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<br />AorrDivot A" tkatier cowesaat Roll agree as folio %%:
<br />I. Thai Borrower will pay the indebtedness. as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part
<br />on any installwat due date.
<br />2. That. together with, and in addition to, the monthly
<br />paymer»s of principal and interest payable under the terms 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 paid. the
<br />following stuffs:
<br />(a) Amount sufficient to pro%•idr the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument and
<br />the note secured hereby are insured, or a monthly charge (in lieu
<br />Of a mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Develop, mr, as fellows:
<br />(1) If and so long as said note.of even date'snd this instru-
<br />ment are insured or are reinsured under the pro%isions of the Na-
<br />tional Housing Act, an amount sufficient to accunttilate in the
<br />hands of the hoder one (1) month prior to its due c6Me'-the annual
<br />mortgage insurance premium in order to provide SuwJ1 bpider with
<br />funds to pay such premium to the Secretary of HquslhS 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 as said note of even date zmt zhis instru-
<br />ment are held by the Secretary of Housing and Urb.T a Develop-
<br />ment, a monthly charge (in lieu of a mortgage insurance prenv.0 in, )
<br />which shall be in an amount equal to one- twelfth (112) of one -
<br />half (1/2) per centum of the average outstanding balance due an
<br />the note computed without taking into account delinquencies or
<br />prepayments;
<br />(b) A stun equal to the ground rents. if any. next due, plus the
<br />that ..'M " t bccom .ladle' and Payable of Fniiivie3 of
<br />fire and other hazard insurance co%ering the property, plus taxes
<br />and assessments next due on the property (all as estimated b%• the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months t, Kiss otir (1) month prior to. rite date +wlien
<br />such ground rents, premiums, taxes and assessments %%ill become
<br />delinquent, such sums to be held by Lender in trust to pay said
<br />ground rents. premiums, taxes and special assessments; and
<br />(c) All payments mentioned in the two pteceding sdbsections of
<br />this paragraph and all xc inents to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shaU be paid 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 set forth:
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban 1Doclopment,. or'monthly
<br />charge (in Neu of mortgage insurance rrreeaium), as tl-e: case ma,.
<br />be;
<br />(11)'Sround rents, taxes, assessments, fire anal• other hazard
<br />insurance premiums;
<br />41ilr interest on the note secured hereby;
<br />(IV.' amortization of the principal of said note; and
<br />M late charges.
<br />Any deficiency in the mount of such aggregate monthly pay-
<br />ment shall, unless made: pod by the the due
<br />date of the next such payment, constiiure.an c }.sue: of default
<br />under this mortgage. The Lender may Lullect a "late charge" not
<br />to exceed four cents (49) for each dollar 151) of each payment
<br />F
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<br />more than fifteen (I5) clay:► in arrears to co%er file extra expenbc
<br />in%olved in handling delinquent payments.
<br />3. That if the total of Oise payments made by the Borrower
<br />under (b) of paragraph 2 preceding shall exceed the amouin of
<br />payments actually made by the Lender for ground rents,. ttMes and
<br />assessments or insurance premiums. as the case,may Kv,- Ruch ex=
<br />cess, if the loan is current, at the option of the Borrow r, AM be
<br />credited by the Lender oa subsequent payments to be math: by the
<br />Borrower, or refunded to•the Borrower. If, however. the htenthly
<br />payments made by the Borrower under (b) of paragraph 2
<br />preceding shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, when the
<br />same shall become due and )sayable. then Ihe'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 Borrower shall tender to the Lender. in accordance with the
<br />provisions of the note 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 pay to the
<br />Secretary of Housing and. Urban Development and any balance re-
<br />maining in the funds acx;umulmcd tinder the provisions of (b). or
<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 the time of the
<br />commencement of such procetedings. or at the time the property is
<br />otherwise acquired, the balarrsn thea remaining in the funds ac-
<br />cumulated under (b) of pars 4rTh = preceding, as a credit against:
<br />the amount of principal thee. rer:taining unpaid under said note.
<br />and shall properly adjust any payments which shall have been
<br />made tinder (a) of parkerapn 2.
<br />d. That the Borrower %wilt pay ground rents, taxes, assessments.
<br />%%ater rates, and other governmental or municipal charges, fines;
<br />or impositions, for %%hick pro%ision has not been made
<br />hereinbefore, and in default thereof the Lender may pay the same;
<br />and that the Borrower will piontpti) deli%cr the official receipts
<br />therefor to the Lender.
<br />5. The Borrower will pay all taxes which may be levied upon
<br />the l.ender's interest in said real estate and improvements. and
<br />%%hick may be levied upon this instrument or the debt secured
<br />hereby (but only to the a tent that such is not prohibited by law
<br />and only to the extent that such will not make this loan usurious).
<br />but excluding any income tax. State or Federal, imposed on
<br />Lender, and will file the official mccipt showing such payment
<br />with the.Le*z.,ier. Up6it %,iolation of this undertaking, or if the
<br />Borro%wer.'is prohibired by any law now or hereafter existing fro;;)
<br />paying tL . % xhole or any portion of the aforesaid taxes, or upon
<br />the rencicri,�,.e of any court decree prohibiting the payment by ride
<br />Borrow.cr of any such taxes, or if su.%:h la%v or decree provide,..(lia?:
<br />any amocrit so paid by the Borrower shall be credited on the debt.
<br />the Lender shall ha%e the right to gi%c ninety days' written notice
<br />to the owner of the premises, requiring the payment of the debt.
<br />If such notice be gi%cn, the said debt shall become due, payable
<br />and collectable at the expiration of said ninety days.
<br />6. Tharshould the Horro%%er fail to pay any win or keep any
<br />covenant prmided for in this instrument. then the Lender, at. iii
<br />option, may pay or perform the same, and all c %penditures !sir
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