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<br />Ileernrree gri0 feeder covenant and aigm as foltowi: more than fifteen (151 plays in arrears to cover (he extra expenw
<br />tm%ohed in handlimt delinuuent oavncrus.
<br />1. That Borrower adl pay the indebtedness, as hcteulbetorc
<br />provided. Privitege is icser%ed t%v pay the debt in %%hole ooh in part
<br />on anv installment due date.
<br />.. That, together %site. and in addition to. the monthly
<br />payments of principal and it+.terest payable tinder the terms of the
<br />note secured hereby, the Borrower %%dl pay to the Lender, on the
<br />first day of each month until the said note is fully paid, the
<br />foUowin# sums:
<br />(a) Amount sufficient to pro%ide the holder hereof %%ith funds
<br />to pay the next mortgage insurance piernitiM if %his instrument anti
<br />the note secured hereby ate insured, or a monthly chwgc (ire hi.-u
<br />of a mortgage insurance raretnium) it they are held by the
<br />Sectetan of Housing ar:•:P Urban rhnelopment, as follows:
<br />(1) if and. so Ivitg act seed nal.e Hof even date and this insu;u-
<br />ment are insated or arc n- insured u r; sir the provisions of the Na..
<br />tional Housing Act. an iz- 74�:unt sufficient to accumulate in the.
<br />hands of the holder ore (O month prior to its due date file annual
<br />mortgage insurance prrro,,� m in order to provide such holder %%ith
<br />funds to pay such premium to the Sccretan of Housing and Ur-
<br />ban De%eth r ;tt pursuant to the National Housing Act, is
<br />amended, and s pplicable Regulations thereunder; or
<br />(111 if Ird so itme as %aid note of cien state and this imtrir-
<br />ment are held by : e 5--4;etary of Housing and Urban De%clop.
<br />ment, a mco.:•�.y charge ' n her of a mortgage irt%urance preinirim)
<br />which sha" IY4: in art -wunt equal to one- mcifth j 12) of ane-
<br />half (1 2) m, iNvistim z -f :he average outstanding balance due Om
<br />the note computed wit xaiu„ taking into account delinquencie+ or
<br />prepayments.
<br />(b) A sum equal to the ground rents, if any, nett due, plus the
<br />premiums that %%ill next become due and payable on p%_hcics of
<br />f;« -,.:.d 4a :h: ha=d N-nu ancz the pKifrHy. i4ts, into.
<br />and assessments next due on ttte property (alt is e.tintared h% the
<br />Lender) less all sums already paid therefor dt%nded by the number
<br />r -f month; to elapse before on.- tl) month ;.r of to the date %ihcn
<br />such gronrid rents, premiums. taxes and assessments %%ill hecome
<br />delinquent, such sums to be held by lender in trust to pay said
<br />ground re'sil i, premium,. taxes and special assessments; and
<br />(c) All ,;ayments mentioned in the mo preceding %tnbsections of
<br />i.-N5 iaragraph and all payments to be made under the note
<br />seWed. Hereby shall be added together, and the aggregate amount
<br />thereof sfrall'bc paid by the Borrower each month in a single pay•
<br />ment to be applied by the tender to the following items in the
<br />order set forth:
<br />(1) premium charges under the contract of it.T_urance wnh
<br />tl,�•�e Secretary of Housing and Urban Development. or monthly
<br />:~hairge (its .A:,u of mortgage insurance- premium), as the case may
<br />be,
<br />(11) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums.
<br />(Ili) interest on else aate secure,.% hereby;
<br />(sly') amiartizatton of the principak of said nose; and
<br />(h rate charges.
<br />Any deficiency in the"amount of such aggregate monthly pay-
<br />ment shall, unless male gx.od by the: Bi,Troi&cr prior to the due
<br />;date of the tirmt such payment, constitute. an event of default
<br />udder thin mow- Tiage. The Lender may c0ect a "late charge" not,
<br />to exceed ecm'r cents Ov for each dd"irar ($0 of each payment
<br />3. That it the total of the payments made by the BOFFMCr
<br />under (b) of paragraph 2 preceding shall eviceetl the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />a-messment% or insurance premiums, as the case may be. such ex-
<br />cvss, 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 />13ortower. or refunded to the Bormvver. If. however. the monthly
<br />payments made by fire Rorro►%er under (b) of paragraph 2
<br />preceding Shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurati.v premiums, as the ease, lip ty be, when the
<br />same shall bcome due and payable, then the i3o:ro%%er shall pay
<br />to the 1 ender any amount ncoc%sary to make up the deficienca, on
<br />oar before the date %%hen payment of s•LC11. ground rents, taxes,
<br />s_wnts, or insurance premiums shall be due. If at any time
<br />7N %rrouci .hall tender to the Lender, in aw5rdance with the
<br />e ;%% %+lions of the note secured hereby, full paymea of the entire
<br />mdel:ncdness tepresented thereby, the Lender shall. in compufing
<br />the a,,no, ;at of such indebtedness, credit to the account of the Ror-
<br />ro%%cr 41,11 ra%ments made under the provisions of (a) of paragraph
<br />2 here il' .%hich the I'Anaer has not bc:oute obligated to pay to the
<br />Secretary of IIou%mY and Urban Development and any balance re-
<br />nnauung in the funds accumulated under the provisions of IN of
<br />1%itagiaph 2 hereof. It' there shall is' a default under any of the
<br />pro%tsiors of this instrument resulp^s in a public sale of the
<br />premises co%ered liereby, or if the 1 inder acquires the property
<br />otherwise after defar,:Xt ,the Lender shall apply. :;at. the time of the
<br />commencement of inn+, proceedings, or at the (uiAv the property is
<br />otherntse acquired; ille balance then remaining in the funds ac-
<br />-- tunulatcd under (b) of paragraph 2 preceding, as a credit ag:r n_%T
<br />the amount of principal then remaining unpaid under said note,
<br />and shall properly adjust any payments %vhich shall have been
<br />made under (a) of paragraph 2.
<br />J. That the Bo►ro%%er %%ill pay gto:irtd. reta,..,axes. assessments,
<br />%%aier rates. and other go%ernment dior municipal charges. fines,
<br />.•r trarO: ; ;trr;t;, t%v unicir provision has not been made
<br />heteinbcfcite. and in default thereof the Lender t* ay pay the same;
<br />and that the 13o troucr %will promptly deliver the 4ot- icial receipts
<br />therefor to the I ender.
<br />5. Thie B-MroAct %will pay all taxes which may be levied upon
<br />the Lend= Interest in said real estate and improvements, and
<br />%%Rich may tic leveed t`4,on this instrument or the debt secured
<br />hereby (but clnty to the extent that such is not prohibited by lav%
<br />and c%nh to the ceteris that such will not make this loan usurious),
<br />but excluding any income tax, $;ate or Federal, imposed on
<br />I ender, and rill file the official receipt showing such payment
<br />uuh the i ender. Upon %iola;ion of this undertaking, or if the
<br />Borro %%er is prohibited by any law nor or hereafter existing from
<br />paying the whole or :iny portion of the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borro %%er of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrouer'shall be credited on the debt.
<br />tic Lender shall have the right to give ninety days' written notice
<br />to the owner of the prv-mises, requiring the paym=t of the debt.
<br />If such notice be give~ %..the said debt shall becN me due, payable
<br />and,collectible at the expiration of said ninety 4a;ys.
<br />6. That: ihoutd the 13orrouin lain Co pay any sum or keerr W15.1
<br />co%enar;i provided far in this instrument, then ttt.e Lender, at its'
<br />option, may pay ov. peg form the same, and all e-7pendntures so
<br />Page 2 of 5 HUD- 921430T
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