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<br />Borrower and I ender covenant and ati;reh av hdluw.:
<br />1. That il,tttowCt AM pa% Itte 11tieIH%Yhhys, as Ih'IC+llhchlrr
<br />provided. Pri %Ilcge is teser%ed to liay the drf11 uI % %hill, 4•I it, I1 tit
<br />on any insmlltRent duc date.
<br />2. That. together with, and m adi ifton tai file niont111±
<br />payments of principal and interest p,e%ahle untie+ the 1,' 1111% of IIll.
<br />note secured hcrehy, the Borrower toll p.%% 10 1he I ender vfI ilk,
<br />first day of each month until the sand note t% hilly paid, {tic
<br />followins sums:
<br />(a) Amount %uffi :tent to provide the holder hetcoi %%nil 11111%1%
<br />to par the next mortgage insurance premium if Ihr% in%nuntent Intl
<br />the note secured hereby are Insured, %1r a monthl% :haige fin lieu
<br />of a mortgage insurancY premiarto if they are held 11) the
<br />Secretary of Housing and ['than W%clopmcnt, a% folhn %%
<br />(1) If and so long a% sand little of c%en jilt: and 1111% 11%1111
<br />ment are insured or arc reinsuro.1 under the pro%[ %non% of the %a
<br />tiorla? Housing Act, an amount sufficicni to ac:unullate in the
<br />haiids of the holder one (1) month prior to its title date the annual
<br />mortgage insurance premium In order to pio%idc %u:h holdct %%uh
<br />funds to pay such premium to life Secretary of Housing and t t
<br />ban Development pursuant to the National Hou%utg •let, as
<br />amended, and applicable Regulation% thercundet, or
<br />111) If and set long as caul note of e%en date and flu% in,fiu
<br />ment are held by the Secretary of Housing and t`rhan 1)e%elop-
<br />ment, a monthly charge (in Leu cif a mor,P„tce fn%ur.114V 111011uul)
<br />which shall he in an amount equal W clue- twelfth 11 121 of anc -
<br />half (1 2) per centum of the average out %landing balance due on
<br />the note computed without taking into ac:ounl delinquencic% fir
<br />prepayments;
<br />(b) A sum equal to the ground rear.. os ant. next due, plus file
<br />premiums that will next twonte dad : ~d payatle oil policles of
<br />fire and other harard usu►ance lie rroperty, plus taxes
<br />and assessments next due on the prt'pet-tt rx,i as estunared ht the
<br />Lender) lecc all uimt already. pa..f .h:._t �eitti.°et 1,,..ti�
<br />of months to elapse before tine ( 1) nnvnta a rear to & date -hen
<br />such ground rent%, premium %. taxe% a1%i a% %,- %%ent•nts ssrlt iV% :j,!ttr
<br />delinquent, such sums to be held (ill ( ender in tru%i to pay %aid
<br />ground rents, premium%, tale% and %pedal a%SC%snunu„ artj
<br />(c) All payments mentionci in the t%%,, je,- c,diuiyt %uh %c:fion% of
<br />this paragraph and aii pjymrn,% be fna,fc under the note
<br />secured hereby shall he added lligrther. and the aggregate a mount
<br />thereof shall be paid by the 13orr%%.%er Ca,h month tit a single pa%
<br />ment to he applied b% the I cr_lier to the following item% in the
<br />order set forth:
<br />(1) premium charges under the sonnaki ill insurance with
<br />the Secretary of Housing and Urban De%clopmem, or nlonth1%
<br />charge (in lieu of mortgage u»uran:e premium), a% the case ma%
<br />be;
<br />111) ground rents, taxes, as.e %%menu, lire and other haiard
<br />insurance premiums.
<br />(111) Interest on the note secured hereh%,
<br />(W) amortization of the priniipai lit %aid note, and
<br />M late charges.
<br />Any deficiency in the amount of such aggregate monthly pa%-
<br />ment shall, unless made good by the 1ksrro%%cr prior to the due
<br />date of the nett such payment. constitute an e%cnt of default
<br />under this mortgage. The t.eudct may :ollc.r a "late chargee Ilt.t
<br />to exceed four cents (49) for each dollar ISII of each pa%mcnt
<br />rya ,,.
<br />L
<br />89-- 102885
<br />n1,ur 111,111 Illtiel) 1111 d11ys Iii alle,lf% tU,ti%Cf Ihr' C \Ira a %petlse
<br />111[.1114•,1 111 hlunlllnll .1011hpn 11 11.1 1WIlls
<br />I Ilia( it the a+1al -of Ilh' II&Iln•nt+ rnatic h% 111• Rofrower
<br />uudrr (1t) eH p,u,ltu,lplt : pnweditgl %111111 c%%•eed the i►ntuunt of
<br />It. +%lulu% 11 :uallly at,lele b►• file 1 ender for ground rents, taxes and
<br />as%c%,luenls of ilmnamc preiums, a% rile case may he. such er-
<br />tc-%, d the luau 1% %ullcnl, ill the option of the Iiorrot►er, shall he
<br />%IC,lltcd h► the 1 eltdel till %tlhsrspl ►•in payments to he made by the
<br />Itolutwcr, oil Ialuldcd ht Illy BofliMer If, howe%er, the monthly
<br />pa%IUents 111a0c by the liauuwct undt•r (h) of paragraph 2
<br />111e11eding ►hall non he ,uffnrienl (I) pay ground rents, tulle% and
<br />;I%sv,4 mint. of In,un +ncc )urnljjjjlj }, as the :a %c may be. when the
<br />%,title %hall bol%onh• dllf and.payahle. then the Horrower shall pay
<br />try file I enticf :►ny ,nnvnnt neces,a {y tomial%e up the deficiency, on
<br />its Ihlftic the date %%hell payn14•111 of such ground rents. tapes,
<br />a %se %,nuns%, or uuuiane+: pucn11fu11% •hull he due. If at any lime
<br />the Houower %hall trndt'1 to the I.ClAT, III accordance wnh the
<br />11111"M011% Of the little %e:liked helchy, full payment of the entire
<br />nitirhtejnr%, rrptCSenlcet thelchy. the Lender %hall, in rompuling
<br />tla• amount tit ,u.h.11ulchtcdur % %, %•rejfl to the account of the Ror-
<br />ru►%cr all pa >nleltrn malt• under the pro%mom of (a) of paragraph
<br />he►eof wht%h.111c 1 endet Ita% not heconre ohhgated to pay to the
<br />�e:rclvv III 11ou,1ng and ['than 1)e%drpntenf and any balance re-
<br />Inaulule. III tine• 1111141% a;%nnmla(c.l under the pram %ion, of (h) of
<br />I1. Way 1.IJill hcicuf, If tlicle shall he a default under any of file
<br />1111%1,1,11% of tim In,tnuncin Iesultirtf; In .1 Iathlic sale of the
<br />IuC111W.. co%cred hcicly, oe II Ihr I elder acqu11e% the property
<br />othct %u%C jilt-1 deluull, the LclI&I %hall apply, at the Ionic of the
<br />,lift uncn% cntcln of %u%h plo%cctlull•%• of it the time the protxrty i%
<br />olltcn%isc j%quued. file halan:e then reut.uuutg to the fund% ac.
<br />:unullatcj uudrr 111) of pal,irl,Iplt , Ineseding. as a "edit against
<br />the amount of pun %ylal then ►elnatnung unpaid under %aid note.
<br />and %hall propcnly adpnl ,up pa%rucut, w ndi %hall ha%e been
<br />made under (111 ill 11,11,11 t,q,h
<br />4. Ilia{ tilt llullt)%%vt %%oil I+,,% I•Itgttul 1011%, la \c%, mes%incrits.
<br />iii"- null tiij+er cmrtfttttental';" i• :a:::::�. .l:at; . lt:: .
<br />lit urtpo!unon%. lot %%hrJl pl,1%I %toil ha% not heen made
<br />I'e :11101 tire. lid its Jt•Inull 111111'1•! 'Ite I Cnilcr fjav pad ncc ,amc:
<br />anti that the Ro►ro%%cr -111 11ntilipih dell -I file ofhclal receyl►s
<br />11101VItn tit 111. 1 crttiel
<br />% the I14111nwet -ill pit% ,111 tj,C% Apish 111,1% he Ic%Icd upon
<br />The 1 ender'% ltnrrc%t 1t %,nil n•al c,1.11c and unj,tuunlenl%, and
<br />%%hi%h nta% he Ie%lcd upon 1111% Instnnnent of file deist %ceured
<br />hereby (hilt oil% to llte C%Icnf that +ti:11 1% 11411 pruluhned h% law
<br />ant only to the c%Icnt that %u %h %%III nit stake thi% loan a %unous).
<br />hilt c%duding .tit% ntutnc 111%. ~6111 111 1 canal. unposed oII
<br />1 ender, and %till file thr 01110a1 Ie%clpf %huwuly; Stith pavnunt
<br />%%uh the 1 ender ('pin %ndatn+tt of 1hls undelWAurl, or If rile
<br />ttttrrowef 1% pntluhrtcd h% ,111% L n4m it hc►catlet 0,1 %ring: from
<br />palling life %%hole of any I>.aIoO1 of file J101C%.11d talc %, of upon
<br />the rendering of an% umft dc%n•c I'l"hihlrutg the payment by Ihe-
<br />Iltirruwer of any %u,h f.l %c 4•r it %u,h I,Iw - dc,lcc 1110161des that
<br />an% amount %o geld h% lhl. R,•f41,wel •11.111 he , lcducit tilt the dept,
<br />the 1 Crider %hall 11e%c till' 111111 I" Cllr 11111%1% dal%' %%sacs 1141(1'
<br />to file owner It Ihr prcuu %c•. It•,fnlnnr' IF„ pd%ntcul „ f tftc tleht
<br />11 lush notice he yi%cn, Ilic ,a. 1 ,Icln ,I1,JI ht „lint• dui. I +.n.dlle
<br />,gild %nllettihle ,or till. rsp.1XI'M ..t •aid 111110% I,e%%
<br />6 that %houl.l +h: It,•n,•w,l 1.1.1 „ p.l% an% . iori lit f4cep .111%
<br />iti+cftartl ptl% %Idcd t,er ,11 Ili:, in,tiuln:'Ill pits fit,- I tnticr, dI if%
<br />i•p!a•It, I ::s% i•a% ,+r j:crtorm tit, ,attar, .+114 •411 :, {utltltlu:r% v%
<br />111.10 921143ti'r
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