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<br />age 103318
<br />Borrower gad Lender coxettaet att!d 09M a foNowS:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privikgc is recen•cd to pay the debt in whole or in putt
<br />on any iauallment due date.
<br />2. That. together with, and in addition to, the montldll
<br />pa)vients of principal and interest payable under the terms of the
<br />Witt 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 sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument. and
<br />the note secured heteby are insured. or• a monthly charge !in lief►
<br />of a.mortgage insuram -c premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) If and so long as said note of even date and this instru-
<br />ment are insured or are reinsured under the provisions of the No-
<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 />mortgage insurance premium in order to provide such holder with
<br />funds to pay such premium to the Secretary of Housing and Ur-
<br />ban Development pursuant w t1w National, Housing Act. as
<br />amended. and applicable Reguf..1.vons then :under: or
<br />(11) if and so long as said non: ?f even date and this mstru-
<br />ment are held by the Secrevm-v of Housing and Urban Dcxclop-
<br />rn..nt, a monthly charge (Lr lieu of a mortgage insurance premium)
<br />wldch shall ire in an amount equal to one - twelfth (1. 12) of one -
<br />1!.aif (1/2) pzr 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 />premiums that will next become due and payable on policies of
<br />(ire and other hazard insurance covering the property, plus taxes
<br />and assessments next due on the property fall as estimated by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one (1) month prior to the date when
<br />.ms ta..r�.c a A accoccmentE `-'-:11 t*,mc
<br />ground vents, F•_ , _ _ 3P
<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 paytents mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together. and the aggregate amount
<br />thereof shall be paid bw'db—: Borrower each month in a single pay-
<br />ment to be applied by [live Lender to the following items in the
<br />order set t'ysrs L
<br />(1) premium charges under ;l'&.wntract of insurance wiih•
<br />.wte Secretary of Housing and (;[ban :6evelopment, or monthly
<br />cfiarge (in LFu` of mortgage insurance—premium). as der case may
<br />be;
<br />(11), ground rents, taxes, assesarntts, 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 />M 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 (44) for each dollar (SI) of each payment
<br />mn)1e than, ilfteen (15) days in arrears to .xucr the extra cMktuse
<br />inivIv d in.h3ndlina delinquent 1ayrtwn1%.
<br />i, That if the total of the payments made by the Borrower
<br />under tb),of. paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for Rrpund rcnts, taxes and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />ecs, if the loan is current. at the option of the Borrower, shall be
<br />ctedited by.the Lender on subsequent payments to be made by the
<br />lkirrowxr, or refunded to the Borrower, If, however, the monthly
<br />payments; ninde 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 payable, then the Borrower shall pay
<br />to the Lender am,, atnount accessary to make up the deficiency, on
<br />or befort: ilia date whan payment of such ground rents, taxes,
<br />asse�snicntj, or insurnce premiums shall be due. if at any time
<br />the Borrower shalhtendcr to the Lender, in accordance with the
<br />provisions of the nett sm-ured hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall, in computing
<br />the amount of such• indebtedness, credit to the actix *ant 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, accumulated under the provEsions 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 the time of the
<br />commencement oC 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-Mali properly adjust any payments which shall hate been
<br />made under (a) of paragraph 2.
<br />4. That the Borrower % %ill pay ground rents, taxes. assessments.
<br />slater rates, and other governmental or municipal charges. fines,
<br />or impositions, for whiles provision has not been made
<br />huicinbefore. and in default thereof One 1-ca iet stay- pj5 Hie cant.
<br />and that the Borrower will prompT�y; deliver the official receipts
<br />therefor to the Lender.
<br />i. The.Borrovver wilfpay all taxes which may he levied upon
<br />the Lender's interest in said real e-iT, to and improvements, and
<br />which may: be levied upon this iaLtrumem or the debt secured.
<br />herebI;• ;but only to the extent thar'4w t is not prohibited by law
<br />and only to the extent that such %%i1W pot make l s loan usurious).
<br />but excluding any income tax. State or Federal, ixriposed on
<br />Lender. and will file the official receipt show•icg• -such payment
<br />with the Lender. Upon violation of this undertaking, or if the .
<br />Borrower is prohibited by any law adw or hereafter existing frosty
<br />paying the whole or any portion of the aforesaid. taxes, or upon
<br />the rendering of any court decree prohibiting ft payment by the
<br />Borrower of any such taxes. or if 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 payment of the debt.
<br />If such notice be given. the said debt shall betxlnte due, payable
<br />and collectible at the expiration of said ninety dily i-.
<br />6. That should the Borrower N.J. to pay any sum or keep any
<br />covenant provided for in this insiri)mot, then the Lender, p. it!v
<br />option, may pay or perform the game. and all expenditures su
<br />Pa
<br />HUD- 92143DT
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