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89405fifift
<br />111011""t; am tomiff Ce"WO tut d WW a rooms'. nsom than fifteen s) days in arrears to cover the extra expento
<br />I1 Mw— Borrower trill pay the irsdee&ms, as -hereft "0*
<br />provided. Privilege is fWVQ to , M
<br />the dem t'; art
<br />to. the;"
<br />Wwl MP --der the t
<br />am rletitpied hereby, tk soro"r win pay to the Under. 0t'i:
<br />rwa day of each month omit the sold we is My paid. the
<br />raillowing-sums:
<br />(a) Amount suffiscint to twovide the hQUET hereof with. funds
<br />to M tbt next mortgage inwance pterviiant if this instrument and
<br />the *oft secured hereby are insured. or a monthly charge (iP lieu
<br />of A mo#VW inwa&v premium► if they are W by the
<br />Secretary of Housing and Urban Development. as follows:
<br />(1) If W4 i so long as said note of even date No this instru-
<br />ment ate-inomed or are ttinsured under the provisions of the Na-
<br />tional Mug% Act. ars anoum suffiewt to accumulate in the
<br />hands of the holder one (1) month prior to its due dale the annual
<br />nwr%W insurance premium in order to provide such hoWr with
<br />(weds to pay such premium to the Secretary of.Housiing and Ur-
<br />ban Development pursuant to the, National Housing Act. as
<br />amended, and applkabic 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 Develop-
<br />ment, a monthly charge (in lieu of a moupic insurance promisim)
<br />which shall be in an amount equal to one•iwelfth (P12) of ene-
<br />halt (1/2) per centum of the average outstanding balance, 11(m �,V
<br />the note computed without taking into account delinquenq," or
<br />prepayments;
<br />(b) Ak sum equal to the ground rents, if any, next due, the
<br />that will next become due and payable on policies'af
<br />ire and other hazard insurance covering the property. plus taxes
<br />and assessments next due on the property (all as estimated by the
<br />Lends) less all sums already paid therefor divided by the number
<br />of miXths to elapse before one (1) month prior to the date when
<br />su4*.Vound rents, premiums, tastes and assessments will Lime
<br />delihqitant, such sums to be held by Lender in trust to payi"
<br />groo4fents. premiums, taxes and special assessments; iciial,
<br />#Ril. s mentlorscd in the two preceding subsea)im6 of
<br />ai4-zli paymms to be made under
<br />samW hareft shall be added together. and the auregam = zurit
<br />th" i shall be paid by the Borrower each month in a pay
<br />n4ra ro be applied by the Lender to the Wowing items in the
<br />order Wt forth:
<br />(1) premium charges under the contrast of insurance with
<br />the! k-,r--tary of Housing and Urban Development, or -7milhly
<br />d=p.(Pt Ifeu of mortgage insurarce premium). --q
<br />be;
<br />(11) ground rents, taxes, assessments. fire and ath-.c
<br />ins.ol%mv premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of the principal of said note; and-
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the due
<br />dote of the rtxt such payment. constitute an event of default
<br />under this mortgage. The Lender may collect a "late charge- not
<br />to exceed four cents (44) for each dollar (M) of each payment
<br />invueWCO In Fwnuanw UCUDRUL111 P6.711tow...
<br />3. Jlsw if IM total of the payments atadc by.tbe Bormaw4r,;
<br />primeats actually,ma&by the Lender fov#
<br />_O§J_xI
<br />renm-1ikm arid
<br />'k,C be, SU6,
<br />asseuments. or.. immance premiums, as th 'I M`
<br />mg._ if the loan. sit current. at. the option a4� borrowcr, Shall, be
<br />credited by the Lender on subsequent payments to be makti'the
<br />Borrower, or refunded to the . Borrower. If, howevier, tall monthly
<br />paymem made by the Borrower under (b) of parasraphi,l-
<br />preceding shall not be sufficient to pay ground rents. taxe• and
<br />assessments or insurance premiums, as the case may be. when the
<br />same shall be-come due and payable, then the Borrower shall pay
<br />to the Lender any amotim-necessitry to intake up the deficieney, on
<br />or before the date when payment or such groundrents. taxes,
<br />assessments, or insurance premiums shall be due- If at any time
<br />the EWm*tr shall tender to the Lender, hi,aamrdame with the
<br />provisions-af the note secured hereby, fiAllpayindit. of the entire
<br />indebtedness represented thereby. the Leruler shalIJ' in: 64stMfl ng
<br />the amount of such indebtedne-ss, credit to the 2weaunitoCi On' Bor-
<br />rower all Payments tirade under the provisions of: (01:o, filli%iograph
<br />2 hereof which the derider has not become obligated ta,'p4t, , t-o the
<br />Secretary of Housing and Urban Development and any balance re-
<br />maining in the funds accumulated under the pro%isions of (b) of
<br />paragraph 2 hereof. If there shall be a defauit.under any of the
<br />provisions of this instrument resulting in a public sale of the
<br />premises covered hereby. or if the Lender a-:quircs the property
<br />otherwise after default. the Lender shall a.p!y; at the 6nic•.of the
<br />commencement of such proceedings, or w,,Om- time the propeny is
<br />otherwise acquired, the balance then rcnyal�*V irr the f _*-X3s ac-
<br />cumulated under (b) of paragraph 2 prcced.t*g' ' a-, a against
<br />the amount of principal then remaining unpaid und).Y
<br />•nd shall properly adjust any payments aWdi sball.
<br />made under (a) of paragraph 2.
<br />4. That the Borrower will ground rents, taxes,,a.. tessments,
<br />water fares, and other govenum!aal or municipal Oizipt�j fines,
<br />or impositions. for which provision has tart been maa,'
<br />horinbefore, and in default thereof the !:ender may pay the same;
<br />and that the Borrower will promptly defista the official receipts
<br />therefor to the Lender.
<br />The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements. and
<br />which may be levied upon this instrument or 111c debt secured
<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 income lax, Slate or Federal, imposed on
<br />Lender, and will file the official receipt showing such,'tm-mlent
<br />with the Lender. Upon violation of this underlakiag., or if the
<br />Borrower is prohibited by a" lax nor or hereafter. 4,u.sting from
<br />paying the whole or any portion of the J Niesand !�iiw% -or upon
<br />the rendering of any court decree prohibouig by the
<br />Borrower of any such taxes. or if such Jaj4L A)i ilkN:rtn-Vis)vides that
<br />any amount so paid by the Borrower shWf fi 4:mdilt:.d on the debt.
<br />the I-cnder Oiall have the right to give ranay day%' written notice
<br />to the owner of the premises, requiring the payment of the debt.
<br />If such notice be given, the said debt shall become due. payable
<br />and collectible at the expiration of said ninety days.
<br />6. That should the Rorrower fail to pay any sum or keep any
<br />covenant provided for in this instrument. then the Lender. at its
<br />option, may pay or perform the same, and all expenditures, so
<br />El
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