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<br />Borrower and Lender covenant and agree as f«-elfows:
<br />1. That Borrower will pay the indebtedness, as hereinbek-#r,•
<br />provided. Privilege is reserved to pay the debt in whole or in par on
<br />any installment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the rim secure'
<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, if any, next due, plus. the
<br />Premiums that will next become due and payable on policies of firs:•
<br />and other hazard insurance covering the property, plus. taxasand .
<br />assessments next due on the p rope ny (alt as esumaied by the lem/er)
<br />less all sums already paid therefor divided by the number of mrnths
<br />to elapse before one (1) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deNquent:•ssich
<br />sums to be held by Lender in trust to pay said ground
<br />premiums, taxes and special assessments: and
<br />(b) All payments mentioned in the preceding subeectir.a.efi this
<br />paragraph and all payments to be made under the note secvro-
<br />hereby shall be added together, and the aggregate arnounll6ercof
<br />shall be paid by the Borrower each month in a single po;rment to be
<br />applied by the Lender to the following items in the crdrif set forth:
<br />(1) ground rents. taxes, assessments., fire and other, hazard insur
<br />anee premiums;
<br />(11) interest on the nate secured hereby;
<br />,02). amortization of the principal ef said note: as-"1
<br />Any (MriLncy in the amatintof's.M., rggregate monthly pa)in:ma
<br />shall, unless M.%de good by the Borr"n:7 prior to the due date of the
<br />next such pz;Irrent. cetiftitute an events Iff- Mauls under this
<br />mortgage. '17re Lender rally collect a 1�; % charge ' not to exceed twits
<br />cents (44) hire me t dollar ($I) of each payment more than fifteen
<br />(f 5) days; ,..s.- mrs to cover the extra expense involved in handling
<br />definquenr ! payments.
<br />3. That iJf uhe total of the payments made by the Borrower under
<br />(a) of part.,g,47h 2 preceding shall exceed the amount of paymen_4
<br />actually made by the Lender for ground rents. taxes and assessments
<br />or insurance premiums, as the case may be, such excess, if the loan is
<br />current, at the option of the Borrower, shall be credited by the
<br />Lender on subsequent payments to be made by the Borrower. or
<br />refunded to the Borrower. If, however, the monthly payments made
<br />};y the Borrower under( a) of paragrapir2 preceding shall not be
<br />sufficient to pay ground ^:nts, taxes and assessments or insurance
<br />premiums. as the case mc� ;�e. when the same sba!': livcome due and
<br />payable, then the Borre•-WTr t�11311 pay to the Lender am'-" amount
<br />necessary !o make up the deficiency. on or before the date when
<br />payment c -f such ground rents, taxes, assessments, or insurance
<br />premiums shall be due. If at any time the Borrower shall tender ao
<br />the Lender, in accordance with the provisions of the note securc4.
<br />hereby. full payment red i b.- entire indebtedness represented thereby,
<br />the Lender shall, in ccntp~,ting the amount of such indebtedness.
<br />credit to &c a✓.xouttnfUke Borrower any balance remaining in the
<br />funds airsr.-ricccd i aOx tIftA of (a) of paragraph 2 hereof.
<br />if there shall be a defaair uui�rY trc r. CE' he provisions of this
<br />instrument resulting in a pu ►st :c sate of the premisear.tx.ered hereby,
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<br />er if the Lender acquires the propeny otherwise after default. the
<br />tender shall apply, at the time of the commencement of such
<br />piomvting% or at the time the property is otherwise acquired, the
<br />balance then remaining in the funds.accumuiated under (a) of.
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said mate.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates, and other goverrimmiaj or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default thereof the tender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5.
<br />5' lhz Borrower will pay all taxes which may be tf :.ice c4pp" the
<br />Lender's interest in said real estate and improvements, asc w Vtkh
<br />may be levied upon this instrument or the debt secured he`.eby,(but
<br />only to the extent that such is not prohibited by law and oc:.- to the
<br />extent that such will not snake this loan usurious), but excfudiog any
<br />income tax, State or Federal, imposed on Lender, and will file the
<br />official receipt showing such payment with the tinder. Upon
<br />violation of this undertaking. or if the Borrower. is _iWi.ihited by any
<br />law now or hereafter existing from paying the w'hnit. or any portion
<br />of the aforesaid taxes, or upon the rendering of any court d-a"Ce
<br />prohibiting the payment by the Borrower of any such taxes, o- if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give ninety days' written notice to the owner of the premises..
<br />requiring the payment of the debt. if such notice be given, the said:
<br />debt shall became due, payable and collectible at the exg -ntiazi o�
<br />said ninety days.
<br />6. That should th.- Borrower fail to pay any ,um or keep any
<br />covenant provided for in this instrument, then th-C tender, 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 />said note, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender. to be applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said note, all the rentc,
<br />revenues and income to he derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint any agent or agents it may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collecting the rents, revenues and income, and it may pay out of said
<br />incomes all expenses of repairing said prerrism a.r. d necessary
<br />commissions and expenses incurred in rcn* ry �� managing the
<br />same 4nd #.). collecting rentals there:'O m: 14. I ;a4 -ice remaining, if
<br />any, t,, toward the dis,:lacrgc rr .441 n4btedness.
<br />8. That the Borrower will keep t ersyer -t�' now existing or
<br />hereafter erected on the property, insured as mot -tie required from
<br />time .,O, d -rte by the Lender against loss by fire and otter hazards.
<br />casuL :ne...and contingencies in swa.va nounts and for such jya -Lc,,4h as
<br />may Be required by the Lender aru:: •x ,.II pay promptly, vile" J ue,
<br />any premiums on such insurance. provision for payment of which
<br />has not been made I.-ATainbefore. All insurance jji"be carried in
<br />companies approvicd the lender and the pc cws and renewals
<br />thereof shall be held by the Lender, acrd have attached thereto loss
<br />payable clauses in favor cif and in firm acceptable to the Lender. In
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