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<br />105559
<br />50rtrwar card Gentler cove aaat cud agwnae as fwtm&. more than fifteen (I5) days in arrears to cover the extt;z cxl* se
<br />.involved in handling delinquent payments.
<br />I. 'tricot 8ortower will pay the indebtedness, as hereinbefore
<br />ptorit d. Privow is resenvil to pay the dens in whole or in part
<br />on my' - ' I clue date. ,
<br />2. 'drat, together with. and in addition to. the monthly
<br />1 31 la -at 116, tgN1 and interest payable under the terms of the
<br />lidtle ittiL7Y !�. Isw ft. tlW ft~ will ply t0 the Lender, on the
<br />first day► Of each month until the said note ti fitly paid, the
<br />fofiswiag elsraa: .
<br />W Ammiat sufficient to provide the hollda hereof with funds
<br />to pap the next monpp insurance premium if this instrument and
<br />des apte seemed hereby we bmwed, or a l000thly charge (in Geer
<br />of a martpW inwaeae premium) if they are held by the
<br />Secretary of Housing and Urban I)evelopnmt. as follows
<br />(1) If and so loth as said rate of even date and this instru-
<br />tttenit.yire its or are reinsured under the prmisiwts of the Na-
<br />ft Act, an amount sufficient to accumulate in the
<br />hardy of the holder one (1) month prior to its due date the annual
<br />mo tpre insurance premium in order to provide such holder with
<br />toads to pay such premium to the Secretary of Housing and Ur-
<br />ban Deveiopt ent pursuant to the National Housing Act, as
<br />area ded, and applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instru-
<br />ment are held by the Secretaty of Housing and Urban Develop -
<br />mew. a monthly charge (in lieu of a mortgage insurance premium)
<br />which shall be in an amount equal to one - twelfth (1:12) of one-
<br />half (1l2) per centum of the average outstanding balance due on
<br />the note computed without taking into account delinquencies or
<br />prepayments;
<br />(b) A sum equal to the ground rents. if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments next due 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 assessrtents 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 />uP-All payments mentioned in the two preceding subsections of
<br />this,Vwagraph and all payments to be made under the note
<br />secured htw«by shall be med together. and th-- a„grMwe amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be appl4i by the Lender to the following items in the
<br />order set forth:
<br />(1) premium charge,. c( d& the contract of insurance with
<br />the Secretary of Housing aipV,Ultban Development, or monthly
<br />charge (in Iku of morrgagr insurance premium). as the case may
<br />be;
<br />(lt) v;lattj rtnts. m e,% assessments, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amooCution of the principal of said note; and
<br />(V) late charges.
<br />'Arry.deficiency in the of such aggregate ntonthiy pay -
<br />tuerit shall. unless made grx;d, by the Borrower prior to the due
<br />date of the next i+:„ h daymient. constitute an event of default
<br />under this wort ic. The Lender may collect a "late charge" not
<br />toeitceed four uirtt (K) for, oteb dollar ($I) of each payer --nt
<br />1 That if the total of the payments made by the Borrower
<br />under,(b) of paragraph 2 preceding shall excsad- tr atmntni of
<br />payments actually made by the Lender for ground rents,. taxes and
<br />asaaatserrts or irettraaee pt>elaivatds, as the case wow ba. such ex-
<br />cess. if the loan is current. at the option of the WiVYwex, shall be
<br />credited by the Lender on subsequent pavnteats to be made by the
<br />Borrower, or refunded to the Borrawar.. If, howam. the monthly
<br />payments made by the Borrower under (b) of pat ph-2
<br />preceding shall not be sufftciene to pav gonad at;ntn; ?tuxes and
<br />aesesanettts or insurance premiums, as the cases tnay bt. when the
<br />same shall become due and payable, then. the Bcmowfr shall pay
<br />to the Umder any amount necessary to make up the deficiency. on
<br />or before the date when payment of Welt.rmind. tentk taxes.
<br />assessments, or insurance premiums shall be dun.: If at any time
<br />the Borrower shall tender to the Lender„ In.accurdOce with the
<br />provisions of the note secured hereby, full!payritreat: of the cadre
<br />in ebtedtrew represented thereby. the L.ett*.Aall, in computing
<br />the amount of such indebtedne % credit: tj,..i f account of the Bor-
<br />rower all payments made under clot pnoyltlihts of (a) of paragraph
<br />2 hereof which the Lender has sot bccotrie'k�bligated to pay to the
<br />Secretary of Housing and Urban DeveknX4ent and any batanoe re-
<br />maining in the funds accumulated under the provisions of (b) of
<br />paragraph 2 hereof. if Barre. shall be a dt6uh under any of the
<br />provisions of tbf insrrumcttt.'resulting in-a public sale of the
<br />premises covered hmby,; or, if the Lender acquires the property
<br />otherwise after d0hC dt, ihir. t endcm sluts apply. at the time of the
<br />commencement, of such proceeding.. or at the time the property is
<br />otherwise aegtt 61. the balance then retraining in the funds ac-
<br />cumulated uttdetr(b) of paragraph 2 pmesding, as a credit against
<br />the amount of'principail then rmnaining unpaid under said note.
<br />and shall properly adjust any paymtutn which shag have. been
<br />made under (a) of paragraph 2.
<br />4. That the Berm %vAr will. pa&v ground rents. taxes, assessments.
<br />water rates. and ether governmental or municipal charges, fines.
<br />or impositiont. fun s►hiiii, provigon has not been made
<br />hereinbefore, and in. dufaulu thereof the Lender may pay the same: .
<br />and that the Bormwv .. willlpromptly deliver the official receipts
<br />therefor to the Lender.
<br />S. The Borrower will pay all tares 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 the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that. st to will not make this loan usurious).
<br />but excluding any income State or Federal. imposed on
<br />Lender. and w if file the ciju;ial receipt showing such payment
<br />with the Lend&. Upon vial .on of this undertaking, or if the
<br />Borrower is prohibited by • ixy law now or hereafter existing from
<br />paying the whole or 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 amount so paid by the Borrower shall be credited on the debt.
<br />the Lender shall have the right to give ninety days' 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 sleuth the Borrower fail to pa.; any sum or keep any
<br />covenant prcv;j d for in this instrument, then the Lender, at its
<br />aption, may pay or per`on i.tlte same, and all cxpc;clitza es t �.•
<br />P_ ;.10- HUD-9214307..
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