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<br />tleerawa mirk [A** ewe"M a" or" as faalaw N.-
<br />1. That Borrower will pay the irudehtedlnys, as hereinbefore
<br />proviided. Privilege is reserved to pay the debt in whole or in put
<br />an any: inMallrnent dine date,
<br />21 "Rat, xwheL end in addition to, the monthly
<br />paymenu of principal arid interest papAblee u r,t term of the -
<br />note secured hereby. the Borrower will ruy to the Lender. on the
<br />firm doy-of each month utril the said note is fully paid, the
<br />Itotiowdtig sneers:
<br />(a) Ansount sufficient to provide the holder hereof with funds
<br />to pay the ,text mottgtpe imuratsx ptttttiunl if this itssutitnent and
<br />the acre secured hereby are insured. or a mot thly ehuae (in lieu
<br />of a niorrj.>rJte imurammv lsremiural, if they ate hell by the
<br />Secretary of Housing and Urban Development. as follows:
<br />(0 if and so long as said note of even date and this instru-
<br />metrt we insured or are reinsured under the provisions of the Na-
<br />fond Housing Act, an amount sufficient to accumulate in the
<br />hands of the holder one (I) month prior to its due date the annual
<br />mottsW insurance premium in order to provide such holder with
<br />hinds to pay such premium to the SecTetary of Housing and Ur-
<br />ban Derdvpmient pursuant to the National Housing Act. as
<br />amerided, 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 Dewfop-
<br />ment. a monthly charge (in lieu of a mortgage insurance premium)
<br />which shall be in an amount equal to one - twelfth (1/12) of one-
<br />half (112) per eentum of the average outstanding balance due on
<br />the note computed without taking into account delinquencies or
<br />prepayrients:
<br />(b) A sum equal to the ground rents. if any, next due, plus the
<br />premiums that wilt next become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments next dx on the property (ill as esrimau+d by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one ill month prior to the date when
<br />such ground rents. premiums. taxes and assessments will become
<br />deliegttent, such sums to be held by Lender art trust to pay said
<br />ground rents. premiums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together. and the aggregate amount
<br />thereof shall be paid by tin: Borrower each ttv ;7th in a single pay-
<br />ment to be applied by the Lerner to the in the
<br />order set forth:
<br />(1) premium charges under vhc mntrao of insurance nirh
<br />the Semary of Housing and Urban Development, or moniNy
<br />charge (in lieu of mortgage insurance premium). as the case may
<br />be;
<br />(11) ground rents, taxes. assessments, tire and other hx,-ard
<br />inwraptit premiums;
<br />tlii) interest on the note v.'cw,,-3 hereby;
<br />(1V) arnortitation of the Pruwpal of said note; and
<br />(V► late charges.
<br />Ar,,vde',fieiency in the amount of such aggregate monthly �Vty
<br />rnent: Aiti , unless made good by slit Borrower prior to the thee.
<br />date d'f, the next such payment. constitute an event of defatdl '
<br />under .this monga(pt.: '!'he Lender may collect a, "late charge" trot
<br />to OWOM.four cae4lw, (4e) for each dollar 1S1) tit cati't payrtntt
<br />more than fifteen (151 days in arrears to cover the extra expense
<br />involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Borrower
<br />untkr (b) of paragraph 2 preceding shall exceed. the amnourt of
<br />paymcnts actually trade by the render for ground rents. taxes and
<br />assessments or insurance premiums. as the case may be. such ex-
<br />loess. t�Coan is cturent, Mt tTx option of theeocrawer. s�alf6e
<br />credited by the Leader on subsequent payments to be nude by the
<br />Borrower. or refunded to the Borrower. If, however. the monthly
<br />payments neade by the Borrower under (b) of pa waph 2
<br />preeeding.sbal) not be sufficient to pay ground rents. taxes and
<br />asseumenu or insurance premiums. as the cog tray be. when the
<br />saute shall become due and payable, then the Borrower shall pay
<br />to the Leader any amount necessary to make up the deficiency, on
<br />or before the due when payment of such ground rents, cases,
<br />assessments, or insurance premiums shall be due. if at any time
<br />the Borrower shall tender to the Lender. in accordaneo with the
<br />provisions of the ,tote 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 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 />Swafi hr,of Housing and Urban Development and any balance re-
<br />maitsfhik:ut the funds accumulated under the provisions of "lisp of
<br />paragniph 2 hereof. If there shall be a default under any-of. the
<br />provitaeos of this instniment resulting in a publi- date of the
<br />premium,covered hereby. or if the Under acqujm, dw property
<br />omho wim after default, the Lender shall apply, at: due tinte:.of the
<br />contrrrdmtvment of such proceedings, or at the tirtiti the'prtspsrty is
<br />othe,whe acquired. the balance then remaining its the fumr�. ac-
<br />cumulated under (ff) of paragraph 2 preceding, as a credit ggainsi
<br />the amount of pflia�al then remaining unpaid undee sw& mete,
<br />and shall proW.' -,,adjust any payments which shalt have b
<br />made.tmder (a) of paragraph 2.
<br />4. That the Borrower will pay ground rents, taxes, assessment::,
<br />water rates, and other governmental or municipal charges, fines,
<br />or impositions, for which provision has not been made
<br />hereinbefore, and in default thereof the Lcnder may pay the same;
<br />and that the Borrower will promptly deliver the official receipt,:
<br />tbaxrtr to the Lender.
<br />S. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvamenw, and
<br />which may be levied upon this instrument or the debt u -mir:d
<br />hereby (but only to the cmunIMM such is not pr- 3hibiu d by kitty
<br />and only to the extent that such will not make this Man. uutrious),
<br />but excluding any income tax, State or Federal, imposed_ tin.
<br />Lcnder. and will file the official receipt shnwhig iwch. payment
<br />with the Lender. Upon violation of this undcstaWnii, or if the
<br />Borrower is prohibited by any law now or hereafpn v%isting from
<br />paying the whole or any portion of the aforesaid ttmesc pr upon
<br />the icnderina of any court dectr : lirohibithtt,:(he payment, by the
<br />Borrower of any such taxes, or,if'ritch law or decree pfatid'es that
<br />any amount so pairl by the florr.fyer shall ls*, credited on the debt,
<br />the Nnder shall have the right 10 jive ninety days' written notice
<br />to the oAner of the premises, nuittiring the payment of the debt.
<br />If saz!s notice be given, the c4d.debt shall become due, p:tyatite
<br />and collectible at the expiration of said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lcnder. at its
<br />op:lony. may pay or perform thu sane, and all expenditures so
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