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<br />9 : 104171
<br />BWMW r aM l.estia axsrerN Mil trgrtt 25 foMow3:
<br />I. That Borrower will pay the indebtedness. as hercinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part
<br />on they installment due date.
<br />2. That. together with, and in addition to. the monthly
<br />payments of principal and interest payable under the terms of the
<br />rate 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 sufficietit'fiR provide th.) holder hereof with funds
<br />to pay the nmt mortgt C :iftssr3 tat i rmiunt if this instrument and
<br />the note xeetired hereby 4 r hooter},• or- a monthly charge (in lieu
<br />of a mortgage ussurarntt,lirernivaj ifi :isey are held by the
<br />Secretary of Housing ;liar Urban Development, as: follows:
<br />l {) !f and so long as said note of even date and this instru-
<br />.:.;:.. stem ate,*kmised or are reinsured undo .r• the provisions of the N,
<br />-`• tional H;i,?Av4 'Ao. do amount suffident to accumulate in the
<br />hands of tSte'fioldtr, !,1 month tr or to its due date the annual
<br />mortgage insurance piia siiirn in order to provide sueh holder wit i
<br />funds to pay such pretr:,tti� to the Secretary of Hg tsing and Ur-
<br />ban De+'elopment puisiwby to the 1V.a#0na1 Housing Aa, as
<br />amended, and applicable -Reg ulal.gmi.i#trrcundcr; or
<br />t�J,h ff,'.,ind so long ai :aid t f_ifi:�-_r)t even dare apd this >n ?.tr r•
<br />rota( ixih0d by the Sezetary of %lb)1lsing and (.hfian ikveiop
<br />i zk11'..4f im»thly :hargc, fir: heu'of it n:. +figige imuiance premiuml
<br />which Fiat): ice in an arnount equal tJ one- tiselfth tl 121 of one -
<br />half (t, °�i; ;;�;i centum of the average outstanding hatime due inn:
<br />the now :A;ttf*uted without taking into account delinquencies tit:
<br />prepaytn�wtT:
<br />(b) A sum equal to the ground rents, if anti, newt due, plai the
<br />premiums that %%dl next become due and payable nn polim, of
<br />fire and at�.er harard uls+rrancc c0160r"n3 the property, plus iaiwF .
<br />and assv-a;;rtienis next du; on the prsstsuiy fall as estimated hi die
<br />Lender! less all sums already paid tltr-ie4or dmded by the norm+ er
<br />of months to elapse before tine I It month prior ii:: tlsr date v%hcu
<br />ski :h ground rents, premiums. talcs and aswssm6 a" till bcwtnc
<br />delinquent, such sums to t?e held fly Louder in tru•d•t'o pay s-.!•
<br />ground rents, premiums, fixes and spc.ial assessments; and
<br />(c) All payments mentioned in the t%o precedinK subsenions of
<br />this paragraph and alf Irtytnents to be made under the note
<br />secured hereby- shall Px 4tded together. and the aggregate amount
<br />thereof shall he paid ern. the Horro%% r 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) prentiur?a ,huge, und;t tae eirntract of msurau" %kill
<br />the Secretary of and Urban f)cidopn:cr,;:, tit monthly
<br />charge fir? lieu of mortgage insurance l,rruriu:?:3. o:, ?he .axe niay
<br />be;
<br />(11) ground rnti, taxer, assessment., fire and other f?at.a?.1
<br />insurance prenuuims;
<br />(1111 interest on tht note secuteel hereby;
<br />(IV) amortization of the rrincnpal of sand note. and
<br />chimes.
<br />Any deficiency in the amount of ,,arch a?ggrcgate monthly ps5
<br />ment shall, unless made good by the Borro %er prior to the due
<br />date of the next such payment, constitute an v-via. of default
<br />under this mortgage. The Lettdet may collect a "We charge" r;ut
<br />c
<br />to exceed four cents (4ti) for each dollar IV) of each payment .
<br />more than fifteen (15) days in arrears to cover the extra expense
<br />involved in handling delinquent payments,.
<br />3. That if the total of the payments made by the Burrower
<br />under (b) of paragraph 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 use may be, such ex-
<br />cess, if the loan is current, at the option of the Bsxrower. shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower, or refunded to the Borrower. If, however. the tnenthly
<br />payments made by the Bormowcr under (W of paragraph 2
<br />preceding shall not be suffEdent 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 Pwrin tvver shall pay
<br />to the Lender any amount necessary to make up the deficiency. on
<br />or before the date alien 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 />prol6isions of ilia note secured hereby, Nfl paumcnt of the er -tire
<br />indebtedness represented thereby, the Ixnder shall. in computing
<br />the amount of such indebtedness, credit to the accouni of the Bor.
<br />re+VCr.all:Payrnent. made under the provisions of. Of of. paragraph
<br />hermif- 4.hich the Lender has trot become obligated to pay rata -the
<br />te,,Mat .s of HousanS and Urban Development and any baiim rr-
<br />niatriitig in the Nuilri accumulated under the provisions of �*C
<br />paragraph 2 hereof . [P'iliem shnil be a default under any of t
<br />provisions of this i e•.
<br />ti<iraiiient mhulting in a public sale of the.
<br />prerttiscs covered hereby, or if, i1w Lender acquires the props
<br />tnherw4C after default, the 1 ca,lw shall apply, at the time of'dv:
<br />:on1mcn.cmc11t of such prnccedings. or at the time the property is
<br />otherwise acquired. the balance then remaining in the funds ac-
<br />eumulated tinder (h) of paragraph 2 preceding, as a credit agiimi
<br />the anibiliat if principal then remaining unpaid under said no!:.
<br />and sha!1 property adjuit any payments which shall have bey -,i
<br />trade under (a) of paravaph 2.
<br />4. T hat the llorri xvr• %ill pay Freund ients, taxes. assessments.
<br />%mrcr rates, and other governmental or municipal charges, fins.
<br />tit amposilions. for vidd i prmi,,ior, has not beer) made
<br />itcrcn?beorie. anal in default tltccta;s the i ender may pay
<br />and that the Mirro%cr will Jt l+vcr the ofl'i:ial
<br />therefor to the 1 cndcr.
<br />S. The Ilorro %cr %ill pay all taxes %h+ch may be levied u;,on
<br />the LcaJcr'. uterot in said teal estate and improvenicnts, aa-w1
<br />. +huh jwi lav be levied upon this instrument of the debt we 4'4,
<br />hcteby i
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