|
- . ry Yn .: m TwR IIirp�lr ±r3n°4.: srat'ri 3rafA a4,ra a r`:
<br />- W `1,'ni±.JF
<br />`a
<br />t s '
<br />0220'
<br />Borrower sad l.eodcr covemmt ttmd ages as folbwc . more than fifteen (M days in'arrexrs to cover the extra expense
<br />MW"ved in. handfing'delirquent payments.
<br />1. That Borrower will pay the indebtedness, as.heteinbefore
<br />provided. Privilege is reserved to pay the debt -in whole or in part S. That if the total of the payments made by the Borrower
<br />an any installment due date. under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for grower rents, taxes and,
<br />2. That, together with, and in addition to, the monthly assessments or insurance premiums, as the case ma be, arch ex-
<br />payments of principal and interest payable under the terms of the cess, if the loan is current, at the option of the Ao ower, shall be
<br />note secured hereby, the. Borrower will pay to the Lender, on the credited by the Lender on subsequent payments to made by the
<br />first day of each month until the said note is fully paid, the Borrower, or refunded to the Borrower. -If. however, t monthly
<br />following suites: payments made by the Borrower under (b) of paragrpl 2
<br />(a) Amount sufficient to provide flee holder hereof with funds preceding shall not be sufficient to pay ground rents, toes and
<br />to pay the next mortgage insurance premium if this instrument and assessments or insurance premiums, as the case may be. when the
<br />the mote secured hereby are insured, or a monthly charge (in lieu same shall become due and payable, then the Borrower shall pay
<br />e(a_morrga¢e insurance premium) if they are held by the to the Lender any amount necessary to make up the deficiency, on
<br />Secretary of Housing and Urban lewdoprnent, as follows or before the date when payment of such ground rents, taxes,
<br />assessments, or insurance premiums shall be due. If at any time
<br />(1) If and so long as said note of even date and this instru- the Borrower shall tender to the Lender, in accordance with the
<br />ment are insured or are reinsured under the provisions of the N2- provisions of the note secured hereby, full payment of the entire
<br />tional Housing Act, an amount sufficient to accumulate in the indebtedness represented thereby, the Lender shall, in computing
<br />hands of the holder one (1) month prior to its due dale the annual the amount of such indebtedness, credit to the account of the Bor-
<br />mortgage insurance premium in order to provide such holder with rower Al payments made under the provisions of (a) of paragraph
<br />funds to pay such premium to the Secretary of Housing and Ur- 2 hereof which the Lender has not become obligated to pay to the
<br />ban Development pursuant to the National Housing Act, as Secretary of Housing and Urban Development and any balance re-
<br />amended, and applicable Regulations thereunder: or maining in the funds accumulated under the provisions of (b) of
<br />(11) If and so long as ,aid note of even date and !his instru - paragraph 2 hereof. if there shall be a default under any of the
<br />ment are held by the Secretary of housing and Urban Develop- provisions of this instrument resulting in a public sale of the
<br />ment, a monthly charge (in lieu of a mortgage insurance premium) premises covered hereby, or if the Lender acquires the property
<br />which shall be in a,h amount equal to one- nsel(th (1/12) of one- otherwise after default, the Lender shall apply, at the time of the
<br />half (1;2) per i ntum of the average outstanding one-melf t balance due e- commencement of such proceedings, or at the time the property is
<br />the note computed without taking into account delinquencies or otherwise acquired, the balance then remaining to the funds ac-
<br />the under (b) of paragraph 2 preceding, as a credit against
<br />prepayments;
<br />the amount of principal then remaining unpaid under said note,
<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance cowering the property, plus taxes
<br />and assessments next due on the property (all as estimated by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse hefore one (1) month prior tc the date when
<br />such Ground rents, premiums, taxes and assessments oil: becow
<br />delinquent, such sums to be held by Lender in trust to pay said
<br />ground rents, premiums, :axes and special assessments; and
<br />(c) All payments mentioned in the mo preceding subsections of
<br />this paragraph and alt payments to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to the following items in the
<br />order set forth:
<br />(1) prernium charges under the contract of insurance with
<br />the Secretary of Housing and Urban Dc%eiopnhent, or monthly
<br />charge (in lieu of mortgage insurance prerniumn), as the case may
<br />be:
<br />(11) ground rents, taxes, assessntenls, fire and other hazard
<br />insurance premiums.
<br />(111) interest on the note secured herby:
<br />(iV) amortization of the principal of said note: and
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, uttir� ^tzde good by the Borry %%cr prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mor.gage. The Lender may collect a "late charge" not
<br />to exceed four cents (4E) for each dollar ($I ) of each payment
<br />and shall pro)xrty adjust any payments which shall have been
<br />made under (a) of paragraph 2.
<br />4. That the Borrower %%ill pay ground rents, taxes, assessments,
<br />water rates, and other governmental or municipal charges, fines,
<br />or impositions, for which provision has not been made
<br />hcreinbcfore, and in default thereof the Lender ntay pay the same;
<br />and that the Borro%er %will promptly dcli%er the official receipts
<br />therefor to the Lender.
<br />5. The Borrower will pay all taxes which may Ix levied upon
<br />the Lender% interest in said real estate and improvements, and
<br />which nhay be le%ied upon this instrument or the debt secured
<br />hereby (but only to`the extent that such is not prohibited by law
<br />and only to the extent that such will not make this loan usurious),
<br />but excluding any income tax, State or federal, imposed on
<br />Lender, and will file the official receipt showing such payment
<br />%%ith C _ I ender. Upon violation of this undertaking, or if the
<br />1orrower is prohibited by any law now or hereafter existing from
<br />paying t!.: %%hole or any portion of the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borro%er of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrower shall '-e credited on the debt,
<br />the Lender shall ha%c the right to give ninety days' %written notice
<br />to the o%%ncr of the premises, requiring the payment of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and collectible at the expiration of said ninety diys.
<br />b. 'ih;u should the 13orro%ver fail to pay any stun or keep :mv
<br />covenarn proLided for in this instrument, then the Lender, at its
<br />option, ntay pay or perform the saute, and all expenditures so
<br />Page 2 of 5 i r�
<br />HUD- 921430T
<br />
|