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<br />Illorrower and Under eovemod turd scree, as MIDWS:
<br />1. That Borrower will pay the indebtedness, as heteinbefore
<br />provided. PKvitege is reserved to pay the debt in whole or in part on
<br />any installment due due.
<br />2. That together with, and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the am secured
<br />hereby, the Borrower will pay to the Lender, on the first day of each
<br />month until the sand: now is fully paid, the following sums:
<br />_ 1
<br />TMINILIJ
<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, 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 />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates, and other governmental or municipal charges, limes, or
<br />impositions, for which provision has not been made hereinbefortrT,
<br />and in default thereof the Lender may pay the seine; and [hat lire :, .'
<br />(aj A sum equal to the ground rents, if any, next due, plus the Borrower will promptly deliver the official rewipts therefor trniire .
<br />premiums that will next become due and payable on policies of fire Lender.
<br />and other hazard insurance covering the property, plus taxes and
<br />assessments not die on the property (all as esdOwled by the Lender)
<br />less all sums paid therefor divided by the number of months
<br />to elapse tefom aw tit ) rwN-, t prior to the dxue when such ground
<br />rents, premiums, Gazes a# zaiessments will bzcume de:lictueat, such
<br />sums to be held by Leader in test to pay said ground real %. .
<br />premfoom taxes aid special assessments: and
<br />(b) Alf! payments mentioned in the preceding subsection of this
<br />paragraph,and ail. payments to be made under the note secured
<br />hereby shall: be added together, and the aggregate amount thereof
<br />shall be paiiilby the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set forth.-
<br />(1) ground rents. taxes. assessments, fine a:ed other hazard insur-
<br />ance premiums:
<br />(11) interest on the note sccmd hereby.
<br />(111) ampniration of the principal of said note. and
<br />(fvl•fate charges.
<br />Any, deficiency in the arneint of such aggregate momilhly FaycmOV:
<br />shafti unless matte good by doe Borrower prior to the clot dot.. of the
<br />next such payment. constitute an event of default under ttis
<br />mortgago. The Lender may collect a "late ekuge' not to exceed foar
<br />center; id) for each dollar ($I) of each pmyrw...t more than fifteen
<br />S. The Borrower will pay alt fixT•tkfr 6 may be;levied,upon Ili! -,
<br />Lender's interest in said red attte t*, 1 iitiproveme{rll::arid: SvhIA."_ .
<br />may be levied upon ft kgs��'6, the debt se4vtetl: ltd i iy {wt
<br />aaly to tike ertent that.%% tPh is rV, i -1P ,tffaaed by lasy.'ti44. *tiIy-, id. J6
<br />e.,te`rftdl at slush will M.ii . p this loiid usurious), bet ex(I�!il% y
<br />mcami tar.; State or Federal, impd--. S eri Lender, and will fife.'i,
<br />dNicial receipt showing such payment ,4-An the Lender. Upon
<br />violation of this undertaking, or if the Borrower is ;7,- hibited by any
<br />law now or hereafter existing from paying the wbolrw. any portion
<br />of the aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt If such notice be given, the said
<br />debt shall kcome due, payable and collectible at the expiratior. of
<br />said ninths days.
<br />6. That should the Borrower fail to pay any sum: ce beep any
<br />covenant provided for in this instrument, then the Lrstder, 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 />(IS);ifaya in arrears to cover the extra expwrse involved in fard;tng
<br />delinquent payments.
<br />3. That if. the total of the pa}mAms mide by the Borrower umdr
<br />(a) of paragraph 2 preceding Oa!` exceed t @e amount of paymeres
<br />actually made by the tender for ground mss, taxes and assessments
<br />or insurance premiums, as the case may be, such exec--%, if the loan is
<br />current, at, file option of the Borrower, shill be credited Ly the
<br />Lender an mthscquent payments to be r^ade by the Borrower, or
<br />refunded to the Burrower. If. however. tte monthly payments made
<br />by the Birtrrrwer under (a) of paragraph 2 preceding shall not be
<br />suffftsent its pay ground rents, taxes and assessments or insurance
<br />piemtunis, m the case may be, when the same shall become due and
<br />payable, that the Borrower shall pay to the Lender any amount
<br />nccessatlr tit make up the deficiency, on or before the date when
<br />payment -uf cult ground rents. taxes, assessments, or insurance
<br />premtwnt %hall tie due If at any time the Borrower shall tender to
<br />the Lender, rn akordance with the provisions of the note secured
<br />herchp.hil) payment of the entire indebtedness representetl thereby.
<br />the Ltmtrr shall, in computing the amount of such indebtedness.
<br />s:redllitu the account of the Borrower any balance remaining in the
<br />funds vo- umulkled under the provisions of tat of paragraph 2 hereof
<br />If there shall he a default under anv of the provisions of this
<br />instrumrnt resulting in a public sale cif the premises covered hereby.
<br />7. That the Borrower hereby assigns. transfers and sets over to the
<br />tender, ti, be applied tolxard the payrryent of the note and all sums
<br />secured hereby in case cf a default in Else peepr7 i.nce of any of the
<br />titrms and conditions u %f this instrument or the %cil note. all the rents,
<br />revenues and income w, Cvs derived from the said fsemises during
<br />such time as the indebManess shall remain unpaid, and the Lender
<br />shall ha, -c power to appoint any agent or agents 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 it may pay out of said
<br />incomes all expenses of.ri lmiring said premises and necessary
<br />commissions and expenws. incurred in renting and managing the
<br />same and of collecting rentals therefr6m, the balance remaining. if
<br />any. to be applied toward the disc ;Urp of said indebtedness,
<br />H. That the Borrower will keep the improvernaru now existing or
<br />hereafter erected on the property, insured as may he required from
<br />time to time by the lender against foss by fire and other hazards,
<br />casualties and contingencies in suvh amounts and for such periods as
<br />may be required by the Lender and ttiill pay promptly. when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made heraahvfore. All insurance ttiill be carried in
<br />companies approved by the !.ender and the policies and renewals
<br />thereof strxlt be held by the Lender &nd have attached thereto 16%
<br />payable clauses in favor of anti in form acceptable to the Lender. In
<br />Page 2 of 5 HUD- 92143OT•1
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