|
r
<br />Borrower and Lender covenant and agree as follows
<br />1. That Borrower will pay the indebtedness, as hereirdlefore
<br />provided. Privilege is reserved to pay. the debt in whole or in part tin
<br />any. installment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, the Borrower will pay to the lender. an the first day of each
<br />month until the said note is fully paid, the following sums:
<br />(a) A sum equal to the ground rents, if any, next due. plus the
<br />premiums that will next become clue and payable on policies of fire
<br />and other hazard insurance covering the ptopemo, plus taxes and
<br />assessmemi next due on the property (all as estimated by the Lender)
<br />less all sums already paid therefor divided by the number of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents. premiums. taxes and assessments will hecome deliquem. such
<br />sumMa.. be held by, Lender in trust to pay said ground rcntt:
<br />premiuriis, taxes asst special assessmenw. and
<br />4bl`lklj.payments mentioned in the pnv.*,Jing subsection of this
<br />pars M- h and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall he paid by the Borrower each month•in.a single payment to he
<br />applied by the Lender to the folltnving Awns in the order set forth:
<br />(1) ground rents, taxes, assesstriwvst fire and other hazard insur-
<br />ance premiums;
<br />(11) interest nn tbr: m,,ne secured hereby;
<br />(111) amoritmicca r f Oc principal of said note. and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless made gcxxl by the Borrower prior tcs the due date of the
<br />next such payment. convitute an event of default under this
<br />mortgage. The Lertder rrr-ay collect a "late charge" not to exceed tour
<br />cents (4¢) for each o'u::ar IS I) of each payment more than fifteen
<br />(15) days in arrears to cmer the extra expense in%olved in handling
<br />delinquent paymenpc
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shalt.exceed the amount of payrr,rnts
<br />actually made by the Lender for ground rents, taxes and a1,in�ments
<br />or insurance premiums, as the case may be. such excess. if the loan is
<br />current, at the option of the Borrower, shall be �.:redtted by the
<br />Lender on subsei;wmt payments to be made by =.he Borrower, r►r
<br />refunded to the Borrower. If. however, the monthly payments made
<br />by the Borrower under (a) (if 1 %,nigfaph 2 preceding shall n►zt he
<br />suff OvInt. w ray ground rents, lasers and assessments or u►sur. m c
<br />a.i &e �m;e may tic. when the same shall become Gse and
<br />pays :ie, then tl,r fy;r•rower shall pay to the lender any amount
<br />n%ir:,atry to ma�T 4p the deficiency. on or before the date when
<br />p ,jm:m'. of such [2r+und rents. tai:e,. assessments, or onsarance
<br />pre.mo.L .ns shad t=w. due If at an; time the Borrower shall tindo to
<br />the Lender, in rcxw.danee with thm pmvrsmnsof the note muted
<br />hereby, full paym: =sr of the entire ndebtedriLm represented thereby.
<br />the Lender shall, in computing the amount c;.l vn.h indebtedness.
<br />credit to the account of the Borrcwt-r any l;c:zrae rerng+nmg in the
<br />fund: accumulated under the precisions of (a) of paragraph 2 hereof
<br />If tbtr� 4.hi if be a default under any of the provision% of this
<br />rns:+•atato.nc rc ultitlp m a public sale of the premises Covered herehy.
<br />I
<br />r'
<br />2 60
<br />or if the Lender acquires the property otherwise after debuft; 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 44-note.
<br />4. That the 8arrowcr will pap ground rents, taxes, assessmenm
<br />water rates. and other gpvernincntal or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default therw.rf the Lender may p2y.th, zsame; and that the
<br />Borrower will promptly deliver the officio? rm:ipts therefor to the
<br />Linder:
<br />5. The Borrower will pay all taws which may be levied upon the
<br />LendWs interest in said real esW.e.zn(.1 improvements, and which
<br />may be levied up¢7,;his instrun±etrt. or rte debt secured hereby (but
<br />only to the extent V* such is rrK ...iii+ ;A by law and only to the
<br />extent that such will trot make t ' low wurious), but excluding any
<br />income tax, State or Federal, iJr:.!pased an lender, and will file the
<br />official receipt showing such )`ay; -m= with the Lender. Upon
<br />violation of this undertaking, or:;f the Borrower is prohibited by any
<br />law now or hereafter existing from paying the whole or any portion
<br />of the aforesaid taxes, or upon t,:e rendering of any court decree
<br />prohibiting the payment by the ika ewer of any such taxes, or if
<br />such law or decree provides ftaat zr_t a: _olnt so paid by the
<br />Borrower shall be credited on the debt.:-'e luonder shall have the
<br />right to give ninety days' written notice to f;k asLlwr er of the premises,
<br />requiring the payment of the debt. if such r-, atiee be given, the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />& That should the Borrower 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 made
<br />shall he added to the principal sum owing on the said note, shall
<br />be secured hereby, and shall N-_-r interest at the rate set forth in the
<br />said note, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender. to be applied toward the payment of the note and all' sums
<br />secured hereby in case of a default in the performance of wri of the
<br />terms and conditions of this instrument or the said note, all fhe rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint any agent or agents it may desire for the
<br />purlww of repairing said premises and of renting the same and
<br />collecting the rents. revenues and income, and it may pay ,mt.of said
<br />inccomo all expemes of repairing said premises and necesSA:y
<br />comm►ss,ons oi-I expenses incurred to rent.-,l; and managing the
<br />,amc and of cx►ltastng renta-l> Therefrom; the balance remaining, if
<br />dca.y. to be applid toward ih -; d+_-charge of said indebtedinw2-
<br />8. That the K' nv.r.r will keep the umprm enlents nc x r.xcsting or
<br />hereafter creot.d oi-, ri ~c property, insured as +ray he reya,.rW from
<br />time to time b,.. +hc Lender against loss by fire and other hai:urds.
<br />casualtie, and ce t:ingencres in such amounts and for such Immods as
<br />ma} be required by the Lcn&:r and will pay promptly, aitam due.
<br />arcs premiums on such in!u..Ersuc, provision far payment•riff which
<br />t;cs not been niaeA.- nere+rtie' All insurance shall be cer:+ed in
<br />companies apjkwi;ea?; by did tRnder and the policies and renewals
<br />thereof shall be Meld by th+: 1,ender and hoar: ,ached t+teieto loss
<br />payable clauses in favor ri ar: in form ac,:4 ptabl f*%ill, Lraiillr In
<br />07
<br />Page 2 art 5 HUD- 92143DT -1
<br />t
<br />i
<br />r
<br />r
<br />
|