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<br />and about the building of buildings now eroded or hereafter to be erected on the lands herein desribed which are necessary
<br />to the complete and comfortable case and occupancy of such building or buildings for the purposes for which they were or are
<br />to be erected, including all goods and chattels and personal property as are ever uxd or furnished in operating a building or
<br />the activities conducted therein, similu to the one herein described and refernd to, and all renewals or replacements thereof
<br />or artiefes 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 sgieed that to the extent permitted by law all of the foregoing property and fixtures are to be deemed
<br />sad heM to be a part of and affixed to the realty.
<br />TO HAVE AND Tb HOLD the premises and property above described, with all the appurtenances thereunto belonging
<br />cattle 6he Mortgagee, and to its successors and assigns, forever. The Mortgagor represents to, and covenanfs with, the
<br />(~ Mortgagce, that the Mortgagor has good right to sell and convey said premises; that they are tree from encumbrance; and that
<br />~ the Mortgagor will warrant and defend the same against the lawful ciaitas of all persons who=nscerxr; and the said Mortgagor
<br />~ htsraby refinqubhes all rights of homr.atead, either in law or in equity, and all other contingent interests of the Mortgagor in
<br />'and to the above~estxibed premises, the intention being to convey hereby an absolute title, in fee simple, including all eights
<br />".k of hotnestead, and other rights and interests as aforesaid.
<br />r SIX HUNDRED
<br />` PROVIDED NEVERTHELESS, that the Mortgagor is justly indebted to the Mortgagee in the principal sum of/
<br />r-i EIGHTY-SEVEN THDtJSAND TWO r!tN~Dfil~oUars (5 687, 200.00 )and that the Mortgagor shall well and truly pay or
<br />Qd cattae 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 Rhereof) 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 />FIFTEEN At~D ONE--FiALFper cent par annum! payable in monthly installments beginning on the f-rst day of the month following the
<br />date hereof with a final maturity of APRIL 1ST, 2022 .Said Notc is identified as being secured hereby by a
<br />certfficate thereon. All the terms of said Note aze incorporated by reference, and this conveyance shall secure avy and all
<br />extenxiatra of said Note however evidenced. This Mortgage is to remain in full force and effect until all conditions and
<br />txtnveaants of said Mortgage are performed, at which time this Mortgage shall be null and void.
<br />And shall perform each and every covenant, condition, and agreement herein contained, then these presents shall be
<br />void, otherwise to remain in full force and effect.
<br />a The Mortgagor in order more fully to protect the security of this Mortgage, agrees:
<br />a
<br />1. That Mortgagor will pay the Note at the times and in the manner provided therein;
<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;
<br />~ 3. That the Regulaiorf Agreement, if any, executed by the Mortgagor and the Secretary of Housing and Urban
<br />H v Development, acting by and through the Federal Housing Commissioner, which is being recorded simultaneously herewith, is
<br />mcotporated in and made a part of this Mortgage. Upon defaWt candor the Regulatory Agreement and upon the request of the
<br />Staetary of Housing and Urban Development, acting by and through the Federal Housing Commissioner, the holder of the
<br />t~t Note, at its option, may declare the whole of the indebtedness secured hereby to be due and payable;
<br />~ W
<br />4. That all rents, profits and income from the property covered by this Mortgage aze hereby assigned to the holder
<br />~ of [he Note far the purpose of discharging the debt hereby secured. Permission is hereby given to Mortgagor so tong as no
<br />> ~ default exists hereunder, to tolled sech rents, profits and income for use in accordance with the provisions of the Regulatory
<br />~ _ .Sareem2nt;
<br />i
<br />0 ~ S, That upon default hereunder the holder of [rte Note shall be entitled to [he appointment of a receiver ~ ; any
<br />Z court having jurisdiction, without notice, to take possession and protect the property described herein and operate same and
<br />4~1 ~ collect the rents, profits and income therefrom;
<br />t~ ~ 6. That ai the option of the Mortgagor tF,e principal balance xcured hereby may be reamortized on terms
<br />i' o W acceptable to the Secretary of Housing and U; ban Development, acting by and through the Federal Housing Commissioner if
<br />C] Z ~ a partial prepayment results from an award in condemnation in accordance with provisions of Paragraph 8 herein, or from an
<br />t~ msunnce payment made in accordance with provisions of Paragraph 7 herein, where there is a resulting loss of project
<br />$} ~ income; /ThE INSURANCE CARRIER PROVIDING THE INSURANCE SHALL BE CHOSEN BY B~ROWER SUBJECT
<br />~~jj TO APPROVAL BY LENDERt p~OYIpEp fHAT SUCH APPROVAL ~f.W~_L ~.1pT t~E ~_y T~t_
<br />Q ~ ~ 7. That the Mortgagor wiU keep the improvements now extsting or heieaRerr erecTec~i `~~eeaeapro~~rty trtsuQett
<br />against loss by fire and such other hazards, casulaties, and contingencies, as may be stipulated by the Secretary of Housing
<br />W earl Urban Development, acting by and tkaough the Pectoral Housing Commissioner upon the insurance of the Mortgage and
<br />J ~ other hazards as may be required from time to Limo by the holder of the Note, and all such insurance shall be evidenced by
<br />i ¢ ' standazd Fue and Extended Coverage Insurance Policy or Policies, en amounts not less then necessary to comply with the
<br />l- Z H applicable Coinsurance Clause percentage, but in no event shall the amounts of coverage be less than 80% oC the insurable
<br />v u" a Values or not less than the unpaid balance of the insured Mortgage, whichever is the lesser, and in default thereof the holder
<br />~y JWJ of the Note shall have the right to effect insurance. Such pahcies shall be endorsed with standard Mortgagee clause with loss
<br />0 m payable to the holder of the Note and [he Secretary of Housing and U; ban Development as interest may appear, and shall be
<br />j deposited with the holder of the Note;
<br />~ u~ That if the prerruses covered hereby, or any put thereof, shall be damaged by fire or other hazard against which
<br />g ~ ~ insurance is held as hereinabove provided, the amounts paid by any insurance company in pursuance of the contract of
<br />J insurance to the extend of the indebtedness Yhen remaining unpaid, shall be paid to the holder of [he Note, and, at its option,
<br />t9 may be apphed [o [he debt or released for the repairing or rebuilding of the premises;
<br />pZ ZQ 8. That all awazds of damages in connection with any condemnation for public use of or injary *.o any of said
<br />Z u t- paoperty are hereby assigned and shall 6e paid to the holder of the Note, who may apply the same fo payment of the
<br />'~ Z ~V) installments last due under said Note, and the holder o€ the Note is hereby authorized, in the name of Mortgagar, to execute
<br />~'1 " and deliver vahd acquiftances thereof and to apps! from any such awed;
<br />9. 'That the Mortgagor, together with and in addition to the monthly payments under the terms of the Note secured
<br />a hereby, writ pay io the 2~6urt~ee w,„:idy, J:.gi.: ;i:.g on the f±rst day of the f;rel month after the date hereof and of each
<br />month thereafter until the said Note is fully paid, the following sums:
<br />(aJ M amount satticicnt to proKds the Mortpg~ with funds to pay the next monpge insurance premium !f this instrument and the
<br />Note aacurad here6Y are ineurid, or a monthly service cha[ge, if they arc held by the Secretsty of Ftousing and Urban
<br />i)IOrHo nt, as renews:
<br />(I) [f arld p long as said Note of even data and this instrument are insured or ar< rrinsured under the provisions of the
<br />Nalioteal Housing Act, as amount sufficient to accumWata in the hands of th< Mortpgee one month prior to its due date
<br />tha annual moripge inawance premium, in order to provide such Mortgagee with furtda to pay such premium to the
<br />K'ednar t{ousing Commissioner pursuant to the National Housing Aet, u amended, and appticaht< Regutatiunx thereunder,
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