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r <br />L <br />mom,*" tad Leader cmetant aed agree as follows: <br />1. That Bonower will pay the udebtedness, as hercinhefore <br />provided. privilege is rtscmed to pay the debt in whole or in part <br />on any installment due date. <br />2. That, together with, and in addition to. the monthly <br />payments of prIncipttl and interest payable 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 />f0dowing stuns: <br />(a) Atttoun, sufficient to provide the holder hereof with funds <br />to pay thv; nee mortgage insurance premium if this instrument and <br />the tote secured hereby art insured, or a monthly charge (in lieu <br />of a mortgage insuran..c premium) if they are held by the <br />Secretary of- Housing and Urban Oevclopment, as follows: <br />(1) If and so long as said note of even date and this instru- <br />ment are insured or are reinsur;d under the provisions of the Na- <br />'tiottat Housing Ass, an amount sufficient to accumulate in the <br />hands of tF'e holder one (1) month prior to its due date the annual <br />IrAwtj4e itr %«ranee premium in order to provide such holder with <br />fuvd ::+'p8y suvfi premium to the Sevmary of Housing and Ur- <br />bars Ose "I t pursuant to the \arronal Housing Act, as <br />4rd applicable Regulations thereunder; or <br />t1l) • .f and so lo21 as said note of even dal , and this instru- <br />ment z:e'ttrM by the Secretary of He° s*.ng and Urban Develop - <br />rrtent, a t .W.hly charge (in lieu -of a xm—.•t2aFe insurance premium) <br />which shat! N in an amount equal to o• re- twelfth (1) 12) of One- <br />half (1/2) per centum of the average outstanding balance due on <br />the note corrpured without taking into account delinquencies or <br />prrpaymeoat; <br />(b) A sys equal to the ground rev; &, if any, next due, plus the <br />premiums that will next become due and payable on policies of <br />fire and other hazard insurance covering the property. plus taxes <br />and assessments next due o-7 the property (all as vv:Mated by the <br />Lender) less all sums afro paid therefor divid::dt ttn the number <br />of months to elapse before one (1) rncn *. prior to, the date when <br />such around rents, premiums, taxes aar,d` a.wisment." vv ell become <br />delinquent. such sums to be held by iuiwt.-r in trust to pay said <br />ground rents, premiums. tares and (re: ai assessments; and <br />(c) All payments. mentioned in the tv -o preceding subsections of <br />this paragraph and all payments tr I., - a7ade under the note <br />secured hereby shall be added rogc!b'm..and the aggregate amount <br />w <br />thereof shall be paid by the Florro(.•%t:h month in a single pay- <br />ment to be applied by t ^;: Lender to fhc following sterns in the <br />order set forth: <br />(1) premium :hw3 is under the contract C.)I irr;+a.raiucc with <br />the Secretary of Housing and Urban rAne!opme- 4,...,ar rnunihly <br />charge (in lieu of mortgage insur.incc ,: a-rmium). us :ae case may <br />be; <br />(1l) ground rents. taxes, assessments, fire and other hazard <br />insurance premiums; <br />(lilt interest on the note sc0;3,is3 l;ereby; <br />(IV'#! aruirrtiration of the ptinc +pal of said note. and <br />(V) late charges. <br />Any deficiency in the amount of such aggregate monthly pay - <br />mcni shall, unless made good by the Borrower prior to the due <br />date of the next such payment, an event of default <br />under this mortgage. The lender may collect a "late charge" :ssi" <br />to exceed four cents (44 far each dollar (Si) of cacti payment <br />F <br />89-11111,104542 <br />more than fifteat 4111 days in arrears to cover the extra expense <br />inv olwed in handling delinquent payments. <br />3. That if the total of the payments made by the Borrower <br />under (h) of paragraph 2 preceding shalt exceed the amount of <br />payments actually made by the Lender for ground rents, taxes and <br />assesmtentu or insuranot premiums. as the case may be, such tx- <br />eess, 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 />Borrower. or refunded to the forrower. If, however, the monthly <br />payments.rnadc by the Borrosu under (b) of paragraph 2 <br />prevvding shall not be.suffi6erit to pay ground rents, tastes and <br />assessrents or insurance premiums. as the case may be, when the <br />same shail becomic due and ;sayable, then the Borrower ill pay <br />to the Lender any amount necessary to make 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 shalt tender to the Lender, in accordance with the <br />provisions of the note secured hereby, full payment of the entire <br />indebtedness repwiented 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' tv a default under any of the <br />provisions of this instrument re&uft;_,g in a public sale of the <br />premise, covered hereby. or if the Lender acquires the property <br />otherwise after dcfa•.i<<. the Lender shall apply. at the time of the <br />commencement o` sjtvhproctedings, or at the time the property is <br />otherwise acquired, On-. balance then remaining in the funds ac- <br />cumulated under kb.. Hof paragraph 2 preceding. as a credit against <br />the amount of priLa ;�W then remaining unpaid under said note, <br />and shall properly a•3�,, any payments whidt shall have been <br />made under (a) of rx:sagraph 2. <br />4. That the Borrower will pay gu.vi^d rents:. raves. assessments, <br />water rates, and other govcrnmerial.or murnin4e,4 charges, furs. <br />or imposition -,. for which provi�:c'.. !tas not I mir shade <br />herembefore, and in default thereof the Len3si,maj' pay the same; <br />and that the Borrower will promptly deliver the official receipts <br />therefor to the t ender. <br />5. rte: l rower will pay all lases whi ;h may be levied upon <br />the Lcnder'v *.crest ! ^. said rea! 1G°;ate anJ irnprnt'ement,, and <br />which may he ;e, 'vai. ups: n this e�,,trutnetit or the debt secured <br />hereby (but only to t &e extent ttiNt such ix -tat prohibited by law <br />and only to the extent that such vvtll rot make this loan usurious), <br />but excttai ag any income tax. Siam of Federal, imposed on <br />1 ender, and will file the official rVuLijtt showing such payment <br />with the Lender. Upon violation`oy,ibis undertaking, or if the <br />Ikirrower is prohibited by any law now or hereafter existing from <br />paying the whole or sw'posuon of the aforesaid taxes, or upon <br />:tic rcudrring of ant •c . ;t dc:;us i iohihiting the payment by the <br />Harrower of any such :axes. or if such law or decree provides that <br />any amount so paid. by :he Bortbwer shall he credited on the debt, <br />the I ender shall tits.¢ t1;.: right to give nice: ;'y days' written notice <br />as the owner of the _pnjiscai. ret4niring o r- wim..ent of the debt. <br />If suvh notice be goe:t, the sai4 (hif:f shtu; become due, payable <br />and :olloaiblc at the expiration irf sa:d ninety days. <br />G. That should the Horrower fail to pay any ,urn or keep any <br />covenant provided Ii- in thii inmuntcni, there the 1 endet, at its <br />option, may pad or perform the same. and ail expenditures so <br />Page 2 of 5 HUD- 9214313T <br />LJ <br />J <br />I <br />7.� <br />e�­ -- <br />4 <br />