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<br /> � Bo�tower nnd Q.endtr ea�•en�rat ond wxrre uv fallaNS: f110TC 1llan fiftcen l�yl da>•s in;urrars to ca�•er Qu rxua cxpcn;e
<br /> 1. 7'het Borrp���r �ci11 �����'���d in handling delinqucnt paymcnts.
<br />- -___ ___ pa>'the indebtrdn:sc� as hereinlxiorr
<br /> provided, !'ricilege is �eserced ta pay the debt in �rhole or in part 3. Thnt if the total of the payment� made by the Barra�ccr
<br /> on any installment due date. under(b)of pa�ag�aph 2 p�ececttng shal)excerd[he amoune oP
<br /> paymenls actually made by the Lendcr for grouod rents, taxes and
<br /> 2. That, together with. and i� nddition to, the monthly assessments or insurance premiums. as the case may be, sucl�ex-
<br /> Daymeats of principa! and interest payabte under the terms ol'the cess, if the taan is current. at the option of the Borrower, shall be
<br /> note secured hereby, the E3orro��•er��ill pay to the Lender. on the credited by the Lender on subsequent payments to be made by the
<br /> �rst day of rach month until the said note is Pul(y paid, the Borrawer, or reFunded to the Borrower. !f. hoa•ever, the monthly
<br /> fallowing sums: payments made by the Borrowcr under(b)of paragra h 2
<br /> (a) Amount sufficient ta provide th:holder hereof with Punds P��eding shall not be suP�cicnt to pay ground rents, tares and
<br /> to pay the�ext mortgage insurance premium if this instrument and �essments or insurance premiums. as the case may be, when the
<br /> the note secured hereby are insured, or a monthly charge(in lieu �me shall bemme due and payable. then the Borrowcr shall pay
<br /> of a mortgage insuranae premium)if they are hetd by the to the Lender any amount necessary to make up the deficiency, on
<br /> Secretary oP Housing and Urban De�•elopment. as follows: or before the date when payment of such ground rents, taxes,
<br /> assessments, or insurance premiums sfiall be due. If at a�y time
<br /> (1) If and so long as said note of even date and this instru- the Borrower shall tende�to the Lender. in accordance H�ith the
<br /> ment are insured or are reinsured under che provisions of the Na- provisions of the note secured he�eby, full payment oP the entire
<br /> tional Housi�g Act,an amount suP�cient to accumulate in the indebtedness represented thereby, the Lender shali. in computing
<br /> hands of the holder ane(1)month prior to its due date the annual the amount of such indebtednes.a, credit ta the uccount of the Bar-
<br /> mortgage is�surance premium in order to provide such hulder wi�h rowe�all payments made under the provisions of(a)of paragragh
<br /> funds to pay such premium to the Secretary of Housing and Ur- 2 hereof which the Lender has not become obligatM to pay to the
<br /> ban Develapment pursuant to the National Housing Act,as 5ecretary of Housing and Urban Development and any balance re-
<br /> amended, and applicable Regulations thereunder;or maining in the funds accumulated under the provisions of(b)of
<br /> (U) !f and so long as said note of e�•en date and this instru- Paragraph 2 hereof. If'there shall he a detault under any of'the
<br /> ment are held by the Secretary of Housing and Urban Develop- Prp�ision�of this instrument �esulting in a public sale of the
<br /> ment, a monthly charge(in lieu of a mortgage insuranoe premium) Premises co�•ered hereby,or if the Lender acquires the property
<br /> which shat! be in an aniouu� eyual to one-twelfth(1�12)of one- other��ise after dcfault. the Lender shaQ apply, at the time ot the
<br /> half(1/2)per centum of'the average outstanding balance due on ��mmenrement of such proceedings. or at the time the property is
<br /> the aote mmputed without taking into account delinquencies or o�herwise acquired. the balance then remaining in the Punds ac• � �
<br /> prepayments; cumulAted under(b)of paragraph 2 preceding, as a credit against � �
<br /> (b) A sum equal to the ground rents, if any, next due, plus the and shall nro`Innad'ust`ann remaining unpaid under said note,
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<br /> premiums that will ne!ct become due and naya6te nn �;�P ,,,, p � y � � Y payments whieh shatl have been :
<br /> ;+!+._�_s�f :tta... u�der{ai�•i paragrapn L. ;-.`-
<br /> tire a�td other hazard insurance covering the propeny, plus taxes � �k=�
<br /> and asse;sments next due on the propeny(a1l as estimared by the 4. That the Borro��•er will pay graund rents, taxes,assessments, � �
<br /> Lender) less a11 sums already paid therefor divided by the number water rates, and other go��ernmental or municipal charges, fines, � J' ~
<br /> of months to elapse before one(1)month prior to the date vhen or impasitions. for which nrnc'�' �, � ;. ' `—
<br /> �- --T—r— se:^.:s grrsu:�w rcr�ts. y,r�„im»>, iaxes and assessn►ents will become hereinbefore.and in defautt thereof ti e Lende ma���
<br /> dellnquent, such sums to be held by Lender in trust to pay said and that the Borrower�vill promptiy deliver the offic al���ptsme; .
<br /> ground rents, premiums, taxes and special assessments;and therefor to the Lender. �,•`
<br /> (c) All payments mentioned in the two preceding subsections of ��
<br /> this paragraph and ali payments to be made under the note 5. 7'he Borrower µ•ill pay al! taxes which may br levied upon
<br /> secured hereby shall be added together, and the ap,�regatr amount �he Lender's interect in said rea!estate and improvements, a�id
<br /> thereof shall be paid by the Borrow•er each month in a single pay- `�'hich may be levied upon this instrument or the debt secured
<br /> ment to be applied by the Lender to the following items in the hereby(but only ta the extent that such is not prohibitea by law
<br /> order set forth: and only to the extent tha! such will not make this loan usurious).
<br /> but excluding any income tax, State or Federal, imposed on � �
<br /> (I) premium chazges under the contract of insurance with Lender, and «•ill file the officia! receipt showing such payment
<br /> the Secrctary of Housing and Urban Development,or monthly with the Lender. Upon violation of this undertaking, or if the
<br /> ehazge(in lieu of mortgage insurance premium), as the case may Borron•er is prohibited by any law now or hereafter existing from
<br /> �' paying the whole or an}• portion of the aforesaid taxes. or upon ��. �
<br /> (!I)groand r�ents. taaces, assessments, fire and other hazard the rendcring of any rourt decree prohibiting the payment by thc '��'•.
<br /> insurance premiums; Borrow•er of any such taxes, or if such law or decree prov�des that •
<br /> any amount so paid by the Borro�ver shall be credited on the debt.
<br /> (111) interest on the rtote secured hereby: the Lender shall have the right to give ninety days' written notice
<br /> (1� amortization of the principal of said note; and �� the owner of the premises, requiring the payment of the debt.
<br /> (� late charges. lf such notice be given, the said debt shall become due, payable
<br /> and collectible at the expiration of said ninety days.
<br /> Any deficiency in the amount of such apgregate mon�hty pay_
<br /> ment shall, untess made good by the Borrower prior to the due 6. That should the Borrouer fail to pay any sum or keep any
<br /> date of the next such payment, constitute an event of defauli covenant prorided for in fhis instrument,then the Lender, at its
<br /> under this mortgage. The Lender may collect a "late charge" not option, may pay or perform the same, and all ex{�enditures so
<br /> - to exoeed four cents (4Q) for each dollar (51)of each payment
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<br /> Page 2 of 5 HUD-92143DT �
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