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<br />Ileertasrer and I seeder covenant and rtree tits tolipgst more than fifteen (15) days in arrears to cover the extra ex"*
<br />I. That Borrouer will pay the indebtedness. as hereinbefore )
<br />provided. privaW is reserved to pay the debt Iii whole or in pan
<br />on any installment clue date.
<br />2. That. together with, and in addition to, the monthly
<br />(xymeats of principal 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 />foiknwit+.a surm.
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument and
<br />the tcatc secured hereby are insured, or a monthly charge (in lieu
<br />of a mortgage insuranx 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 eten date and this instru-
<br />rttent are insured or are reinsured under the provisions of the Na-
<br />tional Housing Act, an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the annual
<br />mortgage insurance premium in order to provide such holder with
<br />funds to pay such premitm to the Secretary- of Housing and Ur-
<br />ban Development pursurrirF ro the National Housing Act. as
<br />amended, and applicable- Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instru-
<br />ment are held by the Secretary of Housing and urban Detelop,-
<br />ment, a monthly charge (in lieu of a mortgage insurance premium)
<br />which (hall be in an amount equal to one - twelfth (1/12) of one -
<br />half (1/2) per centum of the average outstanding balance due on
<br />the note corref^u2rd without taking into account delinquencies or
<br />prepayment -i'
<br />(b) A sum equal to the ground rents, if any, next duc;: ;nfus the
<br />Premiums tbat will next become due and payable oil ) tl[� :es of
<br />t-frr :ia:d: ;7ther harard insurance cohering the property; plus faze,
<br />a -d :ra• :�-css next due on the property (all as csrintared by the
<br />sums already paid therefor divided by the number
<br />of r•t'acaW rp elapse before one (1) month prior to the date when
<br />such ground rents, premiwmt ,• taxes and assessments will become
<br />delinquent, ouch su-ni, to fir held by i_cnder in trust W, pay said
<br />ground rents, premiums, tales and special assessments: and
<br />(c) All papnents mentioned in the two preceding ,��i, *ections of
<br />this paragraph. and all payments to be made under fly,.e t -ote c. The Borrower will pay all taxes which may be levied upon
<br />secured hereby shall be added together, and the aggr <_trtaL arttount the !.cnder', interest in said real esstato and improvements, and'
<br />thereof shall be paid by the Borrower each month in a :tingle pay- which may be levied upon this instlurnrtu or the debt secured
<br />ment to be applied by the Lender to the following items in the hereby (hut only to the extent that such is not prohibited by law
<br />order set (iu�tlt: and only to the extent vital such will not make this loan usurious).
<br />W q; rwiium charges under the contract of insurance with I.cnder1iantd willyfite the official treceipt ihowin� rsnci►se on
<br />the Se"ary df Housing and Urban Development, or monthly with the lender. UpoA violation of this undertaking, or f the
<br />charge (in lieu of mortgage irtsuran r premium). .is the case may Borrower is prohibited by any law now or hereafter existing from
<br />�; paying the whole or any portion of tlig aforesaid t ives, or upon
<br />the rendering of any 0,113ir decree prohibiting the 1�'ipi -, nit by the
<br />Borttmer of any suc!i ra :sex, or if such lak% or dec, ;!v provides 17,1,
<br />any amount so paid by yew Borrower shall be credited on the
<br />the I ender ,hall hate the fight to give ninety days' written noraat
<br />to the owner of the premise~, requiring the payment of the debt.
<br />It such notice be giten,'the� said debt shall become: due. payable
<br />.,red collectible at the evpir;ltiun of said ninety day,;
<br />mw ked to handling delinquent payments.
<br />3. That if the total'of *e payments made lby the Rorrotter
<br />under (b) of paragraph 2 precedittst shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />assessments or -insurance premiums. as the case may ire, such ex
<br />cess, if the loan is current, at the option of the Borrower. shall b: .
<br />credited by the Lender on subsequent payments to be made by thr
<br />Borrower, or refunded to the Borrower. If, however, the morthh'.
<br />Payments made by the Borrower under (b) of paragraph 2 '
<br />preceding shall not be sufficient to pay ground rents, taxes a0i:
<br />m
<br />assessents or insurance premiums. as the case may be, wbm thir ._' .. .
<br />same shall become due and payable, then the Borrower shall pays.
<br />to the Lender any amount necessary to make tip 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 tint✓;
<br />the Borrower shall tender to the Lender, in accordance with elf«':
<br />Provisions Of the note secured hereby. full payment of the entire .`;; •: ` :;
<br />indebtedness represented thereby. the Linder shall, in computini
<br />the amount of such indebtedness, credit to the account of the �` '
<br />rower all payments made under the provisions of (a) of paragrak;)',
<br />2 hereof which the Lender has not become obligated to pay
<br />Secretary of Housing and Urban Development and any balanrr.iq .
<br />maining in the funds accumulated under the provisions of (b) o. ,
<br />paragraph 2 hereof. if there shall be a default taitier -any of th4.
<br />provisions of this instrument resulting in a public soet of the•
<br />ptemises covered hereby, or if the Lender acquires the -props riv- .
<br />otherwise after default, the Lender shall apply, at the time of IlFq '
<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 under (b) of paragraph 2 preceding, as a credit against
<br />the amount of prin:ipal then remaining unpaid under said notco,
<br />and shall properly adjust any payments which shall hate been
<br />made under (a) of paragraph 2.
<br />4. That the BOrrowcr will pay ground rents. takes, assessments,
<br />stater rates, and other governmental or municipal charges, fines.
<br />or impositions. for uhitib prutiston has not been made
<br />hereinbefore, and in default thaeot tf;e Lender may pay the "zvr :,
<br />and that the Burroster will promptly deliver the official receipts
<br />therefor to the I cnder.
<br />(11) srrund rents, takes, assessments, fire and other halm
<br />insurance prtu :ams;
<br />(Ill) interest on the note secured
<br />(IV) amortization of tine principal (it s.d
<br />(V) lati! charges.
<br />Any del!iAmcl, In the amount of such aggregate muntL.") pal -
<br />meet shall, :0kr,'- ii,made good by the Borrower prior to il:e due
<br />date of the rc,u ,�,.;; pallttent. constitute an event of default
<br />under this nttirtg {qe. Tile Lender may collect a "late charge" nor
<br />to emceed ftnlc;cents (46) fh} each dollar (Si) of each paym.nt
<br />si fhat should the Borrower tail to pay any sum: , :;r keep ally
<br />•;.�C'Anrat• 1`r+ssided for in this instruntet`t; 'lien the Vender. at its
<br />cal+ :ti. i11.1v pay or perfontt the samr„ ji%4 all cif -viv situres ,a
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