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<br />Borrower and Lender covenant and agree as fellows: or if the Lender acquires the property otherwise after default, the
<br />as hereinbefo
<br />ss, rc Lender shall appl). at the time of the eommsncement of such
<br />1. That Borrower will pay the indebtedne
<br />pre%vedings, or at the time the property is otherwise acquired. the
<br />prtmvide:d. Privilege is reserved to pay the debt in whole or in parr, an balance then remaining in the funds accumulated under (a) of
<br />any installment due date. paragraph 2 preceding, as a credit against the amount of principal
<br />then remainin ern id A.. said
<br />2. That, together with. and in addition to. the monthly payments:
<br />of principal and inuem+m payable under the terms of the note secured
<br />hereby, the Borrower will pay to the Lender, on the first day of each
<br />month until the said note is fully paid. the following sums:
<br />(a) A sum equal to the ground rents, Wany_ neat due, plus trio
<br />Premiums that will next become due and payable, on policies of fire
<br />and ether hazard insurance covering the, property, plus taxes and !
<br />assessments next due on the property (ail as esiftxed b), rile Lender)
<br />less all sums already paid therefor divided by the numberef months
<br />to elapse before Coe (1) month prior to the date when such ground
<br />rents, premium& taxes and assessments will become deliquent. such
<br />sums to be held by Lender in trust: to pay said ground rents,
<br />premiums taxes and special amessmetttt:: and
<br />(41 Allipsyrnents mentioned in.tftc preceding subscctior. of thi;
<br />paragraph and all payments to be tnade under the now secured
<br />hereby. shall be added together. and the aggregate amount thereof
<br />shall,be paid by the Borrower each month in a single payment to be
<br />applied b)cdte (Lender to the following items in the order set forth_
<br />(1) ground rents, taxes. assessments. fire and other- hazard insur-
<br />ance premiums.
<br />(11) 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 payment
<br />shall, Lr,. tss made good by the Borrower prior to the due date e� the
<br />next St�� payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge, not to exceed four
<br />ants (44) for each dc-Zir ($1) of each payment more than fifteen
<br />(I5) days in arrears to cover the extra expense involved in handling
<br />delinquent payments:
<br />3. Thv if the total of the paynrrvra made by the Borrower undr:
<br />(a) of;w.igraph 2 preceding shat; czcced the amount of payments
<br />actua :p Made { -_+ the f ender for gr,.ii%id rents. mvm aid assessments
<br />or inswwX pronouns. as the cast +-nay be. such excess. if the loan is
<br />currer}::.wt the option of the Bona -uvr. shall be credited by the
<br />Lender gas 3ubsequen: Tavmenz nom t)e made by the Borrower, r_r
<br />stfu ids sD ao the Be,tiwtr:.. If. however. the monthly payments ;,_=41
<br />ky IM Borrower undcw(a) of paragraph 2 preceding shall not be
<br />s %; :nt to pay gm'=4 rents. taxes and assessments or insurance
<br />pr Mamas. as the case may be. when the same shall become due and
<br />poraUe:, i *en the Borrower shall pay to the Lender any amount
<br />necessanY to make up the deficiency. on or before the date when
<br />payment of such ground rents. taxes. assessments. or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender. in accordance with the provisions of the note secured
<br />hereby, fist? payment oft N entire indebtedness represented thcreb,.,
<br />the Loden 0rall. in computing the atrount of such indebtednes-F,
<br />credit t;, the: a=unt of the Borrower any balance remaining in the
<br />funds a ;cumuftaed under the provisions of (a) of paragraph 2 hereot
<br />if there shall be a &Uurt under any of the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
<br />g pa note.
<br />4: That the Borrower will pay ground rents. tans.assemments.
<br />Water rates. and other governmental or municipal cl afM firrm, or
<br />ifnpasitions, for which provision has not been made hereinbefore,
<br />and:in default thereof the Lender may pay the same: and that be
<br />Burrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5. The Borrower will pay all taxes which may be levied upon the
<br />Leader's interest in said real estate and improvements, a: :d , -;iWch
<br />tnty, be levied upon this instrument or the debt secured he y fbut
<br />only to the extent that such is not prohibited by law and izip-6y to the
<br />extent that such will not make this loan usurio:s), but exclWing.any
<br />income tax. State or federal. imposed oat Lzcr,:e _ and will file the
<br />official receipt %bowing such p3yrrent wie—h *t I Cader. Upon
<br />violation of this undertaking, or if the is profs c; ad by any
<br />law now or hereafter existing from Pk0:4. IlM whole or zny.portion
<br />of the aforesaid cues, or upon the r =r1_riuz of M cojsra dixree
<br />prohibiting the payment by the Bardwe ei -ary.saw, :a: em or if
<br />such law or decree provides tha:.aiby aimi n err; -m paid bY the
<br />Borrower shall be credited on tisr, gib; c; ;e. i:i rider shall,ays the
<br />rigCt to give ninety days' writtem ho•ite try: r owner of the premises,
<br />reyuuiag the payment of the debt, [;f st:eh:trotsx be. given, the said
<br />debt shall become d=_ payable aad txi'. ?eZziN.s a t the expiration of
<br />said ninety days.
<br />6. That should the Borrower W to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender. at its
<br />option, may pay or perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby. and shall bear interest at the rate set forth in the
<br />S2;
<br />d note. until paid.
<br />Y. That the Borrower hereby assigns, transfers and sets over to the
<br />L.cmder. to be applied toward the payment of tl:)! note and all sums
<br />%:cured hereby in case of a default in the petl.'errr.,ance of any of the
<br />,cams and conditions of this instru -tent or g? c %F4 role. all the rents.
<br />re` eraues and income to be deti;.mf frorn the sue; -v. -raises during
<br />such time as the indebtedness shalt remaia cell .�0!: and the Lender
<br />shall have power to appoint any agent or agenuitmay desire for the
<br />purpose of repairing said premises and of rett<,7L, cane same and
<br />collecting the rents. revenues and income. and it may pay out of said
<br />as:oi aes all expenses of repairing said premises and necesw4,
<br />cornrmission%and expenses incurred in renting and managirg the
<br />same and of collecting rentals therefrom. the balance remaining, if
<br />any. to be applied toward the discharge of said indebtedness.
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the propen"p, insured as may be required from
<br />time to time of the Lender against loss by fire and other hazards,
<br />casualties and cons };finale, to such amounts and for such periods as
<br />may be required b-, Ire Lender and will pay promptly. when due.
<br />any prew-ums on such insurance. provision for payment of which
<br />has not been made heretnbefore. All insurance shall be carried to
<br />compantes approved by the L teder and the policies and renewals
<br />thereof shall be held ti the Lender and have attached thereto loss
<br />Payable clauses in favor of and in form accepub:e to the Lender. in
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