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1 Borrower and Lender covenant and agree as follows:
<br />or if the Lender acquires the property otherwise after default. the
<br />lender ".4i W. ripply, at the time of the commencement of such
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />prgi*,Z* acat the time the property is otherwise acquirdtL the
<br />provided. Privilege is reserved to pay the debt in whole or in part on
<br />U127yVt r`,= Ctir3itiin in the funds accumulated under (a) of
<br />any installment due date.
<br />pa _rmpl; z :ce+?rag, w a credit against the amount of principal
<br />yiozz "ts .0 unpaid •v %der said rate
<br />2- That, together wiO�, rrfui in addition to, the monthly payment
<br />piiaczpari and interestjtL,,Q - under the terms of the note wu;ed
<br />�. Thr r, lace Borrower will pay graurd rents, taxes, assessm1=1'.
<br />ttte %,,70wer vn,, . �kr to the Lender, on the first day of each
<br />"
<br />:' ' eater rates, and other &,,s zrnmentaf cr trmrnic�p2! �0 --Ses. fines, or
<br />mor::i= : r r � si% note is fully paid. the following sums:
<br />impositions, for which.p m - -ion has r,"sit Erma rnmd__. �in-61before. �
<br />:•::.and in default thereof &7L,'arderrra;,- .Yav th;Z , iis� ichat the
<br />(ai < v::m wijo to the g aund rents, if any, next dap, t sus the
<br />Borrower will promptly :46 v« U-r, -OMWal receipts r to the
<br />prvrrnvms t ';a.'will next b&wme due and payable cr•: yr;?'lises of fire•
<br />Lender. _.;
<br />WIZ other sz d insurance covering the property,,; ;uc;mcs and
<br />assessm —a �xt due on the property tar :�; *f+dtei !by the Lenders
<br />5. The rsurrower .s f : All taxes which may be levied upon the
<br />less all sunssaiready paid therefor divzd ?s?r ttrr :auras r of months
<br />Lender s,4�rilwresst in uidomd estate and improvement.%, and which
<br />zz ,z se before one (1) me : -„ rr i rivit ie t ' 3s s�;ch ground
<br />taxes and •t rn hf� v+al! rec -rir a •�raii,ient. such
<br />may be iiamb� ,upon this instrument the deist secured hereby (F� tt;, ; .... . .
<br />only to. rJsre tent that such is not p[?z3fiT5ited by law and only ib rJSri
<br />!Nb4i'to be held by Le d& n!z r s } ;a e 3 grounc, .ra ; �-
<br />extent';wi-'q�ch will not make this %- -irr' urious), but excludsng an). •. `. ' ;, :;..
<br />;tp �mitims, taxes and spew assessires,ti: -ia ;d-
<br />: ncome tai; State or Federal, imposoi.,zo Leader, ahi; will file the
<br />:i: t4 +) A,t payni�fa ,ire «,iced in the preceding subsection of this
<br />,o cix! receipt showing such payme�r, with lire Cr,u i,1 pon
<br />•,y?dagraph ary.r,�? riegrsteria� -a be made under the note s=trerf
<br />.- ; "�f this undertaking, or if the Gorcower. iTs I�i3i i:cf frF mlr. .. •.
<br />TnEteby shall be;ai8r3(i tfigttii+r:; :s^d the aggregate amco �t: Thereof
<br />, �r✓,,,rau,, t ^hereafter existing from p .7ying the wfraegi~�ryv' r_n..
<br />A,titlt be pain i iw 0rkv Sara. :vGseu t :^rn;day iyn:a grrgle ; ayment to b�
<br />t�'i ' ir'�d taxes, or upon the v- ;curing of any. ;rj�;et �i=lue
<br />applied by thi., l i n xla7 rife %ti :lli uiri itianti :in ine order set forth:
<br />lrr,at!tri,srt ti*i� fraymtfr1: 3!�.the &irr:�wirc ofany
<br />�ir,taw r !lix7+c`Imividri that any amount gin. patill) «tint
<br />t ground rents. taxe�;.a��.+ irrent %, fire and other hazard incur-
<br />4) IV �t��!'�e aedite3 on the debt, the Lender:dradf tt;ave th
<br />M e premiums;
<br />right to gicr: ninety days written notice to the owner of the prent M.
<br />requiring the payment of the debt. if such notice be given, the said
<br />(11) interest on the note secured hereby.
<br />debt shall become due, payable and collectible at the expiration of
<br />(111) amortization of the principal of said note; and
<br />said ninety days.
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless made good by the Borrower prior to the due date of the
<br />next such payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents (49) for each dollar (SI) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payment.,-.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of pavrnemi
<br />actually made by the Lender for ground rents, taxes and w.�esslr:r.
<br />or insurance premiums, as the case may be, such excess, if t e
<br />current. at the option of the Borrower, shall be credited by the
<br />Lender on sutsequent payments to he made by the Borrower, or
<br />refunded to the Borrower. If. however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shat not he
<br />sLf6,;ient to pay ground rents, taxes and assessments or i�t,. tmnce
<br />poem -'ams, as c:TP case may be, when the same shall heccme due and
<br />pays ala" zlrc-'i the Borrower shall pay to the Lender any amount
<br />neeessz: y to make up the deficiency, on or before the days when
<br />payment of such ground rents, taxes, assessments, or tmwance
<br />premiums shall be due. If at any time the Borrower s!t >_�I tender to
<br />the Lender, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby.
<br />the Lender shall, in computing the amount of such indebtedness,
<br />credit to the account of the Borrower any halance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provision, of riots
<br />instrument resulting in a public We of the premises u.! ,:ic:f hereby.
<br />6. 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 be added to the principal sum cawing on tire said note, shall
<br />be secured hereby, and shall bear interest at the rate set forth in the
<br />said note, until paid.
<br />7. That the Borrower hereby amigns, 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 any of the
<br />terms and conditions of this instrument or the said note, all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shalt remain unpaid, and the Lender
<br />shall have power to appoint any agent or agents it may desire for the
<br />purpose cif repairing said premises and of renting the same and
<br />.".fleeting the rents. revenues and income, and it may pay out of said
<br />incomes alt expenses of repairing said premises and necessary
<br />commiss :nns and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />9. That the Borrower ,,:I I keep the improvements now existing or
<br />hereafter er xkcd on the property, insured as may be required from
<br />time p► Writ! by the lender against loss by fire and other havards,
<br />casualties and contingencies in such amounts and fior such periods as
<br />may be required by the Lender and will pay promptly, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made herembeforc. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall he held by the Lender and have attached thereto loss
<br />payable clauses in lavor of and in form acceptable to the Lender. fn
<br />Page 2 o15
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<br />HUD- 421431)T -1
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