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Ital96"" and Lender taretaaat ma MK lo fesm: <br />I. TIM 110M,ver will pay the indebtedness. as hercinbefore <br />VM*d. Privilege is reserved to pay the debt in whole or in part <br />on any installment due date. <br />2. That. togetliar wick, WA is addition to. the monthly <br />Oal� d9111111d aced interest payable under the terms of the <br />mote secured berth-. the Borrower will pay to the Lender, qn the <br />11M day of.eat:h month until the said ante is folly paid. the <br />fatio.iimg srrrtts: <br />(a) Annoiam suffrcamt to provide the holder hereof with funds <br />tO pay the next 811494 tge insurance VM$Ikw if this instrutwat and <br />the note ; 0AVd bath- are insured. or a aaetlly charge (in lieu <br />- of a rnor4w insurance premium) if they are hetd by the <br />Soaetary of Housing and Urban Desrloptrtenr. as follows: <br />(1) If and so long as said note of even date and this insiru- <br />ment are Insured or are reinsured under the provisions of the Na- <br />burial Housing Act. an amount sufficient to accumulate in the <br />heeds of the holder one (1) mouth prkx to its due date the annual <br />tutortgage insurance premium in order so provide such holder %ith <br />funds to pay such ptetnalirrt to the Secretary of Hatning and L'r- <br />:.:. bat Devetoprtteat ptuSunad to the National Housi*.'Avt, as <br />.amended. and appli.Abie Regulations thereunder; or <br />(II) ffmid to long as said note of even date and this ►ns:ru. <br />mint are -hy the Secretary of Housing and Urban Dc%clop- <br />MEN, a tiitetEIly charge fin lieu of it hsorrgage, insurance premium) <br />which shall he in an wmasnt equal to one - twelfth ill 12) of one - <br />half (1 /2) per certta=4L ibe aivrage outstanding balance due on <br />the note ti+1N* taking wo. aco wrA delinquencies or <br />afewy .. , <br />(b).A.- susr; ;4OW to the ground rents. if arty, next due. plus the <br />premiums that will nett: is„romc due and payable.~. 7olicie3 of <br />fire and other hared tns.,tance cosering the propci7:±•1,iLLs taxes <br />and assessments next due on the progeny (all :r+ kt. 11;! <br />Lender) Less all sums already paid therefor dMelled by the nut txt <br />Of months 10" tlapse before one (1) month pnor to the date when <br />such ground rents, rrer?rrairets. taxes and assessments -4111 tvcome <br />delinquent, such sums by I& ;xld by lender in trust to pay said <br />ground rents, Premiums. '44M and special asses %mends, and <br />(c) All payments nwritioned in tine rev,. preceding subsec-hons s24 <br />this paragraph and all payments to {.v ruck under the note <br />secured hereby shall be added together, and the a�gm.gate amount <br />thereof shall be paid by tc Borrower each month tip-cs single pay• <br />user to he applied by the'Lender to the following ':jkjrC% in the <br />order set forth: <br />11) premium charges under the contract tit imurarwe Anti <br />the SccrctarY Of Hotnins aiui Urban 1knetopme►, tit monthly <br />urge (in lieu of ntortgi� Insurance premium). as the case may <br />be; <br />(Il) ground rents, tiles, assessments. fire and other Ward <br />insurance premiums; <br />(111) interest on tMr . -te soured hcteb5, <br />(IV) amortization +4 tiie prutctpal of said nr,:•:; :,nd <br />. (�'): Lie• �lytrges. <br />Mt dd' *NxY int the amount of • surfi aggttegate rllarttlMfy pay <br />mint shall. unless made ,gitod by the Borrower prior to the due <br />date of the text such pitfrttaent. constitute an event at default <br />under this mortgage. Tijo Lender may collect a —life 1charge" not <br />to exceed far cents (4g3;-'ttr each dollar (Sii of each payment <br />89-104318 <br />snore than.firteen (13) bays in arrears to cover the extra expense <br />involved in handling delinquent payments - <br />3. That if the total of the paymnts made by the Borrower <br />under (b) of paragraph 2 pm eding shall exceed the amount of <br />Payments actually made by the Lender for ground rents. taxes and <br />amesstnehts or ittsarance pretai ma s. as the case may be. stick ex- <br />cess. if the lout is current. $%'the optiaa of the Borrower. shalt be <br />credited by the Lauber on subwquent payments to be made by the <br />liossosrer, or refunded to i`.,e Rorrower. If', however. the monthly <br />'plsytrtents made by the Borrower ostler (b) of paragraph 2 <br />preraling shall not be sufficient to pay. ground rents. tares and <br />ariesWkWs or insurance premiums, as the case may be. when the <br />Sant NO biro rrc due and'payable. then the Borrower shall pay <br />90 the Lender any amount necessary to snake u;- tht deficiency. on <br />or before the date when payment of spelt grou hd ;vents, taxes, <br />assessments. or insurance premiums shall be dui. If at any bites <br />the Borrower shag tender to the Leader, in acuordaree,with Tlbte. <br />Proisioni of the note. secured hereby, full payaj�at; of 111E auto <br />indebtedness repres6*cd thereby, the Lendler shal�'Ya computing <br />the amount, of such 4jebtedness, credit to the s>qw nt of the am- <br />rower all payments, **,1'�- under the proviskm%L. 4'iis) of pars ph <br />2 hereof wKwh the Under. hu =.bomme obligated to pp►; t -xhe <br />Secretary of Housing and Urban sue` elbptrieaY and any ba4ici re- <br />maining in the funds accumulated t6iioer' the prc*Wzns of (b) of <br />paragraph 2 hereof. E£'there shall 'be,* ziefault z,&v any of the <br />provisions of this iltsttL�__tertt resulting in a jpuKii sale of the <br />premium imvered herd, or if the Lender acquires the property <br />othemiur;tf.:er default, the Lender shall apply, at the titre of the <br />.•ommemwment of such proceedings. or at the rir:.e the property is <br />cnherwise acquired, tlbr; balance then remaining.iid;`tfsc funds ac- <br />cumulated. under (b} 6C)SSiragraph 2 pteceding, :i-, at: credit against <br />the amtotrrtt Of prieeiWdleu• tetuaoting unpaid` gulllkt said note, <br />WO shall properly wiliest any MrXin: -t which shall :have been <br />made under (a) of paragraph 2. <br />4. That the Borrower will pay ground rents, taxes. assessments. <br />water rates, and other governmental or municipal charges. fines. <br />of impositions, for which provision has not been made <br />ftereinbefece. and in default thereof the Lender may pay the same: <br />and thxa,.the &xrower will promptly dehter the official receipts <br />thertfor.ttt-.The tender. <br />s• Tt:.r.. Wrrower Atli pay all taxes which maV'tou, levied upon <br />ttte Lcnuvx." s interest in said teal estate and inj nww -.m- nts. and <br />which MT. 'be lc%ied upon this in,ti�►tUi^.t. or +V, �3ehl secured <br />hereby tout only to the extent thar•,np t- is rot prohibited by law <br />and only to the extent that such will;:ot make loan usurious), <br />but excluding any income tax. State or Federal, psxtt?bsed on <br />1 ender, and %ill file the official receint showing yich payYr:c t; <br />with the Lender. Upon siulation of this undertaking. or if i c <br />ifiar(iwM A prohibited by any taw now or hereafter existing ita <br />paying slur whole or any portion of the aforesaid taxes. or uNr! <br />the rendering of any court decree prohibiting the payment by the <br />Dorrower of any such taxes, of if such law or decree protides that <br />any amount so paid by the Borrower shall be credited on the debt. <br />the 1 ceder %ball have the right to gtli` ninel> day%' written notice <br />us the mvncr Of the eremites. requiring the payment of the debt. <br />If such notice be gi►en. The said debt shall become due. payable <br />and collectible at the expiration of said ninety days, <br />6. That should the M.',-fw, %cr tad to pay any sum of keep any <br />cosenan *,(srotild:c� for -, : tt:;ti instruinC:!T, then the I ender, at its <br />optics, thhy pas or ttierf }T:tt the s iYtdi and all expenditures so <br />page 2 of 5 t1906112 ODT <br />A. <br />1 <br />i <br />