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- 89- 102605
<br />!a) A 5urn equal to the ground rents, if any, next due, Vus the premiums that will next becorax due and payWe on
<br />policies of fire znc other hazri. d inwr rtcc covering tt c property, plus taxes and assessments next due on the property W1
<br />as earinwred by the Lender) less all sums already paid therefor di%,Acd by the number of moadm to elapse before one (1)
<br />month prior to the date when such ground rims, premiums, taxes and assessments will become del'tngccnt, such stars to
<br />be held by Lender in trust to pay said greaad rents, p.mmiums. taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsection of this paragraph and all pliyatents to .t made tinder the note
<br />secured hereby shall be added together, and the aggregate amount therrof shrill be paid by the Borrower each month in a
<br />single payment to be applied Dy the Lender to the following items in the order set forth:
<br />(1) ground rents. taxes, assessments, fire and other hazard insurance premiums;
<br />(1f) ioiterest on the note secured hereby: and
<br />(111) amortization of the principal of said note.
<br />Arty, deficiem:y in the amount of such aggregate monthly payment shall, unless made good by the Borrower prior to
<br />the due date of the next such payment, constitute an event of default under this mortgage. lice Lender may collect a "late
<br />charge" not to exceed four cents ( »c) for each dollar ($I) of each payment more ttC,n fifteen (15) days in arrears to cover
<br />the extra expense irtvolseu in handling delinquent payments.
<br />3. T het if the total of the payments made by the Borruv%, :; under (a) of paragraph 2 preceding shall exceed the amount
<br />of paynlents actually made by the Lender for ground rents, taxes and as cssmenis or insurarce premiums, as the case may
<br />be. such excess, if the loan is cur,cr,t, at the option of the &:rro•ser, shall be crcdr-.ed by the Lender on subsequent payments
<br />to (x made by t.c Borrower, or refunded to the Borrower. if. howc%cr. tdtc monthly payments made by the Burrower under
<br />(a) of paragraphi 2 prr•_eding shall not be sufficient to pay ground rents. taxes and assessments or insurance prcmium�. as
<br />th case na} be, w hen the same shaii bcsatinc due art! pay ahle. then the &trrowcr shalt pay to the Lender any anwmirit necessary
<br />i to stake u,, tie deficiency. on or hfore the date where p ,,.r cut of such croutid rents, taxes. assessments, or insurance premiums
<br />,hall be due. 1. at any tine ,hc Borrower shall terld -r to rile Leader, io a.cordanec with the provisions of the mute secured
<br />y
<br />h:rch., luil payment of the enure indaitednc% represcnicd Lhcrcbv, the Lender shall. in computing the amount of such in-
<br />J1 c I icdncm, credit to the account of the Borrower any balance renwinin to the fund, -, accun u:ated under the provisions of
<br />(a) of paragraph 2 hereof. If there shall be a default un,',cr any of the prey i• ions of this instrument resulting in a public sale
<br />f the p,Cmises Lo%cred hcrcb%. or if chic Lcrdcr acyui;cs the prop err ,•ncccwtsc afr_r default, the Linder shall apply, at
<br />I
<br />the ends of the coinniatcrnlcnt of such proiccdings. or at the time the p :, pert% is otherwise aiq;:rred. the balance then'
<br />hen :e-
<br />i
<br />nl:unuig in the funds accumulated ur..I.r (a) of paragraph 2 prc.LZ :rig. as a .Twit, against the amount of principal e`en rcmam-
<br />In, tnpa;d under said note.
<br />'i
<br />e
<br />J. 'I hat the 13 ), rowcr w oil p,r, ground tcna. taxes, a,%c „nicnts, %%a:,:r rate,, and oth -:r go%ernnxntai or municipal charges.
<br />j fines, or nu1>LOsiuon,, for which pio%Isior, has not been made bereint,eforc, and in default thereof the Lerdcr may pay the
<br />'i
<br />,ante, and that the Borr.i,•,er %%iii promptly t!eh%er the official rece:pts thcrctor to the Lerx:er.
<br />5 *the Borroi kci w ili pay all talcs whl.h mac be: ie%ieJ upon the Lender's interest in .,aid real cs!ate and improvements.
<br />and % hide rna% tic Ic%led up ,;) :his instrumier,t or the debt ,.;cured hereby tbct oai% to the extent ;%a, such is not prohibited
<br />L)% law and :only to It,,,: cxlcnt th.tt >uch %kill not niake this loan usuriou s). but excluding ari income tax. State or Federal.
<br />roll•, ed o;, i.ender, and will file the oflicia l receipt showing: such p.rsrncnt w;th the Lender. Upon %iodation of this under tak-
<br />f:I JIC Lorrow,;: i, ivol,ibI!cd h% ark taw now or tic real ,cr cxi,i :rg 1r011 pay;ng the vi, or anv pot. Iion of the aforesaid
<br />,ayes, or „door the rendering of env court dc.rec prohibiting the pay merit i;% the Borrower of am such taxes, or is such law
<br />or decree pro%;&& th,i:tiny :nrn"cnt ,o p aid by Ole Borl:owCr she;: tx c:e,at.J on the debt. Lc..Jer sli ll ha, c the right
<br />to ,'i%C ri like% d:t% -.' w; ittt:l noiICC t„ tIC Uw C.r of the prCM;� ,, :Cq U.., .: 0,,: pay front of the dcht It such not1CC be g ;% in.
<br />the s.ud ucot shaii hceo:uc due, pa)ahle and coiicctlhlc at U,c cxpriation set si ;J ninety days-
<br />lo. -f hat vtould the Brr.owcr fa:i to pay any ,urn or keep air, co%er. nt prosldrJ for n this in,trumcni. then the Lender.
<br />at its orotion. ;nav pay or pertorrn the same, and all expend ;tares so made shall toe added to the principal win owing on the
<br />atoo ;, shall be sccurcJ hcrehs. and shall hear interest at ',he rate set li,rih in the said note, unit! paid.
<br />_11W file liorrinyer IlCrehy .resigns. Irarlsl C :s and sell o)% r to ltie Lender, to he applied toward the payment of the
<br />110te anll all ,Unll sCCUrCd I,CrCby In Ca,C Of a default In file pctfomlance of ail% of the term, and cord[( ;t)r5 of this n,IrUIIIL�lt
<br />or the ,.till note, all the rents, re%chue, and mcolne nobs. dcrr%cd front the said prcnuscs Jungle such tine as the indcbtCdnc,s
<br />,hall rciiwin unpaid. a ;:J the LCndcr Shall have power to) ipp%';rit an'. agCil: Jf agcilt, It may desire for the purl,L),C of rc; aicinit
<br />said prenli,CS and of rennng the sank and collecting the rent.. rc%cnuc, and income. and it ma% pay of r of said inconics
<br />all ev; cn>.cs of lcpairing ,aid hrclrii cs and necessary cons ;r.is,ir• : ;s ccJ e %penes inc::rrcd in renting and rainaging t; c sane
<br />and of collecting rentals therefrom; the balance remaining, if any. to be a ^plied toward the discharge of said indebtedness.
<br />S. That the Borrower will keep the improvements now existing or hcrcat :er erected on the property, insured as pray
<br />he required from time Io time by the Lcnd :- against loss by fire and other :azirds, casualties and contingencies in such
<br />a:rnunt, and fur such periods as may be required by the Lender and %%ill pay promptly, when due, any premiums on such
<br />in,urance provision for payment of whic;l has hot been mad, hercinbctore. All insurance shall ix carried in companies ap-
<br />pro%c;i by th° Lender and the policies and renewals thereof,hall be held by the Lender and have area, h•_d thereto loss payable
<br />Liau,es m %iyor of and in fort acceptable :o the Lender. In event of lo,s Borrower will give :,,.:::ediate notice by mail w
<br />d-c LcrJer.yyhu niay make proof of loss if not :Wade promptly by Brrower, and each insu•un.e company concerned is hers b%
<br />iurh, rirxd and directed to stake paymCn; for such loss ire..: to the Lender instca� of to the Borrower and the Lender
<br />;r.'at!% .,':,i the insurance proceeJ,, or an% part thereof, may be applied by the Lender at its option either to the reduction
<br />01 th_ i� :�- ,�iurdr.CS hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this
<br />instruii !ci or other traw,fer of title to the mortgaged profxrty in extinguishment of the indebtedness secured hereby, all right.
<br />title and interest of the Harrower in and to any insurance policies then in force shall pass to the purchaser or grantee.
<br />S'. I'loa; a, additioiiai and collateral security for [tic payment of the note described. and all sums to become due under
<br />ttii, in,truniC: ;t, tic BUf1UwCr he: :`.oy a,.i,�ns to the Lender all profits, re%Lnucs. royalties, rights and benefits iccming to
<br />Ole limror% cr under any ar:J all o : ,md Ia, leases on said premises. with the right to receive and receipt for uic same and
<br />rage 2 of 4 Form HUD - 92163 -DT Rev 280 KPI
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