|
L
<br />(1) premium charges under the contract of insurance with
<br />the Secretuy. of Housing and Urban, Development, or monthly
<br />chute (in New of mortgage insurance pnimium). as the case nt:ty
<br />be;
<br />(11) ground rents. taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of the principal of said note; and
<br />(V) (ate charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the dur
<br />date of the next such payment. conithute an event of default
<br />under this mortgage. The Lender may collect a ••late charge., not
<br />to exceed four cents (4e) for each dollar (51) of each payment
<br />but exciniling any income tax, State or Federal. imposed on
<br />Lender„ aM will file the official receipt showing such payment
<br />with the Lender. Upon violation of this undertaking. or if the
<br />Borrower is prohibited by any law now or h,rcafter existing from
<br />paying the whole or any portion of the afor ma. taxes. or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Boffawcr of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the Lender shall ha,6e the right to give ninety days' written notice
<br />to the owner of the premises, requiring, the payment of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and c0lectible at the expiration of said ninety days.
<br />6. That should the Rorm%cr 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 />Page 2 0
<br />HUa921430
<br />U
<br />J
<br />1
<br />W
<br />. _j
<br />10161 a
<br />Sommer and Feeder coveaaet and tree as follows:
<br />more than fifteen (15) da ?rh in arrears to cover the extra expense
<br />involved in handling dttligquent payments.
<br />1. That Borrower will pay the indebtedness, as hercinbefore
<br />Provided. Privilege is reserved to pay the debt in whole or in part
<br />on any installment due date.
<br />3. That it' the total of the payments made by the Borrower
<br />under (b) of paragraph 2 preceding shay exceed the amount of '
<br />payments actually inatle by the Lender for ground rents, taxes and
<br />2. That. together with. and in addition to. the monthly
<br />assessments or insurance premiums, as the case may tie.. such es_�
<br />payftwm of principal and intern! payable under the terms of the
<br />_
<br />cess, if the loan is current. at the option of the Borrower. s5aR tie
<br />`
<br />note secured hereby. the Borrower will pay to the Lender. on the
<br />credited by the Lender on subsequent_ payments to be nvid by the
<br />first day of each month until the said note is fully paid. the
<br />Borrower, or rp.rundir.Lto the Borrower. IG however. the monthly
<br />following sums:
<br />payments rand+: by tilt+ $strrower under (b) of piragrraph 2
<br />(s) Aimoum sufficient to provide the holder hereof with funds
<br />preceding shall not be sufficient to pay ground tents* taxes and
<br />to pay the next nwrtase insurance premium if this instrument and
<br />assessments or insurance premiums, as the case may be. when the
<br />same shall become due acid payable. then the Borrower shag pay
<br />the hate secured hereby are insured, or a monthly charge (in lieu
<br />of a. mortgage insurance premium) if they are held by the
<br />to the Lender any amount necessary to make up the deficiency. on
<br />Secretary of Housing and Urban Development. as follows
<br />or before the date when payment of such ground rents, taxes.
<br />assasments, or insurance premiums shall be due. If at any time
<br />(1) If and so long as said note of even date and this instm-
<br />the Surmtvcr shall tender to the Lender, in accordance with the
<br />anent are insured or are reinsured under the provisions of the Na-
<br />pravifiinns of the note secured hereby. full payment of the entire
<br />tional Housft,.Aet, an amount sufficient to accumulate in the
<br />inddtedness r,:presented thereby. the Lender shall, in computing
<br />hands of bier Lda one (1) month prior to its due date the annual
<br />the amount of such indebtedness, credit to the account of the Bor-
<br />mortgw fr _- uraace premium in order to provide such header with.
<br />rower all, paymentn trade under the provisions of (a) of paragraph
<br />ftu ds to ptW such premium to the Secretary of Houma and Ur-
<br />2 hereof WbIch. trio )..ender has not become obligated to pay to the
<br />ban Dev*pnent pursuant to the N& onal Housing Act. as
<br />Swretary,ef Magsino And Urban Development and any balance re-
<br />amended, acrd applicable Regulations thereunder. cr
<br />maining'fir. the .fhdu keumulated under the provisions of (b) of
<br />(11) If and so teng;as said note of even date and this instru-
<br />paraLZraisii Z her F,,.:1't there shat) be a default under any of c£zz
<br />Prceisiait .'iii t�fi instrument resulting in a public sale of !des . .
<br />ment are he 'aA'p;- tie Set�mm.ry of Housing and Urban Develop
<br />meat, a ennt:,t111: aiarg.C(ar lieu of a mortgage insurance premium).
<br />premit S w s ..at; hereby. or if the Lender acquires the p;L tip
<br />which sttal):tir tit an amount equal to one twelfth (1 12) of one
<br />Ctitc`riuir: ;;;ter default, the Lender shall apply, al.tlte time "ut' the
<br />..ccmmem�nent'
<br />half (1/2)' rcentum of the average outstanding balance due,ru."
<br />of such proceedings, or at the ,rkne the property is
<br />,
<br />•;
<br />the note computed without taking into account ddinitue.RCies 0• . .
<br />othenitir:'acquired,. the balance then remaining in site funds ac-
<br />prepayments) ` 1:.
<br />cumuiatFst: under (h) of paragraph 2 preceding, as a credit snst
<br />the amount of principal then remaining unpaid under said na*
<br />(b) A sum equal to the ground rents, if any, next dui',-Oms• tlii-_
<br />and shall property adjust any payments which shalt have been
<br />premiums chat will next become due and payable on policies'o.f
<br />made under (a) of paragraph 2.
<br />fire and other hazard insurance covering. the property, plus tang
<br />and assessments next due on the property (all as estimated b • the
<br />P [x Y 3
<br />4. That the Borrower will a round rents. v.& .es. assessments,
<br />pay g
<br /><<
<br />Leader) less all sums already paid therefor divided by the number
<br />eater fares. and other governmental or municipal charges. fines.
<br />{
<br />of mont'ns to elapse before one (1) month prior to the date when
<br />or impi; -W ons, for which,provision has not beer iztade
<br />4 --
<br />such grow d rents. premiums, taxes and assessments will become
<br />hereinbefore, and in default thereof the ).ender.. mazy pay the same;
<br />t
<br />delinquent, mch sums to be held by Lender in trust to pay said
<br />and that the Borrower will promptly deliver the ofi°icial receipts
<br />ground rcoz:r premiums, taxes and special assessments; and
<br />therefor to tt; Lender. ,.
<br />(c) AA payments mentioned in the two preceding, st b ections q)
<br />dais e note
<br />pxra ph and all payments to be made unCar tru
<br /><. Tiff Borrower will pay all taxes which may be levied upon
<br />secured.h6nby shall be added together, and the aggregate ameuni
<br />the f oub.r's interest in said real estate and improvements. and
<br />thereof'cltti}_ be paid by the Borrower etti.h month in a single p:,l-
<br />which may be levied upon this instrument or tl*e c ��t secured
<br />hereby (but onl y to the extent that such is not rtihWl �ed by law
<br />ment to br. applied by the Lender to' the following items in the
<br />order set forth:
<br />and only to the extent that such will not make it's ivan usurious).
<br />L
<br />(1) premium charges under the contract of insurance with
<br />the Secretuy. of Housing and Urban, Development, or monthly
<br />chute (in New of mortgage insurance pnimium). as the case nt:ty
<br />be;
<br />(11) ground rents. taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of the principal of said note; and
<br />(V) (ate charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the dur
<br />date of the next such payment. conithute an event of default
<br />under this mortgage. The Lender may collect a ••late charge., not
<br />to exceed four cents (4e) for each dollar (51) of each payment
<br />but exciniling any income tax, State or Federal. imposed on
<br />Lender„ aM will file the official receipt showing such payment
<br />with the Lender. Upon violation of this undertaking. or if the
<br />Borrower is prohibited by any law now or h,rcafter existing from
<br />paying the whole or any portion of the afor ma. taxes. or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Boffawcr of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the Lender shall ha,6e the right to give ninety days' written notice
<br />to the owner of the premises, requiring, the payment of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and c0lectible at the expiration of said ninety days.
<br />6. That should the Rorm%cr 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 />Page 2 0
<br />HUa921430
<br />U
<br />J
<br />1
<br />W
<br />. _j
<br />
|