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<br />ONION" ad Imader Covent l aft$ a;tree as fOftW%__t
<br />1. That Btxrower will ivy the ittdme- -h►ess. as heu-cinbefole
<br />provided, privilege is reaaned to pay the debt in whole or in pall
<br />oft any W"&WMRJ due date.
<br />2. That. togsthsr Frith. and in addition to, the tnottthh'
<br />payaneti of principal and interest payable under tho trams of the
<br />note secured hereby. the Borrower will pay to the 1_cNrr, on the
<br />flrat day of aadm maeth oats the mitt note is hilly paid, the
<br />foNowbtg unless: '
<br />dal Amew wttkim- to puovW the bolder hereof Willi furAs,
<br />to pay the treat mortgW insuramwt.premiwn if this iftstruth*14 004
<br />Ow note secured haft. are insured. of a miWilly charge fin lieu
<br />of a of WOW insuram V premium)• if, they ate bdd:by the
<br />Secretary of Housing and Urban Development. as follows:
<br />(1) If and so long as said note of, eve+t. date and this instru-
<br />ment are insured or are reinsured under tit pitovisions of the Na.
<br />tional Housing Act. an amount sufftcient.to ao:umulate in the
<br />bands of else holder one (1) month prior to itt+ dire date the annual
<br />nee glage insurance premium in order to provide such holder with
<br />funds to pally such premium to the Secretary of Housing and Ur-
<br />ban Development pursuant to the National Housing Act, as
<br />anwndtd; and applicable Regulations thereunder. or
<br />(11) If and so long as said note.of even dote and this instru-
<br />ment are held by the Secretary of Housing and Urban Develop -
<br />ent. a monthly charge (in lieu of a mortgage in_wranrr premium) )
<br />which shall be in an amount equal to one- twelfth (1/12) of one.
<br />half (1/2) per =turn of the average outstanding balance due on
<br />the note emputed widum taking into xccourn delinquencies or
<br />prepaYntM"
<br />(b) A was equal to the ground rents. if any, next due, plus the
<br />pretnia" Neat will next become.dwr and payable on policies of
<br />fire toed outer httrard imuratuce ocwtrimg the property. plus tastes
<br />and mumneetsAm drte_ou -the property (ail as- estimated by ttm
<br />Lender) Oas all sums already paid theitfor divided by the number
<br />of monft to elapse before one (1) month prior to the date when
<br />such pxrnd rents. premiums. taxes and assessments will beevine
<br />+.urns to be ~.: w by Lmder in gust to pay
<br />gxoulW rents, premiums. taxes and special assessments; and
<br />(c) All payments tttvwzktred in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby :ball be added togle ha, and the aggregate amount
<br />thereof shall be paid by the Bomi►aw.a each month in a single pay-
<br />ment to be applied by the Len46-- in-the following items in the
<br />order set forth'
<br />(1) premium charges under the contract ef insurance with
<br />the Swaary of Housing and Ut"n Development, or monthly
<br />d3argte'(r,7 lieu of marrgage insure= premium). as the case may
<br />be;
<br />(11) ground snags, taxes, assessments, fireland other hazard
<br />insurance premiums;
<br />(111) interest on the note wured hereby;
<br />(IV) amortization of the principal of said note; and
<br />(V) late charges.
<br />Any deficia W Whole amount of such aggregate monthly pay-
<br />ment 4wiL unkss m;aIe good by the Bc:rower prior to the ¢ue
<br />date of rise next soli: payment, constitute an event of default
<br />under this mortgage: The Lender may collect a "late charge" ;not
<br />to trsoeed four cerm,(44) for each dollar (M) of each payment
<br />89' 103340
<br />more than fifteen (13) days in arrears to cover the cxlva expense
<br />involved in handling delinquent payments:
<br />). That if the total of the payttetas made by the Borrower
<br />tinder (b) of paragraph 2 pro *dial shall exceed the unowtt of
<br />payments actually mate by the Laval for ground rents, taxes toed
<br />assessments or Insurance premhum. as the case may �e. iuch ex-
<br />cess. if the loan is current, at the opIkM 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. It, however. the monthly
<br />payments mete by the Borrower undar (b) of paragraph 2
<br />preceding shall not be sufficient to pay around rents, taxes and
<br />&nesueants or insurance premiums, as the care . may be, when the
<br />same shall ba'ome due and payable. theri the Borrower shalt pay
<br />to the Leader any amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes,
<br />assessments. or insurance premiums shW be due. If at any time
<br />the Borrower shall tender to the Lender. in accordance with the
<br />provisions of the tote secured 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 />tower all payments made under the provisions of (a) of paragraph
<br />2 hereof which the Lender has not become oblyated 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 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 property
<br />otherwise after default. the Lender shall apply, at time time of the
<br />commencement of such proceedings, or at the time the property 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 note.
<br />and shall properly adjust any payments which shall have been
<br />made under (a) of paragraph 2.
<br />4. That the Borrower will pay ground rents,. taxes. assessments.
<br />water rates, and other govermtnentai or mt nwW- charges; two,
<br />or impositions, for which provision has not been made
<br />hereinbefore. and in default thereof the lender may pay the same;
<br />and that the qc4rc -pr win promptly drliver Itht.official receipts
<br />therefor to the Lerekr.
<br />5. r.le 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 levia0 upon this instrument or iDe debt secured
<br />hereby (but ony,ta the extent that such is no prohibited by law
<br />and 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 />with the Lender. Upon violation of this undertaking, or if the
<br />Borrower is prohibited by any law now or htm. fter existing from
<br />paying the whole,ot ,any portion of the afor4aid taxes. or upon
<br />the rendering of aril curt decree prohibiting the payment by the
<br />Borrower of any sitch taxes. &.4r; such law or decree provides that
<br />any amount so tWd.by the Boirmwer shall be credited on the debt,
<br />the Lender shall hzve . the tigXt~ rc. give ninety days' written notice
<br />to the owner of 6e. premises. requiring the payment of the debt.
<br />If such notice be given. the sail debt shall bzwme due, payable
<br />and collectible at the expiratior.r of -said ninety days.
<br />6. That should the Borrower fail to pay any suns, or keep any
<br />covenant provided for in this instrument, then ihelander, at its
<br />option, may pay or perform the same. and all eipenditures so
<br />• j, ;fit _ '�
<br />Page 2 of 5 HU6921430T
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