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<br />{Il) If and so Sang as said Nrrte of even date and this instrument are held 6y tt,c $eaetary of Housing and Urban t)eveiopment,
<br />a monthly service charge in an amount eGnal to tJl3 of I j2r1c of the average outstanding principal balance due nn the Nate
<br />computed for each suece>sive year beginning vdth the R[st day of the month Conovting the date of this instrument, it the
<br />Seaztary of Housing and Urban Uevebpmtnt is [te Mongagea {8enefleiary) named herein, or the first day cf the month
<br />following assignment, if the Nate and this instrument err assigned to Yhs Settetary of Hcusirsg and Urban Development,
<br />without taidng into account delinquencies or prepayrnont;
<br />fh; A sum zquaS to thz ground rersts, if any, next due, plu-, the premiummt, t4sat will r=exi hecorne hue and payable an policies of fits
<br />and other property 'snsutance covering the premss~ covered hereby, plus water rates, fazes and assessmrnts neat due on the
<br />v,er:.ia~, ca.o ~. ht,aby {art as ~,tiu,atod by rho Eiaetgagcc) teas .ail soma already paid therefore divided by the number of mont-es
<br />to elapse isatarz one month prior to the date when such ground rents, premiums, water rates, taxes and assessments wlll become
<br />d~:yuznt, suet, saris Yo ~ ;eoSd by Riartgagzz in tease [o pay said ground rents, premiums, water rates, taxes, and special
<br />asia ~.ent5.
<br />(cJ All payments mentioned in the two preceding subsections of this paragraph and alt paymrnts to be made under the Nate secured
<br />hereby stead hs added togetho: and the aggregate amount thereof shad be paid each mor<th in a single paymenE to be apptizd by
<br />Mortgagee to the fat[owing items in rho order see Corth:
<br />{t} premium charges under the Contract of lnxurance with the Secretary o/ Housrng and Urban Develapmant, acting by an3
<br />through the federal Housing Commissionzr at service :barge;
<br />(U) ground rents, taxes, special assessments, w2tet rates, !-ve ani_ other property insurance premiums;
<br />(fil} interest on the Note secured hereby;
<br />{t V) amortization of the principal oC said Note;
<br />1©. In the event the Mortgagor fails to pay any sums provided for in this Mortgage, the Mortgagee, at its option, may gay
<br />the same. Any excess funds accutnulated under (bJ of the preceding paragraph remaining after payment of the items therein
<br />mentioned, shall be edited to subsequent monthly gaymenks of the same nattue required thereunder; but if any such item
<br />shall exceed the estimate therefor, or if the Mortgagor shaft fail to pay any other governmental or manicigat charge, the
<br />Mortgagor shall forthwith make good the deficiency or pay the charge before the same becomes delinquent or subject to
<br />interest or penalties and in default Thereof the Mortgagee may pay the same. 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 of the
<br />debt secured hereby and shalt bear interest from the date of payment ai the rate specified in the Note and shall be due and
<br />payable on demand. In case of Terrninatian of the Contract of Mortgage tnsttrance by prepayment of the Mort~ge in fail, or
<br />otherwise (except as hereinafter provided), accumulations under /a) of the preceding paragraph hereof not reqused to meet
<br />payments due under the Contract of Mortgage Insurance, shall be credited to the Mortgagor. If the property is sold under
<br />foreclosure or is otherwise acquired by the Mortgagee after default, any remaining balance of the accumutatiaftgnnder (b) of
<br />the preceding paragraph shall be credited to the principal of the ;linrtgage as of the date of the cammencemen£-of ftiiectoBeare
<br />proceedings or as of the date the property is otherwise acquired; and accumulations under !aj thereof; ghaD be likewfsk.
<br />credited unless required io pay sutras due the Secretary of Housing and lrrban Development, acting liv and through the :, -
<br />Federal Housing Commissioner under the Contract of Mortgage insurance;
<br />13. That the tAortgagot will gay all taxes which may be levied upon t,,*.e Mortgagee's interest ivysaid rsal e3tate and
<br />improvements, and which may be Levied upon ibis Mortgage or the debt secured hereby (but only to tli~extei5t that such is.~-
<br />oat prohibited by law and only to The extent Fhat such will not make this Loan usurious), but excluding any income tax, State `
<br />or Federal, imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Lipctn vioYaiion
<br />of this- undertaking, or if the Mortgagor is prohibited by any law now or hereofr_er ex=sting from paying the whole `til any
<br />portion: of the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor of any
<br />such taxes, or if such law or decree provides that any amount so paid by the Mortgagox shall be txedited on the mortgage
<br />debt, fhe Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, re~ttirissr
<br />the payment of the mortgage debt. If such notice be gven, the said debt shat berome due, payable, and aotlectible at the
<br />expiration of said ninety (9"vi days.
<br />12. Thai Mortgagor will sot commit, permit, or suffer waste, impairment, or deterioration of said property or any
<br />part thereof, and in the event of the failure of the Mortgagor to keep the bur7dings on said premises and those to be erected
<br />or. said premises, or improvements thereon, in goad repair, the Mortgagee may make such repairs as in its discretion it may
<br />deem necessary far Lhe proper preservation thereof, and any sums paid for such repairs shall bear interest from the date of
<br />payment at the rate specified in the Note, shall be due and payable on demand and shall be fully secured by the Mortgage;
<br />13. That if there shall be a default in any of the terms, conditions, ar covenants of this Mortgage, or the Note secured
<br />hereby, then any sums swine by the tortgagor to the Mortgagee shall, at the option of the Mortgagee, become immediately
<br />due and payable. The Mortgagee or any holder of this Mortgage and the Note secured hereby shall then have the right to enter
<br />into the possession of the mortgaged premises and collect the rants, issues, and profits thereof. In any action to foreclose, the
<br />holder of this Mortgage shat; be entitled to rite appointment of a receiver of the rents and profits of the mortgaged premises
<br />as a matter of right and without notice with power to collect the rents, issues, and profits of said mortgaged premises, due
<br />and becoming due during the pendency of such foreclosure suit, such rents and profits being hereby expressly assigned and
<br />gedged as additianad security for the payment of the indebtedness secured by this Mortgage, without regazd to rite value of
<br />the mortgaged premises ar the solvency of any Berson or persons liable for the payment of tfie mortgage htdebtedness. This
<br />Mortgagor for Itself and any subsequent owner hereby waives any and all defenses to the application for a receiver as above
<br />and hzreby specifically consents to such appointment without notice, but nothing herein, contained is to be construed to
<br />deprive the holder of the Mortgage of any other right, remedy, or privilege it may now have under the Iaw to have a receiver
<br />appointed. The provision for the appointment of a receiver of the rents and profits and the assignment of such rents and
<br />gmtiks is made are express condition upon which the loan hereby secured is made;
<br />t~. That no waiver of any converam herein or of the obligation secured hereby shall at any time thereafter be held to
<br />be a waiver of the terttts hereof or of the Note secured hereby;
<br />15. That all payments made by the Mortgagee to remedy a default by the Mortgagor as aforesaid and the total of any
<br />payment or payments due from the Mortgagor to the Mortgagee and in default shall be added to the debt secured by ibis
<br />lfortgage and shad he repaid to the Mortgagee upon demand. Any such sum and interest thereon of the rate specified in the
<br />Nate shall be a lien au the premises, prior Ca any other lien attaching or accruing subsequent to the lien of This Aiortgage;
<br />16. That so Iocg as the Mortgage is insumd under the grovis%ons of the National Housing Aci or held by the Secretary
<br />of Housing and I}rban Development, it vt:ll not voluntarily create or permit to be crested against the property subject to this
<br />Mortgage any lien or liens in€eriar or superior to the lien of this Mortgage, and further it will keep and maintain the same free
<br />from the claim of ail persons supplying Iabor or materials which will enter into the construction oa nay and sit bul7dings now
<br />bring erected ar to be erected on said premises;
<br />t7. That itte improvements about Yo be made upon the premises above described and ail plans and spex:iftcations
<br />comply with alt municipal ordimantxs sod iegulatians made ar promulgated by lawful authority, and that the same will upon
<br />completion-.comply with alI such municipal artiinances and regulations and wiHt the rules of the fire rating ortr[spection
<br />argattization, bureau, as-aacia~on or office which are aow or may hezeafter become applicable to the premises above
<br />described;
<br />18: That the funds to ire advance3 hereon are to be used ire the construction of certain improvements on the lands
<br />herein described, in accordatxce with a building lean agreement dated , i 9 ,between the Mortgagor
<br />and the Mortgagee, which building loan agreement the Mortgagor covenants to perform; if the constriction of the
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