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<br />A .,_101895
<br />Romw" and Lender covettuat crud these astonows: more than fifteen (15) days in arrears to covei the extra expense
<br />involved in handling delinquent payments.
<br />1. Rtat Borrower will pay the inddebtedctass —as bereinbefore
<br />provided. Privilege is reserved to pay the debt i.n. whole or in part
<br />on any installment due date-
<br />2. That; together with, and_ ill addition to. M. monthly
<br />payments of principal and irl�bw, payable r sadei the terms of the
<br />note secured hereby-the Bor�Qvr ; :wtil rwy t.- EN: Lend -; sus; -.the
<br />dal of each month urrttl';5.e ;d rrate•.i; ftiftyr pair
<br />ro- Jjv. sins sums: i
<br />•(a)• Amount sufficient to the P:olikr.hereof Uith funds
<br />to pay, the next mortgage ins+ mace premium if this instrument and
<br />the note secured hereby are insured, or a rrro .hly charge (in lieu
<br />of a.morrgW insurance premium) if they are held by the
<br />Secretary of Housing and Urban De %efopmeL -, as follows:
<br />(1) If and so long as said note of co¢n date and this utsiru-
<br />tnent are insured or are reinsured under the provisions of the Na-
<br />tional Housing Act. an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prn %r t.i+ its due date the annual
<br />nturtpgc insurance premium in order to pcoad; r,ucli holder with
<br />funds to pay such premium to the sc.reta2y of Pluming and Ur-
<br />ban Development pursuant to the Naitor�! [dousing A_t, as
<br />amended, and appli�.able Reyulauori th%yeun;icr, or
<br />(11) If and so long as said note o even elate and this irisiru-
<br />mem are held by the Secretary of Flossing and t ;rban Dc%clop-
<br />ment, a monthly charge (in lieu of a.mortgkae insurance premium)
<br />which shall be in an amount equal to one - twelfth ( 112) of one-
<br />half O!2) per centum of the average outstanding balance due on
<br />the note computed without taking; into accou ^r delinquencies or
<br />prepayments;
<br />Ib) A sum equal to the grace;:; — s.. if , wr . next due, plus the
<br />premiums that will next bee+ t :: c :e and pva�able on policies of
<br />fire and other heard inscc& -J. severing the property, pills taxes
<br />and assessments next due &, Oae property (a!1 as estimated b) the
<br />Lender) less all sues t
<br />& dy-,:aid therefor do ided by the number
<br />of months to elapse jhe:oa ate (1) month prior to the date %%hen
<br />such ground rents, preen iurrs• . -rxes and assessments Hill become
<br />delinquent, such sums to a: -i!d by lender in trust to pay said
<br />ground rents. premiums, special assessments; and
<br />(c). All payments mentions —" :e r;:e two preceding; subsections of
<br />this paragraph and all pa)merts :o be r Mi, :. under the note
<br />secured hereby shall be added :xrether, a:,d She aggregate amount
<br />thereof shall he paid by the F3,crrawer each month in a single pay-
<br />ment to be applied by the L i'.wr to the following items in the
<br />order set forth:
<br />(t) premium w)z. Ies under the contract of insurance with
<br />the Secretary of F1 s :rj, rrrd Urban Development. or tttonthly
<br />charge (in lieu of mor,�,, a w :ns,.r3ncc premium,), as the ea,e may
<br />be;
<br />(11) grouni rents, taxes, assessment•_. fire and other hartrd
<br />insurance pierr'Ai..Tm%,
<br />(111) interest on the note secured hereb,..
<br />(IV) amortfiation of the principal of said note: and
<br />(V) late charges.
<br />Any deficiency in the antount of such aggregate monthly pay•
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the next such payment, constitute at: event of default
<br />under this mortgage. The Lender may collect a "late charge" not
<br />to exceed four cents (49) for each dollar ($1) of each payment
<br />3. That if the total of the payments made by the Borrower
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />ad
<br />c
<br />�aes <�c'at�.^arartce premiums, as the suss may be, such ex -,::' �: ' -" ':',_ '<; .:; r�:, -. :. •.:::::-
<br />credited by tfK:rndes ba subsequent payments to 6e made by tis� . " :'
<br />Borrower, or trltinded ta.(:it Harrower. If. however, the monthly
<br />payments made by tfie Borrawer under (b) of paragraph 2
<br />preceding shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums. as the case may be, when the
<br />same shall become due and payable. then the Borrower shall pay
<br />•ao the Lender any amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes,
<br />assessments, or insurance premiums shall he due. If at an% time
<br />:he Rorrb%%er shall tender t.+ the Lender. set accordance wish the
<br />provisions % +f the note secured hereby, frill payment of the entire
<br />indthteditess represented lhFrcby. cite Livitder Atall, in %;ompunng
<br />Elie aniount of shah indebtedness, credit to the account of the It%)r-
<br />rower all payments made under the pravtsums of (a) of paragraph
<br />2 hereof which the, Lender has not become obligated to pay to the
<br />Secretary of Housing and Urban Development and any balance re-
<br />rttaming in the funds accumulated under the pro%isionv of (b) of
<br />paragraph 2 hereot. It there :hall he a default under any of the
<br />provisions of this instrument resulting in it public sate of the
<br />premises covered hereby, or if the Lender acquires. the property
<br />otherwise after default, the !.ender shall apply, at the time of the
<br />commencement of such proceedings, or at the time the property i:.'
<br />othawiw acquired, the balance then retaining in the funds ac-
<br />cumulated unrt5_ xb) of paragraph 2 preceding, as a credit against
<br />the amount , -' rincipal then remaining unpaid under said note.
<br />and shall prc::4 adjust any payments which shall have been
<br />made under %.al paragraph 2.
<br />a. That the Borro%%cr %sill pay ground rents, tares, assessments.
<br />•+. •.a rates. and other go%ernntental or municipal charges, fines,
<br />,ter impositions, for which provision has not been mad,.
<br />hereinbefore, and in default thereof the Lender may pay the Sarre:
<br />and that the &vr%nyer will promptly deli%er the official receipts.
<br />therefor to t:ta; �3— ndcr.
<br />5. The Rorr.•,,iv, it_: pc.*; all tares % %hich may be Ic%icd upon . .
<br />ate Lender's iatier,at in said real estate and improvements, and
<br />which may N. ioied upon this instrument or the debt secured
<br />hereby (but only to the extent that sum s L, not prohibited by ia-A
<br />a,nJ only to the extent that such will nay intake this loan usuriou, t.
<br />bw .eluding any income tax. State or Federal, imposed on
<br />L :a °•Ier, and will file the official receipt shoving such payment
<br />-ab the Lerder. Upon violation of this undertaking. or if the
<br />Borrower . prohibited by any law now or hereafter existing fro^:
<br />paying the whole or any portion of the aforesaid taxes. or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borrower of any such taxes, or if such law or decree provides that
<br />any amount so paid by rile Borrower shrill he credited on the debt.
<br />the Lender shall have the right to give ninety days' written notice
<br />u+ the Owner of the premises, requiring .ire payment of the debt
<br />If such notice he gi%en, the said debt sh. : : ". ,,•come due, payable
<br />and collectible at the expiration of said ninety clays.
<br />6. That should the forumer fai! to pay any sum or keep any
<br />covenant provided for to this insintntent. then the Lender, at ifs
<br />option, may pay or perform the same, and all expenditures sus
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