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<br /> Borrower and Lender covenant and agree as faibws: ar ii the l.e�de�acyu�ros the property otherwise after default,the
<br /> � Lcnder shalt apply,�t the timc ai thc commencement o�such
<br /> 1. That Bc�r�awer will pay thc iadebtedness,as hcrcinbefarc proceediags,a�at the t�me the prapeny is othetwise aoquired,the
<br /> � provicled.Piivile¢e ic�e.cerved in(f»y Ihe dehl in whnlr nr in�on nn �•_�_rN•�ttt r�saristissb;ss tk�futtds sccumulsi:,3 utKt�;iay ot °
<br /> � any instaUment due date. paragraph 2 preccdiog�u a credit against the amount oP principal
<br /> then remaining unpaid under said note.
<br /> 2.That,tagether with,a�d in additian ta,thc manthly paymeau
<br /> of principal and interc,ct psyable undcr the terms of the no�c secured 4.That the Bor�awer will pay grouad rents,uxes,assessments,
<br /> � hs�eby,ihe Barrawe�will p�y to the l.ender.on the Grst day af each water�ates,and other govemmenu)or municipil ch�rges.Cnes.or
<br /> manth until the said nate is fuUy paid,the fallawing sums: impcuitions,for whicl�provision hu not been made hereinbefo�e�
<br /> a�d ia default thercaf the Lender may pay the same;snd that the
<br /> � (a)A sum equal to thc ground renu,if any.next due.plus thc Borrower will promptly deliver the ofticial reoeipts therefor to the
<br /> premiums that will next became due and payable on policies af Gre Lender.
<br /> and ather hazard insu�ance coveriog the praperty.plus taxes and
<br /> assessmenu aext due on the propeny(a!!os esti�ncred by rke Leader) S.The Borrowsr will pay all taxes which may be levied upon the
<br /> tesc all sums already paid thercfor divided by the�umber of moaths Lender's inteast in s=id real esute and improvema�ts,and which
<br /> to elapse before one(11 manth prior to the date whea such graund m�y be levied upon this instrument or the debt securcd hereby(but
<br /> rents,premiums,taxes and assessme�u will become deliquent,such only to the extent th�t such is not p�ohibited by law and o�ly to the
<br /> sums ta he held by Lender in tnut to pay said grnund�enu, extent that such vrill not make this loan usurious),but excludina any
<br /> premiums.axa and special assessments;and income ux.Sute or Federal,imposed on Lender�and will Gle the
<br /> (b)All psymenu mentioned in the preadi�g subsection of this p�cial receipt showing such payment with the Lender.Upon
<br /> paragraph and ill piyments to be made under the note secured ��olation oi this u�dertaking,or if the Borrower is prohibited by any
<br /> hereby shall be added together.and the aggrcgate amount thereof �aW now or herafter existing irom paying tht whole or any portion
<br /> shall be paid by the Borrower es�ch month in a single payment to 6e of the aforesaid taxes,or upon the rendering of any coun decree
<br /> appliM 6y the Lender to the following items in the order set forth: prohibiting the payment by the Borrower of any such taxes,or if
<br /> such law or decrce provides that any amount so paid by the
<br /> q)ground renu,uxes,assessmenu,fire and other hazard insur- �rrower shal!be crcdited on the deb�the Lender shall have the
<br /> ance prcmiums; right to givo ninety days'written notia to the owner of the prcmises,
<br /> requiring lhe payment of the debt.lf such notia be given.the said
<br /> (Il)interest on thc note secured hereby; debt shall beoome due,payable and wllectible at the expiration of
<br /> pp)amortuation of the pri�cipal of said note;and said�inety days. ; '
<br /> (iV)late chirges. 6.That ahould the Borrower fail to pay any sum or keep any •
<br /> � p,� �p(jCiP � •�� p ., � covenant provided for in this instrumen�then the Lender.at iu � _
<br /> y__.__nc, :...�.,a�u..!af ss:.h s�,rrg�ta m�rs.�ly�yr.��: option,may pay or perForm the same,sed aIl expenditures so madt f -
<br /> � shatl.unless m�de good by the Borrower prior to the due date of the shall be added to the principal sum owing on the said aote.slull � �-
<br /> next such payment,oonstitute an eveat of default under this be securcd hercby,and shall bear interest at the nte set forth in the
<br /> mongage.The Lender may coUect a"late charge"not to exaed four ��d�ou,until paid. -
<br /> u-�- anu 14a)for eacb doltar t�l l of each payment more than tifteen
<br /> , (15)days in arrears to wver the extra expense involved in handling �,That thc Borrower htreby assigns.transfers and sets over to the .,.v�.
<br /> ddinquent paymenu.
<br /> Lender,to be applied towud the payment of the note and all sums • -
<br /> 3. That if the coul of the securcd hereby in cue of a default in the performana of iny of che •�;�
<br /> paymenu made by the Borrower under terms and conditions of this instrument or the said note,all the rcnts. ��
<br /> (a)of pangraph 2 preceding shall excud the amount of paymenu rcvenues and income to be derived from the ssid premises during
<br /> actuaUy made by the Lender for ground renu.taxa and assessments such time as the indebtednas shall remain unpaid.and tho Lender
<br /> or insurana premiums.�s the case may be.such exass.if the loan is shall have power to appoint any agent or agents it may desire for the
<br /> . currcnt,at the option af the Borrower,shall be credited by the purpose of repairing ssid premises and of renting the stme and ;
<br /> Lender on subsequent p�ymenu to be made by the Borrower.or ���ecting the renu,revenues and income,and it may pay out of said >�;�'
<br /> refunded to the Borrower. If,hawever,the monthly paym�nu made incomes all expenses of repairing said premises and neoessary � �:'
<br /> by the Borrawer under(i)of paragraph 2 preading shall not be �mmissions and expens�s incuned in renting and managing the �'
<br /> sufficient to pay ground rencc,taxes and asxssmcnu or insurance �me and of oollecting rentals therefrom;the balance remzining,if
<br /> prcmiums,as the case may be,when the same shall become due and 8ny,to be applied toward the dischsrge of said indebudness. ��.�
<br /> payable.then the Borrower shall pay to the Lender any amount • �.,.=
<br /> neoessary to make up the deficiency,on or before the date when g,��the Borrower will kap the improvemenu now existing or �
<br /> payment of such ground rcnu.taxes.assessmenu.or insurance hereafter erected on the property.insured u may be requirod from
<br /> prcmiums shall be due.If at any time the Borrower shall tendcr to �;me to time by the Lender against loss by fire and other huards.
<br /> the Lender.in accordance with the provisions of the note secured �u$��;�$nd contingencia in such amountc and for such periods u
<br /> bercby,full payment of the entire indebtedness represented thereby. may be res�uired by the Lender and wiU pay promptly,when due.
<br /> the Lender shall,in computing the amount of such indebtedness, any preminms on such insuraece,provision for paymsnt ot whicb
<br /> credit to the a000unt of the Borrower sny balance remaining in the has not been made hercinbefore.All insurance shalt be qrried in
<br /> funds ac.umulued under the provisions of(a)of paragraph 2 hereof. �mpanies approved by the Lender and the policies and renewals
<br /> !f there shall Ix a defauit under any of the provisions of this thereof shall be held by the Lendet and have attached thereto loss
<br /> instrument resulting in a public sale of the premises covered hereby, payable clausa in favor of and in form acaptable to the Lender.In
<br /> Pege 2 of 5 HUD-92113�T-1
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