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<br /> � Botrav�er and I.ender co�•ens�nt pnd uR�ec as iallnws: morr than PiPtrrn (1�)day. in arrearc w�u�rr thc c�t�a r�pensr
<br /> __ _ in�oh�cd in handline delinqucnt pa�•ments.
<br /> i. That Borro�rer ��•ill pay the indebtedness, as heninbcforr
<br /> provided. Privilege is reser�ed to pay the debt in ��hote or in part 3. That if thc tatal of the payments m:►dc by the Horra���er
<br /> on any instaUment due date. under (b)of paragraph 2 preceding shall crcced the amount of
<br /> - payments actually made by the Lende� for graund rents, taxec and
<br /> 2. That, together�vith, and in additian to, the monthly assessments or insurance premiums, us the case may be, such e�►-
<br /> payments of principa!and interest payable under the terms of the cess, if the loan is current. at the option of the Horrow•er. shall be
<br /> note se�:ured hereby. the Bono�ver��•iU pay to the Lender, on thc rredited by the Lender on�ubsequent payments to be madc by the
<br /> Grst day of each month until the said �ate is fuUy paid, the Borrower. or refunded to the Rattower. IP, hoH•ecer, the monthly
<br /> following sums: payments made by the Borro�ver under(b)af paragraph 2
<br /> (a) Amount sufficient to provide the holdet hereof�vith funds Preceding shal) not be sui'�rient to pay ground rents, taxes and
<br /> to pay the next mortgage insurance premium if this instrument and �sessments or insurance premiums, as the case may be, whcn the
<br /> the note secured hereby are insured.or a monthly charge(in lieu �ame shaU become due and payable, then the Borrowe�shaU pay
<br /> of a martgage insurance premium) if they are held by the �o the Lender any amount necessary to make up the de�ciency. on
<br /> Secretary of Housing and UrUan Uevelopment,as follows• or before the date whe� payment of such ground rents, taxes.
<br /> ' assessmenls, or in�urance premiums shall be due. lf at any time
<br /> (q lf and so long as said note of ecen date and this instru- the Bonoti�•er shall te�der to ihe Lender. in accordattce�vith the
<br /> ment are insured or are reinsured under the pro�•isions oP the Na- provisions oi'the note secured hereby, fuU payment af the entire
<br /> tional Housing Act, An amount sufficient to accumulate in the indebtedness represented thereby, the Lender shall, in computing
<br /> ha.nds of the holder one (1)month prior to its due date the annual the amaunt of such indebtedness, credit to the account of the Bor-
<br /> mortgage insurance premium in order to provide such holder �vith ro�ver all payments made under the provisions of(a)of paragraph
<br /> funds co pay such premium to the Secretary of Housing and Ur- 2 hereof which the Lender has not become obligated to pay to the
<br /> ban Development pursuant to the National Housing A�n, as Secretary of Housing and Urban Develapment and any balance re-
<br /> amended,and applicable Regulations thereunder; or maining in the funds accumulated under the provisions of(bl of
<br /> (il) lf and so long as said notc af e�•en date and this instru- Paragraph 2 hereof. If there shall be a default under any of the
<br /> ment are held by the Secretary of Housing and Urban De�•elop- Piav�sions of this instrument resulting in a public sale of the
<br /> ment.a monthly charge (�n lieu oi a mongage insurance premrum) Premises m��ered herebv, or if the Lender acquires the propeny
<br /> which shall be in an amount equal to one-twelfth (1/12)of one- othen�•ise after default, the Lender shall apply.at the time of the
<br /> half(1/2)por centum of the average outstanding balance due on commencement of'such proceedings, or at the time the propeny is
<br /> the note,computed without taking into account delinquencies or athenvise acquired, the balance then remaining in the funds ac-
<br /> prepayments; cumulated under(b)of paragraph 2 preceding,as a credit against
<br /> the amount of principal then remaining unpaid under said note.
<br /> , [hl A_sum enual to the ground rents, if any,next due, nlus the and shall properly adiust anY paYments which snall.have been _
<br /> premiums that will next become due and payable on policics of made under(a)of paragraph �. � .
<br /> fire and other hazard insurance covering [he property, plus tares {
<br /> and assessments next due on the propeny(all as estimated by rhe 4. That the Borrower will pay ground rents, taxes, assessments, �. ,
<br /> _ ___ Lender) ]css all st�ms already raid �herefor dividrd By the number ��•ater rates. and other �o�•ernmental or municipal charges, fines. ,_.___
<br /> of months to elapse befote one(1) month prior to the date ��hen or impositions, for which pro�•ision has not been made
<br /> such ground rents, premiums, taxes and assessments will become hereinbefore, and in default thereof the Lender may pay the same; . _
<br /> delinquent, such sums to be held by Lender in trust to pay said and that the Borrow•er ��•iU promptly deli�•er the of�cial receipts _
<br /> ground rents,premiums, taxes and special assessments: and therefor to the Lender. ' �
<br /> (c) All payments mentioned in the two preceding subsections of 5. The Borrow•er ��•ill pay all taxes which may be levied upon �
<br /> this paragraph and all payments to be made under the note the Lender's interest in said real estate and improvements. and
<br /> secured hereby shall be added together, and the aggregate amount �vhich may be levied upon this instrument or the debt secured
<br /> thereof shall be paid by the Borrower each month in a single aay- hereby(but oniy to the extent that surh is not prohibited by law
<br /> ment to be applied by the Lender to the following items in the and only to the extent that such w•ill not make this loan usurious), �
<br /> order set forth: but excluding any income tax, Slate or Federal, imposed on �
<br /> (I) premium charges under the contract of insurance w•ith Lender, and will �le the of�cial receipt showing such payment � `
<br /> the Secretary of Housing and Urban Development, or monthly with the Lender. Upon violation of this undertaking, or iP the �!'� .
<br /> ehatge(in lieu of mortgage insurance premiam),as the case may Borrower is prohibited by any law now or hereafter existing from
<br /> be; paying the whole or any portion of the aforesaid taxes,or upon •�� .
<br /> (II)ground rents, taxes. assessmen[s, fire and other hazard the rendering of any court decree prohibiting the payment by t}ie ' � _
<br /> insuran�e premiums; Borrower of any such taxes,or if such law or decree provides that
<br /> any amount so paid by the Bonower shall be credited on the debt, .
<br /> (11!) interest on the note secured hereby; the Lender shall have the right to give ninety days' written notice
<br /> (IV� amonization of the principal of'said note: and �o ihe owner of the premises, requiring the payment of the debt.
<br /> lf such notice be given, the said debt shall become due, payable
<br /> (V) late charges. and collectible at the expiration of said ninety days.
<br /> Any deficiency in the amount of such aggreg�te monthly pay- 6. That should the Borrow•er fail to pay any sum or keep any
<br /> ment shall, unless made good by the Borrower prior to the due c�venant provided for in this instrument, tleen the Lender,at its
<br /> clate of the next such payment, constitute an event of default
<br /> under this mortgage. The Lender may collect a"late charge" not option,may pay or perform the same, and all expenditures so
<br /> to excced four cents (4�)for each dollar(Sl)of each payment
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