|
ZA
<br />r
<br />�L
<br />Borrower od Lender covenant and agree as follows:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in parr 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 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 sutras:
<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 fire
<br />and other hazard insurance covering the property, plus taxes and
<br />assessments next due on the property (all as estimated by the Lenderl
<br />less all sums already paid therefor divided by the number of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents, premiums. taxes and assessments will become deliquent, such
<br />sums to be held by Let &..r in trust to pay said ground rents.
<br />premiums, taxes and Yom:=` assessments; and
<br />(b) All gaymems arm mti ed in the preceding subsection of this
<br />paragraph aid- a papm'qbtsi to be made under the note secured
<br />hereby sht[I beadGe°3 egeiher. and the aggregate amount thereof
<br />shall be paid by'�.I3a�*ower each month in a single payment to be
<br />applied by the Um&:-co the following items in the order set forth:
<br />(1) grmni' rents. taxes, assessments, fire and other hazard insur-
<br />ance prep.=. -s-
<br />(Ip inte,.w an ft mot t, secured hereby;
<br />(111) amortization c.1 brie principal of said note; and
<br />(IV) We charges.
<br />Any deficiency in the amount of sai.;b aggregate monthly pa) -,r.=t
<br />shall, unless made good by the Borrower prior to the due date of the
<br />next such payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />ants (419) for each dollar (S I) of ea d2 payment more than fifteen
<br />(15) days in arrears to cover the m-a v..pense involved in handling
<br />delinquent payments.
<br />3. That if the total of. the made by the Borrower under
<br />,:aii of prragraph 2 preceding shall e;,t ,eA the amount of payments.
<br />tictuallir trade by the Lender for gmiird rents, taxes and assessmrr !i r.
<br />or insurance premiums. as the case tnEy be. such evcm. if the loan is
<br />current. at the option of the Bow 'mer, shall be crtriited by the
<br />Lender on subsequent payments to be made by the Harrower, or
<br />refunded to the Borrow. If. however, the monthly payment• made
<br />by the Borrower under (a) of paragraph 2 preceding shall notce
<br />sufficient to pay ground rents, taxes and assessments or insurance
<br />premiums. as the cage m.ey be, when the same shall become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />necessary to make up :he deficiency, on or before the Sete when
<br />payment of such ground rents, taxes, assessments. or insurance
<br />premiums shall be due. If at any rime the Borrower Ote!l tender to
<br />the Lender. in accordance wah +li: provisions of thr note secured
<br />hereby, full payment other: r:; „ire r 9ebtedness represented thereby,
<br />the Lender shall, in compw; <g tht amount of such indebtedness,
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisc ns 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. p:tblic sale of the premises covered hereby.
<br />1
<br />or if the Lendei acquires the property otherwise after default, the
<br />Lender shalt 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 />A 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 hereinbefore.
<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 will pay all taxes which may be levied upon the
<br />Lender's interest in said real estsre and improvements. and which
<br />may be levied upon this instrun iu'r'tbeAtbtrerured hereby (but
<br />only to the extent that such is not 6--q titsbitel by few and only to the
<br />extent that such will not make_ this ' ='t usui iiziu). but excluding any
<br />income tax. State or Federal., itr ew'd on Lender, and will file the
<br />offrcEzl receipt showingsacfr parr }:.pert with the Lender. Updo:
<br />violation of this undwmkW,c f tJ a Borrower is prohibited by any
<br />law now or hereaftc existirg eti^>, haying ciip'w1iiale or any portion
<br />of the aforesaid taxes, or court-decree
<br />prohibiting the payment by Elle &J#,#, we;r of anF siid..('M 6- --dr if
<br />such law or decree provides tha'ar t amount sm pi`ii b r•the
<br />Borrower shall be credited on the debt, the Lea*- mall have the
<br />right to give ninety days' written notice to the c giver of the premises.
<br />requiring the payment of the debt. If such no, m be given, the said
<br />debt shall become due, payable and collectibfi: a. the expiration of
<br />se}d`ainety days.
<br />6. That should the Borrower fail to pay anj, rumor keep any
<br />covenant provided. f it 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 />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 herebv in case of a default in the performance of any of the
<br />terrnr and conditions of this instrument or the said note, all the rents.
<br />revenues and;income to be derived from the saA premises during
<br />such time as-the indebtedness shall remain unpai4 zrd the Lender
<br />shatl,have power to appoint any agent or agents a may des:7e `or the
<br />purpose of repairing said premises and of renting the same &n-t
<br />collecting the rents, revenues and income, and it may pay e,�:c of said
<br />incomes all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing :he
<br />same and of collecting rentals therefrom; the balance remaitxaag,,f
<br />am.: tea, be applied toward the dm;;ft=Sc of said indebtedness.
<br />8. That the Borrower will keep the improvements now exls'o �r Cr
<br />hereafter erected on. the property. insured as may be required from
<br />time to time by the )ender against loss by fire and other hazards.
<br />camalt'es and contingencies in such amounts and for such periods as
<br />may be required by the Lender are, will pay promptly, when due.
<br />any pn=iums on such insuranoe. provision for payment of which
<br />has not been made hereinbefcre. A l insurance shall be carried in
<br />companies approved by the Lender and the ponies and renewals
<br />thereof shall be hc'',! ay the Lender and have zrached thereto loss
<br />payat• a clauses :c fz:or of and m `arm accepts to to the Lender. In
<br />Page 2 of 5
<br />r
<br />.va : -1
<br />HUD- 82143DT -1
<br />L_
<br />I.
<br />
|