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<br /> __ �E.aECORp�� ���-- 10 04 0�v 89==�0388 6
<br /> — Bacrow•er And l.ender covenant qnd Qgree Rs Poilows; more than fit'teen (l5)days in a�reurs to cover the ertra rvpense
<br /> � im•olved in handling delinquent payments.
<br /> 1. That Borraw•er uill pay the indebtednes�,as hereinbefore
<br /> provided. Pri��ilege is reserti�ed to pay the debt in �vhole or in pa�t 3. That if the tatal of'the payments made by the Borro�ver
<br /> an ar�y installment due date. under(b) of para��aph 2 prcti�ed;ng shal)exceed the amount of
<br /> payments actualty made hy the Lender for ground rents, taxes and
<br /> 2. That, together with,and in addition t�., the monthly assessme�ts or insurance premiums,as the case may bc,such ex•
<br /> payments of princigal and interest payable under the terms of'the ��ess, if the loan is current, at the option of the Borrower. shall be
<br /> note secured hereb}�, the Borro�ver will 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 said note is fu11p paid, the Borrower, or refunded to the Borrower. IP. however. the monthly
<br /> following sums: payments made by the Borrower nnder (b)of paragraph 2
<br /> (a) Amount suf�cient to provide the holder hereof with funds Preceding shall not be suf�cient ta pay ground �ents, taxes and
<br /> to pay the next mortgage insurance premium if this instrument and assessments ar insurance premiums, as the case mAy be. when the
<br /> the note secured hereby are insured. or a mo�thly charge(in lieu �me shall become due and payabte.then the Bonower shall pay
<br /> of a mortgage insurancr premium)if they are held by the ta the Lender any amount necessary to make up the deficiency. an
<br /> Secretary of Housing and Urban De�•elopment. as follow•s: or before the date when payment af such ground rents, taxes,
<br /> asscssments, ar insurance premiums shall be due. If at any time
<br /> (I) If and so loog us said note of e�•en date and this in�tru- thc 8orrower shall tender to thc Lender. in accordAnce�vith�he
<br /> me�t are insured or are reinsured under the provisions of the Na- pro��isiuns oP the note secured he�eby. fuU payment af'the eotire
<br /> tional Housing Act.an amount suf�cient to accumulatr in the indebtedness representeci thereby, the Lender shall, in computing
<br /> hands of thr holder oae �I) month priar to its due date the annual the amount of surh indebtedness, credit to the account oP the Bor-
<br /> mortga�e insurance premium in orde� ta pra�•ide such halder with rower all payments made under the provisions of(a)of paragraph
<br /> iunds to pay such pcemium to the Secretury ai Housing and Ur- 2 hereof v►�hich the Lender has not become obligated to pay to the
<br /> bxn Development pu�suant to the Natianal Housing Act, as Secretary aP Housing and Urban Development and any balunce re-
<br /> amrnded. and applicabk Regulations thereunder; or maining in the funds accumulated under the provisions of(b)of
<br /> (ll) !f and so long as said note of even date and �his instru- ParaEraph 2 hercaf. If'there shall be a default under any of the
<br /> ment are hetd b��the Secretary of Housing and Urban De��elop- Prp�'�sions of' this instrument resuiting in a public sale of the
<br /> ment, a monthly charge (in lieu of a mortgage insur�rrce premium) premises covered hereby, or if the Lender acquires the propeny
<br /> which shall be in an amount equal to one-twelfth (1/12)of'one- otherwise after default, the Lender shall apply, at the time ot the
<br /> half(I/2)per centum of the average outstanding balance due on commencement of such proceedings, or at the time the property is
<br /> the note computed without taking into account delinquencies or otherwise acquired. the balance then remaining in the funds ac-
<br /> prcpayments; cumulateci under(b)of paragtaph 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�vhich shall have been
<br /> premiums that will next become due and payabie an policies of made under(a)of paragraph 2.
<br /> fire and other hazard insurance covering the property, plus taxes �
<br /> and assasments next due on the ro rt all as estimated by the 4. That the Borro«er�vill a � `
<br /> p � y� p y ground rents, taxes,assessments; !- �
<br /> - !��1!�».:lZ suttss::r.ady �Sai3 iY�eic;vr uiviucv oy tfie numoer water rates,and other governmental or munitipal charges� �ncs, - -
<br /> of months to elapse before one(1)month prior to the date when or impositions, for which provision 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 Borrower a•ill promptly delicer the official receipts --
<br /> , grvund rents, premiums, taxes and spcciat assessments; aud [herefor to the Lender. � "`
<br /> (c) All paymenu mentioned in the two preceding subsections of ; `-_
<br /> this paragraph and at1 payments to be made ander the note 5. The Borrower will pay ali taxes H•hich may be levied upon
<br /> secured hereby shall be added together. and the aggregate amount �he Lender's interest in said real estate and improvements, and
<br /> thereof shaU be paid by the Borrower each month in a single pay- w'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 to the extent that such is not prohibited by law .
<br /> order set fonh: and only to the extent that such wi11 not make this loan usurious),
<br /> •� but excluding any income tax, State or Federal, imposed on t
<br /> (1) premium charges under the contract of insurance�vith Lender,and will �te the official receip[ show•ing such payment � � ,�
<br /> the Secretary of Housing and Urban Development, or monthly w•ith the Lender. Upon��iolation af this undertaking, or if the
<br /> chazge(in Geu of mongage insurance premium), as the case may Borrower is prohibited by any lativ now or hereafter existing from
<br /> �' paying the whole or any portion of the aforesaid taxes. or up�n ' `
<br /> (II)ground renu, taxes,assessments, fire ar:d other hazard the rendering of any court decree prohibiting the payment by the : �-•
<br /> insurance premiums; Bonower of any such taxes, or if such 1aw or decree provides that ��� •
<br /> any amount so paid by the Bonower shall be credited on the debt,
<br /> (III) interest on the note secure� hereby: the Lender shall have the right to give ninety days' written notice •
<br /> (1� amortization of the prin:ipal of said note• and to tl�e 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 charges. and collectible at the expiration of said ninety days.
<br /> Any deficiency in the amount of such aggregate 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
<br /> date of the next such payment,constitute an event of default covenant provided for in this instrument, then ihe Lender, at its
<br /> under this mortgage. The i.rnder may coilect a "tate charge"noc ^Dtion, may pay or perform the same,and ali expenJiturr. �o
<br /> to exaed four cents (4Q) for each dollar (SI)of each payment
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