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<br />et att11 Leant" costnaef now agree as fa0irs:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />providad. PriL•itege is reserved to pay the debt in whole or in part
<br />on any instttlltttrnt due date.
<br />2. That. together with; acid in addition to, the monthly
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby. the Borrower will pay to the Lender. on the
<br />first day of each month until the said note is fully paid. the
<br />following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the neet mortgage insurance premium if this instrument and;
<br />the note secured herein are insured. or a monthly charge (in lieu
<br />of a.rnorrgage M' surarrce premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />11) if and so long as said note of even date and this.instrn•
<br />ment 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 prior to its due date the annual
<br />mortgage insurance premium in order to provide such holder with
<br />funds to pay such premium to the Secretary of Housing and Ur-
<br />ban De:eOpment pursuant to the National Housing Act. as
<br />amended. and applicable Regulations thereunder. or
<br />(11) If and so long as said note of even date and this rrrstru•
<br />spent are held by the Secretary of Hosing and Ultban pevclt,p.
<br />m2tit, aironthly charge tin lieu of a mortgage insurance prv7 ri&m);
<br />sf ..ir s:ME be in an amount equal to one- taelfttf it., 12) of anr.
<br />per centum of the average outstanding balance due oft
<br />!`a mote computed without taking into account deffnquencies or
<br />prepayments;
<br />(b) A sum equal to the ground rents, if any, next du:, phis the
<br />Premiums that will next become due and payable on policks of+
<br />fire and other hazard insurance covering the property, plus ttavc5
<br />and assessments next due on the property (all as estimatct! 61• tlrt•
<br />Lender) less all sums already paid therefor div fitted b} th . number
<br />of months to elapse before one 11) month Prier fut the dt:te e':tiem
<br />Y,rch ground rents. premiums, taxes w.•td assessments w•ill,betia.Ttj;r
<br />such sums to he held by Lender in trust tati Pay :tati.1
<br />g:burtg �iMls, premiums. taxes and special assesstntnnis; and'
<br />(c) All payments M.etrrioned in the two preceding subsections of,
<br />this paragraph and 6,11 l.�r, :tents to be made under the note
<br />secured hereby shall ire added togs hff.. and the aggregate atnount
<br />thereof shall be paid by the Borrorcr. c'.a:h month in it Singh, pay,
<br />men[ to be 4p'i.ed by the Lender to e..9: follosv,nL items in rile
<br />order set for:it:
<br />(1) premium charges under the contra+ of insurance with,
<br />the Secrctar<• of Housing and Urban Development. or nrof»hlk•
<br />charge (in :reu of mortgage insurance premiunt), as the cast• miu.
<br />(11) ground rents. taxes. assess•�±ents. fire and other hataru
<br />insurance premiums;
<br />(111) interest on the note sc,:urLd hereby;
<br />(iV) amorti/ation of the principal of said note. a:nd
<br />(V) late charges.
<br />.Any deficiency in th'. amount of such aggregate ttaonthly pay-
<br />ment shall, unless made good by file Borrower prior to the due
<br />date of the next such payment, cort5lhutt. an event of default ,
<br />under this mortgage. The Lender rrry :ollect a "late charge" not
<br />to exceed four cents (4¢) for each dollar ($6 of each payment
<br />89-- 102047
<br />more than tiftec1141M day-s in arrears to cover the estra c%pznse
<br />involved in handling delinquent payments.
<br />X That if the total of tile, payments trade by the Borrower
<br />under (b) of parA;r P11 2 Preceding shall exceed the amtium of
<br />Payments actually. made by the Lender for ground rents, tries and
<br />assessments of irnttrnnce premiums, as the case may be, such ex-
<br />cess,.if the loan is current. at the option of the Borrower. shalt &-
<br />credited by the Lender on subsequent pavinents to be made by the
<br />Ooirrov►er..or refunded to the Itorrow•er. if. however, the ntofulily.
<br />Payments made by the Borrower under (b) of paragraph 2
<br />Priaiaeding shall: not he sufficient to pay ground rents. taxes and
<br />4%%--sments or insurance premiums, as the case may W. when the
<br />f nie shall bev:ome due and payable, then the Borrower shall pay
<br />to, file Lender any amount necessary to inake up the deficiency, on
<br />or Mine the date when payment of such ground rents. taws,
<br />assessments, of in$urance premiums shall tie due. if at any time
<br />[fir Borrower shall tender to the Lender, in accordance with the
<br />prttirisions of tite note swured hereby, full payment of the entire
<br />inttelluditess represented therehv, the Lender shalt. in computing
<br />file amount of such indehictliness, credit to the account of the Btvtr-
<br />rower all payments made under the provisions of (a) of paragraph
<br />2 hrreof which the Lender hat not become obligated to pay to the
<br />secretary of Housing and Urban Mvelopmrnt and any balau•;c rc-
<br />maining in ►he funds accumulated under tile. Provision, of lb) of
<br />palrtgraflh 2 hefcaf. If there shal! be a default under any Of Iht
<br />Provisions of this instrument re! :'.tLng in a public sale of the
<br />Premises covered hereby, or if the Lender acquires the property
<br />olhrrssise after default, the Lends "hall attpiv, at the time of the
<br />cuuninencement of such proceedingcs, or at the time the properly is
<br />otheresise acquired, Cite balance then remaining ire the funds at:
<br />ctunulated turder (b) of paragraph 2 preceding, as a credit against
<br />the amount of Principal then remaining unpaid under said• note,
<br />and'shall Property adjust any payments which shall have been
<br />made under tn) of paragraph 2.
<br />4. That the Nornnver will pay ground rents, taxes, awe,unents.
<br />sates ►ales, and other governmental or municipal +barge,. fines.
<br />o; G,;...Po.;itiuns. for which Provision has nor been nmadc
<br />tt;re::hbeforc. and in default thereof the I_cndtr may Pay the same:
<br />and that the Barrcaver will promptly delver r!.e Official receipts
<br />:h-Ft. -f►r to the I critter.
<br />5 T"ic Borrower will pay. all 1.1%0 which r,•..ty Pic levied jgpti
<br />It1. [_rsder's ititetco in said rcat estate and i,t;rr�r_entents. and
<br />%010 —z may he le%irl upon [Iris instrument or rf)e. u:bt "retired
<br />Marc�S hu1 omly to alcV cstvn, !hat such is not r'rotitbited bylaw
<br />aunt i_trr, to the extent taf: .0 f ::viii not make this loan u (urious).
<br />tits any incur; t.ia , 'veil,+ or 1•ederal, imposed oit
<br />Lend:;: find will file the of i:r: d' rs :ipt shuwin; such Payment
<br />Mill the t.en ;ley. Upon vur)ancr. t?t this undera1 -Jug. cur if (tie
<br />110rrolver is prohibited by any taa -• noes or hcrrl:ier existing from
<br />'+ ?5••':;e.. tic While or any portion r,f• the aforesaid tares, or upon
<br />_hl: rra.,,,feriny, of any coon dare:, l:rahihitiul; rile Paymetir by the
<br />3brrc,wtr of any such takes. or it such law ar decree provides that
<br />MY amount so paid by the Borrower shall be credited on the deb;.
<br />Ire Leneier $11,111 have the right to );ire ninety days' serittcu nO ;1:e
<br />o the ocsner of 1h:• prcnri$es, requiring the Paymmnt of the deb:.
<br />l"tn•ti•notice be given, the said d:eUr shall become due, p;ryab:c
<br />nd ccsi!etitibl: Us the e,Piration of �,::d ninety days.
<br />6. That should the.,%lroever fail -10 pay any staa or keep any
<br />covenant provided for in this instrurnrn4 ti►cn the I ender. ar u�
<br />aption. may, pay or Perform the wort!. arui' sit extundihues sJ
<br />Page 2 of 5 HUD- 92143DY
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