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6"10ofr a" B.ea/er ttovelM sad agree n folggws:
<br />1. that Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege Is reserved to pay the debt in whole or in part
<br />on any installment due date.,
<br />2. 14tat. togetleer with, and in addition to, the monthly
<br />par mts of pdncW and interest payable under the terms of the
<br />note secured hereby, the Borrower wilt pay to the lender, on the
<br />first day of each moth until the said note is fully paid, the
<br />following suers:
<br />(a) Amount sufficient to provide the hosier hereof with funds
<br />to pay the next mortgage insurathee premitun if this instrument and
<br />the note secured hereby are insured. or a mvnthlyk:charge (in lieu
<br />of a raorreage insurance premiuml if they are fWct-b) the
<br />Secretary of Housing and Urban Reselopmeri, `as follows:
<br />(1) If and so long as said note of ever-i dasx and this instru-
<br />ment are insured or are reinsured under the 1 rjsv'iiiions of the Na,
<br />tional- Housing Act. an amount sufficient to oraattilutate in the
<br />hands of the-holder one (1) month prior to,Yt6. (TO date the, annual
<br />::stet t ; pe insurance premium in order to protitfi: ouch hoULl , w- h
<br />? if ,tn. /,say such premium to the $=tL ary of Housing and, r-
<br />,' %mss [ +eWprteenf pursuant to the't4tfon3l H uvt ing Act, as
<br />amended, and applicable Regulations tlierctitis°,yr„.pr,
<br />(lI) If and so tong as +aid note.af esvrt 4 zc and this instru-
<br />ment arc held by the Scerewry of Htti: sing aii? urban Devetop-
<br />rttent. a thonthly charge (in lien �f rivri3Wr insurance premium)
<br />which shall be in an amount equal to one- taet ?'_!i (1/ 12) of one -
<br />half (1/2) per centum of :`m average outstaWidts- balance due on
<br />the note.computed vxt{ltiaa:;t r.£tsng into account delinquencies or
<br />prepayments; ,
<br />(b)- 4.0 s;um cquai to the grouni..t mt"—%. if any. next due, pht)olve
<br />premiiiris <that
<br />will next became tl• .and payable on policies %if
<br />fire and other hazard insurance c s ::.rag the property, plus tables
<br />and assessments next due on the yrrt;;rq (all as esrirnared by the
<br />Lender) less all sums already pa:dificrefor divided by the numN-r
<br />of months to elapse before one (14 itionth prior to the date k% lien
<br />such ground rents, premiums, v�u2 and assessments will become
<br />delinquent. such sums to tic held by I cnder in trust to pay said
<br />ground rents, premiums, taxes and special asscssments; and
<br />(c) All payment4 ma-wi.:med in the two preccdmg subaxtiom of
<br />this paragraph and all payments to be made tinder the note
<br />secured hereby shall he added t:foher. and the aggregate amount
<br />thereof shall he paid by the Borrower each month in a single pay-
<br />ment to be applied by the lender to the folletsing tidies tit the
<br />order set forth:
<br />(1) premium charges under ilia contri:t of instuaim: AuFi
<br />the Secretary of Housing and Urb-cr; Development, or nionth}v
<br />charge (in lieu of mortgage insuraAme prenihnn). as the case rnav
<br />be:
<br />(11) ground fm vi. taxes. asscssments, firc and other hataid
<br />insurance premiurs.;
<br />(111) interest en il;e note +eau d hereby;
<br />(lie, antortitdiiar, of the pr.ii,ipal of .atJ -i::ro: and
<br />kV) late charge'..
<br />Atty deficiency in the amount of such aWtg5tte monthly , av-
<br />r lent shall. unless made gswd b; thc: 6arro.scr prior to he due
<br />date of the next such payment, cgjulnuic an event of dcfaurt
<br />under this mortgage The 1 cnder may collect a "late charge" not
<br />to exceed four ccnrw (ie) for each dollar 131) of each paymcut
<br />more than fifteen (15) days in arrears to eover the extra expense
<br />involved in handling delinquent payments.
<br />3. That if the total of the payment -s made by the Bortowtr
<br />under (b) of paragraph 2 preceding shall excised tote atnoant of
<br />payments actually made by the Leader for grouted rents, taxes and
<br />assessments or insurance premium, as the case may be. such ex-
<br />cess, if the loan is current. at the option of the Borrower, tJlttp be
<br />crfdited by the Lender on subsequent payments to be mate by the
<br />Borrower. or refunded to the Borrower. if. however. the monthly
<br />payments maide by the Borrower under (b) of paragraph 2
<br />precWing shall not be sufficient to pay ground rents. tastes and
<br />assessments or insurance premiums, as the case may be. when the
<br />w�me shall become due and payable, then the Borrower shall pay
<br />to the Lentler any amount necessary to nuke 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 sholj,trutder to the Lender, in accordance with the
<br />provisions of chi?•itpte'securc+d hereby. full payment of the entire
<br />iniWiimbwss rgpies rated thereby, the Lender shall, in computing
<br />thc`�i unt of sutlt indebtedness, credit to the account of the Bor-
<br />rower all paymenis 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 provisions 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 cov ered.l u.6y. or if the Lender acquires the property
<br />otherssise after titeltiwh, the Lender shall apply. at the time of the
<br />txunmerlcemtant. i)F, tech proceedings. or at the time the property is
<br />otlterivrae.ac5ahg' the balance then remaining in the fundsac-
<br />cumuiaied underittixof paragraph 2 preceding. as a credit against
<br />the amount ofIniaal then remaining unpaid under said note,
<br />and shall propedp; ndjyst any payments whltfi shall have been
<br />made under (n,1 itf itaftsatzraph 2.
<br />s. that the Riirswcr utll My-,ground rents, taxes. assessments,
<br />water rates. and other goter:uitastal or municipal charges. fines,
<br />or impositions, for Witch provision has not been made
<br />herembefore, an::6- default thereof the Lender may pay the same:
<br />and that the Ratrrimer %%ill promptly deliver the official receipts
<br />thox-fut to the t•entler.
<br />i. the Ilorroner vsdl pay all taxes which may he levied upon
<br />the Lender's inte -cst in said real estate and improvements. and
<br />.vhwh may he letwd upon this instrument outhe debt secured
<br />Iterehy Ihut wily to the extent that such is n6uprohibited by law
<br />and only tit the extent chat such will not make this loan usurious),
<br />btu Otcluding any utcotrte we, State or t cderal, imposed on
<br />Lender, and sull Iile the ofticial receipt shoa_si -g such payment
<br />with the Lender. Upon vinla: ion of this undetl'ahirig, ar if the
<br />Horrouet is ptohibited by any law now or home ip: crosting from
<br />paying the whole or anv portion of the aforesrad i.►'s�,. or upon
<br />the teridering of any court decree prohibiting the ya;nttau by the
<br />Oarrow-.r of any such taxes. or if such law yr decree pr'o•.*�Jes that
<br />any amount so paid by the Iorrower shall (X Tedited on the debt.
<br />the I cnder shall have the right to give nino); days' tsritten notice
<br />to the owner of the preunw%. requiring the payment of the debt.
<br />It such notiue he (;even, the said dent shall become due, payable
<br />and collectible at the expiration of %aid ninety days.
<br />h. i hat %limild the Rortowrt fail to pay an•, sum or keep any
<br />to.enant provided tw tit this utstruinem. then the lender, at its
<br />tiptwn, ntay pay or perform the same. and 211 expenditures sU
<br />Page 2 of b HUD-9214307
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