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
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