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<br />iorrower acrd i.ettder coveam and agree a ftlifowr.
<br />1. That Borrower will pay the indebtedness. as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part on
<br />any installment due date.
<br />2. Dwt, together with, and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />heireby. the Borrower will pay to the limier. on the first day of each
<br />month until the said note is fully paid, the following sums:
<br />(a) A sum equal to the grouted rents, if any. next due. plus the
<br />premiums that will next become due and payable on polities of fire
<br />and of lhrr hamd insurance covering the property, plus taxes and
<br />attlemrrme is next due on the property (alt as a -Womed by the Lender)
<br />lew all sums already paid therefor divided by the number of months
<br />to elapse before one f 1) month prior to the data when such ground
<br />rents, premiums, taxes and assessments will beerme deliquent, such
<br />warts to be held by Lender in trust to pay sad:&,4uand rents,
<br />premiums. taxes and special assessments: and.. :
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragraph and alt payments to be made under the note secured
<br />. shall be added together, and the aggregate amount theffeef
<br />*0s Pse;paid by the Borrower each month in a single paymLriz to be
<br />itpp'wi 'by the Lender to the following items in the order set forth:
<br />x0 around rents, taxes, assessmitntc, fire and littler hazard insar.
<br />Awe Jxein iuIns;
<br />r 11) interest on the dote kxu- 1hft nby; .
<br />f III► amortization of the prirtcvpw of iatu ae'rt 'and
<br />(IV) late charges.
<br />Any deficiency In the amoucs,."such aggregate monthly pr cement
<br />shall, unless made good by the tiBm - rawer prior to the due dy : of the
<br />next such payment. constitute an event of default under this
<br />mortgage. The I ender may collect a "late charge" not to exceed four
<br />cents f 40 fur ach dollar 1511 of each payment more than fifteen
<br />(1 S) days in arrears to ever thc: emra expense involved in handling
<br />delinquent payments.
<br />3. That if the trrtl: cif the payments made fiS, the Borrower under
<br />(a) of paragraph l [M:,:eding shall exceed the znvount of payments
<br />actually made by the #.ceder for, grand rents. taxes and amassment•
<br />or in:azrance premiums, as the ,,:awe imei be, such excess. U. r3a 1$.413 Is
<br />current, at the option of the Eli xis esrrv, shall tae credited sic
<br />Lender ern subsequent payments t made jr Lj3rc c ;,, -p tier, err
<br />refunded to the Borrower. If, htmar':.s-,:,.hc :n,c7rilrj: ;: Payments made
<br />by the Borrower under (a) of p&rtip pb 2 preceding shall not he
<br />sufficient to pay ground rents, tAve wid assessments or insuance
<br />premiums, as the case may be, crib; a the same shall become . due and
<br />payable, then the Botrower shaff prig to the f_r it any amount
<br />necessary to make rs# the deficient). on or hi- A;rtt' date when
<br />payment of such ground rents. taxes,, :r,itsurance
<br />premiums shall be due If at anv titr:r the &urower shall foidt I to
<br />the Lender, in accordance with the pros isu,n% of the mere - ,t:,urcil
<br />hereby. full payment of the entire indebtedness represented thereby,
<br />the lender shall. In computing the amount of xuch indebtedness.
<br />credit to the account of the Borrower any bil tnee remaining In the
<br />funds accumulated under the proti,.:ons of (a r of paragraph 2 hereof
<br />if !here shall he a default under aay of the pruvismris of this
<br />instrument resulting in a public -�lrof the premixc covered hereby.
<br />or if the tender acquires the property otherwise after difidt, the
<br />Lender shall apply, at the time of the commencement of such
<br />proceedings, or at the time the propeny is otherwise acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said mite.
<br />d. That the Borrower will pay ground rents, taxes, assessments.
<br />water rates, and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made bereinbefore.
<br />and in default thereof the Lender may pay the same. and that the
<br />Borrower will promptly deliver the official receipts therefor to mfr.- . .
<br />Lender.
<br />S. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements. and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make this lean u%hous), but excluding any
<br />income tax, State or Federal, impost 0 i fi,,irpder, and will file the
<br />official receipt showing such P*'1T-,vTizWM;9Ie Lender. Upon
<br />violation of this underuki_m. izw U;4-&. rr wer is prohibited by any
<br />re
<br />law now or heafer existing from paying- cite whole cw any portion
<br />of the aforesaid taxes, or upon the renderittg of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt. if such notice be given, the said
<br />debt shall become due. payable and collectible at the expiration of
<br />xisd ninety days.
<br />6. That should the Borrower fail to pay any sum or • any
<br />covenant provided for in this instrument, dseo the Lender, at its
<br />option, may pay or perform the same, and all expenditures so made
<br />Shalt be added to the principal sum owing on tits said note, shall
<br />J. 'all
<br />hereby, and shall Ixar interest at the rue set forth in the
<br />sate) nrrr, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Ixnder, to he applied toward the payment of the note and all sums
<br />sci;ured hereby in case of a !- M'"4:t in the performance of any of the
<br />f ams and conditions of this a arument or the said note, all the rents.
<br />Xsehues and income to be derived from the said premises during
<br />such time as the indebtedness shall remair unpaid. and the tender .
<br />shall have power to appoint arty agent cil zogmts it may desire for the
<br />purpose of repairing said pre»mi, s a• ^d of renting the same and
<br />collecting the rents, revenui� errt� rte, and it may pay out of said
<br />Incomes all expenses of rep > -attr, A4 premises and necessary
<br />commission and expenses arms *red in renting and managing the
<br />same and of collecting rentals therefrom. the balance remaining, if
<br />any. to be applied toward the discharge of said indebtedness.
<br />K That the Burrower will Lt:r p the improvements nhrs existing or
<br />hereafter erected on the piupeny, insured as may be requited from
<br />time to time by the Lender against loss by fire and other hazards.
<br />casualtie % and contingencies in such amounts and for such periods as
<br />may be required by the Lender and will pay promptly, when due.
<br />any premiums on such insurance, provision fox payrrs t oaf which
<br />has not been made herembefore. All insurance shall ttai:arned in
<br />curnpames approved by the Lender and the policiefuul renewals
<br />thereof shall he held by the lender and We miached thereto loss
<br />payable clauses In favor of and in form acceptable to the pander. In
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<br />HUD- 92143OT.1
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