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<br />89. 103127
<br />1lformwer and I ether cavettaaE awd agree as fa t ws:
<br />I. That Borfow•er will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part
<br />on 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 filly paid, the
<br />following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument and
<br />the note s+r vzW. hereby are insured. or ii monthly charge (in lie it
<br />Of a.mortVsri+e iitwrarut premium) iQ t(,ut� are held by the
<br />Secretary of Housing and Urban Qezx) ;�»ent, as follows:
<br />(1) if and so loll* As said neze,.of"czwn date and this instru-
<br />ment are insured or are•ceinsured ua -,Iwx {fie provisions of the Na-
<br />tional Housing Act, an amount suffjciettt to accumulate in the
<br />hands of the holder one (1) month �iior to its due date the annual
<br />mortgage insurance premium in order to provide such holder ysZQ 1
<br />funds to pay such premium to the Secretary of Housing and .l:;I,%
<br />ban Development pursuant to the National Housitig :pct, 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 W4 try the Secretary of Housing and Urban i e%clop-
<br />ment, a mon4Wy 'charge, r,: z lieu of a mortgage insurance nremiurn)
<br />which shall 1te 5n,an at:,aunl equal to one - twelfth (112) of one -
<br />half (1 i2) pea' 601tum of the average outstanding balance due on
<br />the note without taking into account dehnquencics or
<br />prepayments;
<br />IN A sum equal to the ground rents. if any, next due, plus the
<br />Premiums that will next become.due and payable on ttolicies of
<br />fire and other hazard insurance covering the property, plus taxes
<br />and ay.wu nerwc.na_t d�;. or the ^ rr 'l a
<br />Lender) less arr sums already paid therefor divided by the number
<br />Of riiAni)is it) ciapse Wore one if) month prior to the date when
<br />such ground rents, premiums. taxes and assessments ssdl become
<br />delinquent, such sums Lo be held by Lender in trust to pay said
<br />ground rents, premiums, csAes.and special assessments; and
<br />(c) All partnents mentionN, i'!.A ttte tv+.6y preceding subsections of
<br />this paragraph and all paymentstu L+e trade under the note
<br />witted hereby shall be,,added together, and the aggregate amount
<br />ttzereof shall be paid by t} ,:.Borrower each month in a single pay -
<br />'Merit to be applied by the Lender to the following items in the
<br />order set forth:
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban Development. or monthly
<br />charge (in lieu of ntor.gt_,te insurance premium), as the case may
<br />be;
<br />(11) ground rents, taxes, assessments, fire and tither hazard
<br />insurance premiums;
<br />(111) interest on the.-Mote secured hereby:
<br />(1V) amonization of rite principal of said note; and
<br />EV ;•later 'Charges.
<br />Any deh&r,cy 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, consfitute an event of default
<br />udder this mortgage. The Lender may collect a "late charge" not
<br />to exceed four cents (49) for each dollar ($I) of each payment
<br />more than fifteen (IS) days in arrears to caret• the extra expense
<br />involved in handling delituluent payments.
<br />i. That if the total of the payments made by the &grower
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually trade by the Lender for ground rents, taxes and
<br />assessments or insurance premiums. as the case may be. such ex-
<br />cess, if the loan 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. If. tow•cver. the monthly
<br />payments, made by the Borrower under (b) of lvragraph 2
<br />preceding shall not be sufficient tcs ppy ground rents. taxes and
<br />assessnwtty or insurance premiums, as the case play be. when the
<br />same shalt become due and payable, then the epzkower shall pay
<br />to the lender any alas oil necessary to make up the deficiency, on
<br />or before the date whm rw•ymcnt of such mound rents, takes.
<br />assessments, or insuta*IN premiupp, shall tie due. If at any time
<br />the Borrower shall tender to the Iai ..der. in accordance with the
<br />procisiotty of the nore•nc:ured hi.ncby' , full payment of the entire
<br />indebtedness rcpresext.* thereby. the Lender shall, in computing
<br />the amount of such it d%�'Mcdness, 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 i.' &orne obligated to pay its E?ta
<br />Secretary of Housing and Urbari;'Lk- x.rlopment and any balm oz .re-
<br />maining in the funds accumulated under the pros isions of (b)±;i�,
<br />paragraph 2 hereof. if there shall'be 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 prork*Z' y
<br />otherwise after default, the Lender shall apply, at the time of t ,t
<br />commenetment of such proceedings, or at the time the property Est
<br />othernttse acquired, the balance then remaining in the funds ac-
<br />cumulated under (b) cif paragraph 2 preceding, as a credit against
<br />the amount of principal then remaining unpaid under said note,
<br />and shall properly adjust any payments which %hall hate been
<br />made under (a) of paragraph
<br />v. roar thr riorrower %%-tit pay ground rents, taxes, assessments:
<br />water rates, and other gmertimental or municipal charges, fines,
<br />or imposition, for which protision has not been made
<br />heretnbefore, and in default thereof the Lender may pay- the sank.
<br />and that the Borrower will promptly Miser the official rcccipta
<br />therefor to the Lender.
<br />�.
<br />The Borrower ails pay all taxes which may he levied upoit:
<br />the Lender's interest in said real estate and improtements, and' ..
<br />which may be levied upon this instrument or the debt securt-4
<br />hereby (but only to the extent that such is not prohibited b% Uw
<br />and only to the extent that such will not make this loan usurii,us),
<br />but excluding any income tax, State or Federal, imposed on
<br />I ender, and will file the official receipt showing such pa)mcm
<br />with the Lender. Upon violation of this undertaking. 'or if ti,e
<br />Borrower.* prohibited by any lase now or hereafter eristing',froin
<br />paying fly whole or any portion of the aforesaid taxes, or urisn'
<br />the rendering of any•cuurt decree prohibiting the payment t the
<br />Borrower of any such taxes, or if such law or dtrree pros -*U' *. that
<br />any, a -mount so paid by the Borrower shall be credited on the'debt,
<br />tl~e [ .nvdt r shall hate the right to grs a ninety days' it ritten notice
<br />yo, rl>,e.owj'wr of the premises, requiring the payment of the &br.
<br />If iuch- notice be given, the said debt shall become due, pay4ble
<br />and collectible at the.evp'iration of said ninety days.
<br />b. That should the Borrower fail to pay any sum or keep•ail.y
<br />covenant provided tot rtt this instrument. then the I ender, af::jl ±�-
<br />pprion, may pay or perform the same, and all expenditures so.
<br />Pago 2 of S HUD- 92143DY
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