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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
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<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
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