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<br />Borrrowee ttrtd I,tadet C0,4es"I tsoRd agree in f*ft%s: ntcow than fiRccn (15) stays in arrratrs to cover the vstm erpeme
<br />imohed In handling delinquoil paynntnts,
<br />1. Thal borrower will pay the imletHedness, as hcneinbefore
<br />provided. 1'tivilege i% restitvtd to pay the t" ifs %IRA' .N in i►:trl
<br />on any instAb not due date.
<br />2. That, together with. and in addition tea. the monthly
<br />payments of principal and interest payable atntler the ternta 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 fully ImM. the
<br />following strata:
<br />(a) Antiftnt-suf�rient to provide the holder hereof with funds
<br />to pay the next mortgage iaatrrartce preraiunr if this instrument and
<br />the note secured hereby we insured. or a monthly charge (in lieu
<br />of a morVW imuranar premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) If and so tong as said note of even date and this instru-
<br />mew ate imared or are reinsured under the provisions of the Na-
<br />tiond 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 />mortgage imurattce premium in order to provide such. holder with
<br />fluids to pay such premium to the Se"ary of Housing and Ur-
<br />ban Developrtterit pursuant to the National Housing Act, as
<br />amended. artd applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instru-
<br />ment we held by the Secretary of Housing and Otban Develop-
<br />ment. a monthly charge (is lieu of t mortgage insurance premium)
<br />which orhau be in an amount equal to one - twelfth 11/12) of ore -
<br />half (1/2) per c mum, of the average outstanding balance due on
<br />the time computed without raking itito ;ycount delinquencies or
<br />pf e'psynnts:
<br />(b) A suas equal to the *round rents. if any-.. tw,t due, plus the
<br />premiums that will text become due and payable our policies of
<br />fire and other. hazard insurance covering the property, plus taxes
<br />and assewnrertts next due on the property. (all as estimated by the
<br />Lender) Less all sums already paid therefor divided by the num;ba,
<br />of mmin to elapse before one (i) month prior to the date vrifen'
<br />such ground rents. premiums, taxes and assessments will become
<br />delinquent, such sums to be held by Lender in trust to pay said
<br />ground rents. premiums. taxes and spc ial assessments; and
<br />(c) All payments mentioned in the tw.o preceding subsections of
<br />this paragraph and all payments to be ,rode under the note
<br />secured hereby shall be added together, and the afi.;rrgate amount
<br />thereof shall be paid by the Borrower ends month in a single pay -
<br />ment to be applied by the Lender to rite following items in the
<br />order set forth:
<br />(1) premium charges under the tivntract of insurance with
<br />the Secretary of Housing and Urban De%clopment, or monthly
<br />charge (in lieu of mortgage insurance ium), as the case may
<br />be;
<br />(llljVound rents, taxes, assessments. fire and other hazard,
<br />insuran" premiums;
<br />Ull). truest on the note secured hereby;
<br />(M)• amortization of the principal of said note; and
<br />(V) late charges.
<br />Any defxiency in the amount of such aggregate monthly pay.-
<br />ment shall. unless made good by the Bonoucr prior to the due
<br />date of the next such payment, constitute an event of defaulo
<br />under this mortgage. the Lender may collect a "late charge" »ot
<br />to ez. d four calls (St) for cacti dollar (S3) of each paytmiw, :: '
<br />x. hunt if tlw tatial of the paytrsents made by the Ikurowet
<br />under (b) of paragraph 2 preceding %MR exceed the amount of
<br />payments tactually ttsadt by the Lender for grourA rents. taxes and
<br />assessrtsents or imutance premiums. as the date may tie. such ex-
<br />m, %, if the k%an k current, at the option of the Bmrawer. shall be
<br />credited by the Lender on suttsequeni payments to he trade by the
<br />Borrower, or refurAcd to the Borrower. If. however, the tatvilily
<br />pa)irreitts shade by the borrower under (b) of paragraph 2
<br />preceding shall not be sufficient to pay ground rents. tares and
<br />assesumttts o< insutat --e premiums, as the case may be. when the
<br />same shall became due and payabk. thft the Boretmee SW pay
<br />to the Lender any anictunt neccomy to make up the defkWtcy. on
<br />or before the date when payment of such ground reM. taxes.
<br />assessments, or instttanim premiums shall be due. If at any time
<br />the Borrower shall tender to the Lender, in accordance with the
<br />provisions of the mote 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 />rower all payments made under the provisions of (a) of paragraph
<br />2 hereof which the Lender has not become obligated to pity 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 I 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 the 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 />d. That the Borrower will pay ground rents, taxes, assessmentz;
<br />water rates. and other governmental or municipal charges, fines :,
<br />or impasirWM. for which PWV76kM i1*3 IhA umi timiic - = -
<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 Lender.
<br />S. The Borrower will pay all taxes which may be levied upon
<br />the L.er kr r iV:,,:,arzt in said real estate and improvements. and
<br />which may- to WeA upon this instrument or the debt secured.
<br />hereby (but onty to• t1w extent that such is not prohibited by law
<br />and only to the extern. that such will not make this loan usurious),
<br />but excluding any i6wme tax, State or Federal, imposed on
<br />Lender. and will file the official receipt showing such payment.
<br />with the tender. Upon violation cif-this undertaking, or if the
<br />Borrower is prohibited by any taw now or hereafter existing fhnt>:.
<br />paying the whole or any portion of the aforesaid taxes, or upoHi
<br />the rendering of any aNrt decree prohibiting the payment by the.
<br />Borrower of any such taxes. or if. such law or decree provides that
<br />any amount so paid by the Botrciwgr shall be credited on the 6br,
<br />the Lender shall hase the right to gi.►e ninety days' written tmiii:e
<br />to the owner of the premises, requiring the payment 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.days.
<br />6. 11iu should the Borrower fail to pay any sum or keeq ny
<br />covencurtprovided for in this instrument, then the Lender. at.•its
<br />option: "may pay or perform the same. and all expenditures NO
<br />Page 2 of 5
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