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T
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<br />89-- 102461
<br />Borrower and Lender covenant and agree as follows:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is rr�erved to pay the debt in whole or in part
<br />on any installment due date.
<br />2. That, together with. and in addition to, the monthly
<br />payments of principal and interest payable under the terms of the
<br />note xx`ur'ed hereby, the Borrower twill pay to the Lender, on the
<br />first day of each month until the sa;d note is fully paid, the
<br />following sLms.
<br />(a) Amount suffiu,; to pro%ide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument and
<br />e • . the note secured hereb% are insured, or a momhly charge (in lieu
<br />of a mortgage insura -ut, gremiurn) ?.t they are field by the
<br />Secretary of Housint aril urban 17e %elopment.- as follows:
<br />(1) If and stir tii� a as said n..:-•' of evei7., :iw:,: and this irl.tru-
<br />ment are insured or .t. ;ti L :a'�Tr l :flit +L;_* the << .rs Of rL: >_ IU-
<br />ticinal I "!,using Act, zr- ,'aZty a ; -." ''',`:Gnt to c' :�.i��lS :3t� !'.r :i Ni ;
<br />a371�.P)i'L�t' holder Zn2= +`_) :SiJi`r "am.i,i`- to its
<br />3tortga6� : tsurart.
<br />unds to pay suet) nya t� f.•. t _ `fax :tar}" ." -!4? sass; -- .t : r�. i'
<br />ban Mvelopme__ ^,v uss11a3is to the `:az,onal
<br />• an:�Guc:,T. :4;'rHns`�li;.:; :Ifs- .3.icL= ltltt�,',� t :tercttttCle!",�.�.. _ .
<br />(Fri! Y ':i:ti Wjlj_ as %aid ntJ!%; of L:V. a
<br />Crr
<br />menI are ;ieia f -5 Eli= `au::etary cf tfow4ntr ,rrd 1- .iii. -an Dewlop-
<br />ment, a monthly charge (in U.-ii of a rn< r._ _ •: rtparaucc• prernium)
<br />which shall be in an amount equal it, one - twelfth (1 12) of one -
<br />half (1/2) per centum of the average outstanding balance due on
<br />the note computed without taking into at xount delinquencies ar
<br />prepayments;
<br />(b) A sum equal to the %,round runt%, if any, next due. pho. the
<br />preniiulns that will nett become due and payable on policies of
<br />fire and tither haiard insurance• co%cnnc the {ttoprr ", pills taxes
<br />and a%sessinent% next due on the propetl% hall is estin aced 11 t the
<br />!.ender) le,s all sums alrea.l% paid theictor di%ided h% the nunthci
<br />o! mon'!t•, to elsp re!r�r_ ont' f ! t ••• =`ts!h '"nor :!t: ;Jars - %:cacti
<br />such ground rents. premiums, tares and asscss11tents will become
<br />delinquent, such sums to be held by LetWer in trust it) pay said
<br />ground rents. premium-,, tales and Special a%se'ssnient %; and
<br />(c) All payments mentioned in the tux pre :eding mih %croons tit
<br />this paragraph and all payments to he made under the uotc
<br />secured hereby shall be added together, and the aggregate ,norml
<br />thereof shall be paid by the Bonovwr each month ua a ,ingl; pa%•
<br />ment to be applied by the !-ender to life follu% %n1g items in the
<br />order set forth:
<br />(1) premium charges under the contract tit inuuance will)
<br />the Secretary of Housing and Urban De%clopnlcnt, tit moonily
<br />charge (irr lieu of nwrtgagc• insurdrne rrcnliurrh), as file ca,c 111,1%
<br />he;
<br />(11) ground tents, tales, a +,%s,nl nt fire mid othct ha/aid
<br />insurance premium +:
<br />(111) interest on the mate s:cuted loch%;
<br />(1%') at»othi,uiou of the p :tn,ap.11 01 ..ua no :c. alyd
<br />(V') late Ohilrgc%.
<br />Any deficiency in the amount of such aggregate mt,mhl pa%-
<br />nlent shall, tmless made good h% the Houu +set ptwi it, rho duc
<br />date of the rte %t such payment, .omnttitc an event of default
<br />under this mortgage. the 1 :•ndet ina% collect it "title diarge•' not
<br />to exceed four cents (4) fox each dollar 1511 of each payment
<br />more than fifteen (15) days in arraar% to co%cr the extra expense
<br />intohed in handling delinquent payments.
<br />?. That if the total of the payments made by the Borrower
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />cess, if the loan is current, at the option of the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower. or refunded to the Borrower. If, however, the monthly
<br />payments made by the Borrower tinder (b) of paragraph 2
<br />preceding shall not he sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums, as the rase may be, ahcn the
<br />same shall become due and payable. then the Borrower shall pay
<br />to the Lender am amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, laxe%'
<br />as,e- menus, or insurance pretuiurns shall be due. Val any time
<br />the 13arroner shall tender to the Lender- in accordance with Elie
<br />provisions of thz iii.:,: secured hereby, full pa%rnent of tl;e errire
<br />indebtednes, -,,p? N' 4,—aed thereby, tile C ender A;:J;L; io
<br />indel7zeditt -;. .r :¢i;,' :'FY 1: :�l cj'
<br />rr.11 ir -i', pa) men t5 made undies tl 1 :,. ai (;f "��-ll zwnaph
<br />w;,f`.whim the Lender. h,:; i� ivc : ated,- o:m.y :u;t:he
<br />of Ht acing and Url:,- r i ±ti r c;.-;; s- :and ti rts-
<br />Jrn- a. n c ord, acat :w -die t tj ,• .:; �j;);;' : {:
<br />-pit 2 hereof. If there <:L•:>SI! Jo a ',L --C1 1 Oi'1i:;7 •iJ :`' ?" r. iii;:
<br />Pi ti.,-tons of this 1nstrumCnr R2 11fting In a k »'• L K� 7
<br />premaiws cinered hereby, or it rh,_ Lender acqu:v N the ps-t czrty
<br />otherwise after default, the lender %hall apply, at the time of the
<br />commencement of such proceedings, or at the time the property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under (h) of paragraph 2 preceding, as it credit against
<br />the amount of principal then rentarnul,_ anp,lid under said note•
<br />and shall properly adjust an% payments which shall hate horn
<br />made under (a) of paragraph 2
<br />a 1 hat the li+rtt,rwcr %%dl tm% %,nrund tent,, tau•,. asscssluetlts.
<br />%%aler rate,, ,ina otllet 1!o%eulnaeutal or nnnucip,rl .h.u%•c,, Ines.
<br />c•r :a:, o•,ttisea,, fox ulti:: has uu: i,ecn 111ade
<br />hereinbefore, and in default theleol the 1 coder stay p,ty the %,lute;
<br />and that the Burrower will plourptl% dcli%er the official receipts
<br />thatelor to the I ender.
<br />'. the Horrimel will pa% all (axe, which map be le%ied ufou
<br />tlx: I eutLf" interest in said read estate and inlprotemcnts, and
<br />%thieh may he Ie%icd upoll 1111%111%trulitent r).' !i1: debt ,e.ufed
<br />(bill onl to the extent that such is not pruhihitcd b% law
<br />only to the vVent that such will not make this loan usurious(,
<br />`•:J' - xcluding any income tax. State or I edertl, intlfascd on
<br />1 .ad :r, and %sill lilt: the oiflcial rec..ipi showing such hu%!uew
<br />with the I older. I -pun %toIxiotl of Ill% undertaking, or -t file
<br />Borrower is pr.,,,Oved by any Ia %% no%% or ',:r < :`te1 etil +ling from
<br />paying the t% -.r.i! i,r any portion of the afor"Aid -axes. ur upou
<br />the renderitip o. a!1% gout► ,'cave prohibintrr tile paynimt 1!y •':c
<br />B. rrtn%cr of an% sm-11 taxes. !, if such I'm or decree proyl.lc, that
<br />:1111. amount so ;1_u :•% the iiollowc'1 shall ho credited o t the dr1 +1.
<br />ih: 1 cndcr +I1.1G hi::: the tirht to plc 11111ely (lays' %%linen notice
<br />to the own:r of 111e pleno,es, nquuurg life pa%ntent tit the debt.
<br />If such uofice Ise gi%cn, the said debt shall become due, payahlc
<br />and collecnhie at the ctplraunn of said 11111.1% dirt+.
<br />(,. Ihirt •holild the liuttimcl fad to par% am suns oa keep .try
<br />,oteuiult prottded fill in 1111+ imtlnme•nt. then the 1 ruder, ai u,
<br />option. nta% pa% or perforin the .ante. ,End all ctpt ndrtnu, so
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