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<br />89-- 10271 #�
<br />Borrower and Lender Omenanl and Agree as follows: ^
<br />1. That Horiowct % III par file lndebtedno,%, as hcrctul%cfoar
<br />pro%ided. t?n%tlege is Ic %erred A% pax the debt In %%hole of lit part
<br />on any Installment due date.
<br />2. That, together %►uh. and In addition tai, the monthh
<br />payments of principal and intcrc%t payable ❑ndet the trans at the
<br />note witted hcrchy, the Horro%%er. %%dl pay ta% the tendcl, on Tile
<br />first dad of each month until The said note Is fully paid• the
<br />following sum,:
<br />(a) Amount sufficient to pro%fde the holder her, %f axilh funds
<br />to pay the next mortgage inxusajize premium if this instrument and
<br />the note secured hereby are T: -stlra rY, or a monthly .charge on het)
<br />Of a racing% to insuran fret Tr.77.i e5 they are held b) the
<br />wrciary of Hsurmg and Urbar. 11TC%ti, y' r± as follows
<br />(1) If and -�% Ieng as sai4 t,., ;c Oi.O%M, state and this instru-
<br />ment are insured oL are reinsured t;iiy'ty,tlt,)+roaiston. of the Na-
<br />tional Housing .act, an amount s1 'f f {tent' to accumulate in file
<br />hands of the holder one (I) to It,; due date the annual
<br />mongage insurance piemrum rtl 0--,4c r to pr%i %ide such holder with
<br />funds to pay such premium it, the tiecretan %s liou %mg and I r
<br />taro Doclopmem pursuant to the National Mousing ,pct- I%
<br />amended, and apple ;able Regulation, thereunder; or
<br />Ill If and %o line a% card note %%t c%en !arc and �'��% :r •:ni
<br />ment are held by the secretary of H%•u %1ng anat C'rhan Ihaciep-
<br />ment, a monthh charge (1n hcu ,,h a m,•r!v ;W• •.nsuran:e lvrril,runI
<br />whk:h shall be to an amount equal '.r owe - !Mel :'t.It 1.'► rf %,tic
<br />half (1 2) per aentuni of the aaer. > <w+:ra �.z- b,dao) 4wi e
<br />the note computed without taLrlr a:;trarf !elnt%;ucc dij on
<br />prepayments.
<br />(b) A sum equal to the ground rent,, it an!,., u.a`uE due, plus the
<br />premiums that w•dl•nexl become due .►rid pa% %Isla on pohcic% of
<br />fire and other hazard Insurance ;o%enaF file prvperi%, plus t1I%c%
<br />and assessments next due on the propert% tat/ a% r%r,rlr;Ited tt) the utv Lender) less ail cumt atroaa. —4 .ire.__ . . i,, file mum- -
<br />wit.,
<br />of months to elapse before one 111 month prior h% the date %%hen
<br />%neh ground rem:, i'r•^mtui,i;, Td%r% ,711!1 aa%t•%•;,7191!% Nlll becollle
<br />delinquent, such suns to be held b} I ender in tru%t It• f•ay ;,d
<br />ground rents• premium%• ia%c5 end ,pcclal a%.es %nlcnt%, and
<br />(c) All payments nlemloncd Itl•tlr►. %o prc,eding %t,h%e:t,ons:•t
<br />this paragraph and dit payment% TO tv made under the Volt• ` Itic Horroa.rr "111 pa% a:S ta%e% wl:r:h.ntay be Ic%ecd u(1un
<br />secured hereby %hall t+r. added Together. and the ,rgiregale Imr;.. e' elitfcr's inters %t ul %aid reu7 estate and nnproicrnews..and
<br />thereof %hall he pa.d h) the Rortoucr ca %h mcwh in a %Ingle pa-, �' +ry III%% t•e lc%icd tipon this Instrument or the debt secured
<br />meat to be applied b) the I ender ti% me f,10ei%!ng nrni% m 1 -ht;. hcrchy !hut only w Use extent that %u ;h I% slot prohibiter! by lau
<br />order set forth: and only to the exlenl that such will not slake this loan u %uriouo.
<br />but excluding am' income tax. State or Fe.;fcrlil. Imposed on
<br />I. ender, and r %ill lile the official receipt ahtkuing such pay rnent
<br />a+ t =h 'tie I cndcr. l'pon s rolahon of this undertaking. air ►f :he
<br />F$,1rrO1Aer i% prohibited by any Ia%% now or fne- eafter cxi;tirlg, from
<br />paying the whole or any portion of the aloce!said taxes, or
<br />►he rendering of any :wart decree prohfbrcin tfte payment by the
<br />Horouer of any such saxes, or It such law or decree pi -midcs that
<br />ail%. a:ll(lurll %o paid by the Borrower %hall he credi(ed On.'he deht.
<br />:!,r I -i :tier %hall ha%r the righ, Its et%c mist% day,.' "Mr .s.•s ^ohce
<br />of the premi%es, rcgwnnY !h. pa%mcni rf
<br />"?I: dcbr.
<br />he gp -avn. The said debt %haii M ,come due. ;,ayahle
<br />ar:d .._•'ie.~ c el the crp:ratron of %aid nme-g :da%,.
<br />Ittorr th,ur fiftee n II5) da%s rn aitcars to WWI Ilic extr.► c%pcn %e
<br />Ill Ilaed m hanalhnl, delinquent INMUC11l%.
<br />3. [hat If the total o► the payments made by The Horrowcr
<br />unifer Olt of Far.agraph 2 itn:ct'ding shall exceed the amount of
<br />payments a:nJally made by the 1 ender for ground rent%, taxes and
<br />assessment% air ►tisulance, premiunn, as the case ilia) be, such ex•
<br />cc%s, if the loan is current, at the option of the Bowater, .hall Ira
<br />:lcaltca hti the 1 Older on %OW4ucnl payments tei he made hp the
<br />IlorrkmCf, or refunded tet the Horiower. If, huwexcr, the monthly
<br />payments made h) the Botrowcr under (h) of paragraph 2
<br />prcecaling shall' not he %►Iffictent to pay ground rents, taxes and
<br />a %%cs%ments or insurance premiums, as the case ma) be, when the
<br />same %hall batipme due and payable, then the HOirONet %hall pay'
<br />is Tile 1 ender am. amount necessary to make up the deficiencv, on
<br />or tlefore the dale when payment of such ground rents, taxes,
<br />assc%%ments, tsr Insurance pientiunt% shall ti title. If at any ume
<br />!sr Borran%cr 'snail tender to the tender, ut accordance! %%* t the
<br />of the note secured hereby, full payment of t2t: entire
<br />e
<br />r• :.t'_;rbtedn,�s r�•(Irewnted thereby, the Tcuder .hall, lit ,sampwin_g, ,
<br />0% amount of such Indchlednes %, credit tv the account of the Bur•
<br />r, wcr all payments made under the pro%►%►ons of (a) of paragraph
<br />► greof %%hush the I ender has not become obligated to pay to the
<br />�atireran of Housing and Urban D-clopniera and any balance re-
<br />",auunF Ill the• fund% accumulated under the pro%i %ion. of (h) of
<br />;x! •.)graph 2 hereof it there %hall he a default under ,►n) of the
<br />pr• ,;atom of this m%tnnneni resulting ►n a public %ale of the
<br />hrw::,sr% :o%cred beret,%. or If the I ender acquires the rtoperty
<br />c•rt;,vr,a.tse after detault, the leader %hall appl%, at she time of the
<br />%t %7? .n:emert a;: such proccding o, at the' t1n;c, lh: property i+
<br />rthcrn I %c a;tfulislf _ the balance then retttai n ::1c iid °he fun :
<br />ds a-
<br />cumulated tinder (b) of paragraph 2 prcti.V in'g, �% a credit against
<br />the•amouni of principal then remaining unptid undez said note,
<br />and %hall properly adjust ail% t%a%menta %shish %halt haxe,hcen
<br />made under 4,11 of paragraph 2
<br />4 That the Roan % %ct will ndy urilun.l !.• 11Wt _
<br />%%%ter rate %, Intl tittle! po %erllrttentiri tliunt ;q•a1 charge•, fITIC%.
<br />tit erllpo%itiOn %. tier % %IIIL h ntor,%, .h liar r:(i iti :ri ,malts
<br />hetelnhetUte. and m default theta: t the 1011det may pay ;he %nine:
<br />Auld thait the Hl.IT(mer %%lit pt,�. ^,t,z'�a %ic;sa�5 th. a�3li :ia7 tr�cipt.
<br />(f)ercfor to the I gaoler
<br />0) premium charges under the Ill%uran :e %%tth
<br />the Sen:etar% of and I'rhat•, t1r%ctrpt *, :r-a. ,%r monthh
<br />charge tin lieu of lm. r`tzjgc (n%uran,•c• lv;rnrt.r.,y. ,i, the :a %e mat
<br />fie:
<br />(11) ground rents, taxes, asses %menu. f:rc al:d o :her hazard
<br />fn!iu:arr;e premiums•
<br />(111) inters %t on the nose %crurrd nerrh%.
<br />OV) amortvatlon of the pr:ncipal or •a:, cr;r.;: and
<br />(V) late charges.
<br />Any deficiency in the amount of'such agpec:a�c monthh pa.•
<br />ment %hall, unlc%s mad,., good b) the Borrowr, prior Its the due
<br />date of the next swell payment, :onst►tute an vi,vol of default
<br />under thus mortgage. The t.cnder may collect a '•Iate _hatcc_ :tot
<br />to exceed four tents (49) for each dollar (51) of each pa%Inrn:.
<br />h.. PSa: %hould the Borrower (;G'. to pay any sum ,•r. lien;, an%
<br />: qtr ^ant pro%ided for in th!% �nrrrument, then the I end. -. �,; ,I.
<br />o n
<br />ption, ,ay pay a >r Mrform the came. and ail expenditure% %o
<br />to ...
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<br />page 2 of 5
<br />HUD- 92143OT
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