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<br />89rm 10481 �t
<br />ownwer and Lender ca!tsstat aed 344 as follows: more than fifteen (15) days in arrears to cover tho eicga expense
<br />involved in handling delinquent payments.
<br />. 1. That Borrower will pay the indebtedness, as hercinbefore
<br />provided. Privik is tesarved to pay the debt in whole or in part
<br />on any installment due date. .
<br />2. That, together with, qnd in addition to, the monthly
<br />payinetsts of principal and inteiest payiible under the terms of the
<br />note 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 />folkming sums:. C. .
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next moripp insurance premium if this instrument and
<br />the rote secured hereby -are insured, or a monthly charge (in lieu
<br />ors mortgage insurawe premium) if they are held by the
<br />Secretary of Housing and Urban Development. as follows:
<br />(1) ,If and so long as said note of even date and this instru.
<br />meet are insured or are reinmtred under the provisions of die No-
<br />donsil Hautatig'Atct, an dmount tufficie tt.to accumulate in the
<br />hima of the holder gibe (1Ymonth prior to its due data. the annual
<br />utart> V insurance pratilium in order to provide suds: holder with
<br />funds to pity such premium to the Secrctitty of Housing and Ur-
<br />ban• Devehpment pursuant to the Natloii6l Housing Act, as
<br />arnended. ;and applicable Regulations thereunder: or
<br />(11) If and so long as said note of even date and this instru-
<br />inert are held by the Secretary of Housing and Urban Develop-
<br />•.d*rd. a monthly charge (in lieu of a mortgage insurance premium)
<br />whicfhall be in an amount equal to one- twelfth (V l2) of one-
<br />. bxlr.(t.12} per. centurn of the average outstanding balance due on
<br />thi. n()(c g.v wiluied without taking into account deiii-_4uencies Cr
<br />preps
<br />(b) A stun.v aytal. to the ground rents, if any, nw, duc, plus the
<br />premiums that wX* wr become due and payable on policies of
<br />fire and onto. fi, d insurance co%em7T_. the propert). plus taxes
<br />and assessmentm.. -text due on the property (all as estimated By ;NP-
<br />Lender) less all sums already paid therefor divided by the numb %
<br />of months to elapse before one (1) month prior :•a 1.i w date when
<br />such ground rents, premiums, taxes and assessmr ii v ill become
<br />delinquent. such sums to be held by L,tn.L :r in trust to pay said
<br />ground rents. premiums, taxes and spc.:jari assessments; and
<br />(e) All payment,. mentioned in the two preceding subsecnions of
<br />this paragraph and all ,*rs_�znents to be made under :he note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall: Iv paid by the Borrower. each month in a single pas -
<br />ment to be all-Cad by the Lender tc-,:tc following items in the
<br />order set GWAc
<br />f.�
<br />(l) premium charges under the contract of ir'spiaroe wuh
<br />file Secretary of Housing and Urban Development, tar
<br />charge (in lieu of mortgage insurance premium), a.& ;l ma-,O 01131
<br />be;
<br />(I['iiground rents. carts, asseis�rcr:i. fire :..w ather hazard
<br />insurance ;premiums:
<br />1111) interest on :ti; t+;::,�! ,r..-i '. :reb)s
<br />OV)p anionizatier- !a of said note. and
<br />(V) late chaigeri.
<br />Any deficiency in trra vzount of such agareguir. cvanthly pay -
<br />ment shall. unless r:udie gi;,od b) the Borrower pr Yr.t'o the due
<br />date of the next such Payment, consti;ute an client of default
<br />under thie. mortgage. The Lender magi collect a "late charge" not
<br />to exeeet; (otter cents (441 for each dollar ($I) of e.:ch payment
<br />3. Tharif the. total of the payments made by the Borrower
<br />under (b) of paragraph 2 preceding'shalt exceed the amount of
<br />payments ally trade by the Lend" for gmttnd.rettts, taxes and
<br />assessments or insiiraqCe premiums, as the easy aft, be. such ex-
<br />cr-ss. if the loan is cu t, at the option of 'the 9 wer. shall be
<br />credited by the Lender on.suhsequc:tt paytnenmi 1w be made by the
<br />Borrower. or refunded to the Borrar. vqr :. If, however, the monthly
<br />payments made by the Borrower tMilW. lib) of pafagraptr 2
<br />preceding•shall not be sufficient. to pay around rents, taxes and
<br />assessments or insurance pmmiums, as the case may be. when the
<br />came shall become dur.sid payable; then the Borrower shall pay
<br />to the Lender any amount, necessazf to make up the deficiency, on
<br />or before the date when.paymitnttrtt'such ground rer:ts. taxes.
<br />assessments. or insurance' prenlit}mF shaV.be due. If at any time
<br />the Borrower shalt tender to the Lender, in accordance with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby. the Lender shall, in computing
<br />the amount of such indebtedness. credit to the account of the Bor-
<br />rower all payments 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,' i &
<br />premises covered hereby. or if the Lender acquires tht );rYx4a -V
<br />otherwise after default, the Lender shall apply. xt.Ox time of the
<br />commencement of such proceedings. or at the. the property is
<br />otherwise acquired. the balance then remaining, -in the funds ac-
<br />cumulated under (b) of paragraph Z. pr: ceding_ as a credit against
<br />the amount of principal then remaining unpaid under said rite,
<br />and shall properly adjust any payments which shall •have been
<br />made under (a) of paragraph 2.
<br />4. That the Borrov. :r, a.ill pay ground rents. taxes. assessmcn!si
<br />water rates. and other gosernmente_1 or municipal charges. finis,
<br />or impositions. for which provisicn h5ia .r.•v been made
<br />hereinbefore. and in default thereof '.' Vmder may pay the same:
<br />and th:r'✓thc Borrower will promptly deliver the ff icial receipts
<br />therefor to the Lender.. .
<br />3. The Borrower i.,JM ray all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements, and
<br />which may be levied a,un this instrument or the debt secured
<br />hereby (but only to Iti ::•%tent that such is not prohibited by law
<br />and only to the cxtenr, i!Nt such will not make *3: loan usurious),
<br />but excluding any irrc;.tviat tax. State or Federal. unposed on •i
<br />Lender. and will file =3r official receipt showing such payr.5s r
<br />with the lender. Upon siotatiaa r >r'1�.his undertaking, or if t),:
<br />Borrower is prohibited by any la-w rxiw or hereafter existing from
<br />paying the whole or any portion of the aforee.tid: !axes. or upon
<br />the rciidcring of any court decree prohibiting r.'± , paymem by thu•
<br />Borrower of any such taxes, or if such law or t mcc provides ° a.
<br />any amount so paid by the Borrower shall be credited on thu- '6_bi,
<br />the Lender shalt have the right to give ninety days' written notice
<br />to the owner of the premises, requiring the payment of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and collectible at the expiration of said ninety days.
<br />6. Plat should the Borrower l;til ro pay any sum or kec, , .uy
<br />covenant provided for in this u:.:;: menu, then the tender,
<br />option. may pay or perform the same. and all vnpendifures so
<br />Pape 2 of 5
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<br />+~ Hull 321430T
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