|
r,
<br />ANIL- -- _.
<br />t
<br />Borrower and Lender covenant and agree as follows:
<br />1. That Borrower will pay the indebtedness, as hereEnbefore
<br />provided. Privilege is reserved 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 (errs of the
<br />note secured hereby, the Borrower sill 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 fund,,
<br />to pay the next mortgage insurance premium if this instrument and
<br />the note secured hereby are insured, or a monthly charge (in lieu
<br />of a mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development: as foliov,r:
<br />(1) If and so long as said note of even do- ar_d this iustru-
<br />intmi are insured or are reinsured under the provisions of the Na-
<br />tional Housing Act, an amount suf t icient to accumulate in the
<br />hands of the holder one (1) month prior ro.'is; due date the annual
<br />mortgage insurance premium in order to such holder with
<br />funds to pay such premium to the Secretary'. of Housing and Ur-
<br />bE-1 Development pursuant to the National Housing Az-. as
<br />amended, and applicable Regulation, thereunder: or
<br />(11) If and so long as said note of even date and tilt, irntru-
<br />ment are held by the Sccrcctr% of Housing and Urban Cine,Op-
<br />melt, a monthly charge (in lira of a ntor.ga a in•uran:_ niul)) l.
<br />which shall be in an amount equal it) une•tvvelfth (1. 12;• 0): nnc
<br />half (lit) per centum of the average outstanding halana: due on
<br />the note computed %ithout taking into account delinquencies or
<br />prepayments;
<br />(b) A sum equal to the ground rents, it' any, next due, plus tile.
<br />r-mmiums that %rill nest become due and payable oft p: r_-.es of
<br />!rn-- and other hazard insurance covering ahe property, peas taxes
<br />• `_ft assessments next due on the p:perty (all as v%rirnarr.i Irl' the
<br />Lender) less all sums already paid thcrefvr divided by the nuutbcr
<br />`a_ ::lambs to elapse before one (1) :11onth' prior to the diie %,teen
<br />`ate ° - ground rents, premiums, taxes and as %essrnentk v %,i: Fa:i:uue
<br />dei= nquent, such sums to he held by Lender in trust to n;; said
<br />ground rents, premiums, taxes and special assessment%; and
<br />(c) All payments mentioned in the two h;e:edint -, subsccnons of
<br />this paragraph and all payments to be utav!e under the note
<br />secured hereby shall be added together, and the aggregate antoum
<br />thereof shall be paid by the Borrower each month lit it single par•
<br />nlent to be applied by the Lender to the ro %luillg items in the
<br />order set forth:
<br />(1) premium charges under the co::rraci of in:•uranre With
<br />the Secretary of Housing and Urban Development. or ntonlhly
<br />charge (in lieu of morrektw insurrnce pirmiurrt), a, the case nta%
<br />be;
<br />(11) ground rents, taxes, asscssae • ., fire and other hazard
<br />insurance premium,;
<br />(111) interest on the note secured ncreby;
<br />(IV) amortiYation of the prncipal „} s.1:d 117:.7
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pt:y
<br />meat shall, unless made good by the Bdrrourr prior to the duF
<br />date of the next such paymcr:t- constitute an event of detautr
<br />unda:r this mortgage. The Le:-d:r may collect a "late charge- note
<br />to e,_:Ced four cents (d¢) fot each dolliir (bl) of each payineat
<br />nnlrt: tl►an fifteen (15) days in arrears to cover the extra expense
<br />involved in hiindling delinquent payment,.
<br />?. That it' the total of the payments made by the Borrower
<br />under (b) of,paragraph 2 preceding shall exceed the amount of
<br />payrnerna at.'tuatly made by the Lender for ground rents, taxes and
<br />Wsesantmtt, qr insurance premiums, as the case may be, such ex-
<br />cess, if .the Idan is current, at the option of the Borrower, shall be
<br />credited by t11r Lender on subsequent paynlcnls to he made by the
<br />BomI%vrrr, or.refunded to the Borrower, If, ho%vc%cr, the monthly
<br />paymealt; runde by the Borrower Under (h) of paragraph 2
<br />prt *ceding shall not be ,uffident to pay' round rent,, taxes and
<br />asse;sstttmtt or insurance premiums, as the case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />to the fender am' amount necessary to make up the deficiency, on
<br />or befoaa file date when payment of such ground rents, taxes.
<br />ar+es%surnts, or insurance premiums shall be due. If at any time
<br />the Borravicer shall tender tit the Lender, in accordance with the
<br />Pnlritlim� of, the note secured hereby, full payment. Of. !tt•:. entire
<br />indebteduesv'r,epresented thereby, the Lender shall. ' tirmpur;ne
<br />tl►e .utntutli bi. Such indebtellms,., credit to the account of t ^e Bor-
<br />nliver— all'pzrinients made under the provisions of (a) of para_ °apn
<br />hert'nf, which, the Lender has not become obligated to pay ce. ',?-�;
<br />Se-M, Dousing and Urban De%elopment and any balac:: r.-
<br />niaining in the lunds a;c�:nulaied under the Pnnisi% -. of (b) of
<br />)ianigriph 2'hereof. If a:.:re ,hall Ile a default uti-,!>r- any of the
<br />Pt,51 -itnls tit' this instrument resulting in a public saw o' the
<br />Premise, co --ned hereby;, or if the Lender acquires the property
<br />s1thersiw after default, the Lender shall apply, at the time of the
<br />c'nn111WIC:mCnt of such proceedings, or at the tinTO '.he property is
<br />usher: vise a:quired, the then remaining avt.::1e funds ac-
<br />cellnultited trader (b) of �_ agraph 2 Preceding, a, ,_.vdit against
<br />the amuuni of principal then remaining unpaid unde-',aid note..
<br />and shay priirmly adjust any payments %%high shall ha%e beall
<br />made undo 1 t1 .�f paragraph 2.
<br />a. That CIL 141!7' ll pay ground rents, taxes. � „c„ntems,
<br />mater- rates., and otit_r : ;ermncntal or municipal i:Zarces, fine,,
<br />of intpnsilittas, ftir %hich. provision ha, not been
<br />heieinliefiue, anal in det:tult !hereof the I etttrcr tt:a, pay the "1111u. tlhd 1111t BormWCr %%ill prompth deli%cr the +1x1 ' : al receipt,
<br />Iheaefilr hl lllc I ender.
<br />5. The Botrkmer %m pay all taxes %%hij) inay he Ic%tcd upon
<br />lift- Lcnticr.'s interest in said real -slate and impro%enlenrs, anal
<br />+vilith•nrly h.: W%ied upon this instrument to the debt secured
<br />htveby diol'1171.. to tL•e extent that such is not ptohi ?•iced by la
<br />atlit otlly: to tilt- Cxtert :.' such %%ill not make On, usurious),
<br />11131i"ciuding any incc _v rax, State of 1 cderal.:,::r• :sl on
<br />l:v:nde:, and %%ill file the official receipt shuWnt -.. -': payment
<br />vvilli- the t ender. Upon violation of Il:'- undertaking, or it' the
<br />Betnotvtl it prohibited t' .::.y lim rr.•, ,vr hereaft:r existing front
<br />llav'iftst lift, %•hole or an r•: ;'-ion of the aforesaid r,•,,ti, or upon
<br />1111:• tead019! of am ct:- _•:cec Prohibiting the srent by the
<br />Ilolupvcr
<br />of any such iaa:,, ur if su%t1 I-M or dvoo: Pio%idc, this
<br />ally attlolnll so paid by the Iiorrtmer ,ball be credited on the dept,
<br />1111T Linder - 1:111 have the right to irnc :lntet% days' Written nonce
<br />fo tilt, imn :- , -t the prcnti';C %, requtrnt�v the payment of the debt.
<br />It•sslth n%`t.:r i-C vireo. -.- <aid debt ,hall berotnc Jae, payable
<br />attd'talilc: ::i is at the eNj• _ ::ion of said ninety da%,
<br />ri. Ia::l i„_•_W the llorniWer fail to h,t% .i , sa.nl :r keep any
<br />crsctlrnr p, %)-Jed for in this tnsiltill, •r. tRm rile mcler, al its
<br />a(t-,ion, ,-sty or perform the ,ante, all c, so
<br />pagf1 2 of 5 HUD•92143DT
<br />J
<br />i
<br />)
<br />poll
<br />�w
<br />>v�
<br />to
<br />ti .
<br />
|