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89-- 103041
<br />Borrower OW Lender covtaaet mild agr" as to"Witt more than fifteen (IS) day% in arrears to cover the c%ira expense
<br />I. That Borrower will pay the indebtedness. as Itereinbefore involved in handling delinquent payments.
<br />provided. irrivimse a reserved to pay the debt in whole or in part
<br />an any installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby. the Borrower will pay to the Lender. on the
<br />first day of each month until the said note is fully paid, the
<br />following sutras;
<br />W* Amount sufficient t4%)i rn?vide the holder hereof -wt.rh futt;ic
<br />tvi My the nev mW44$e iinS,;MQv Premium if this inrtxumcnt:;,uadl
<br />e�>tr'rti�Ke s ur,2o� lbazeby.atrse imled, or, m �'Wnthly chjrSq
<br />(in tic,,
<br />dW 4, 3bSiOA iffIV* ay.t h0t'X kh T1W
<br />�stary .
<br />of pausing�a.4IUyitiais;L ^� apt znt:..a9 Qptisas:
<br />• (i) !f afbii so Doug 91S � •no:e raS ie�.r;:•. taa.C' a1.�Jt this ietsiras '
<br />i<Lb�3t are ittsttt z5, or are reinsured uncliYri: ir}7fi.tprovisions of the 1` -
<br />Ctaontttl Hotuft AO, an amount suffciew era accumulate in the
<br />1103 of ftWider one (1) month prior to its due date the annual
<br />tiaage insurance premium in order to provide such holder with
<br />funds to pay such premium to the Secretary of Housing and Ur-
<br />ban Development pursuant to the National Housing Act. as
<br />amended. and applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instru-
<br />ment are held by the Secretary of Housing and Urban Doclop•
<br />anent, a monthly charge (in lieu of a mortgage insurance premium)
<br />which shall be is an amount equal to one- mcifth (1 '12) of one-
<br />half (1/2) per centum of the average outstanding balance due on
<br />the note computed without taking into account delinquencies or
<br />prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments next due on the properix (all as estimated by the .
<br />- em*r) less all sums already paid therefor divided by the number
<br />of months to elapse before one (1) month prior to the date vv hen
<br />such around rents. premiums, taxes and assessments •till become
<br />delinquent, such sums to be held by Gender in trust to pay said
<br />ground rents,: rretttiums, taxes and special assessments; and
<br />(c) All palmats mentioned in the weal preceding subsections of
<br />rbus paragtar,,A.4nd all payments to be made under the note
<br />sutured fA,x&Y shall be added together, and the aggregate amount
<br />thereof s[is -bt paid by the Borrower each month in a single pay -,. ,
<br />anent to be:,tnpplfted by the Lender to the feRow•iq items in the
<br />order set
<br />(1) premium diaz udder the contract of insurance with
<br />the Secretary: of Housing. ad Urban Development, or monthly
<br />charge (in lieti W mortgage insurance premium). as the case may
<br />be;
<br />(if) grotartdl rw,.6. taxes, assessments, fire and othet hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of the principal of said note; and
<br />M late Charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall. unless made good by the Borrower prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mortgage. The Lender may collect a "late charge" not
<br />to exceed four cents (44) for each dollar (Sl) of each payment
<br />3. That if the total of the payments made by the Borrower
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />assessments or insurance premiums, ae the case may be, such ex-
<br />cess, if the toan is current, at the option of the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower, or refunded to the Borrower. !f. however, the monthly
<br />Fti.'i>n"tx. v4de by the Borlower under (b) of paragraph 2
<br />J9�L�'eirc�c +.ail not be sufficient to pay ground rents, taxes and:
<br />asv��,m «tit =s �c insurance premiums. as the case may be. when Qhe
<br />waste sl alb >ic►�ome Attc -and payable, 'then the Borrower shall pay
<br />h� rlae T}tW Zrt any wrrtumm wimw— aty to make up the defidenc7, otn
<br />C`x er4*Gf` i4ie 0 cm:h ground rents, taxes,
<br />asses;.t ewo;,`f, r'. ir'smah.W twmiums !itnU be due. if at any time
<br />tl C I oMr Wz ee shalt ter(der• to The Uen&r, in ac%ordance with the
<br />, provisions of the note secund hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall, in computing
<br />the amount of such indebtedness, credit to the account of the Bor-
<br />rower all payments made under the provisions of (a) of paragraph
<br />2 hereof which the Lender has not become obligated to pay to the
<br />Secretary of Housing and Urban Development and any balance re-
<br />maining in the funds accumulated under the provisions of (b) of
<br />paragraph 2 hereof. If there shall I% a default under any of the
<br />provisions of this instrument resulting in a public sale of the
<br />Premises covered hereby, or if the Lender acquires the property
<br />otherwise after default, the ixadc: %hall apply. at the time of the
<br />commencement of such proccrdings, or at the time the propeny is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under (b) of paragraph 2 preceding, as a credit against
<br />the amount of principal then remaining unpaid under said tote.
<br />and shall properly adjust any payments which shall have been
<br />made under (a) of paragraph 2.
<br />-s. That the Borne »rr will =pay ground rears. -i"ei; u59ca�uarui :.
<br />water rates, and other governmental or municipal charges, flnes,
<br />or impositions, for which provision has not been made
<br />hereinbefore. and in default thereof the Lrnvler may pay the same;
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the Lender,
<br />S. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements, and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this Joan usurious).
<br />but excluding any income tax, State or Federal, imposed on
<br />Lender. and will file the official receipt showing such payment
<br />with the Lender. Upon violation of this undertaking, or if the".'
<br />Borrower is prohibited icy any law now or hereafter existing from
<br />paying the whole or arty portion of .tlte aforesaid tares, or upon
<br />the rendering of any court decree Orohibiting the payment by the
<br />Borrower of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the Lender shall have the right to give ninety day,.* written notice
<br />to the owner of the premises, requiring the payment of the debt.
<br />If such notice be given, the said debt shalt become due, payable
<br />and collectible at the expiration of said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, may pay or perform the same. and all expenditures so
<br />. a4. ;
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