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Borrower &ad Deader Colwell and tone as Mows. <br />1. That Borrower will peg the indebtedness, as hereinbefore <br />priwfded. privikge is reserved 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 />payMCM of principal and interest payable under the terms of the <br />note secured hereby. the Borrower will pay to the Lender, on the <br />Cant day of each match until the said note is fully paid, the <br />followia suers: <br />ia3 Aso%. t sufficient to provide the bolder hereof with fonds <br />to pay the next mortgage insurance pretnhim if this instrument and <br />the note secured hereby are insured, er a monthly charge (in lieu <br />of a mortgage fnsurancv premium) if they are held by'the <br />Secretary of Housing and Urlttt i. Development, as follows: <br />(1) If and so long ass-'a we of even date and this instru- <br />trtent are insured or are reinscrei$ t6d�. tH�provisioni of the Na- <br />tional Housing Avg. an amoyrt '.rC tiLh EsT accumulate in the <br />hamds of the holder one (ty.t lji _7 {nrty` ;tC: its due date the annual <br />mortgage insurance premium fir tie tr t .isovide such holder with <br />funds to pay such premium to cite scq­r_4.�- of Housing and Ur- <br />ban Developeent pursuant to the l 4WL Housing Act. as <br />amended. and applicable Itegutatiors pis der: or <br />(Ii) if and so long as wiz' aote,cf, even date and this mstnt- <br />ment are held ti) the Secreia s .cif i4cus3ng and Urban Mclop- <br />ment, a monthly charge (tit lieu of a Insurance premium) <br />which shall be in an amount equal to omr 'mvelfth 0 � 12► of one - <br />half (1/2) per centum of the average c-4fAUnding balance due on <br />I note computed without taking inu, :lp4uunt delinquencies or <br />ptr�ayrstents: <br />(b) A sum equal to the gr ,mrtd rents, = . next due. plus the <br />premiums 13at. xtil nest become due ao.' ' able on policies of <br />fire and otttte famrd insurance cotierit:%Y Tfsi :. pToperty, plus taxes <br />and assessmt -W . ext due to the proptiv.- 1:11 as estimated by the <br />Leader) less ja sums al-eW. -#; imid therefor divided by the number <br />of months to elapse before, one (1 f month prior to the date %then <br />stitch ground rents, premiums. taxes and dsw%smel'K %ill t1C�olne <br />delinquent. suede sums to be held by I.;:cj4cr In trust to {lay said <br />ground rents, premiums. taxes and sptoctl assessments: and <br />(c) All payments mentlonW is'. -.-I i mo- preceding subsections of <br />cius paragraph and all paytr:c. z, - -�Ow, made under the note <br />secured hereby shall be added the aggregate :a►tount <br />thereof shall be paid by the month in a %mgte pay - <br />ment to he applied by the Lender to thix ti;llowutg Items in the <br />order set forth: <br />(1) premium chaf,,,W4 under the contract of Insurauce with <br />the Secretary of Housing erred Urban Development. or rnonthly <br />Chuge (in lieu of mortgage insure +nve premium), as the case may <br />Ix: <br />(II► ground rents, taxes- assessments. fire and other Ward <br />insurance premiums: <br />(111) interest on the note secured 11eleby: <br />(IV) amortization of the pnncgx +l o: said rCte staf. <br />(V) fate charges. <br />Any deficiency in the amount of such aWegate nt001911y pay- <br />ment shall, unless made good by the Burrower prwr t -s fete due <br />date of the nett such payment. 4.onstitute an event of default <br />under this mortgage. The Letuler may collect a "late charge" not <br />to eutvd four cents 1841 for each dollar (SI) of each payment <br />more than fifteen (i5) days in arrears to cover the extra expense <br />involved in handling delinquent payments. <br />1, That if the total of the payments made by the Borrower <br />under (b) of paragraph 2 preceding shall exgeed the amount of <br />pbayrnents wA aRy made by the binder for ground rents, taxes and <br />assessments our insurance premiums; as the case may be.'such cx- <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 />Borrower. or refuTnded to the Borrower- If. however, the monthly <br />paytaettts trade by the Borrower under (b) of paragraph 2 <br />preceding shall not be sufficient to pay ground rents, taxes and <br />assessments or insurance premiums, as the case may be, when the <br />settee shall become due and payable. then the Borrower shall 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 shall 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 &ir <br />rq#cr all. p4. ihlcrrlS made under the prfvjh.ors of (a) of paragraph: <br />Z.Itreof whicA the Lender has not I;e. 6mc obligated to pay WIND <br />RA,-netary of Housing awt. Vrbaq Development and baldnc:,r " <br />rri;iining in the funds s.cwtt3atlated under the prowsio&orlC fill `of <br />paragraph ZI hereof. If there shall be a default undtis• r _ r z the <br />provisron�. sift' this instrument resulting in a public safe ic� ; "tlli:' . <br />premises tut,"til hereby, or if the tender acquires the property <br />otherwise after default, the Lender shalt apply, at the tithe of the <br />commencement of such proceedings, or at the time the property is <br />otherwise acquired, the balance then remaining in the. funds ac- <br />cumulated trader, (b) of paragraph 2 preceding, as �'crcdit against <br />the aft;mz: r: f principal then retnainfngtunpaid tender said note, <br />and chal►'�%-.!perty adjust any paymcats which shag have been <br />made under (a► of paragraph 2. <br />>. That the Borrower, wil). pay ground rents, taxes; imessments. <br />water fares, and other gd%irmnemal or municipal charges. fines, <br />or Impositions. for which provision has not been made <br />herelnbefore, and in default thereof the Lender may pay tite same: <br />and that the Rorrower mill promptly deliver the official receipts <br />therefor to the L ender. <br />5. the Borrower will pay all tares which tnay be levied upon <br />the t.endcr's interest in said real estate and improvements, and <br />which may h%: levied upon this instrument or the debt secured <br />hereby (but only to the core a that such Is not prohibited by law <br />and only to the extent thin such will not make this loan usurious). <br />but cticiuding any income tar. State or Fcderal, imposed on <br />i.ender. and will file the official receipt showing such payment <br />with the I.t-nder. Upon violation of this undertaking. or if the . <br />il%,rrower is prohibited by any law now or hereafter existing 6.1514 <br />paying the whole or any portion of the aferesajd tyr.%:r j ca upon <br />the rendering of any ct,urt decree prohibiting the yav:aent by the <br />Burrower of any such taxes. or if such law or decree provides that <br />any amot +:tt so paid by the liorrower- •shall be credited on the I$irbl, <br />the Lender shall have the right to grvi r,inay days' written rid -1vr <br />to the ouncr of the 1;•rrniscs, requirir;b the payment of the debt. <br />If such notice tx g)%cls . t4t: said debt st ;a;f,tsecori%s due, payable <br />and collectlhle at the 0 wiration of said itinely da!;V, <br />6. That should the Hoiroacr to (lay any sum or keep alts' <br />covenant provided for in this in,11-vrruetlt, then the Lender, at us <br />option, nfay pay or perform tl,v sats;e, and all c %rmiditures so <br />Page 2 of 5 _ HUD-921143D7 <br />U <br />J <br />r <br />4 <br />