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<br />Illom wer a" tmWler cavettawt @ad more as folaw :
<br />1. That Borrower will pay the indebtedness. as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part
<br />on any installmitt due date.
<br />together with, and in addition to. dw monthly --
<br />paytimals of principal and interest payabk under the terms of the
<br />twit steran*.kreity, the Borrower will pay to the tender, on the
<br />that day of each month until the said mote is fully paid, the
<br />following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pray the next mongage insurance prernium if this instrument. and
<br />the hate kmired hereby ate insured, or .a monthly charge (in lieu
<br />of a rnor4w insurance premium) if they are held by the
<br />Secretary of Housing and Urban Ivelopment. as follows:
<br />(1) If and so long -as said note of c%-cn date and this instru-
<br />n*nt are insured or are reinsured unde.: ►._Ile provisions of the Na-
<br />tional Housing Act. an amount sufficient. to acauptulate in the
<br />hAnd& of the holder one (1) month 060eio its due date the annual
<br />tttoagage insurance prerhinttt, in order 4o provide such holder with
<br />funds to pay such pretrtfujivko the Secretary of Housing and Ur-
<br />ban )3evetopmert pumwWt to the National Housing Act, as
<br />amended, w d applicaWIt'gutations thereunder; or
<br />(Ii) If rurrf so long as said note of even date and this inftru- .
<br />anent are fidil by the Secretary of Housing and Urban Develop-
<br />ment. a monthly charge tin (ieu of a mortgage insurance premium)
<br />which shall be in an amount equal to one - twelfth (1!121 of one-
<br />lya(f 4112) per ctntum of the average outstanding balance, due qu.:
<br />the note computed without taking into account delirqu+:rtc,eq ci•.- .
<br />irrepayments;
<br />44) A sum equal to ncc: ypaund rents, if any, nee;: t1`•rc,
<br />premiums that will next Flo me due and payable oil p &.ens rC
<br />Me and other hazard ira eattce covering the property; plus tames,
<br />and assessmcir..s avant due on the property (aft as estimated by chi:"
<br />tender) kss, is sums already paid therefor divided by the number
<br />of months td t3apse before one 41) month prior to the date when
<br />such ground rents, premiums, taxes and assessments will become
<br />delinquent. such sums to be held by tender in trust to pay said
<br />ground rents. premiums. tares and special assessments. and
<br />(c) All payments mentioned in the two preceding subsectionr of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be a *d together. and the aggregate amount
<br />thereof shall be paid bti t1w Borrower each month in a single pay-
<br />ment to be applied by mic4ae tder to the following items in the
<br />order sa fomt% .
<br />(1)• prassPum charges under the contract of insurance wit% . .
<br />the Secretary of Housing :and Urban Development, or monthly
<br />charge (in (feu of Mort~ insurance premium), as the case may
<br />be; '
<br />(11) ground rents, taxes, asscuma tl: i, fire and other hazard
<br />insurance premiums.
<br />4111) interest on the note secured hereby;
<br />(11) Amortization of the princpal of said note; and
<br />(V) {;tic ;:harges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made ty.`�zd by the Mrrower prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mortgage. The ?,lender may collect a "late charge" not
<br />to etteved fogy cents (40 for each dadm 4111) of each payment
<br />1
<br />59-- 105 ,2219
<br />more than fifteen (15) 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 />under (b) of paragraph 2 preceding shall exceed the amount of
<br />pay_mont's act -nab made by the Leader Car Luoti td_rents, taxes.-and
<br />as�ettt: or insurance premiums. as the case may be, such ex-
<br />cess, if the ban is curt+ettt, at the option of the Borrower, shall be
<br />credited by the Lender -an subsequent payments to be made by the
<br />Borrower. or refunded to the Borrower. If, bovwever. the monthly
<br />payments made by the Borrower under (b) of paragraph 2
<br />preceding shall not be sufficient--to pay gtround rents, taxes and
<br />assessments or insurance premiums, as the case may be. when the
<br />same 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 nett secured hereby. full payment of the entire
<br />indebtedness reptimm icl. thereby. the Lender shall. in computing
<br />the amount of such fit ktttedne%., credit to the account of the Bor-
<br />roa"er ail° payments tt **`under the provisions of (a) of paragraph
<br />2 hereof which the lender has got• bitcorne obligated to pay to the
<br />Secretary"-of Housing and Urbari DVcss bpmcnt and any balance re-
<br />maining in the funds accumulated'trizder the provisions of (b) of
<br />paragraph 2 hereof. If there shall tit a default under any of the
<br />provisions of this instrument resulding -in a public sale of the
<br />premises covered hereby, or if the- EmWer acquires the property
<br />otherwise after default. the Lendv`4iss l apply, at the time of the
<br />commencement of such proceedinp. ,6i at the time the property is
<br />otherwise acquired, ttar 4liiizwe then remaining in the funds ac-
<br />cumulated under (b) df•., paragraph 2 preceding, as a credit agabui.'
<br />the amount of principal then rematring unpaid under said niittz,.
<br />and OW" properly adjust any paymsr *•s which shall have beevti ,r
<br />inade umbo (a) of paragraph 2.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<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 Lender niay pay the same;
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the !.ender.
<br />S. The Borrower viili: flay all taxes which may be levied upon
<br />the Lender's interest it said real eYtaca and improvements. a!til
<br />'Irt:h may be 12skd upon this imiiI iWliitw o the de`ut 3CI UrC ""
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this loan usurious),
<br />but excluding any intone tax. State or Federal, imposed on
<br />Lender, and will file the official receipt showing such payment
<br />with the Lender. Upon violation of this undertaking, or if the
<br />ti itowty it. prohitated by any law now or hereafter existing from
<br />paying the ``hole or ;my portion of the aforesaid taxes, or upon
<br />the rendering of an,4 ierart decree prohibiting the payment by the
<br />Fkirrower of any suds tax.-s, or if such law or decree provides that
<br />any amount so p:tia :y irle Borrower shall be credited on the debt,
<br />the I ender shall have the right to give ninety days' written nf,,Oce
<br />to the owner of the premises, requiring the palate -a. of the det,a.
<br />If Stich natwe be given, the said debt shall bear +ttitrdac, payable
<br />and collectible at the vaptration of said ninety d1VV. s.
<br />b. That should ih-e 13orrow•er fail to pay any sum or keep any
<br />cov'enan provided For in this instrument, then the I ender. at its.
<br />option. nia) pay or p.rform the same. and all expenditure% so
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