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<br />1..00370
<br />Burrower and Lender co%enaot and agree as follows:
<br />I. That Borroser Hill pay the indebtedness, as hereinbefore
<br />pro %ided. Pri%ileKc -is rescrscd to pay the debt in whole or in part
<br />mi any installment due date.
<br />2. That. together with, and in addition to, the monthly
<br />payments of principal and interest payaWe under the term% of the
<br />note secured herehy. the Borro%%cr %sill pay to the Lender, on the
<br />first day of each month until the said note is fully paid, the
<br />following sums:
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<br />(a) A sum equal to the ground rent %. ii am, next due. plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance co%ering -the property. plus tav,
<br />and assessments next due on the property .(all as esrtmateJ bi the
<br />Lender) less all sums already paid therefor dMded by the number
<br />of months to elapse before one (1) month prior to the date when
<br />suet ground rents, premiums. rates and assessments .viii become
<br />delinquent, such sums to be held by Lender in trust to pay %aid
<br />ground rents, premiums. tares and special assessmer.; %: and
<br />(b) M All payments mentioned in the mci precedinc %ubsecnon% of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall he added together, and the aggregate amount
<br />thereof shall be paid by the Borrower cash month in a single pay-
<br />ment to he applied by the Lender to the following items in the
<br />order set forth:
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<br />(I) **ground rents. taxes, as%e%smener, fire and other hazard
<br />m%urance premiums:
<br />(II) io mterest on the note secured hereb %.
<br />(III) dn an tittwation at the principal of said note. and
<br />(IV) a late charges.
<br />Any deficiency to the amount of such aggregate monthly pay-
<br />ment %hall. unk4i evade good by the Borro+ %er prior to the due
<br />date of the next such payment. constitute an c %eni of default
<br />ender this mortgage. The Lender may colldet a "late charge" nor
<br />to exceed four cents NM for each dollar (S1) of each payment
<br />more than fifteen (15) days in arrears to co%cr the extra cxpen %c
<br />insobed in handling delinquent payment%.
<br />3. Thtgjt if the total of the paymrws made by the Borrower
<br />under(alof paraBraph.2 prm-eding shall c %ceed the amount of
<br />payments actually made by tire Lender for ground rent%, tares and
<br />assessments or insurance premiums. as the ca%c ina) be, such ex.
<br />%cos, if the loan i% %utient. at the option of the Warrower, shall be
<br />credited by the Lender on suhsegtlem payments to be made by the
<br />Borrower, or refunded to the Borrower. If, however. the monthly
<br />payments made by the Borrower under (a)of paragraph 2
<br />preceding shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums, as the case may be. %%hen the
<br />came shall become due and payable, then the Burro% %cr shall pay
<br />to the Lender any amount necessary to make up the deficiency, on
<br />or before the date Ocri payment of such ground rents, to %c%.
<br />assessments, or insurance premiums shall be due. If at anv time
<br />the Borro %ser shall render to the Lender, in accordance uith the
<br />pro%isions of the note secured hereby, fun payment of the entire
<br />indebtW- ness represented thereby„ the Lender !.hall, in cowt.,uting
<br />the amount of such indebiedne-.,> :'credit to the account :c't (he BOr-
<br />rower
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<br />any balance re-
<br />maining in the funds ac6jntulart�i under the pro%ision% of(a) of
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />pro %isions of this instrument iQAiltine in a public sale of the
<br />premises covered herehy, or if the Lender acquires the property
<br />othemise after default, the Lender shall apply, at the time of the
<br />commencement of such proceedings. or at the time the property t%
<br />othemise acquired, the balance then remaining in the funds ac-
<br />cumulated under (a)of paragraph 2 preceding, as a credil again,i
<br />the amount of principal then remaining unpaid under ,aid note..
<br />J. That the B%irrJ,t %Qr. %sdl rai- ground iexec. taxe %. ,C %c „ntcnt,.
<br />%%ater rate%, and.othet gdvgrnm nlal'ot municipal charges, fine %.
<br />or impositions. f�jr \& ehich lar+}�,i; :en'has nui, been made
<br />hereinbefore, 3t}ti'i r'sacfauii thc1roi 18r 6�iidet tiia% fay the +artw;
<br />and that the B T-6%er %%ill prompth deli%er.'the official receipt%
<br />Therefor to the Lender.
<br />IT- The Borrower %%ill pay.,all' taxes %%hich may be lewd upon
<br />the Lev..der's miteroi in %aid real estate and'thilzro%emcnt,, and
<br />shich mat be fevied upon this instrument er :thc debt secured
<br />hereby- tbur only tu.,the a %tern'tItat such ;t 0 prohibited b% la%%
<br />and onh rd ttie,t renr.that suc.Jj -w ;11 not make this loan u%unou %t.
<br />but ruluding ads.` income tai,. :5tgte, oi• Federal, impo %L-d ch
<br />Lender, and will file !he olftrial'.fe:cipt shoo %ing such pa;lment
<br />with the Lender. -Upon %iolation of this undertaking, or it the
<br />BOrroNer is prohiblied by any twit nos or hereafter ext %tine from '
<br />paying the %hole ar- any portion of the aforesaid taxes, or . upon
<br />the rendering of'an%, court decree prohibiting the paymeni'`6t the
<br />Borrower of an% hitch taxes. or if such la%% or decree pr!3s.i^9es that
<br />ant amount so paid by the Borrower shtilIAle credited on'the debt.
<br />the Lender shall ha%e the right to ei%e timti • days' sntten notice
<br />to the o% %ner of the premise %, requiring the payment of the debt
<br />If such notice be gi%en, the %aid debt shall become due, payable
<br />and collectible at the expiration of ,aid ninety days.
<br />6. That should the Borrower fail to pay an% sum or keep any
<br />covenant provided for in this instrum�riit� then the Lender, at its
<br />option. may pay or perform the same, and all expenditures so
<br />Pape 2 of 5 HUD- 92143DY
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