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<br />Borrower and larder covenaet and agree as fitrllrttt yc
<br />1. That Ekmuwet will pay the indebtednesS, as ht:tr;it 16111P
<br />provided. Privifeac is reserved to pay the debt in whole or in pin" on
<br />any installment due date.
<br />I That, together with, and in addition to, the monthly )1a +vhent%
<br />of principal and interest payable under the terms of the nntn i kured
<br />hereby. the Borrower will pay to the Lender, on the fitw dawof each
<br />month until the said note is fully paid, the following sum%-
<br />(a) A sum equal to the ground rents, if any, next due, pi0tithe
<br />premiums that will next become due and payable on polices of fire
<br />and other hazard insurance covering the property, plus taws and
<br />amessments next due on the property l all as errimated by die.l ender)
<br />less all sutras already paid therefor divided by the number af;inonths
<br />to elapse before one (1) month pri-;r to the date when such-fround
<br />rents, premiums, taxes and assc--nmrvr wifl betxme detigttuat, such
<br />sums to be held by Lender in I dLstra ;.rub ssci if. grcuntt re. ni1b; ,
<br />premiums, taxes and special assexsmtuts; znd
<br />(b) All payments mentioned ace the preceding suhsectinni,of this
<br />paragraph and all payments to tar made under, the nnu: ss:+;urcd
<br />hereby shall be Wed together, and the aggraate amount, thereof
<br />shall be paid L- r�tr: Borrower c4r:h month in a single payment to he
<br />appiinl by the Cider to the faarlowing items in tile order set forth.
<br />(kT ground rem taxes, asses ments, fire and other -batrtrd insur-
<br />sine premiums; .
<br />(11) interest on the note secured hereby:
<br />(111) amortization of the pnurats{l of said note. and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggrugaw mPOT1-y payment
<br />shall. unless made good by the BOTrawer prior to tltt± tiuc (:ate of the
<br />next such payment, constitute an event of default undt it the
<br />mortgage. The Lender may collect a 'lute charge' norto t: creed four
<br />cents NO for each dollar 141) of each payrnent morn than fifteen
<br />(15) days in atzr,.ars to cover the extra expo we inerfitred -in handling
<br />delinquent payrntvt;ts
<br />1. That if the total of the payments made by ilia Dumm.HU-r under
<br />(a) of paragraph 2 preceding shall exceed ilia atnuunref rmn ments
<br />actually made by the Lender for ground remt. tau :us and w wssments
<br />or insurance premiums, as the case ma_v he, suchlnxcess. of the loan i,,
<br />current, at the option of the Borrower, shoWlItr. credited by she
<br />Lender an subsequent payments to be made by the Borrol-ww. ar
<br />refunded to the Borrower_ 11'. however. tho monthly pay r mr made
<br />by the Borruwer.under(it) of panigntpla•Z prccedmg shall not be
<br />sufficient to pay piound tunic•, tm;o. acid amemmients or insurance
<br />premiums. as the flare may br.. witen the same shall become due and
<br />payable, then the Borrower shell pay to the Lender any amount
<br />nec�scary to make up the dtficiveicy. on or before the date when
<br />payment of such ground rents. saxes, assessments, or insurance
<br />premiums shall'be due. If at any time the ik.1rrower shall tender to
<br />the Lender, in slc ordance with the provisions. of the note secured
<br />hereby, full payment of the emire indebtedness represented thereby,
<br />live Lender shall, in computing the amount of such tndel••tut.Aness.
<br />credit to the account of the ilrarrower any balance remaiaivg in the
<br />funds accumulated under the provisions of (a) of parst.yi: ;n 2 hereof.
<br />If there shall Ix ,,t default under any of the provisions of this
<br />instrument resltttftg in a public sale of the premises covered hereby.
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<br />89-- 101558
<br />or if the lender acquires the property otherwise after default, the
<br />Lender shall apply, at the time of the commencement of such
<br />proceedings. err at the time the property is otherwise acquired; the
<br />balance then remaining in the funds accumulated under (s ) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />d. 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 />Lendees. interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />orfy to the extent that such is not prohibited by law and only to the
<br />(; uimt that such will not make this loan usurious), but excluding any
<br />Nome 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 any
<br />law now or hxQ after existing from paying the whole or any portion
<br />of the afores:od taxes, or upon the rendering of any ceim decree
<br />prohibiting t bz payment by the Borrower of any such. -axes, or if
<br />such law or dttxee provides that any atnourt so paid 6-. the
<br />Borrower shalt be credited on the debt, the Lender shat have the
<br />ri �n to give ninety days written notice to the owner wf &, rc premises,
<br />t quiring the payment of the debt If such notice be gti=' . the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />& That sh a` J the Borrower fail to pay any sum or keep any
<br />covenant provided for to this instrument, then the Lender, at its
<br />option, may pay or perform the same, and all expendi=cs so made
<br />shall be added to the principal sum owing on tip said note, shall
<br />be secured hereby, and shall bear interest eta the ra,6- set forth in the
<br />said note, until paid.
<br />7. That the Borrower hgrtby assigns, transfers andr�s over to the
<br />Ltatder, to be applied tow-s!:4 :he payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and c4mclitions of this irstrumerr, ci the said note, all the rents,
<br />revenues and income to be derived frrrm the said premises during
<br />sch time as the indebtedness tl :;x ^: ner -atn unpaid, and the Lender
<br />stall have power to apptnr.: or agents it may desire for the
<br />purpose of repairing said premises a.A; of renting the same and
<br />collecting the rents, revenues and incrx n. P;nd it may pay out of szid
<br />incomes all expenses of repairing said ga-a yes and necessary
<br />o•,mmrsstony and expenses :n.. -urted to renting and ma:: trig the
<br />name and of collecting rcn-aS therefrom; the balance r=aining, if
<br />any. to he applied toward dw discharge of said indebtedness.
<br />fs. That .hit (3- )-rower will keep the irs,:ruvements now existing ox
<br />hereafter arch 4,)n the p-,orperty, insured'as may be required from
<br />,tire to time by ',he Lender alt; ,nsi kiss by fire and other hazards.
<br />um, aittes and conttngenc w: rn ".uch amounts and for such periods as
<br />may be required by the Lender and wax' pay promptly. when due.
<br />any premium% on cuch insurance, provinion for payment of which
<br />has not been made hereinbcsore. A2 shall be carried to
<br />(.vmpantes approved by thin Lender aid t e. policies and renewals
<br />thereof shall be held by yre I;.+ander and have attached thereto loss
<br />payable clause% in favor of and in form acceptable to the Lender. In
<br />Pago 7 of 5
<br />-- HUD- 92tODY -1
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