singular number shall be
<br />plural, the plural the singular, and the use of any gender shall be
<br />applicable to all genders.
<br />form H UD- 90165 -CA (01 /2003)
<br />Previous versions obsolete Page 3 of 4 ref Handbooks 4571.4 & 4571.5
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