|
_ _ _ _ _
<br /> -Y�,
<br /> _!1
<br /> � �
<br /> I
<br /> I
<br /> . .enn� r��
<br /> � BasraR�er and l,ender ca�enam und A�;ree n.v`allaHS: murc than fifteen (IS) d1}•r in arrC:l�s tc��rncr thr crtra e�pcR+e
<br /> in�i,lti��� in htinciling drlinqucnt pa>•ntcnt�.
<br /> � 1. That Borrottier�eill pa> the indebtedur�.c,as hcreinbefore
<br /> pro�•ided. Privilege is reser�•ed to pay the debt in ahale or in part 3. That iP the to�al o�ihr payments made b}• the N�rroti�cr
<br /> on �ny installment due dste. un�Jrr (b)uP paragraph 2 pre�eding shall ex��d Ihe�mount oF
<br /> � payments actuaUy made hy �he Lender far gruund rents, taxcs and
<br /> 2. 7'hat, together with, and in addition to. the manthly assessments or insurancc premiums. as thc case may bc, such e�-
<br /> � Payments af principal and interrst payable under the termc af thr cess, if the loan is current, at the optian aP�he Barro�vei, shali be
<br /> note secured hereby, the Barro��•er «�ill pap tc�the Lender, on the credited by the Lende� on,ub:equem payments ta be made by the
<br /> �rst day of each month until thc said note is fuli� paid, the Borro��er, or refunded to the BorroHer. lf. ho�vc�rr, �he manthly
<br /> = following sums: pavments made by the Borro�.�er under (b) af paragraph Z
<br /> (a) Amount su!'�cient to pro�ide the holder hereot'��ith funds Preceding shall not be suf�cient ta pay graund rents, ta.�ex and
<br /> to pay the next mangage ins�rance premium if this instrument and �-��sments or incurance premiums, as the case may be, �yhen thr
<br /> the note seeured hereb�•are insurecl. or a monthly charge(in lieu �ame shall become due and payable. then tl�e Borro���er shall pay
<br /> of a mongage insurancie premium) if they a�e held by the ta the Lender any amount aecessary� to make up the de�ciency, on
<br /> Secretary of Housing and Urban Decelopment,as follo��•s; pr befurc the date when payment of such graund rents. taxes,
<br /> acsessments, or insurance premiumc shall be due. If at anp time
<br /> (1) lf and so lor�as said note of e�en date and this instru- the Borro�cer shAll tende�to the Lende�. in accordance �vith the
<br /> ment are insured or are�einsured under the procisions of the Na- pro.•isions of the note secured hcreby, fuil paymenr of the cntire
<br /> tional Hausing Aer, an amount siif�cient to accumulate in the indebtedness represented thereby, the Lender shail, in romputing
<br /> hands of'the holder one�I)month prior to its due date the annual the amaunt of cuch indebtedness, rredit to the arcount of the Bor-
<br /> mortgage insurance premium in order to provide such holder ti��th �oK•er aU payments made under the provisions ot'(a)of paragraph
<br /> funds to pay such premium to the Secretary of Housing and Ur- 2 I�ereof��•hich the Lender has not became obligated to pay to thr
<br /> ban Development pu�suant to the National Housing Act, as Secretary of Housing and Urban Development and any balance �e-
<br /> amendM, and applicable Regulations thereunder; or maining in the funds arrumulated under the pru�•isions of�b)of
<br /> (11) lf and so long a�c said note of e��en date and this instru• Paragraph 2 hereof. If there shall be a default under any of thc
<br /> ment are hel�i by the Secrets:y a; :;oa�ing a�3 L;bau Dr�rIup- Provisions of this instrum;r.: r;st;l.:rg;s a�ubl�� .air ui iiir
<br /> mtnt. a monthly charge(in fieu of a mortgage insuran�t premium) Premises wvered hereby, or if the Lender acquires the propertp
<br /> which shall be in an amount equal to one•taelflh (1i12)qf ane- otherwise ai'ter default, the Lende� shall apply, at the �ime of the
<br /> � half(li2)per centum of the a�•erage outstanding balam�e due on �pmmencement of such proceedings, or at the�ime the property is
<br /> the note computed ��•ithout taking into account delinquencies or other+v�se acquired.the balance then remaining in �he funds ac• �
<br /> prepayments; cumulated under(b)of paragraph 2 preceding, as a credit against '
<br /> the amaunt of principal then remaining unpaid under said note,
<br /> (b) A sum equal :o the ground rents. if any,next due, plus the and shall properly adjust any payments which shall ha�•c been
<br /> premiums that «•ill next become due and payable on policies of made under (a1 of paragraph 2. i . .
<br /> fire and other hazar�ia�uran�e�o.rrinb the property, plus taxes ,
<br /> an�1 acca,c�,cm��� ���_ ��;��r=���.;����}faii na r�timared'oy tne 3. I'hat the IIorrow•er ��•ill pay ground rents, taxes, asscssments.
<br /> � Lender) less all sums already paid therefor divided by the number H•ater rates, and other go�•ernmental or municipal charges, fines. '. -
<br /> of months ta elapse before one(1)month prior to the date�vhen or impositions, for �►•hich provision has not been made .�
<br /> such ground rents, premiums, taxes and assessments�vill become he�einbefore, and in default thereof the Lender may pay the same; �
<br /> delinquent. such sumc to be held by Lende�in trust ta pa}•said and that tlie Be>rruwrr ��itl promptly deli�•er the official re��eipts ..,�
<br /> ground rents, premiums, taxes and special assessments; and therefor to the I..ender.
<br /> (c) All payments mentioned in the t�co preceding subsections of�� �-
<br /> this paragraph and all payments to be made under the note 5• The Borro���er �ci11 pay all taxes which may be levied upon i �
<br /> secured hereby shall be added together, and the aggregate amount the Lender's interest in said real estate and impro�ements, and t
<br /> therwf'shall be paid by the Borrouer each month in a single pay- w'hich may be ievied upon this instrument or the debt secured �
<br /> ment to be applied by the Lender to the follo.ving items�n the hereby(but only to the ertent that such is not prohibited by law "
<br /> order set forth: and only� to the extent that such will not make this loan usurious), i
<br /> but excluding any income tax,State or Federal, imposed on i
<br /> (I) premium charges under the contract of insuranee with Lender, and �r•ill file the official receipt showing such payment '' "
<br /> the Secretary of Housing and Urban Dece[opment, or monthly ��•itli the Lender. Upon violation of this undertaking, or if the �1�
<br /> chazge(in lieu of mortgage insurance premium),as the case may Borra«�er is prohibited by any law now or hereafter existing from
<br /> be' paying the�vhole or any portion of the aforesaid taxes. or upon "��
<br /> (I1)ground rents, tarec, assessments, fire and other hazard the rendering of any murt decree prohibiting the payment by the � �� '
<br /> insurance premiums; Borro��er of any such taxes, or if such law ur decree provides that
<br /> any amount so paid by the Borrower shall be creditcd on the debt,
<br /> 1111) interest on ihe note .ecured hereby; the t.ender shall ha�•e the right to give ninety days' «ritten notice
<br /> (IV► amortization of the principal of said note: and to the owacr of'the premises, reyuiring the papment of the debt.
<br /> !f such notice be gi�•en, the said debt shall become due, payable
<br /> (V) late chatges. and collertible at the expiration of said ninety days.
<br /> Any de�ciency in the amount of such aggregate monthly pay-
<br /> meat shall, unless made good by the Borro�ser prior to the due 6. That ,hould the Borrower fail to pay any�um or keep any
<br /> date of the next curh payment, constitute an ctient of default covenant pro�ided for in tttis in;trum¢rt, the�i tlir I.rnder, at its
<br /> under this mortgage. The Lender may collect a '•late charge" not �Ption,may pay or perform the same. and all expenditureti ,o
<br /> to exceed four cents 14d) for each dollar (gl)of eac6 payment
<br /> 3 �.�� s • V
<br /> ---_.._� .- -—
<br /> Page 2 of 5 HUD-92143DT
<br /> M
<br /> � � � � �
<br /> �
<br /> � ���
<br /> �� - �.
<br /> ' r•
<br /> {'
<br /> i
<br /> _ !
<br /> � Z j,
<br /> !',i��
<br /> J``1r`~', � �
<br /> •'� �
<br /> a�Vi t
<br /> � f j�`,
<br /> .�
<br />
|