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rserones card Leger 000101 1 -craw may, rttore that fifteen (15) days in arrears to cover the extra exp"M
<br />_ 1. TIM BOrr •w.�....�_. ° - -- involved in handling delltpuent Payments.
<br />Provided. Pdvik* is fgK ved'to pay the debt in whole or in put 3. That if the total of the ptaytt4eats .made by the Borrower
<br />OR way .iastalimmt dart olittet: under (b) of parts ii 2 preae ft shaD exatd tie. ata aunt of
<br />PaYttteatt aayaYy atrdt by the Leader far Braurtd teats6 fates and
<br />1 'f W �t>far with. std is tttidition. t0, the monthly � a
<br />� mot or e piY ttttdeT rite tarns of the mess. if the fact is iwYettt t � CM Way be, such ex-
<br />b>ereby. the Borrower will pry to the Leader, . on the credited by the Leader on Option the t o be ma, shall he
<br />firer fty of ea¢ atoath until the tt 4 mote is ruby paid, the see Ejo nest • "Ir lv to be made: by the
<br />fOiowiq ttoaa: Borrower. or rcftnded t0 the HOrrOMrtl. 11`r horrcver, ehe monthly
<br />PAYments trade by the Borrower under (i5} of paragraph 2
<br />(a) Aaiolaae off P�idtg shall trot be sufCiciestt to ground- and
<br />ttdeat to pmviae the hofdcur.spOf with fords
<br />: to PW tib tte�d DaY Quad rents tauten
<br />thill NM . We Ritnititttts ik};2 is instrument and "OW*11i: 9r iuwurance premiums, as the cast may he when. the
<br />• T. F
<br />of a ' nn •rte; . ,. a 'ci�gF (iv, &ear saute tt 11 hoconli�r due and payable.. thin the Botzower "I pay
<br />�yrtaorrrar r iaaurapype i •. e� by the to Learkr =arty anfount negawy to make up the derpoiCrtcy on '
<br />> Usbsn tYevetopmerts' ; < :�iWovrs: a the date witett paXeiit of such
<br />gro�tutd rhita. ; :�ttsth. r; ...
<br />daft ud this ferments, or insurance piths shall be due. f ur!< 't''•' -':r`:
<br />If end fps: ;earn ter said ttOlte of even inunt- then l95rrov, I �t,ilit li
<br />� ill MM We et shall tender t
<br />rtieumoBraden the provisions of ,ttye ;Na-
<br />titMF iaaigg Act• as aatouoa Aosdertt to aCOMUla
<br />to iV;n?oe :�
<br />Bart+ fhe bolder one (1) n0*a . gyrkw to its. due date•t?r •, nual
<br />IWAZ tux Prenuivan is offer to provide such h+. with
<br />pay such -premium to the Sege try of liausin& attd Ur-
<br />ban DcsdOPmnt pursuant to the National Housing Act, a{;
<br />ameade+d, cad applicable Regulations thereunder; or
<br />(11) If and so Ions as said note of even date and this`i ar tru.
<br />meat are held by the Secretary of Housing and Urban Devetop�
<br />morn, a monthly chxr'40 (in lieu of a rrtpr 9W insurance premium)
<br />whkh aW be in an amount equal to one-twelfth (1/12) of one.
<br />half (1/2) Per o mum of tht average Outstanding balance d.te MO.'.
<br />the cote coasputai without taking into account delinyuenciet'.;a '
<br />prepsyrratm;
<br />(b) A sum equal to the around rents. if any, next due. plus the
<br />Prtrniutns that will next become due and payable an policies of
<br />fire and other hazard insurance covering the property, plus taxes
<br />and assessments next due on the property (all as esTimarrd by the
<br />Lender) less all surfs already paid therefor divided by the number
<br />Of months to elapse before one (1) month prior to the date when
<br />such ground rents. premiums, taxes and assessments will become
<br />delinquent, such surfs to be held by Lender in 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 />soured hereby shall be added together. and the aggregate amount
<br />thereof shall be paid by the Borrower eech.moriij in a single pay-
<br />ment to be applied by the Lender to the fol)owi�Q moms in the
<br />order set forth:
<br />(1) premium charges under the contras rata lizrA¢•.mrrci!¢;
<br />the Secretary of Housing and Urban Developmr�rr or motitnly
<br />charge (in lieu of mortgage insurance premium), as the case may
<br />be;
<br />(11) ground rents, taxes, as$6 ments, fire and other hazard
<br />insurance premiums; • .
<br />(Ill) interest orl.0"e, note secured hereby;
<br />(IV) arnortiutiittt' of the principal of sairknote; and
<br />(Vls. Yee ehat'iet. •, •
<br />Any ,hrfni,• nCY in the amount of such aggregate month(y'pa31-
<br />ment AAA. unless made good by the Borrower prior to the due
<br />date W the next such payment, constitute an event of default
<br />under. t* .tttartgage. The Lender may collect a "late charge,, not
<br />to exttttd four cents (49) (or each dollar 41) of each payment
<br />• o t . l,ettder. let: acmrdlattcr �n'ilt the
<br />provisions of the mate secured herft. full PWA24-M of the ernine
<br />indebtedness represented thereby. the iLe:n*Lliha 1, in computing: :
<br />the amount of such indebtedness; credit to'the wcount tr of the $stn,
<br />rower all payments ade uadeiki ie provisions of (a) of ptu�gtal(th,.
<br />2 hereof which the Leander hat: trot become obligated to pYy!:taa rift
<br />Secretary of housing and Urban Development and atty..f 660 w
<br />maining in the funds accumulated under the Ittovisiont, of (b) of
<br />Paragraph 2 hereof. If there shag be a de(atitltiunlier any the
<br />pray isions of this iiristrument willing in a public: salt of the
<br />1?st►IM" covered hereby, orii'•j&.Ecrtder acquires the pirnpeny
<br />'Wb(W*,6c after default. the .. ni1 r.'shall apply: at the tiliii ljf, the
<br />-Mtrra^gt-tteemeat of .wgh procoagnts. or at time time the *eery is
<br />t iirtwise acquL*t,. lee balance then re=5' kr} ill —the funds ac-
<br />cumulated under''�3j of Paragrapb 2 pr��; as a credit against
<br />'ilk •ainotint of principal that remaining unpaid under said note.
<br />and shall Properly adjust any Payments which shall have been
<br />made under (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 />os itnPositions. for which provision has not been made
<br />hereinbefore, and in default thereof the Lender may pay the same;
<br />and that the BnrfOwtr will promptly deliver the official receipts
<br />therefor to tee l.cftrder.
<br />S- The Borrower will pay all taxes which-��say be levied upon
<br />the Lender's interest in said real *sta :c and improvements. and
<br />which may be levied upon tl•iltartf ~�ts4r:zt :'i :r. the debt secured
<br />hereby (but only to the extent 1*11 54cj } r -m—Irt prohibited by law
<br />and only to the extent that sukt u- -. 'I nulkrrshis loan usurious).
<br />but excluding any it:come tax. State or Fe1krivl., imposed on
<br />Le*4q+r, and will file the offic;.;5 sceeipt showing such payllif.•nt-
<br />wiahi (tic Lender. Upon violatvtt •of this undertaking, or if the.'
<br />Rcrtiv er is prohibited by any iaw now or hereafter existinirrom
<br />payer,* the whole Cy any portion of the aforesaid taxes. or upon
<br />the rendering of any+ court decree prohibiting the payment by the
<br />Borrower of any such taxes, or if such law or decree provides that
<br />any a-%Lum so paid by the Doriower shall be credited on the debt,
<br />the I.an der shall have the 1`18111 to give ninety days' written notice
<br />to the owner of the „remises. requiring the payment of the debt.
<br />If such notice be #kwn. the said debt shall become due. payable
<br />and collectible at the expiration of said nicety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instruntert• their the Lender, at its
<br />option, frilly pay Of perform the name. and all ctpenditures so
<br />t.
<br />Page 2 of 5 HUD- 921430T
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