|
r�
<br />-?nT
<br />r
<br />RE RECDRDE
<br />99---'101573
<br />Borrower and Lander oovettant and agree as follows:
<br />I. That Borrower will pay the ladebtedtow. as horelabefom provid-
<br />ed. Mvtlep is ra wad to pay the debt in whole or in pert on any in•
<br />stallaiaat due data.
<br />ll- That, together with, and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the note eacured
<br />hereby. the Borrower will pay to the Lender. on the first day of each
<br />moath now the said cote Is fully paid. the folfawfag sums:
<br />(a) Amount soft to provide the balder hereof with funds to
<br />pay the nest m=tpli a faatm= premium if t1da instrument and the
<br />now neared actaby at maned, of a monthly chugs an Gera of a
<br />WOK&ap tea. -:tee pnatium) if they are held by the Secretary of
<br />ftusic,Y a a4 Vz5an Devd¢ptneut. as Mows:
<br />(i) W aad am &=g as said ante of a +ra date and sbis i.� —emt
<br />at - Gaaaedi r a -e reins_. -ed under the )rr a1 fire N.r°,✓ d
<br />Hausfag Act, an amo=f., sufficient to acrv.rt uZ w_v tn, & Ennis q2 tEr
<br />balder aae tl) month ,prior to its due dct:a rite annual' mortgage Lm 4'.
<br />sumn wpOlvaium in other to povide aa=h holder with funds to psi'
<br />such pa�Wlilt t4pthe Sacretary of aokai=g and Urban Developano
<br />pummit-0, he Nadcaal Housing Acs. as amended. and applicable
<br />ftwations thaetcndw., tw.
<br />if and sa lnttp� w Wd top, of even date and this instrument
<br />are h& by Hte Smraua p� fall' Hours and Urban DAvelopmeat, a
<br />monthly dwp (W bed fe. a tnXVagr lmcurance premium) which shall
<br />be to an amount equal'tm cz.otwr.U& E132) of onerbalf (I/2) per oeu-
<br />tum of the average ou�ncn:Lag Waace due on the 'm: re computed
<br />• without taking Into ato+atu::tt delinqutzirls or prepayments;
<br />(b) &.T= 43Tza to the ground ants, if say, next due, plus rite
<br />premiums that •wM nat become due and payable on policies of sine
<br />and other hand insurance covering the property, plus taxes ani
<br />assessments asst due on the property (all as estimated by the Gender)
<br />lea all scams already paid therefor divided by the number of months
<br />to elapse before one (1) mouth prior to the date when such ground
<br />rents, premiums. tauter and asseuments will become delinquent, such
<br />sums to be held by tender In trust to pay said ground rents,
<br />premiums, taste and special assessments; and
<br />(c) Al payments mentioned in the two preceding subsections of this
<br />paragraph and all payments to be made under the We secu red
<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 by the Letader to the following Items In the order set forth:
<br />(I) premium eba ge; under the contract of insurance with the
<br />Secretary of Housing end Urban Development. or monthly charge (in
<br />Ibis of worsgage Imura:see premfuml, as the caw, may be;
<br />(11) ground rents, tares. anc aments, fire and other hazard In-
<br />aturance premiums;
<br />(.W) Woreat on the note aerr adl hereby;
<br />(IV) aatoetiraliz of the principal of said note: and
<br />89- 100315
<br />to computing the amount of such indebtedness, credit to the account
<br />of the Borrower all payments made under the pruvisivas of (a) of
<br />paragraph S hereof which the lender has not become obligated to pay
<br />to the Secretary of Housing and Urban Development and any balance
<br />remaiafag in the funds accumulated under the provisions of (b) of
<br />paragraph fl hereof. if there shall be a default under any of the provf-
<br />slons of this fnstrument resulting in a public sale of the premises
<br />covered hereby, or if the Lender acquires the property otherwise after
<br />default. the Lender shall apply, at the time of the commencement of
<br />such proceedings, or at the time the property is otherwise acquired.
<br />the balance then remaining in the funds accumulated under (b) of
<br />paragraph 2 preceding. as a credit against the amount of principal
<br />then remaining unpaid urAc r amid note. and shall properly adjust any
<br />payments which shall have been made sander (a) of paragraph 3.
<br />4. That the Borrower will pay ground ants, fates, asAwnients.
<br />water rates, and other gpvemmental or municipal chargm, fines, or
<br />iasposittcns, for which puvison bus not been made hereinbefore, and
<br />in default thereof the 'Jiviaer•ry�,ty pile :chte suns: and that the Bor-
<br />rower will promptly.ddki = ffhe Wk PA sceeipts therefor to the
<br />Lender.
<br />S. The Borrower at U- pay all taxes which r �i heir levied upon the
<br />Lender_- Interest in said real estate and improv&;ents, and %UA may
<br />be ladoi upon this Instrument or the debt secured hereby (boa o 4 to
<br />the est=t that such Is not prohibited by law and only to the extent
<br />that such will not make this loan usurious), but tacluding any Income
<br />tax, State or Federate, imposed on lender, and will file the official
<br />receipt showing such payment with the Lender. Upon violation of this
<br />undestsJUng, or If the Borrower Is prohibited by any law now or
<br />hereaftereststing from paying the whole or any portion of the
<br />aforesaid taxes, or upon the rendering of any court decree prohibiting
<br />the payment by the Borrower of any such taxes. or d such law or
<br />decree provides that any amount so paid by the Borrower shall be
<br />credited on the debt, the Lender shall have the right to give ninety
<br />days' written notice to the owner of the prenises, requiring the pay-
<br />ment of the debt. If such notice be given, the said debt shall become
<br />due. payable and collectible at the expiration of said ninety days.
<br />6. That should the Borrower fail to pay any suns or keep any cure•
<br />nant provided for in this Instrument. then the Lender, at its option.
<br />may pay or perform the same, and all expenditures so made shall be
<br />added to the principal sum owing on the above note. shall be secured
<br />hereby, and shall bear interest at the rate set forth in the said note.
<br />until paid.
<br />7. That the Borrower hereby assigner, transfers and sets over to the
<br />Lender. to be applied toward the payment of the note and all sums
<br />secured hereby in can of a default in the performance of any of the
<br />terms and conditions of this instrument w the said :wee, all the rents,
<br />revenues and fnce, =e to be derived from the said premises during such
<br />time ao cute Indeix-v&r,:as shall remain unpaid, and the lender shall
<br />have poseur to appoint any agent or agents It may desire for the pur.
<br />pose of repairing said premises and of renting the same and collecting
<br />the rents. revenues atad income, and it may pay out of said incomes
<br />all expenses of repacirzg said premises and neccm ry commissfons and
<br />ezpentes incurred In renting and managing the uuno;• +and of collecting
<br />rentals thadromt the balance remain rg, if many,. ter lie applici tow an: .
<br />the d1uhuge of said indebtedness.
<br />(Vi- WO dine,
<br />S. That the Borrower wIU keep the improeear,.ttts now existing or
<br />'
<br />hereafter erected on the property, insured as may be required from
<br />Any deficiency is rise amount of ia+tt aggregate monthly payta cm
<br />time to time by the Lender against lost by fire and other hazards,
<br />AW, onion made good by the Borrower prior to the due date of the
<br />casualties and contingencies in such amounts and for such periods as
<br />OW such payment. Constituto an event of default under thin mort.
<br />may be required by the Lender and will pay promptly, when due,
<br />gap. The Lander may collect a "Inca cbarp" not Fo exceed four ants
<br />any premiums on ruck insurance provision for payment of which has
<br />(49) for sub dollar ($I) of each paytnoat mom than fifteen (15) !'aye
<br />no been made hereinbefore. All insurance shall be carried in com•
<br />to &nears to cover the earns expense iitvolvad to handling dsditxhnwt
<br />pasties approved by the Lender and the policies and renewals thereof
<br />payments.
<br />shall be held by the Lender and have attached thereto lox+ payable
<br />cftusain favor of and in form acceptable to the Lender. In evese of
<br />3. That if the total of the payments made by the, Borrower un&x
<br />[era Banuwer will give immediate nv ice by nail to the Lend =, who
<br />(b) of paragraph 9 pnooding shatll awed the amauttt:of paymenis'ss
<br />may tnubo proof of loss if not made promptly by Borrower, and iaf?s
<br />ftWy mtadie by the Leader for gtttusitl rMts, taus cud anumotattta err
<br />insurance company muerned is hereby u•:theri i-A =d directed t-a
<br />tam premiums. as the can atiT -bey; such emess, if 48IaLm,It' ,
<br />make payment f4r. stu II.= directly to.t!i -e f: nl.I :iisztead of to t&e
<br />current. at the option of the ,sdsal! 6t:,e dlUed iijr.t'!
<br />-Awamw and the L aylj!i loirdy. -el d. die :a.::+.r;;,:a.a prooeeds, Wr s.y
<br />lwodar on subuquaac pay=ww to he'anade by the flair, iwer, IW
<br />; ,.pmt llktof, may be applied by'tho Lem A& at its ct icon either in rhea
<br />rduaded to the Bortaww. If, %ofaw w,,the atoritisly; ptpyrite¢t'a;ti#rOr .'
<br />„.: tvdil:stIda of the indebtedness ha &tl ^cured at raa the restoratium �r
<br />by r.o:=a -.:� t aa:i t) f.mr .� $ pn osilGg `s.�fi i3at:lse tu1}l:
<br />- I: �r is 9f 41w pnolietiy damtSO& fn .event of fMOHM41 of this Sn'scc-,:-
<br />de nt to pay ground teats. tumaa surd aa4usmants or tawrance, '
<br />Mimi or other transfer of title to he mortgaged property in exurgussia-
<br />pretnlums. as the can may* wbgwtbe setae aha11 become'dui'aad
<br />:regret of the indebtednana secured Iirxeby, all right, title and fntermt cS
<br />payable. then the Borrower sfi4i* to the Leader any amouni' ' ”
<br />the,ltorrower in and to any Ins :mace policies then in force shall pusz
<br />aeoeaary to make up ce or before the date *ben pay}
<br />to tharp:rroharer or grantee.
<br />Mont of such ground rhos'. L%aw, assuments, or Insurance premiums
<br />shall be due. If at any time f3w k47owa shall tender to the Itnder,
<br />9. That a additional and collateral security for the payment of the
<br />in oveordance with the provla=df.dhe rote secured hereby. full pay -
<br />note described, and all sums to become due utuler this instrument, the
<br />meat of the entire tnddKadnwc z: ranted thereby. the Leader shall,
<br />Borrower hereby assigns to the Lender all profits, revenues, toyalties.
<br />Poo s
<br />NUtf`92t#301
<br />Lai
<br />r�
<br />-
<br />9
<br />
|