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<br />Borrower ad 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
<br />part on any installment due date.
<br />2. That, together with, and in addition to. the monthly
<br />payments of principal and interest payable under the terms of
<br />the note secured hereby, the Borrower will pay to the Lender,
<br />on the first day of each-itiunth until the said note is fully paid,
<br />the following sum:
<br />(a) A sum equal to the ground rents, if any, next. dae, plus
<br />tl m premiums that will next become due and payable on policies
<br />of fire and other hazard insurance covering the propery; plus
<br />taxes and assessments next due on the property &M as eatftnated
<br />by the Lender) less all sums already paid therefor divided by the
<br />number of months to elapse before one (1) month prior to-the
<br />date when such ground rents, premiums, taxes and assessments
<br />will become delinquent, such sums to be held by Lender in trutt;
<br />to pay said ground rents, premiums, taxes and special
<br />assessments. gad
<br />(b) All payments mentioned in the prme*ng subtc tiian of
<br />this paragraph and all payments to he made under. the note
<br />sectored hereby shall be added together, and the aggtepte
<br />amount thereof shall be paid by the Borrower each in,;nth in a
<br />sm& payment to be applied by the Lender to the following
<br />mesas in the order set forth:
<br />(1) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(11) interest on the note secured here:tzy;
<br />(III) amortization of the principal of said note; and
<br />(1V) late charges.
<br />Any deficiency in the amount of such aggregate mo:: hly
<br />payment shall, unless made good by the Borrower prior to the
<br />due date of the next such payment, cony's :ate an event of
<br />default under this mortgage. The Lender may collect a "late
<br />charge" not to exceed four cents (4¢) for each dollar ($p of
<br />each payment more than fifteen (15) days in arrears to cover the
<br />extra expense involved in hand,.: --g delinquent payments.
<br />3. That if the total of the payments made by the Borrower
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the.Lender for ground reacts. taxes
<br />0, 4. assessments or insurance premiums. as the case Ti-My be,
<br />:r:+2i excess, if the loan is current, at the option of the
<br />S,:;.rrower, shat be credited by the Lender ezt subsequent
<br />parents to be trade by the Borrower, oT refunded to the
<br />svrrower. If, however, the mix.thly pays meats made by the
<br />Borrower under (a) of pang` ph 2 preceding shall not be
<br />sufficient to pay ground rents, taxes and assessments or
<br />insurance premiums, as the case may be, when the same shall
<br />become due and payable, then the Borrower shall pay to the
<br />Lender any amount necessary to make up the deGcienry, on or
<br />before the date when payment of such ground rents, raves.
<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
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<br />acquirin 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 ;. tho balance then
<br />remaining in the funds accumulated under (al, of, paragraph 2
<br />preceding, as a credit. against the amount: of principal then
<br />remaining unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes,
<br />assessments, water rates, and other gover mental. or municipal
<br />charges, fines, or impasitions, for which provisos has not been
<br />made bereinbefore, =- d in default thereof the L mier may pay
<br />the same. and that the Borrower will promptly deliver the
<br />official ro.=}pts therefor to the Lender.
<br />5. The Borrower will pay all taxes which may be levied upon
<br />thb Lender's interest in. said real estate and improvements. and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this loan
<br />usurious.-ti, bat excluding any income tax. Stat: or Federal.
<br />imposed on Lender, and will file the official receipt, showing
<br />such payment with the Lender. Upon violation of this
<br />undertakigg, or if the Borrower is prohibited by any law now or
<br />hereafter existing from paying the While or any portion of the'
<br />aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or
<br />if such law or decree p-ooides that any amount so paid by the
<br />Borrower shalt be credl :edl on the debt, the Lender shall have
<br />the right to give � clays' written notice to the owner of the
<br />premises, rea the payment of the debt. If such notice be
<br />given, thrr s_r' dew_ shall become due, payable and collectible at
<br />rly: e"'__ VI-om of s_51 n- diety days.
<br />6. That should thi Pbrrower fail to pay an sites or keep any
<br />covenant s, ,-avided f6f in this instru=rtt. the r m1na lender. at Its
<br />option, ma- pay or perform the same, and all expenditures sir
<br />made shat: be added to the principal, s,,:m owing, on the said
<br />note, shall be secured 1- veby, and shall bear ; = : :; est at the rate
<br />set forth in the said note; until paid.
<br />7. That the Borrower hereby assigns, transfers a-.d sets over
<br />to the Lender, to be applied toward the payment of the net,.*
<br />and all sums secured hereby in case of a default in the
<br />performance of any of the terms and conditions cf this
<br />instrument or the said note, all the rents, revenues and incerre
<br />to be derived from the said premiers during such time as the
<br />indebtedness shall remain unpaid, ant the Lender shall have
<br />power to appoint any agent or age: t:a 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 is n:ay pay out of
<br />said incomes all expenses of repairing said premu Les and
<br />necessary commissions and expenses incurred it: renting and
<br />managing the same and of collecting rentals therefrom; the
<br />balance remaining, if any. to be applied toward the discharge cf
<br />said indebtedness.
<br />8. That the Borrower mill 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 for 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 policies 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 />f Pago 2 of 5 HUD 92143DT t
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