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<br /> r BortoNer and l.ender covenant aad s��ee us iapv�s; morr �ha+i �Ptccn (15)days in arre:us tu ca�•er the extra cYpense
<br /> � imoh•ed in handling delinyuent payntcnt..
<br /> � 1. That Borra���er�vill pay the indebtedness, as hercinbefore
<br /> Pmri'!s�!• Pri.�3leec is r:s:rtieJ tu�y lii�JeLt i�� wiivir ur in patt �. 1 hat it the total of the payments made by thc Ho�ra���er
<br /> on any insiallment due date. under (b)of parag�aph 2 preceding shaU exceed the amaunt af
<br /> payments actualtv made by the Lertder fo� grou�d rents, taxes and
<br /> � 2. That. together with. and in addition to, the manthlY asscssments ar insurance premiums, as thc rase may be, euch ex-
<br /> paymen{s pf,principal and interest payable under the terrns of the cess, if the loan is current. at the option ai'the Borrow•er, shall be
<br /> nate secured hereby. the Borro�cer��ill pay to the Lender, on the credited by the Lender on subsequent payments to be made by the
<br /> �rst day of each month until the suid note is PuUy paid, the Bartawer, or refunded to the 8onower. IP, howecer,the monthly
<br /> following sums: payments made by the Banower under (b)of'paTagraph 2
<br /> (a) Amount sufticient to pro�ide the holder hereof�cith funds pT��nB shall aot be suf�cient to pay ground rents.taxes and
<br /> — to pay the next mortgage insurance premium if thls instrument and �Sessments or insura�ce premiums, as the case may be. when the
<br /> � thc note securod hereby are insured, o� a inonthlv'charge(in liea same shall become due and payablc, then the Bonower shall pay
<br /> oP a mongage insurancr premium)if they are held by the to the Lender any amount necessary to make up the deficiency, on
<br /> Seceetary of Housing and Urban De�•elopment, as follows: or before the date �vhen payment of such ground rents. taxes,
<br /> assessments,or insu�ance premiums shall be due. If at any time
<br /> (1) lf and so long as said note of e�•en date and this instru- the Borrow•er chall tender to the Lender. in accordance with the
<br /> ment are iasured or are reinsured under the provisions of the Na- provisions of the note secured hereby. full payment of the entire
<br /> tional Housing Act,an amount sufficient to accumulate in the indebtedness represented thereby,the Lender shall, in eomputing
<br /> hands of the holder one (1)month prior to its due date the annual the amount of such indebtedness,credit to the account oP the Bor-
<br /> mortgage insurance premium in o�der to provide such hotder with ro�ver all payments made under the provisions of(a)of paragraph
<br /> funds to pay such premium to the Secretary of Housing and Ur- 2 hereof which the Lender has not bemme obligated to pay to the
<br /> ban Development pursuant ta the National Housing Act. as Secretary of Housing and Urban Development and any balance re-
<br /> amended, and applicable Regulations thereunder; or maining in the funds accumulated under the provisions oP(b)of
<br /> (Il) If and so lang as said note of e�•en date and this instru- Paragraph 2 hereof. If there shall be a default under any oP the
<br /> � ment are held by the Secretary of Housing and Urban De�•elop- Provisions of this instrument resulting in a public sale of the
<br /> ment.a monthly charge(in lieu of p mortgage insurance premium) Premises covered hereby,or if the Lender acquires the property
<br /> which shall be in an amount equal to one-twellth (1;12)of one- othenvise after default. the Lender shaU apply� at the time of the _
<br /> - 6alf(I/2)per centum of the average outs�n¢��g ba�ance due on �nmmencement of such proceedings, or at the time the propeny is . ,
<br /> the note computed without t8king into account delinquencies or otherwise acquired. the balance then remaining in the funds ac-
<br /> prepayihrnts; • � � cu�nulated under(b)of paragraph 2 preceding, as a credit agAinst '
<br /> . , the amount of' principal then remaining unpaid under said note. , •
<br /> (b) A sum equal to the ground rents, if any, next due, plus the and'shall properly adjust any payments wfiich shall hace been '
<br /> premiums th�f will ne�ct become due�and payablt on policies oP made under (a) of paragraph 2. ' ' i_�.�
<br /> � _ _ f'trC and Other hazard insuran�r�n4�Pri�rhw�i��n�. p:LS tsxes
<br /> and assessments ncxt due on the property(a11 as esrimated by the 4. That the Borrow•er �vill pay ground rents, taxes. assessments,
<br /> Lender)less all sums alreacly paid therefor divid:d by the number a•ater rates. and other gover�mental or municipal charges. Pines. '
<br /> of months to elapse before one(l)month prior to the date when or impositions, for which provision has not �een made
<br /> such ground rents, premiums, tarces and asse�sn►ruta wili become hereinbefore.and in default thereof the Lender may pay the same; � -
<br /> delinquent, such sums to be hetd by Lender in trust to pay said and that the Borrower H�ill prompdy deli�•er the official receipts `
<br /> ground rents. premiums. taxes and special assessments; and therefor to the l.ender. ��
<br /> (c) All payments mentioned in the two preceding subsections of ��i
<br /> this paragraph and all payments to be made under the note 5. The Borrower will pay all taxes which may be levied upon
<br /> secured hereby shall be added together. and the aggregate amount the L.ender's interest in said real estate and improvements,and
<br /> thereof shall be paid by the Borrower each month in a single pa�•- `�'hich may be le�•ied upon this instrument or the debt secured
<br /> ment to be applied by the Lender to the following items in the hereby (but only to the extent that such is not prohibited by law
<br /> order set forth: and only to the extent that such will not make this loan usurious), '
<br /> . but excluding any income tau,State or Federal, impused on ,
<br /> � (t)�premium charges under the contract of insurance�vith Lender, and wiU file the official receipt showing such payment �
<br /> the Secretaey�of Nousing and Urban Development. or monthly with the Lender. Upon violation of this undertaking, or if the; �
<br /> , .char�e(in lieu of morrgage insurance premium), as the case may Borrower is prohibi[ed by any law now or hereafter existing from ��r'�
<br /> �' paying the whole or any portion of the aforesaid taxes,or upon ''
<br /> (1!)ground rents, taxes, assessments, fre and other hazard the rendering of any court decree prohibiting the payment by the ���
<br /> insurana premiums; Borrower of any such tares, or if'such !aw or decree provides that •
<br /> any amount so paid by the Borro�ver shall be credited on the debt,
<br /> Qll) interest on the note secured hereby; the Lender shall have the right to give ninety days' written notice
<br /> (I� amortization of the principal of said note; and to the owner of' the premises, requiring the payment of the debt.
<br /> If such notice be given, the said debt shall become due, payable
<br /> (V) late chazges. and collectible at the expiration of said ninety days.
<br /> Any deficiency in the amount of such aggregate monthly pay-
<br /> ment shall.unless made good by the Rorrower prior to the dae b• That should the 13orrow•er fail to n�y 2ny sum or keep asty
<br /> date of the next sueh payment, constitute an event of default covenant provided for in this instrument, then the Lender. at its
<br /> under this mortgage. 1'he Lender may collect a `•late charge" not option,may pay or perform the same, and a!! expenditures so
<br /> ta exceed four cents (4d) for each dollar ($1)of each payment
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