|
r
<br />��ONOED
<br />89- 1@3436
<br />Barrawer attd Lender cox•ettattt aad "fft as toNows:
<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part
<br />on any Installmerit due date.
<br />2. That, together with. and in addition to, the monthly
<br />paytttents,of Principal and interest, poyablc under the terms of the
<br />note secured hereby,. the Botrowcv(niil.p&y to the Lenderi on the
<br />fiat day of each mbath• until the b3 iAt note is ,re ,Fb- paid, the
<br />following stuns:
<br />(a) Amount sufficient to provii k (he bmL*r hereof with funds
<br />to pay the mt" t sttortgage insurance ipremium if this instrument and
<br />the note secuted hereby are insured. or a monthly charge (in lieu
<br />Of a.mortpW insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) If and so Ions as said note of even date and this instru-
<br />ment are insured or are reinsured under the provisions of the Na-
<br />tional Housing Act. an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the annual
<br />mat&W inwrance premium in order to provide such holder with
<br />fttatds to pale such premium to the Secretary of Housing and Ur-
<br />ban Devrloprwm pursuant to the National Housing Act, as
<br />amended. and applicable Regulations thereunder; or
<br />(11) If and so ions as said note of even date and this
<br />mew are held by the Secretary of Housing art./ Urban Develop-
<br />ment. a monthly charge (in lieu of a mortgage insurance Premium)
<br />which shall be in an amount equal to one - twelfth (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 />invionliiuis- ihAi will treat become due and payable on porreies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments next due on the property (all as estimated by he
<br />Leader) less all sum-5 already paid therefor divide: by the utrrztber
<br />of months to elapse before one (1) month prior to the date when
<br />such ground rents. premiums, taxes and assessments will bmores
<br />delinquomc, such sums to be held by Lender in trust to pay said
<br />ground town, premiums, taxes and speeial assessments; and
<br />(c) All payments mentioned in the taco preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured : bereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to Fhe following items in the
<br />order set forth:
<br />(I) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban Development. or monthly
<br />charge (in lieu of morrgrtge insurancr premium), as the case maiv
<br />be;
<br />(11) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of the principal of.said note; and
<br />(V) 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 (49) for each dollar (51) of each payment
<br />more than fifleen:(I5) days in arrears to cover the extra expense
<br />involved In handling delinquent payments.
<br />3. That if thu total of the payments made by the Borrower
<br />under (b) of paragtalil► 2 preceding; shall exceed the amount of
<br />Payments actually made 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 I* current. at the option of tW Borrower,. shall be
<br />credited by the t,cvfar an subsequent pay,mt•xtts.Ro, bt maje by the
<br />BorrOwr`r, Or'"A'M&d u� ahe I3oura>wer. kk„ 3ti�wr►er,', e cna3nthh .
<br />Paytneals tt wk Ny glkr Borrower ur►der W, ar Riaramph, 2
<br />Preceding shall nvt be sufficient to pay groused rents. taxes and
<br />assessments or insurance premiums. as the case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />to the Lender 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 shall be due. If at any time
<br />the BOff0wer shall tender to the Lender, in a,xordarim with the
<br />Provisions of the note secured hereby. full payment of the entire
<br />indebtedness represented thereby. the Leader shall. ill computing
<br />the amount of such indebtedrters, credit to the account of the Bor.
<br />rower all pavinenis 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 be a default tinder any of the
<br />pro.i.iom of this instrument resulting in a public sale of the
<br />premises covered hetehv, or if the Lender acquires the property
<br />otherwise after default, the Under %hall apply, at the time of the
<br />commencement of such proceedings. of at the time the property is
<br />otherwise acquired. the balance then remaining in the turd% ac-
<br />cumulated under (b) of paragraph 2 preceding, as a credit ajwnsr
<br />the amount of principal then remaining unpaid under said note,
<br />and shall properly adiust any payments which than hava h—
<br />made under (a) of paragraph 2.
<br />4. That the Borrower will pay ground rents, taxes, assessments.
<br />water rases, and other governtne,^_ ^al or municipal charges. fines.
<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 Borrower will promptly deliver the official receipts
<br />therefor to the Lexc3m
<br />S. The Borrower.will pay all taxes which may be levied upon
<br />the Leader's intents, in said real estate and improvements, and
<br />which may be levTkd: upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and anty. to the extent that such will not make this loan usurious).
<br />but errc.uding any. income tax ;,Mate or Federal, imposed on
<br />I ender,, and will ftk the official receipt showing %arch payment
<br />with the Lender. Upon violation of this undertaking. or if the
<br />Borrower is prohibited by any law now or F.ereafter existing from
<br />paying 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 i£ 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 days, written notice
<br />to the owner of the premises, requiring the ,,,tymeni of the debt.
<br />if such notice be given, the said debt shall become due, payable
<br />and collectible at the expiration of said ninety da }s.
<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 />;;1i,,
<br />Page 2 of 5 Ear �' HUWs1T s3DT
<br />L.
<br />r
<br />rs
<br />i�
<br />r _1
<br />W
<br />
|