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2. That, together with. and in addition to. the monthly <br />payments of principal and interest payable under the terms of <br />the note secured hereby, the Borrower will pay to the Lender, <br />on the first day of each month until the said note is fully paid, <br />the following sums: <br />(a) A sum equal to the ground rents, if any, next due, plus <br />the premiums that will next become due and payable on policies <br />of fire and other hazard insurance covering the property, plus <br />taxes and assessments next due on the property (all as estimated <br />by the Lender) less all sums already paid therefor divided by the <br />number of months to elapse before one (1) month prior to the <br />date when such ground rents, premiums. taxes and assessments <br />will become delinquent, such sums to be held by Lender in taut <br />to pay said ground rents. premiums. taxes and special <br />assessments; and <br />(b) All payments mentioned in the preoeding subsection of <br />this paragraph and all payments to be made under the note <br />secured hereby shall be added together, and the aggregate <br />amount thereof shall be paid by the Borrower each month in a <br />single payment to be applied by the Lender to the following <br />items in the order set forth: <br />(1) ground rents, taxes, assessments, fire and other hazard <br />insurance premiums; <br />(II) interest on the note secured hereby; <br />(111) amortization of the principal of said note; and <br />(IV) late charges. <br />Any deficiency in the amount of such aggregate monthly <br />payment shall, -unless made good by the Borrower prior to the <br />due date of the next such payment, constitute an event of <br />default under this mortgage. The Lender may collect a "late <br />charge" not to exceed four cents (449) for each dollar ($I) of <br />each payment more than fifteen (15) days in arrears to cover the <br />extra expense involved in handling delinquent• pzyrneuts. <br />3. That if the total of the payments made by the Borrower <br />under (a) of paragraph 2 preceding 'sEtall exceed the amount of <br />payments actually made by the Lefler for ground rents, taxes <br />and assessments or insurance premiums, as the case may be, <br />such excess, if the loan is current, at the option of the <br />Borrower, shall be credited by the Lender on subsequent <br />payments to be made by" the Borrower, or refunded to the <br />Borrower. If. however, the monthly palznents made by the <br />Borrower under (a) of paragraph 2 preceding shall not be <br />sufficient to pay ground r=ts, taxes and assessments or <br />insurance premiums, as the case; may be, when the same shall <br />become due and payable, then the Borrower shall pay to the <br />Lender any amount necessary to h=ke up the deficiency, on or <br />before the date when payment of such ground rents, taxes, <br />assessments, or insurance premiums shall be due. If at any time <br />the Borrower shall tender to the Lender, in accordance with the <br />provisions of the note secured hereby. full payment of the entire <br />indebtedness represented thereby. the Lender shall. in computing <br />the amount of such indebtedness, credit to the account of the <br />Borrower any balance remaining in the funds accumulated under <br />the provisions of (a) of paragraph 2 hereof. If there shall be a <br />default under any of the provisions of this Instrument resulting <br />in a public sale of the premises covered hereby, or if the Lender <br />4. That the Borrower will pay ground rents. taxes, <br />assessments, water rates. and other governmental or municipal <br />charges. fines. or impositions. for which provision has not been <br />made hereinbefore, and in default thereof the Lender may pay <br />the same; and that the Borrower will promptly deliver the <br />official receipts therefor to the Lender. <br />S. The Borrower will pay all taxes which may be levied upon <br />the Lender's interest in said real estate and improvements. and <br />which may be levied upon this instrument or the debt secured <br />hereby (but only to the extent that such is not prohibited by law <br />and only to the extent that such will not make this loan <br />usurious), but excluding any income tax, State or Federal. <br />imposed on Lender, and will rite the official receipt showing <br />such payment with the Lender. Upon violation of this <br />undertaking, or if the Borrower is prohibited by any law now or <br />hereafter existing from paying the whole or any portion of the <br />aforesaid taxes. or upon the rendering of any court decree <br />prohibiting the payment by the Borrower of any such taxes, or <br />if such law or decree-provides that any amount so paid by the <br />Borrower shall be ct+.Ndited on the debt, the Lender shall have <br />the right to give itiuety. days' written notice to the owner of the <br />premises, requiring tbAi payment of the debt, If such notice be <br />given, the said debt slxalt• become due, payable and collectible at <br />the expiration of said dkety days <br />6. That should tbe, Borrower fail to pay any sum or keep any <br />coo. -nant provided cvi c`u ;Ills hfi ufu neuE. Wen Vnc Lender-, at its <br />option, may pay or perform the same. and all expenditures so <br />made shall be added to the principal sum owing on the said <br />note, shall be secured- hereby, and shall bear interest at the rate <br />set forth in the said ;tote, until paid. <br />7. That the Borrower kcreby assigns, transfers and sets over <br />to the Lender, to be applied toward the payment of the note <br />and all sums secured hemby.in ease of a default in the <br />performance of any of the tends and conditions of this <br />instrument or the said note, all- the rents. revenues and income <br />to be derived from the said premises during such time as the <br />indebtedness shall remain unpaid, and the Lender shall have <br />power p. appoint any agent or agents it may desire for the <br />purpoe of repairing said premises and of renting the same and <br />collecting, jthe rents, revenues and income, and it may pay out of <br />said incomes all expenses of repairing said premises and <br />necessary conunimons and expenses incurred in renting and <br />monaging the same and of collecting rentals therefrom; the <br />balance remaining, If any, to be applied toward the discharge of <br />said indebtedness. <br />8. That the Beir' dwer will keep the improvements now <br />existing or hereafter erected on the property, insured as may be <br />required from time to time by the Lender against loss by fire <br />and other hazards. casualties and contingencies in such amounts <br />and for such periods as maybe required by the Lender and will <br />pay promptly., when due, any premiums on such insurance. <br />provision for payment of which has not been made <br />hereinbefore. All insurance shall be carried in companies <br />approved by the Lender and the policies and rpnewals thereof, <br />shall be held by the Lender and have attached tbetrittl !loss <br />payable clauses in favor of and in form acceptable to t'he <br />Pace 2 of 5 HUD 921,30T 1 <br />I <br />I <br />J <br />n <br />-- <br />89--x, 00103 <br />F illarr wtir sad Llader coveaattt sad asive ai fo)lows: <br />acquires the property otherwise after default. the Lender shall <br />apply, at the time of the commencement of such proceedings, or <br />1. That Borrower wit! pay the indebtedness, as hcrcinbefore <br />at the time the property is otherwise acquired, the balance then <br />provided. Privilege is reserved to pay the debt in whole or in <br />remaining in the funds accumulated under (a) of paragraph 2 <br />pact on any installment due date, <br />preceding, as a credit against the amount of principal then <br />remainingt unpaid under said note. <br />2. That, together with. and in addition to. the monthly <br />payments of principal and interest payable under the terms of <br />the note secured hereby, the Borrower will pay to the Lender, <br />on the first day of each month until the said note is fully paid, <br />the following sums: <br />(a) A sum equal to the ground rents, if any, next due, plus <br />the premiums that will next become due and payable on policies <br />of fire and other hazard insurance covering the property, plus <br />taxes and assessments next due on the property (all as estimated <br />by the Lender) less all sums already paid therefor divided by the <br />number of months to elapse before one (1) month prior to the <br />date when such ground rents, premiums. taxes and assessments <br />will become delinquent, such sums to be held by Lender in taut <br />to pay said ground rents. premiums. taxes and special <br />assessments; and <br />(b) All payments mentioned in the preoeding subsection of <br />this paragraph and all payments to be made under the note <br />secured hereby shall be added together, and the aggregate <br />amount thereof shall be paid by the Borrower each month in a <br />single payment to be applied by the Lender to the following <br />items in the order set forth: <br />(1) ground rents, taxes, assessments, fire and other hazard <br />insurance premiums; <br />(II) interest on the note secured hereby; <br />(111) amortization of the principal of said note; and <br />(IV) late charges. <br />Any deficiency in the amount of such aggregate monthly <br />payment shall, -unless made good by the Borrower prior to the <br />due date of the next such payment, constitute an event of <br />default under this mortgage. The Lender may collect a "late <br />charge" not to exceed four cents (449) for each dollar ($I) of <br />each payment more than fifteen (15) days in arrears to cover the <br />extra expense involved in handling delinquent• pzyrneuts. <br />3. That if the total of the payments made by the Borrower <br />under (a) of paragraph 2 preceding 'sEtall exceed the amount of <br />payments actually made by the Lefler for ground rents, taxes <br />and assessments or insurance premiums, as the case may be, <br />such excess, if the loan is current, at the option of the <br />Borrower, shall be credited by the Lender on subsequent <br />payments to be made by" the Borrower, or refunded to the <br />Borrower. If. however, the monthly palznents made by the <br />Borrower under (a) of paragraph 2 preceding shall not be <br />sufficient to pay ground r=ts, taxes and assessments or <br />insurance premiums, as the case; may be, when the same shall <br />become due and payable, then the Borrower shall pay to the <br />Lender any amount necessary to h=ke up the deficiency, on or <br />before the date when payment of such ground rents, taxes, <br />assessments, or insurance premiums shall be due. If at any time <br />the Borrower shall tender to the Lender, in accordance with the <br />provisions of the note secured hereby. full payment of the entire <br />indebtedness represented thereby. the Lender shall. in computing <br />the amount of such indebtedness, credit to the account of the <br />Borrower any balance remaining in the funds accumulated under <br />the provisions of (a) of paragraph 2 hereof. If there shall be a <br />default under any of the provisions of this Instrument resulting <br />in a public sale of the premises covered hereby, or if the Lender <br />4. That the Borrower will pay ground rents. taxes, <br />assessments, water rates. and other governmental or municipal <br />charges. fines. or impositions. for which provision has not been <br />made hereinbefore, and in default thereof the Lender may pay <br />the same; and that the Borrower will promptly deliver the <br />official receipts therefor to the Lender. <br />S. The Borrower will pay all taxes which may be levied upon <br />the Lender's interest in said real estate and improvements. and <br />which may be levied upon this instrument or the debt secured <br />hereby (but only to the extent that such is not prohibited by law <br />and only to the extent that such will not make this loan <br />usurious), but excluding any income tax, State or Federal. <br />imposed on Lender, and will rite the official receipt showing <br />such payment with the Lender. Upon violation of this <br />undertaking, or if the Borrower is prohibited by any law now or <br />hereafter existing from paying the whole or any portion of the <br />aforesaid taxes. or upon the rendering of any court decree <br />prohibiting the payment by the Borrower of any such taxes, or <br />if such law or decree-provides that any amount so paid by the <br />Borrower shall be ct+.Ndited on the debt, the Lender shall have <br />the right to give itiuety. days' written notice to the owner of the <br />premises, requiring tbAi payment of the debt, If such notice be <br />given, the said debt slxalt• become due, payable and collectible at <br />the expiration of said dkety days <br />6. That should tbe, Borrower fail to pay any sum or keep any <br />coo. -nant provided cvi c`u ;Ills hfi ufu neuE. Wen Vnc Lender-, at its <br />option, may pay or perform the same. and all expenditures so <br />made shall be added to the principal sum owing on the said <br />note, shall be secured- hereby, and shall bear interest at the rate <br />set forth in the said ;tote, until paid. <br />7. That the Borrower kcreby assigns, transfers and sets over <br />to the Lender, to be applied toward the payment of the note <br />and all sums secured hemby.in ease of a default in the <br />performance of any of the tends and conditions of this <br />instrument or the said note, all- the rents. revenues and income <br />to be derived from the said premises during such time as the <br />indebtedness shall remain unpaid, and the Lender shall have <br />power p. appoint any agent or agents it may desire for the <br />purpoe of repairing said premises and of renting the same and <br />collecting, jthe rents, revenues and income, and it may pay out of <br />said incomes all expenses of repairing said premises and <br />necessary conunimons and expenses incurred in renting and <br />monaging the same and of collecting rentals therefrom; the <br />balance remaining, If any, to be applied toward the discharge of <br />said indebtedness. <br />8. That the Beir' dwer will keep the improvements now <br />existing or hereafter erected on the property, insured as may be <br />required from time to time by the Lender against loss by fire <br />and other hazards. casualties and contingencies in such amounts <br />and for such periods as maybe required by the Lender and will <br />pay promptly., when due, any premiums on such insurance. <br />provision for payment of which has not been made <br />hereinbefore. All insurance shall be carried in companies <br />approved by the Lender and the policies and rpnewals thereof, <br />shall be held by the Lender and have attached tbetrittl !loss <br />payable clauses in favor of and in form acceptable to t'he <br />Pace 2 of 5 HUD 921,30T 1 <br />I <br />I <br />J <br />n <br />-- <br />