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,iketrtner W DurtitiR exre..a atM tepee as t.M.a,l:
<br />!. That Yorrowet wW pay the indebtedness. as hereinbei'ore
<br />Orarid/d, i'tfivilegs•. is NSMO to pay the debt in wb4* or in part
<br />CM My iWAilllitiept due date.
<br />— 2. Thal. Together with, and is addition to, the monthly
<br />!M)'meM o(priai:ipal and interest payable under the terms of the
<br />Oft nlCmeaQ bat"-. the -BRxtower will pay to the Leander, on the
<br />flat doy.of earls atoms slab{ the said intone is flaps paid. the
<br />fciowiag sitars:
<br />(a) Amount sufficient to provide the holder hereof %ith funds
<br />to Pay the assns tmertjage insurance premium if this inarurnent and
<br />the atnte secured hereby are intturtd. or a monthly dalkige (in lieu
<br />Of ill MM VW i4wance premium) if they are held by the
<br />Secretary of Housing and Urban Devebpntent, as follows:
<br />(h) If acrd so long as said note of even date and this instru•
<br />rttewt are insured or are rermtrred under the provisions of the Na-
<br />tiociat Hoimft Act. an amount sufficient to acarmulate in the
<br />hands of the holder one (1) month prior to its due date the annual
<br />mortgage insuran m premium in order to provide such holder with
<br />funds to pay such aremiutn to the Secretary of Housing and Ur-
<br />ban Development pursuant to the National Housing Ac!. as
<br />annealed. and apprieallic 14liulations thereunder; or......
<br />(11) If and so tarts as said note of esen date ort,i tilts instru-
<br />Mut are held by the Secretary of Housing and Urbar:= Cfcwdop-
<br />meat. a mcnti'v charge (in lieu of a rrrcvtgige insurance premium)
<br />which shalt be in an amount equal to one - twelfth (lii2) of one -
<br />half (1/2) pit centirm of the average oucsYanding balance due on
<br />the mote computed without :acing into account delinquencies or
<br />prepayments;
<br />(b) A sum equal to the sraund rents;,.;! aiiy, next due, plus the
<br />premiums that will next recome due ar. +� 11ayable on Volicres of
<br />fire and other harari3 tit:•; i^uYtttr covering ;he property. -: plus raxcs
<br />MW assessments next ins the property (aft as CSt::a;1.,3t by the
<br />Len&r) less all sums atrc40;� paid therefor divided by aiie number
<br />of months to elapse before one (1) month prior to the date when
<br />such ground masts, premiums, taxes and assessment, u ll t•ccanre
<br />delinquent. sU6 sums to be. held by Lender in trast re,+ pay said
<br />ground rents, premiums, 1_40,XN and special assessments, and
<br />(e) All payments mentiorieb in the two praeding subsections of
<br />*A'paragraph and all payments to be mask under the note
<br />Wured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay -
<br />,iment to be applied by the Lender to the following itcst:, in the
<br />i�7f*r set forth: ;
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban letclopmerit, or monthly
<br />charge (in lieu of mortgage insurance rremiurn), as the case may
<br />(11) ground rents. UM'J"t. assessments, tare and ,,taro tiaratd
<br />iriyllfrattce tyoulums.
<br />(111) jilyotit'St un the note secured 'amiss;
<br />(IV) 4 wrtization of the principal of said note, and
<br />(V) late charges.
<br />Any dtficiewc-y in the amount of such aggregate monthly pay-
<br />ment shall, unrest made good by the Borrower prior to the due
<br />date of the next such payment. conu►tute an event of default
<br />under thin mortgatge. The Lender may collect a -fate cfiirrge" not
<br />to exceed four cents (46) for each dollar iSl) of eas:b {t �ytraent
<br />.8-105043.
<br />trtore than fifteen (1) days in arrears to rover the extra expense
<br />involved in handling delinquent payments,
<br />a. That if the soul of the payments made by the Borrower -
<br />Irttd�r Ib) tl�nftiar t�.? atfrwcw�j:n� a 11 w tt.� c' - - - - --
<br />w-- riCiinn —
<br />palments actually made by the Lawler for ground rents. taxes and
<br />asseuments or Insurance premiums, as the case may be, such ex-
<br />cess, if the Inan is current. at the option of the Borrower, shrill be
<br />ert4iitedby the tends on subsequent payments to be•tltade by itle
<br />Borrower, or refunded to the 801`10wer. If, however, the titoulbly
<br />payments made by the Borrower udder (b) of paragraph 2
<br />precedin t; shall not he sufficient to pay ground rents, taxes and
<br />assessments or insarau.Y premium*. as the case may be. when the
<br />same shall become due and payable, thus the Borrower shall pay
<br />to the Lender any amount Iti ftessary to snake up the deficiency, on
<br />or before the date when payment of such ground rents. antes,
<br />assessments, or insurance premiums shall be due. If at any time
<br />the Borrower shall tender to the Limier, in acstyordance with the
<br />rtiovisdtinloof the note secured hereby. full payment of the entire -
<br />indeb(tihttFfepresenled (hereby. the Lender shall, in computing
<br />the attitiitgi.,.Uif such - indebtesdrtesc, credit to the account of the Bor-
<br />rower alf j!A' rienl% mgde under the provisions of (a) of paragraph
<br />2 hereof MAW) the Lender has nUrt. bei'OW obligated to pay to the
<br />Secrctary #if. (,loosing and Urban,Ctvelopmetn and any, balance re-
<br />maining ill 11W (MI14% accamtdt:tw!'undtr the provisions of (b) of
<br />paragr:rnit 2:Hereof. If there shalFbr a default under any of the
<br />provisions of this instrument resulting in a public, rail• of the
<br />premises covered herehyr, or if the Lender a.quirm tl(. property
<br />Otherwtsc after default. the t -ender shall apply, at (fIC dn)e of; the
<br />comntrnwarttnt of such proceedings. or at the time the piopesty is.
<br />tit herNiw.ttiU0red, the balance then remaining in ttre funds nc '
<br />cumulatcJl011kirr (b) of paragraph 2 preceding. as a credit agsitiir,
<br />(tie amount: (3t pr>;r0ra1 then remaining unpaid under said notQ'.'
<br />and shall prcreriy a is }tr ?t ,any payments which shall have, Peen
<br />made tinder (a) of ;s:.i. "uph 2.
<br />a f►s t t.l.te.l3crrrowvr will pay ground rent., taxes, asscssn;rttts,
<br />osier rate„ Jj;d other gosernmenral or municipal charges, fines,
<br />or tops ►rr�:::i, for which proxisnrn has not been m, d:.
<br />1:r•rs`st f� ;e. and of default thereof the Lender may t'•J the same:
<br />lar;r r1ri. Porto Act will promptly dcliscr the official rcccipz -,
<br />thcrctc:r- sir tLl- I ender.
<br />g. "fhe` ;�i<ur�:s►cr will pay ;all taxes which play be IC'.iep upo:Y r.
<br />the 1 cndct' ; "inrcrect to .,yid real c +tare and improvement-,, and
<br />s►btch !eras '-c iteieC z ;q;trt' altir insT!trmaat or the debt secured .
<br />hereby .tiriia's ^etas to tfle invent that such is not prohibited by lac &.
<br />and trap �, � t ;tic extent that such will qpt make this loan usui:'114 ;'.
<br />but excluditg any income tax. State-,ix -F deral. ittlposed dh
<br />1 oiler. and will file the official receio showing sti<:h,}1ay1p0n1
<br />% +ith the Lender. Upon violation of shit underrakiny; -of. if -the
<br />lksrrowcr is prohibited by any Ids► now or ftereafrer &; ting from
<br />paying the whole or any portion of the aforesaid taxes, or upon,
<br />the rendenng of any court deuce prohibiting the payment by•q1ir ' -
<br />Ik+rrower of any such taxes, or if such law or deice provide .fliat ,.`
<br />any amount so paid by the hkttrower shall he credncd on the .iRi ±t;.
<br />the *.ender shall have Ore-right to picc ninety da�•s' totem notfi'v '.
<br />to the owner of the pr r tine +, requiring the payment, or, tl:e dctt'.
<br />It Luch stonier' Ise sweet, the said debt shall be%:ome dcc, {tin ;seta .
<br />and collealblss sit the expr►atiou 01 said ninety days.
<br />G. [hill should the fitrthrtver tail to pay any sum c)r keep any
<br />iMtenant prnvtded for un tlt:s instrument. then ehe i ender, at its
<br />s:ptutn, may hay or perform the same, and all expenditures so
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