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<br />Borrower read Leader covenant and agree as follows:
<br />I- That Borrower will pay the indebtedness, as hereinbefore
<br />Provided. Privilege is reserved to pay the debt in whole or in
<br />part on any installment due date.
<br />acquires the property otherwise after default, the Lender shall
<br />apply, at the time of the commencement of such proceedings, or
<br />at the time the property is otherwise acquired. the balance then
<br />remaining in the funds accumulated under (a) of paragraph 2
<br />preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note.
<br />2. That, together with, and in addition to, the monthly
<br />payments iif principal and interest payable under the terms of
<br />4. That the Brsrtawer will pay ground remits, taxes,
<br />the note'Wured hereby, the Borrower will pay w die Lender.
<br />assessments,. w,atxrates, and other governmental or municipal
<br />on the first day of each month until the said now.. 9. fully paid,
<br />cltargrs, fines, rrr. iit_positioas, for which provision has not been
<br />the felIuMng sums:
<br />made hcreinbcfor-t'::aird ire default thereof the Lender may pay
<br />(a) A Rum equal to the ground rents, if any, next due, plus
<br />the same; and 1J k..the Borrower will promptly deliver the
<br />official receipts,d)tr'efor to the Lender.
<br />the prrm'sjttm that will next become due and payable on policies
<br />of rlie. ;Mll 9ther hazard insurance covering the property, p1mi ;.
<br />='q.. 8 assestsments next due on the property (all ar esrfrrurt t.
<br />:.. . The Borrower will pay all taxes which may be levied upon
<br />5y tr, :.-Emider) less all sums already paid therefor 'divided b hire::,.`,,
<br />dre Lender's interest in said:rrai: estate and improvement's, and
<br />numisecnf months to elapse before one (1) month prior to dst;:'• ;,:
<br />taii ii may be levied upon this instrument tir.the debt secured
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<br />date w)scn s,tch ground rents, premiums, taxes and assessmeull ,'
<br />tp—by (but only to the extent that such is nin prohibited by law
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<br />will become delinquent, such su>usvJ be. held by Lender in ii•ust
<br />:::; a �i' only to the e4ts nt that such will not ;ce this loan
<br />to pay said ground rr pt?:^��iiu-v,. ;Y; mss¢ectat
<br />:- tsari „us), but escitiding any ii:xma tax. State or Federat,
<br />assessments; and
<br />itn}ttzd on Lenders. and aril' f3ie the official receipt shoving
<br />such payment «irh the Lendec,. ( `pen violation of this
<br />(b) All payments mentioned in. the preceding subsection of
<br />undertaking, or if tfte, &r-+ --vas :s prohiMi2d by any law now or
<br />this paragraph and all payments to he made under the note
<br />hereafter existing fnnu ra -%iirg tie whale :9r aiy portion of the
<br />secured •hereby shall be added together, and the aggregate
<br />aforesaid taxes, or upen the rzideeng of any court decree
<br />amount: thereof shall be paid by the Borrower eat month in a
<br />prohibiting the payment: i ?f any such taxes, or
<br />.'rtgLerpayment to be applied by the Lender t-3 the following
<br />if such law or decree pro-,,,der t= ayy :mount so paid by the
<br />items in: the order set forth:
<br />Borrower shall be credited or die debt, the fJmder shall have
<br />(I)'g -£mand rents, taxes, assessments, fire and other hazard
<br />the right to give ninety days' written hatica tar the owner of the
<br />premises, requiring the payment of the dear.. If suciz notice be
<br />insurance. premiums;
<br />given, the said debt shall become due, payable and collexible at
<br />(11) interest on the note secured hereby;
<br />the expiration of said ninety days.
<br />(Ill) 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 "lattt
<br />charge” not- to exceed four cents. (4e) for each dollar 131) of.
<br />each pZymvnt more than fifteen (13) days in arrears to cover the
<br />extra expense involved in handling delinquent payments.
<br />3. That if the total of the payment! ti de bl the Borrower
<br />under (a) of paragraph 2 preceding iltall the amount of
<br />payments actually-ma-le by the Lender t'ar ground rents, taxes
<br />and assessments or imt trance premiursts, as the case may be,
<br />such excess, if the inn is current, at the option of the
<br />Borrower, sha.1 be credited by the Lender on <ab jequent
<br />payments ro be Wade by the Borrower, or refundspl to the
<br />Borro %( - It, however, the monthly payments made by the
<br />Bor*a,A-i wader (a) of paragraph 2 preceding shall not be
<br />tuffi4 :rs-v to pay grotmd rents, taxes and assessments or
<br />us�ir:.,r..:.e premiums, a Mir case may be, when the same shall
<br />become du.: and payable, them the Brrrower shoal pay to the
<br />Lender an) amount necessary to nuke up the deficiency, on or
<br />before the, date when payment of sui h 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 />6., That should the Borrower fail 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
<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 note, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over
<br />to the Lender. to be applied towz:rd the paymcnt of the note
<br />and all sums secured hereby in ,:a +_f a default in the
<br />performance of any of the tern s- and conditions of thi>
<br />instrument or the said note. a:1 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 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
<br />said incomes all expenses of repairing said premises and
<br />necessary commissions and cvpmses incurred in renting and
<br />managing the saine and of c::;krcting rental therefrom; the
<br />balance remaining, if any, ter Lc: applied toward the discharge of
<br />said indebtedness.
<br />g. That the 13orrowcr 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 far such periods as may be 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 policids and renewals thereof
<br />shall be held by the Lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the
<br />Pago 2 of 5
<br />HUD 92143DT -/
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