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r. <br />r <br />111100rower am Ilk"" covenant:and agrAzaa follows: <br />I. 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. That. together with, and in addition to, the monthly payments <br />of prittscipd rind interest payable under the terms of the note secured <br />hereby. the Borrower will pay to the Lendm 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 ground rents, if any, next due, plus the <br />premiums that will next become due and payable on policies of fire <br />and other hazard insurance covering the property, plus taxes and <br />assess M% next due on the property toll as estimated by Ike Lender) <br />kss all sums already paid therefor div :ded by the number of months <br />to elapse before one (1) month prior to the date when such ground <br />rents, pmmiurn , pmrwand assessments will become deliquent, such <br />sums to be held by [:ruder in trust to pay said ground rents, <br />premiums, ."es and special assessments; and <br />(b), All.payments mentioned in the preceding subsevion of this <br />paragtaph and all payments to be made under the note secured <br />hereby shall be added together, and the aggregate amount thereof <br />shall be paid by the Bormwer each month in a single payment its be <br />applied by the Lender to the following items in the order set forth: <br />(1) ground rents. Wes, 49gssments, fire and other hoard incur. <br />ance premiums; <br />(11) interest on the note securer! Itrreby; <br />(IiI) tinortiution of the princiPtf,irf tsid note.-and <br />(iV) late charges. <br />Any deficiency in the amount of suers itggrvWx monthly payment <br />shall. unless made good by the Borroma prior to the due date of the <br />next such payment, constitute an event of default under this <br />mortgage. The Lender may collect aL "late charge' not to exceed four <br />ants (4t) for each dollar ($I) of cacti payment more than fifteen <br />(IS) days in arrears to cover the extra expense involved in handling <br />delinquent payments. <br />3. That if the total of the payments made by the Borrower veld" <br />(a) of paragraph 2 preceding shall exceed the amount of payment:; <br />actually made by the Lender for ground rents, tarm and assessments <br />or insurance premiums. as the case may be, such ex-ss, if the loan is <br />current, at the option of the Borrower, shall be credited by the <br />Lender on subsequent payments to be made by the Borrower, or <br />refunded to the Borrower. If, however, the monthly payments made <br />by the Borrower under (a) of paragraph 2 preceding shall not be <br />sufficient to pay grornid rents, taxes and assessments. or insurance <br />premiums, as the case may be, when the same shall become due and <br />payable, then the Borrower shall pay to the Lender any amount <br />necessary to make up the deficiency. on or before the date when <br />payment of such ground rents, taxes, assessments, or insurance <br />premiums shall be due if at any time the Borrower shall tender to <br />the Letider. in accordance with the provisions of the note secured <br />hereby. full payment of the entire indebtedness represented thereby, <br />the Leader shall, in computing the amount of such indebtednc%. <br />credit to the account of the Borrower any balance remaining in the <br />funds accumulated under the provisions of (a) of paragraph 2 hereof <br />It there shall he a default under any of the provisions of this <br />intrument resulting in a public sale of the premise; LAncred hereby. <br />0 <br />or if the Lender acquires the property otherwise after default, the <br />Lender shall apply, at the time of the commencement of such <br />proceedings, or at the time the property 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 note. <br />4. 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 hereinbefore. <br />and in default tbereof the Lender may pay the same; and that the <br />Borrower will promptly deliver the official receipts therefor to the <br />Lender. <br />S. The Burrower will pay all taxes which may be levied upon the <br />Lender c 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 pot prohibited by law and only to the <br />extent that such will not make this loan usurious), but excluding any <br />income tax. State or Federal, imposed on Lender-; end will Re the <br />official receipt showing such payment with the Ltinder. Upon <br />violation of this undertaking, or if the Borrower L prohibited. by any <br />law now or hereafter existing from paying the trhole or any portion <br />of the aforesaid taxes, or upon the rendering of any court decree <br />prohibiting the payment by the Borrower of any such taxes, or if <br />such taw or decree provides that any amount so paid by the <br />Borrower shall be credited on the debt, the Lender shall havetlse <br />right. to give ninety days' written, nritice to the owner of the jrifnises, <br />requiting the payment of the &: if such notice be given, th's`ad <br />debt, sfaQ becor, edue, payable and collectible at the expiration of <br />said ninety dayq.;.' <br />6. That should the Borrower fzA to pay an) '?t tt or (seep any <br />covenant provided for in this instrument, then the Lender, at its <br />option, may pay or perform the same. and all expenditures so made <br />shall be added to the principal sum owing on tie said note, shall <br />be secured hereby, and shall bear interest at ft rate set forth in the <br />said note, until paid. <br />9. That the Borrower hereby assigns, transfers and sets over to the <br />Lender, to be applied toward the payment cf rbe note and all sums <br />secured hereby in case of a default in the perlr;na ince of any of the <br />terms and conditions of this instrument or cKe tx£ri note, all the rents. . <br />revenues and income to he derived from the said premises during <br />such time as the indebtedness shall remain unpaid, and the Lender; <br />shall have power to appoint any agent or agents it may desire for the= <br />purpose of repairing said premises and of renting the same and <br />collecting the rents. revenues and income, and it may pay out of said <br />incomes all expenses of repairing said premises and necessary • <br />cummi.sr ions and expenses incurred in renting and managngthe <br />sae Aw,ad of collecting rentals therefrom; the balance remaining, if <br />any. to be applied toward the discharge of said indebtedness. <br />A. That the Borrower will keep the improvements now existing or <br />hereafter erected on the property, ineureA as tray be required from <br />time to time by the I.ender against H.-sS by fire and other hoards. <br />casualties and contingencies in such amounts and for such periods as <br />may be required by the Lender and will pay pits-mptly, when due. <br />any premiums on such insurance, piovision for. paymnet of which <br />has not been made heicinbefore. All insurance shall be carried in <br />companies approved by the Lender and the policies and renewals <br />thereof shall be held by the Lender and have attached thereto loss <br />payable clauses to favor of and in form acceptable to the Lender. In <br />Page 2 yr 5 <br />I <br />L� <br />HUD•92143DT•1 <br />s <br />