|
r
<br />ba rowee and feeder cove!naat aril asgret• as f4ftws:
<br />1. That Borrower will pay the indebtedness. PA hereinbefore
<br />p,avudat). Imvikv 6 raved to pay the deb: In whole or in part
<br />ott atry instathtunt due 4atef.
<br />2. That, together with, and in addition to. the monthly
<br />payravub of principal and interest payable under the terms of the
<br />note secured hereby. the Borrower will pay to the lender. on the
<br />drat day of wools month until the said note is fully paid, the
<br />following stases:
<br />4a).,AsssossM wffiawsts to provide the holder hereof with funds
<br />to pelf the next.nlortw insurance presdutn if this Instrument aria]
<br />the note secured hereby we insured. or a monthly charge (in Iku
<br />of a MW SW insurance premium) if they are held by the
<br />Seaexary of Housing. a d Urban Development, as follows:
<br />(i) if and to brng.as said rwte of even date and this instru.
<br />meat are fists NVd or are reinsured utt a the provisions of the Na-
<br />tional Housing Act, an amount sufficient to accumulate In the
<br />hands of the holder orte (1) month prior to its due date the annual
<br />mortpge imurance (rttmium in order to provide such holder with
<br />finds 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 a said note of even date and this instru-
<br />ment are held by the Secretary of Horsing and Urban Develop-
<br />"MU, • monthly charge (in lieu of a mortga t insurance premium)
<br />which shall be in an amount equal to one- twelfth (1/12) of one-
<br />half (1/2) per centunl of the average outstanding balance due on
<br />the note computed without taking into account delinquencies or
<br />prepayments.
<br />(b) A sum ognal to the ground rents. if any, next due. plus the
<br />pretstiuras that will next become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and ssemnents next due on the property (all as estimated by the
<br />Lender) less all sutras already paid therefor divided by the number
<br />of months to elapse before one (1) month prior to the date when
<br />such ground rents. premiums. taxes and assessments will become
<br />delinquent, such suit-is ;o bc teld by Land: in truss to pay said
<br />ground rents. premiums. taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shalt: be added together. and the aggregate amount
<br />thereof shall be pale$ by the Borrower each month in a single pay-
<br />ment to be.applied by the lender to the following items in the
<br />order sec forth: 1,
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Ifctu tr'tig and Urban Development, or monthly
<br />eiterge (in lieu of nn_+Vw insurance premium), as the case may
<br />be;
<br />(11) ground refits. taxes, assessments. fire and other hazard
<br />insurance premium*..
<br />(111) interest on the note secured hereby;
<br />(ti) ,amortization of the principal of said note; and
<br />(!W) lute charges.
<br />Arty deficiency in the amount of such aggregate monthly pay-
<br />ment shall. unless mace good by the Borrower prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mortge. The bender may cotiect a "late charge" not
<br />to exceed four ants (44) for each dollar ($I) of each payment
<br />F
<br />89--- 103330
<br />more than fifteen (I5) days in arrears to cover the extra expense
<br />Involved in handling delinquent payments.
<br />3. That if the retest of tlw-- paynwrut made by the Borrower
<br />under (b) of paragraph 2 nrecedintt shall axceod the amount of
<br />payments actually moo by the Lender for ground reMS, taxes and
<br />assessmentts or instmtnce ptetntutriss as the -case may bc idols 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 Wrack by the
<br />Borrower. or t Mitttled to the Borroter. If. however. the monthly
<br />payments made by the Borrower under (b) of paragraph 2
<br />preco9ins shall not be sufficient to pay ground rents, taxes and
<br />atkwments or imurance premiums, as the cane may be.'M tea ft
<br />same shall bardrtsmY dp Add-P"10 e, then fh 116 itotir0 SWIM
<br />to the Lender apps amount necessary to make up 0e, c)m#`tcie feel►. on
<br />or before the dhiw-M+an payment of such grous4i±itt5ts ,taxes.
<br />assesuttents„ or nut W m v premiums shall be due. 1f..gt 3 _daw
<br />the 13omuet sl%*.(cnder to the Lender. in accvr e'r►ath tha^
<br />provisioatw e*fi the tnrtse secured hereby, full pap x1m ,a�4'Ae,'e)uire
<br />indebte,dnesa wed thereby, the Lender ibxfj„ fit wmpuiing
<br />the afs o=i-of s"-b indebtedness, credit to the ara'�aberi,.bf the Bor-
<br />rower an pitytttbnts, made under the provisions of (a) of:p,vagraph
<br />2 him (t which the Lender has not become obligated td pit- to the
<br />bi
<br />Secretary of Housing and Urban Development and any 47we re-
<br />maining in the funds accumulated under the pratkions of (b) of
<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 />pretniacc covered hereby, or if the Lender acquires the property
<br />others:tlw after default, the Lender shall apply, at the time of the
<br />comnxTwxmeft of such proceedings, or at the time the property is
<br />otherwise aicvguirtd, the balance then remaining in the funds ac-
<br />cumulated uasder (b) of paragraph 2 preceding. as a credit against
<br />the aana:+ttert.of principal then remaining unpaid under said note.
<br />atad,ch;tti• properly adjust any payments which shall have beers
<br />treader un 4er (a) of paragraph 2.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />wamr rates, and other governmental yr munkti{ial Ch"Fic-i. lm-7, _ - --
<br />or itrepasitions. for which provision has not been made
<br />herein More. and in default thereof the Lender may pay tbe same;
<br />and 0!at the Borrower will promptly deliver the official receipts
<br />therefor to the Lender.
<br />5. TY.te Borrower will pay ail taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements. and
<br />whi& may be Levied upon this instrument or the debt secured
<br />h.crehy (but only to the extent that such is not prohibited b.v law
<br />ar,+tti only to the extent that such will not make this ban usurious).
<br />but excluding any income tax. State or Federal,, imposed on
<br />Lender, and will file the official receipt showing such payment
<br />wits, the Lender. Upon violation of this undertaking, or,jf the
<br />Borrower is prohibited by any law now or hereafter existhig from
<br />pa)ftsg the whole or any portion of the aforesaid taxes, or "upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borrower of any such taxes, or if such taw or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the 1.,mder shall have the right to give ninety days' written notice
<br />to the owner of the premises,. i- rquiring the payment of the debt.
<br />If such nonce be- given. the said debt shall become due. payable
<br />and collectible ar the earitaa0:1' of said ninety. days.
<br />6. That should thi-6nrrower: fail to pay any sum or keep any
<br />covenant provided for in this instrument. then the Lender. at its
<br />option. inay pay of perform the` 'same, and all expenditures so
<br />Page 2 of 5 _Ile
<br />HUO- 92143DT
<br />W
<br />I
<br />v
<br />w
<br />�. t
<br />
|