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y-" 102582
<br />Borrower and Le ad" covenam rod agree = to0ows:
<br />1. That Borrower will pay the inde%nrdrtctis, as hereinb�fom
<br />povided. Privilege is reserved to pay the debt in whole or in part on
<br />any installment due date.
<br />.. That, together with, and in addition to, the morithly payment;
<br />of principal and interns payable under the ternrt of the note secured
<br />hercb, , the Borrower will pay to the Lender, Oct 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 reris. il any, next due. plus the
<br />premiums that will next becom! d-ie find p:.sahle on policies of lire
<br />and otner hazard insurance covering use xope -ly, piuj taxes and
<br />assessments next due en the property (aU ar tstb,7 wed 5y the Ln%kr)
<br />less all sums already paid thcrc:or div -dcd by the number of months
<br />to elapse before one (1) month prior to the date when such grc-mW
<br />rents, premiums, taxes and assessrnents will biome deliquent, snch
<br />sums to be helc by Lender in trust to pay said ground rents,
<br />premiums, taxes anJ spcctal a .,rssments. and
<br />(b) All payments mentioned in the preceding subsewonof this
<br />paragraph and all payments to be rnade under the note secured -
<br />hereby shall be added toecthcr, and ;hr aggregate amount thereof
<br />shall be paid by the Borrower each moth in a sin -le payment to be
<br />applied by the Lender to the following items in the older set f,)rth.
<br />(1) grog, ;,,t rents, taxes, assessments, fi:c and other hazard inSur-
<br />ancc premnrms:
<br />(11) interest on the note sr:ured hereby;
<br />(Ili) amortization of the print :par of said note; and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly pa. -ntnt
<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 (4C) for each dollar (S 1) of each payment more than fifteen
<br />(15) days in arrears r^ cover the :xira expense involved in handling
<br />delinquent payments.
<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, payments
<br />actually made by the Lender for ground rents, taxes and assessments
<br />or msurance premiums, as the case may be. such excess, if the loan is
<br />current, at the option of the Borrower, sha!I be credacd by the
<br />Lendcr on suksequcnt payments to be 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 shall not be
<br />sufficient to pay ground rents, taxes and assessments or insurance
<br />premiums, as the cast may be, when the same shall become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />necessa v to maize up the deficiency, on or before the date when
<br />payme it of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due H at any time the Borrower shall tender to
<br />the Lender, in accordance with the proyistons of the note sci.urc�d
<br />hereby, full payment of the entire mdebtednes., represented thereby,
<br />the Lender shall, in computing the amount of such indebtedness
<br />cra!at to the account of the Borrower any balance remaining in the
<br />funds accumulated under the pro%isiom of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provts :ons of this
<br />instrument resulting in a public sae of the premises covered hereby,
<br />or if the Lewder acquires the property otherwise after default, the
<br />Leader shall apply, at be time of the comaeraccment of such
<br />proomhags, or at the time tb - property is otherwise acquired, the
<br />balance there remaining in rAe funds accumulated under (a) of
<br />paragraph 2 pracdirg, as a credit against the amount of principal
<br />then remaining unpaid under said mote.
<br />4. That the Borrower will pay grouted rents, taxes, assessments,
<br />water rate. and other governmental or municipal charges. fires, or
<br />impositions, for which provision has rot been made hercirbefore,
<br />arid in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />L_ -nder-
<br />5. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest •n said real estate and improvements, and which
<br />may be ivied u frxi ttis instrument or the debt secured hereby (but
<br />oily to the er•cn, t it such is not prohibiw i by isw and only to the
<br />xient tlut such ,rill not make this loan usurious). but excluding any
<br />inrome L.,. Sv.ic or Federal, imposed on Lender, and will file the
<br />offi0al receipt .oi.-rog such payment with the Lender. Upon
<br />violation. of : F - -i ,,lertaking, or if the Borrower is prohibited by any
<br />law now or ea*Ie: existing from paying the whole or any portion
<br />of the aforesaid t xc-., or upon the rendernp of any court JecrcC
<br />prohibiting the p,.ymcnt by the Borrower of any sun`.t taxes, or if
<br />such law or deer": prostda that any amount so paid by the
<br />B..rower shall be cre.di ;cd on the debt. the Lender shall have the
<br />right to give nincty days' written notice to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given, the said
<br />debt shall t:ecome du:, payable and collectible at the expiration of
<br />said nincty days.
<br />6. That should the Borrower fad to pay any sum or keep any
<br />c;2ycnan; pro.iJed for in this instrument, then the Lcnder, at its
<br />option, may fay or perform the same, and all expenditures so made
<br />shall be addct; to the principal sum owing on the said note_ shall
<br />be secured hc-:by, and shall liar interest at the rate set fcrth in the
<br />said note, u .. I paw.
<br />7. That the Borrower hereby awgns, transfers and scC, over to the
<br />Lendcr, to be applied toward the payment of he rote and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and condt_ ions of this lustrUment or the >.:d note, all the . ents,
<br />revenue. and income to be c'eri.ed Loir the .aid premises during
<br />such time a% the indebtedness shall remain unpaid, and the lender
<br />sFail have diower to appoint any agent or agents it may desire for the
<br />purpose o• - -;acing said premise and of renting the same and
<br />collecting ;he rents, revenues and income, and it may pay out of saw
<br />incomes al: experses of repairing said prcmtses and necessary
<br />commessio s and expenses incurred in renting and managing the
<br />same and o: coollectin; rentals therefrom; the balance remaining, if
<br />any, to be applieJ toward the discharge of said indebtedness.
<br />8. That the Borrower will kcep,the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />time to tame; by the Lender against loss by fire and other hasrds.
<br />casualties aid conangencies in such amounts and for such periods as
<br />may be required by the Lender and will pay promptly, when due,
<br />any premiums on .arch insurance, provision for payment of which
<br />has not been made herembffore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall be hel d by the Lender and have attached thereto loss
<br />payable claw-, in favor of and in form acceptable to the Lender. In
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<br />HUD- 92143DT -1
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