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<br />° MW I AWW eawestad "d own W (0110 ow more titan fifteen (13) days in arrears to cover the 01ra expense
<br />I. That Borrower will the 'tideb ed
<br />involved in handling delinquent payments.
<br />•
<br />11-a3 t t tress, as heretnbefore
<br />P• Privilege is reserved to pay the debt in whole or in part
<br />3. That it the total of the payments made by the Borrower
<br />oa tiny inytalhneat due dgir. — - -. — —
<br />- " {L•) ix'`t= c�icesccf-
<br />2. That. together with, and in addition to, the monthly,
<br />PaYMMU Of.prirrcipal and interest Payable under the terms
<br />payments actually made by the Leader for ground teats, taxes ant
<br />assessmema or irbusanee prereiums: as the can malt, be, Awh ex-
<br />of the
<br />notru+etrred'hereby, the Borrower Will pay to the Lender, on the
<br />facet diaq of each month until the
<br />cess, if the loan is current,. at the option of the Borrowet; shall let
<br />credited by the Lender on subsequent pirymetnts to be made by tltt
<br />said note is fully paid. the
<br />to
<br />Borrower. of ftfunded to the Borrower. If, however, the monio�ritK thly
<br />PaYnknfs fade by the Borrower under (b) of 2
<br />(a) Attaoaat sufficient to provide the holder hereof with funds
<br />Prang shalt not be sufficient to Pay ground r�ttaaxes aced
<br />to pity the next mortgage Insurance premium if this instrument and
<br />assessments, or insurance premiums, as the case maybe. when the
<br />tht note tt CU"d iitt+eby are 'insured, or a monthly charge nn lieu
<br />Eirase shall become due and payable, then the Borfovier shalt pay
<br />Of a =tx�tSW ihstirarxr premium) if they are held by the-.., :
<br />' irm he hander any amount rteeessary to matte up the dernciency, or
<br />Secretary of Housing and Urban Development, as foUsiwt i` " '
<br />'=??%fore the date when payment of such groond rents. taxes,
<br />•t
<br />.
<br />(1) if W d so lonj.as said note of even date and this
<br />4ssments. or insurance premiums shad be due. If aT any time
<br />Borrower shall tender to the Leader, in aCCOrdartce With the
<br />meat are insured or are reinsured under the provisions of the Na- ::
<br />c, y
<br />:, :•, tioo�l Routitfg Act, an amount sufficient to accanmulate in the .
<br />,
<br />; `L t visions of the rnote secured hereby. full payment of the etntive
<br />:'.tiidebtednm represented thereby, the Lender
<br />hoods, of the holder one (1) MMh prior to its due date the annual
<br />is P�:awtti: order to holder
<br />shall, in computing
<br />the amount such indebtedness. credit to the account of-the Bor.
<br />provide such with
<br />' sus -
<br />l to Pay sttcti remiuttr tia tfte Secretary of Housing-4ild Ur-
<br />rower all pui51$16ts made under the provisions of (a) of paragraph
<br />2 hereof KLitrd) the Lender has not b=mme obligated
<br />k4dt:�'aelopmc •pcu¢pani'.�j r!:e National. Housing Act, as
<br />VO4,21ife Regulations thereunder,
<br />to pay to the
<br />Secretary of Housing and diir>ip :fJe r3ra ntent and any balance rc-
<br />"
<br />or
<br />M.4ning in the funds accu • tun7i the revisions of
<br />miiIisir P (b) of
<br />l; f1 If axe ,-j long as said note of even date and
<br />agraph 2 hereof. if tilers stia!I .ire ":y'wt; ult under any of the
<br />t' .ore held by the Secretary of Housing nd Urban Qcwrdr"
<br />g `' -
<br />..t'
<br />ovisions of this instrument resulting iu st Public sale of the
<br />`
<br />meet, a Mont hly charge (in lieu of a mortgage insurance lxermistz� °' ':
<br />Premises covered hereby, or if the Letter acquires the property
<br />which shall be in an amount equal to one - twelfth (1/12) of u:re� °' :
<br />•*ztherwise after default, the Lender shall apply. at the time of the
<br />half (1/2) per eenturrn of the average outstanding balance due on
<br />.Q nmencement of such pfr ings, or at the time the property is
<br />the note computed without taking into account delinquencies or
<br />'`iherwise acquired. the b#diis then remaining in the funds ac-
<br />preWynstrits;
<br />cumulated under (b) of ptirij�raph 2 preceding, as a credit
<br />y.
<br />bl .Nl sum equal to the grrnerid rents, if any, next data;, p(siY. .the
<br />the amount of nci note,
<br />pal then retnainiitg:{ti`paid under said note.
<br />and shall lid ;eb% adjust any paymentn _ *arch shall have been
<br />_ . P � that will next becgmtedue and payable on polk6 -: f
<br />fire aid outer hazard insurance covering the
<br />made under ('0,"Of paragraph 2.
<br />property, pljit, taxes
<br />and assessments,ni e t due on the property (all as estimated by' the
<br />Lender) less all sums already paid therefor divided by the arimber
<br />.I..That the hti.rrower will pay ground rents, taxes, assessments,
<br />Of months to elapse before one (1) month prior to the dux: when
<br />' such ground rents.
<br />water rates, and-;ether governmental or municipal charges. fines,
<br />or impositions,,, fair which provision has not been made
<br />Premiums, taxes and assessments will he;;,me
<br />delinquent. such sums to be held by Lender in trust to said
<br />hereinbefore, and in default thereof the Lender may pay the same:
<br />pay
<br />ground rents. premiums, taxes and special assessments; and
<br />and that the Borrower will Promptly deliver the official receipts
<br />therefor to the Lender.
<br />(e) AU Payments mentioned in the two preceding substi -lions•of
<br />thi3-Parajraph and all payments to be made ntt(ier the a t��
<br />5: The Borrower will paVall.taxea which !Tray be levied u;'e_:.
<br />secured hereby shall be added together, and the aggregate amount
<br />the Lender's interest in said real tstatt -,rid improvements, and
<br />thalwt shall be paid by the Borrower each month in a single pay-
<br />which may br 1 -ricd upon ifts instrumenfor the debt secured
<br />meni to be applied by the Lender to the following items in the
<br />hereby (but only to the exiwR that such is not prohibited by law
<br />order set forth:
<br />and only to the extent that such will not male h' 1
<br />(1) Premium charges under the contract of insurance with
<br />the.Sv;rCtary of Housing and Urban Development, or momiq
<br />cbaeW' #n lieu of mortgage insurance premium), as the cry may
<br />be;
<br />(11) ground rents, taxes, assessments. fire and other hazard
<br />insurteaoe 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 deGeiency in the amount of such aggregate monthly pay-
<br />ment: shall. unless'made good tw site Borrower prior to the due
<br />coot •of the next swh payment, 'constitute at'event of default
<br />undei this mort�gr. The Lender may col;c%j n "late charge" not
<br />to txceed four cents (49) for each dollar (21') of each payment
<br />e t Is can usurious),
<br />but excluding any income tax, State or Federal, imposed on
<br />Lender. and wsil` file the official receipt showing such payment
<br />with the LCMJi t Upon violation of this undertaking, or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying the whole or any pas.ion of the aforesaid taxes, or upon
<br />the rendering of any tour. 't:� cree prohibiting the payment by the
<br />Borrower of any such ta�ees, or if such law or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debt.
<br />the Lender shall have the tight to give ninety days' written notice
<br />to the owner of the premier, 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 Borrower fail to pay any sum or keep any
<br />covenant providrt: for in this instrument, then the Lender. at it3
<br />option. may pay or perfonu the same, and all expenditures so
<br />Paoe4olt NU0-921130T
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