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<br />it fr ower and l.cttder covenant and agree as follows:
<br />1, That Borrower will pay the indebtedness, as hercinbefore
<br />pmvid ;f. Privilege is reserved to pay the debt in whole or in part on
<br />any in,.4allmenl due date.
<br />2. Tkat, together with, and in addition to, the monthly payments
<br />of principal and interest 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 t4itil the said nott is fully paid. the following sums:
<br />(a) A sum equal to the ground rents, if any, next due. plus the
<br />premiutai that will next become due and payable on policies of fire
<br />and otheAsizard insurance covering the property, plus taxes and
<br />assessmeat's next due on the property (all as esthwed by the Lender)
<br />Itss all suiins already paid therefor divided by the number of months
<br />to elapse *fore one (I ) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deliquent, such
<br />sums =held held by Lender in trust to pay said ground rents,
<br />premiums; fixes and special assessments; and
<br />(b) Aii Payments mentioned in the preceding subsection of this
<br />paragrapfc'and all payments to be made under the note secured
<br />Out. .11 be added together, and the aggregate amount thereof
<br />jiutl be pii`id by the Borrower each month in a single payment to be
<br />h$iieit.hj+ ^�fte Lender to the following items in the order set forth:
<br />i l) m i nd rents. taxis, assessments, fire and other hazard insur-
<br />=ce premiums;
<br />(II) interest on the note secured hereby:
<br />or if the Lender. acquires the properly otherwise after default, the
<br />!.ender shall apply, at the time of the commencement of such
<br />proceedings, or at the time the property is otherwise acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 2 preceding. as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates. and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbdfore,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5. The Borrower vnll pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make this loan usurious), but excluding any:
<br />income tax, State or Federal. imposed on Lender. and will file the
<br />official receipt showing such payment with the Lender_ Upon
<br />violation of this undertaking. or if the Borrower is prohibited by Ray.
<br />law now or hereafter existing from paying the whole or any portion
<br />of the aforesaid taxes, or upon the rendering of any court decree .
<br />prohibiting the payment by the Borrower of any such taxes. or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the ?,etvt,, the Lender shall have the'
<br />right to give ninety days' written nom:: to the owner of the premises.
<br />requiring the payment of the debt. If such notice be given, the said
<br />debt shall become di e. (sayable and collectible at the expiratiom of
<br />said ninet da
<br />(111) amortization of the principal &,"surd note: and Y �'
<br />(iV) fate charges.
<br />Any tkficirney iI -O!e -- :13ant of suoi ag_c; ega:= ncn- h! pa: n «r
<br />shall, unless n3de good by the Bonewer; iar:�
<br />next such payment. constitute an even: V U'C%Lk. un:;rii "this
<br />mortgage. The Lender may collect a "late 0a=,ge a'�+ o exceed tour
<br />cents (44) for each dollar (S I) of each payment most 'ihan fifteen
<br />15
<br />( } in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amour a`.payments
<br />actually made by the Leadtir for ground rents, taxes'amS., assessments
<br />or insurance premiums, a3 Cie case may be. such excess. if the is
<br />current, at the option of the Borrower, shall be credited by tea:.
<br />Lender on subsequent payments to be made by the Borrower. Y:
<br />refunded to the Borrower. If, however, the monthly payments %tads
<br />by the Borrower under (a) of paragraph 2 preceding 4nall not be
<br />sufficient to pay ground rents. taxes and asscmme—,; ix insurance
<br />premiums. as the case maybe, when Or.- !im- a 5,1 .1" bN-ome due z ?'y,
<br />payable, then the Borrower shall pay tq titrr 1lt i:rrr amount
<br />necessary to makeup the deficiency. or, ro �,ef. ;n!N line tf4te when
<br />payment of such ground runts, taxes, assessments. r Im41:rance
<br />premiums shall be due. Mat any time the Borrower hall ::i ^;;r r„
<br />the Lender, in accordance with the provisions of the ns-,; >a.4r.d
<br />hereby. fulf payment of the entire indebtedness represented thetebY..
<br />the Lender shall, in computing the amount of such indebtedness.
<br />credit to the account of the Borrower any balance rem using in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby,
<br />.: � �ttil: :should the Borrower faff to pay any sum or keep any
<br /><ao►irai c(Y ovided for in this instrwmnt, then the Lender. at its
<br />;tar oar., , �y pay or perform the sa-:, and all expenditures so made
<br />.shall t+ .rddtd to the principal sum owing on the said note; shall'
<br />be secvn` :rreby, and sh9lI bear interest at the rate set forth in the
<br />said note_;:.rtil paid.
<br />7. Thax'itf.-. Borrower hereby assigns, transfers and sets over to the
<br />Lender, to'r� i,.%ward the payment of the note and'all sums
<br />secured herecG ice, c::ir oaf a default in the performance of:any of the
<br />terms avi d :.ions of this instrument or the said note, Al the rents.
<br />revenues and income to be derive9 ,•rom the said premises during
<br />such time as the indebtedness shay 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 ppy out of said
<br />incomes all expenses of repairird s hf premises and necessary
<br />commissions and expenses incurrui :n renting and managing the
<br />same and of collecting rentals therefrom; the balance retraining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />S. That the Borrower will keep the improvemenu now existing or
<br />hereafter erected on the property, insured as may be requited from
<br />time tc: time by the Lender against loss by fire andbtber hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />may be required by ike fender and will pay pronnpily, when due,
<br />any premiums on such insurance, provision for 1t1j)ment of which
<br />has not been made hereinbefore. All insurance s[sziG be carried in
<br />companies approved by the Lender and the polu;6— and renev.. rls
<br />thereof shall be held b;. the Lender and have att3:hed tbereto loss
<br />payable clauses in favtr of and in form acceptable to the Lender. In
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<br />HUD- 92143DT•1
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