|
c
<br />1
<br />144487
<br />ftnewt tttln/ Littler cormaat ate figne as toBo *,,s= more than fifteen (15) days in arrears to cover the extra expense
<br />1. That litorrower will °h h
<br />pay the indebtedness, as hereinbefore
<br />provkkd. Privilege is reserved to pay the debt In whole or in part
<br />oa arty instaifinent due date.
<br />2. That, together with, and in addition to. the monthly
<br />ptyatents of principal and interest payable under the terms of the
<br />note secured hereby. the Borrower will pay to the tender. on the
<br />rw* d§Y of each month until the said note is fully paid; the
<br />followift suers:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to PRY the next mortgage insurance premium If this instrument and
<br />the IsM ucured hereby are insured, or a monthly charge (tn lieu
<br />of a atortgage i»sur3nvr premium) if [hey are held by the
<br />Setaetarr)I dousing and Urban [)evetopmcnt, as follows:
<br />fi<'}•'-if anal la- long as said note of even date and this instru-
<br />meeet are bmwev. or ale reinsured under the provisions of the Na.
<br />tiond Housing Act,' cYzk amount sufficient to accumulate in -the
<br />ha na Of the holddr +use (1) month prior to its due date the annual
<br />titoctg* instua:- ,X}p=ium in order to provide such hoGlb- with
<br />funds to pay su;h pMmiun to the Secretary of Housing and.. Cr-
<br />ban Developmertc-parsuant to the National Housing Act, is
<br />amended, and applicable Regulations [hereunder. or
<br />M) If and so long as said note of even date and this; tmtru-
<br />mer:st are held by the Secretary of Housing and Urban Dcn. fap-
<br />ment, i monthly charge (in lieu of a mortgage insurance premium)
<br />which shall be in an amour., equal to one - twelfth (1/12) of one -
<br />half (1 /2) per cen*.= of the average outstanding balance due on
<br />the rote eotnpute4 wthout taking info account delinquencies. or
<br />prepal"ents;
<br />011 sum equal W,: the 9 -um nd rents, if any. next due. plus the
<br />premiil= that wire next become due and payable on policies of
<br />fire and other hazard insurance covering the property, plus taxes
<br />and assessments next due on the property (all as estimated hr the
<br />LensLx) less all sums already paid therefor divided by the niani+cr
<br />Of t7ra"51i h to elapse before one (1) month prior to the date urlsr,•n
<br />such esund rents, premiums. taxes and assessments will become
<br />delinquent, such se re; to be held by Lender in triAl to pav said
<br />ground rents. premf �r,,;.;, taxes and special assessments; and
<br />(c) 1%P,'paymcn.'; ;tsnfioncd , :he two preceding subsectums of
<br />this Cw, -A*Y arch ail payments to he made under . the note 5. The Bor, +.,sere +is►1 pay all taxes which may be levied upon
<br />secured 'hereby Mali 'v added together, and the aggregate amount the Lendcr's mt; -:wt in said real estate and improvements, and
<br />thereof shall be p:vii 1 ^y the Borrower each month in a single pay- which may Ise levied upon this instrument or the debt secured
<br />ment to be applied't%tr the Lender to the following items in the hen.by. (but only to the extent 11131 such is not prohibited by taw
<br />order set forth: and only to the extent that such will not make this loan usurious),
<br />but cxcfuding arty income tax. State or Federal. imposed on
<br />premium charges under the contract of insurance wrath 11 ender, and will file the official receipt showing such payment
<br />the Scaomary of H.lusing attd Urban Dewfopment, or monthly with the 1 ender. Upon violar +d±n cal this undertaking, or if the
<br />charge in liver .:l d eta rage insurance premium.!;, as the case may 131 +r,ovver is prohibited by env JAW; now or hereafter existing from
<br />�' paying the %little or any portU-,t?,.af the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiting fire payment by the
<br />fjotrawcr of any such taxes, or if such law rt decree provides that
<br />any amount so paid by the Borrower shad he credited on the debt.
<br />the Lender shall have the right 10 g,ve s:,-•ay days' written notice
<br />to the owner of the premises, resattar; ;;f t l: psyntent of the debt.
<br />If such notice be given, the said Sett kij,�)ll heconec due, payable
<br />and collectible at the expiration of said .*, in oz'
<br />.4 Qayy.
<br />im m alluring deftnquuent payments.
<br />3. That if the total of the payments made by the Borrower
<br />under (b) of paragraph 2 precedinS shall exceed the amount of
<br />Payments actually made by the Bender for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />cess. if the loan is current, at the option of the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Horrower, or tefunded to the Borrower. If. however, the monthly
<br />payments male by the Borrower under (b) of puagraph 2
<br />Preceding shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums. as the case may be, t+atmn the
<br />same shall bovme due and payabe, then the Borrower ftll.pay
<br />to the Lender any._amdunt necessary to make up the deficiency, on
<br />or before 1110 409,wbm.. payment of such grouted rents. taxes,
<br />ass�ssmenfs. `•nrrit udi;+~ paMiutns shill be due. If aby. time
<br />file fioirmsxt'!rtttel'I ndi tv.11he Lender, in accordance with the
<br />(emulsions of t6 note secured hereby, full payment of the entire
<br />indebtedness ti:)nr_,�krnted thereby, the Lender shall. in computing
<br />the amount of Raft indebtedness, credit to the account of the Bar-z%
<br />rower all paynieriti" 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 eoyt b4agce re-
<br />maining in the funds accumulated under the provisibin. cif lili) of
<br />paragraph 2 hereof. If there shall be a default under unj d the
<br />provisions of this instrument resulting in a public safe of Ilia
<br />premises covered hereby, or if the Lender acquires the pnafferty
<br />otherwise after default, the F.raa jer shall apply, at the dinar: ia( the
<br />commencement of such proceedings, or at the time the gr ypmy is
<br />-J ab +vise acquired, the balance then remaining in the funds -4c-
<br />sc*.•_dated undcs: fly) of paragraph 2 preceding, as a credit against
<br />the amount of luil- Pal then retraining unpaid under said ieote,
<br />and shall properly adjust any Payments which shall have twm
<br />made under (a) of paragrap4.
<br />4. That the Borrower will dug ground ecru; taxes, assessments,
<br />.r
<br />water rates. and other governmental or ulm.:pal charges, fines.
<br />or impositions, for which pros ;•,ion has not liven made
<br />hereinbefore, and in default, 1.11meof the Lender may pay the same.
<br />and that the Borrower will ry-,-A )ptly deliver the official receipts
<br />therefor to the 1 ceder.
<br />(rl) ground rents, taxes. assessments. fire and other hazard
<br />instwauc : premiums;
<br />1114 interest on the note secured hereby:
<br />(IV) amortization of the principal of said we; and
<br />(V) late charges.
<br />Any defwiet,cy in the arnoura qi such aggregate ntondhl;. p.ty .
<br />ment shad), unless made good by rile Borrower prior to the data•
<br />date of the nett suCh!payment, constitute an cvur: of defau;i
<br />under this mottgape 7'?te 1 ender may collect ;t "fate charge' not
<br />to exceed four cents '(4i) for each dollar (fl) %'I1,each paymcut
<br />6. That should the Borrower fall to pay any suet or keep any
<br />covenant proidcd for in thus ite`.•ttaunert, the,, the 1 ender, at its
<br />uption. "lay pay ar perfurttt aria. same, and all cvpcndnur;. so
<br />Papa �t S HUIW92143t)T
<br />J
<br />tree
<br />i
<br />E x-
<br />_J .
<br />
|