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<br />89-. 105309 ,
<br />got t-M atsd tauir ewettatN and son n 101IMS: more than fifteen (15) days in arrears to Lover the extra expense
<br />involved in hantlling delinquent payments.
<br />!. That Borrower will pry the iesde6tetLsas, as haeiebefore
<br />pi VWW. fhieifde is reserved to pay the debt in whok or--in part 3. Tart if the total of the payments made by the Borrower
<br />oa my testa lln" dw date. F , (b) of pragraph 2 preceding shall exceed the sowunt of
<br />pyytsseats actally made by the Leader for ground rents, tax[: and
<br />-2= 7 tom, f- ww. -sist to a o� -; ti moo aatawa�oi ttiiatrancx pretAttwatR. ai t tie case rosy be. such "'
<br />pryAraq-of principal and intact payable under the terms of the cess. if the loss is current; a the option of the Borrower. shall be
<br />_.. dole stt0, l klset w. slue Aottow" vrill.pry to the Leader� on the credited. by the. tersdw on wbsequent.payments. to. be made by the
<br />fist dq of out monelb until the said note is fi* paid, the Borrower, or rellyded to the Betrower. If, bowever. the monthly
<br />fd wing tans: payments :code by the Borrower under (b) of paragraph 2
<br />(a) Attu OM Officiettt to provide the hoider hereof with twids
<br />to paths t:e: anal taortow its WMW pink= if this instrument aad
<br />for torte seared Meby we ins red, or a monthly charge (in lieu
<br />of a sstor[,W insurance preatiurre) if they are held by the
<br />setr etary of Housing and Urban Development, as follows:
<br />p) If and so _ia m as said note of even date and this inuru-
<br />t eM -are immured or at rebsured under the provisions of t1w Na.
<br />trots.! Housing Act, are aamoust suf{iciast to wcumulate in the
<br />bards of the bottler one (1) moWA prior to its due date the annual
<br />tsortgttgc inatraaoe prasssima in order to provide such holder with
<br />tirade to pi)!.saasds prdaaaa [o the lSocrttatry of Housing ousel
<br />bae T ptau+(tst to tht f!jatioteat Housing Act. as
<br />aeseesded. std appiicillik Reguit+tiotas thereunder; or
<br />(If) if and so fu[ as said note of even date and this inst�u-
<br />ment are bead by the Secretary of Musing and Urban Develop -
<br />raeat, a saotithly charge (in hat: Wa,.:moM ae insuramr prt:ritium)
<br />which shall be in an amount equal to one- tw.yfth (1112) of one-
<br />half (112) per centssm -of the average outstanding balanee due on
<br />the mote computed widk)ur taking. into account delinquencies or
<br />ptt'Pn'meeits:
<br />(b) A srag et;ual J,r1r (tile ground rents. if any, next due, plus. lfic, .
<br />prmuums that wW'rtaiss become due and payable on policies of
<br />fee and other hazard knurance covering the property. plus tarn
<br />and assessments next clue on the property (all as estimated by the
<br />Lender) less all sums 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 sums to be held by Lender in trust to pay said
<br />ground rents. premiums. taxes and special assessments: and
<br />(c) AR payments mentioned in the two prtotd'i[sg•'subsecWns of
<br />This puagr#V.h and all payments to be made under the note
<br />smretd f=nfry shall he added together, and the aggregate amount
<br />tnert;'of :Gust! be paid by the Borrower each month in a single pay'
<br />mcnt zos.L a applied by the Lender to the following items in the
<br />order set forth:
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban ' Development, or monthly
<br />cbrge (in lieu of maaMe hisurance premium), as the case may
<br />be;
<br />(11) ground,n sslx,, taxes. assessments, fire. and other hazard
<br />in watece premiums.
<br />(ill) interest on the note securest hereby.
<br />f1VJ;.4mortaza6oa of the principal of said note; and
<br />(L') late ch1401•
<br />Any delicieriry iii the amount of such aggrepte monthly pay-
<br />ment shall, unless reade good by the Borrower prior to the due
<br />date of the text such payment. W11e1hate an event of default
<br />under this nsongtage. The Ltndtr may collect a -late charge" nut
<br />to ems d four cents (44) for each dollar (sal) of each payment
<br />I: P r P M ttg d" not be suffsckstt to pay ground teats, taxes and
<br />messaseetr or inmraaae premiums. as the case may be, when the
<br />same dual! become due wad payable, then the Borrower shall pay
<br />to the Leader any amount neeeasaryr to make up the deficiency, on
<br />or before the date when payment of such ground rents. taxes.
<br />assessments. or insurance premiums shat) be due. if at any time
<br />the Borrower shall tender to the Lender. in accordance with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby, the Leader shall, in vomptiting
<br />the amount of such iesdebtednas. credit to the a000tmt of the Hot -
<br />rower.All payments made under the provisions of (a) of paragraph
<br />2 f which the Letdei has not b oblijated to pay to the
<br />%icritiery of Housin m J).
<br />g and UrOwdopttbcut: tied any balance re-
<br />;m'alislug in the funds accumulaled under tlse provisions of (b) of
<br />CEtaPh 2 hereof. If there shop
<br />Ii be a default under any of the
<br />pr&- ions of this instrument resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the property
<br />otberwise after default, the Lender shall apply, at the time of the
<br />commencement of such proceedings. or at the time the property is
<br />otbenvise acquired. the baLnoe titgts remaining in the futdalac-
<br />cumnlitted under (b) of paragrap0s:2 preceding, as a credit apinst
<br />the.tttttaunt of principal then rezntining unpaid under said_nate,
<br />and'AWI properly•udjust any Ms meets which shall have bt*n
<br />made under (a) of paragraph 2. i
<br />4. •That the Borrower will paF ground rents, taxes, assesutitnts.
<br />water rates. and other governmental or municipal charges,—fines,
<br />or impositions. for which provision has not been made
<br />hervinbefore. ardl in default thereof the Leader may pay the same:
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the Lender.
<br />3, ,111c Borrower will pay all taxes which may be levied ulwn
<br />the Londer's interest in said real estate and improvements, -a-ad
<br />which may ti, levied upon this instrument or the debt secured
<br />hetcby (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 vW- ceding any income tax, State or Federal, imposed on
<br />Lea&i, and will file the official receipt showing such payment
<br />with the Lender. Upon •violation of this undertaking;, or if the
<br />Borrower is pr,}lsibiled by any law now or hereafter existing from
<br />paying the whoa or any porn art. of the aforesaid taxes, or upon
<br />the mWering of any court detxti tt-prohibiting the payment by the
<br />Borrowtr of any such taxes, iii° il' such law or decree proviqts that
<br />any amount so paid by the Borrower shall be credited on (1►e debt,
<br />the Lender shall ha e, the right to give ninety days' written notice
<br />to the owner of t1w piumises, requiring the payment of the debt.
<br />If such notice be given, the said debt shall become due. payable
<br />and collectible at the expiratiair,of said ninety days.
<br />6. That should ihv Borrower Wil to pay any sum or keep any
<br />covenant providetkdor in this instrument. then the Lender, at its
<br />option. may pay of :Imrform the same, and all expenditures so
<br />PIge 2 of 5, ,r W*92143OT
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