|
c
<br />L
<br />89—.
<br />Somwer attd Lender coveaaat and agree M NAME
<br />105447
<br />or if the Lender acquires the property Otherwise after default. the
<br />Gender shall apply, at the time of the commencement' of such
<br />I. That Borrower will pay the imlebtedneft as Mare proceedings. or at the time the
<br />property is otherwise acquired. the
<br />pmvidtd _PnViiW * er=e v d to pair the debt in whoile oc_is mn oe _h.t,M-0 LI-L'M ,..ftj_— th f.... &&ce rrrn ioiF
<br />say imallrii it due date. paragraph 2 preceding, as a credit against the amount of principal
<br />2. TIta4 t then remaining unpaid under said note.
<br />ogWw witlk NM its additiva to; the monthly payments
<br />OY priadliai w4 k i l P- 0.63'ilik wider tk terms of the note secured
<br />hereby. lira Boer m will py to tit: header. an the first day of each
<br />enoeati untiltk said aerie if,folft paid, the following sums:
<br />(a) A saaaa equal to tl`e gromad rents„ if any. next due, plus the
<br />Premium tlat.will next becomm due and payable on policies of fire
<br />and t"er Ward iawraioe covering the property, plus taxes and
<br />girt` uwmEt nett d+at. pi,k1he property (ad ar esliawat W by the Lender)
<br />Ws at all sine's irktradyp�tlecefor divided by the nwtltber of months
<br />W etapae bedorte one (t 1: atorada prior to the date wben'such ground
<br />amts, premiwtts. taxaartid asressments will become deliquent, such
<br />sum to be held by tender in trust to pay said ground rents,
<br />premiums. taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsection of this
<br />pkagrapla and all paymems to be made under the nose secured
<br />;I*eby shall he added together, and the aggregate amount thereof
<br />ibali be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taixes,assessmeints. fire and other hazard insur.
<br />amce premium;
<br />(11) interest on the ece,r s.*Wred hereby;
<br />(11111 41111100zatiun of k ptineipa) as said note: and
<br />(IV) late charges.
<br />Any deficiency tt :tifvz count of such aggregate monthly pajnm.t
<br />shall. unless rrade pcv.:t ] sy the Borrower prior to the due date 61.10W
<br />next such parmt. .MMute an event of default under this
<br />mortgage. The l ender,rruy collect a "late charge" not to exceed rctir
<br />ants (40 for each de;4 4l) of each payment more than fifteen
<br />(IS) days in arrears to ciOitr the extra expense involved in handling
<br />delinquent payments.
<br />3. That i? the total of"the payments :.*:ode by the Borrower under
<br />(a) of par4uplt 2 preceding shall exceed the amount of payments
<br />actually made by the Lender for ground rents_ taxeu .x:d assessments
<br />01 insurance premiums. as the case may be, such excess. if the loan, is
<br />Current, at the option of the Borrower. shall be credited by the
<br />Lender on':-Wbuquent payments to be made by the Borrower. <:r.: .
<br />refunded to de Borrower. If, however, the monthly payments mrdit-
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents. taxes and assessments or insurance
<br />Premiums. as the case may be, when the same shall become due : id
<br />payable. then the Borrower shall pay to the Lender any amount
<br />naoesisary to make up the deficiency, on or before the date when
<br />payment of such ground rents, taxes, assessments. or insurance
<br />premiums shall be due, if at any time the Borrower shall tender to
<br />the Lender. in accordance with the provisions of the note secured
<br />hereby. full Payment of the entire indebtedness represented thereby.
<br />the Leader shall. in Computing the amount of such indebtedness.
<br />credit to the amount of the. Borrower any balance remaining in the
<br />funds accumulated under. the provisions of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provisions of this
<br />iestrwnorit resultiarg in a public sate of the premises covered hereby.
<br />4. That the Borrower will pay ground rents, taxes, asseurents,
<br />water nuts, earl crier pveraraenbl or raepiieipal awyea, Gas, or
<br />impositions. for which provision has not beat evade hereinbefore,
<br />VA in default thereof the tender may pay the: same; am tint the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender. .
<br />5_ The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said teal estate and improvements, and which
<br />may be levied upon this instrument or the debt secured kteby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will am make this loan usurious> but excluding any
<br />income tax. State or Federal, imposed on Lender, antd will file the
<br />official receipt showing such paymem.with the !#,der. Upon
<br />violative of this undertaking. or if rape BorroWet is proi"a by any
<br />law n04,or hereafter existing from pg.' rag the whole or any portion
<br />of the aforesaid taxes, or upon the Moliering of 4ey court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount sav paid by the
<br />Borrower shall be credited on the debts the Lender shall have the .
<br />right to give ninety days' written notice to the owner of the prxm*' s.
<br />requiring the payment of the debt. If such notim be given. tltes'*Af
<br />debt shag become dw. Vayabe and eollectiNe at tine expinti6is•.61`
<br />said ninety days.
<br />6. That should the Borrower fail w, pay any sin's or keep any'
<br />covenant provided for in this instri;=xt. "then the't,ender. at its
<br />option, may pay or perform the same, and all t:xp=ditures so made
<br />shall be added to the principal sum owing on tai note, shall
<br />be secured hereby. and shall bear interest at the itz set forth in the
<br />said note. until paid.
<br />7. That the Borrower hereby assigns. transfers and sets over to the
<br />Leader, to be applied toward the payment of tlm MM attd all stuns
<br />securcd `wreby in cam, of a default in the pedorittturce of any of the
<br />term anf� conditions of this instruMM, -.. or tine 0lf mote, all the rents.
<br />revenues. aicd income to be derived fri,m7:,Ihe said premises durigg,
<br />such time as the indebtedness shall t*xin unpaid, ind the Lemkr
<br />shall have power to appoint any agent or agents it *&Y desire( }ial ibe
<br />purpose of repairing said premises and of rentinrgl thk same and•
<br />collecting the rents, revenues and income. and it rhay pay out of said
<br />incomes all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance retraining, if
<br />any. to be applied toward the discharge of said indebtedness.
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />time to time by the Lender against loss by fire and other hazards.
<br />casualties and contingencies in such amounts and for such periods as
<br />may be required by the lender and will pay promptly, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the tender and the policies and renewals
<br />thereof shall be held by the lender and have attached thereto kiss
<br />payable clauses in favor of and in form acceptable to the lender. In
<br />MIR,8
<br />- - -- - - Page 2 of 5 - - -
<br />i i•• Y
<br />L
<br />HUD- 92143DT -1
<br />.J
<br />r --
<br />Ito,
<br />
|