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<br /> R�•RECt�HU�C1
<br /> '°R9-- � n�� �� :' 89�-- 1 :1��e�
<br /> 8orrawer�ad E.en�ttr ro�•e��nt wad Agn�t as(olluw.r, m��rc thnn fiitcen (1 S)dags in ar�ca�s to cover thc e�t�a expensc
<br /> r im•ah•ed in handling delinyucnt payments.
<br /> 1. Tha� @c►rro�er�ill pa> the indebtcdncsc,as hcicinbefare
<br /> pfavided. Privitege is resrrved ta pay thr debt in �vhole ar in part .�. That iP the total of tiie payments made by the Barro��•er
<br /> on any instalimcnt duc date. undrr(bl of parag�aph 2 preading shali exceed the amaunt of
<br /> payments actually made by the Lender for ground rents, taxes and
<br /> 2. 7t�at, together with, aad in addition to,the monihly � assessments or insurance premiums. as the case may be, such ex-
<br /> paYmenit of principa!and interat payable under �he terms of the cess. if the loan is current� at the option of che Borrower. shail be
<br /> note secured hercby. the Borrawer wip pay to the Lender, on the crediced by the I,ender on subsequent payments ta be made by the
<br /> first day of each month until the sald nate is fully paid. the BOTfGWC�, or rcfunded to the Borrower. If, hawe�•er, the monthfy
<br /> following soms: payments made by the BorrowC� u,��;c� ('vi oi pnragrapii 2
<br /> (a) Amount sufficient to provide the hotder hereoi'Hit4�funds Preceding shall not be suf�cient to pay ground rents. tares and
<br /> to pay the next mortgage insurunce premium if this instn�x�rnt unct �s�ments or insurance premiums, as the case may be, when the
<br /> thc note securcd hereby are insured, or a m�nthly charge Qirr ii�u 'ame shall become due and payable. then the Borrouer shall pay
<br /> of a mortgage insuranoe premium)if the�are hetd by the to the Lendr�any amount Recessary to make up tt�e deftciency, on
<br /> Secretary of Housing a�d Urban Development.as folte+ti�s: or before the date w�hen pa)inent of su�h ground rents.taxes,
<br /> assessments,or ir�sucance premiums shail be due. lf at any time
<br /> (i) If and so long as said note of e�•en date and zhis insira- che Borrower shat8 ceadec ea the Lender. in accardance with the
<br /> ment ue insured ar are reinsuted under the provisions of thc Na• provisions af che note secmrcd hercby, full payment�f the entire
<br /> tional Housing Act. an amount sufficient to accumulate iia the indebtedness represen:e�the�eby. the Lender shall,in evmputing
<br /> hands of the hotder one(1) month priar to its due date the annual the amount of such ind�btedness,credit to the account of the Bor-
<br /> mongage insurance premium in order to provide such h�ider �vith row•er all pa�ments made under the provisions of(a) of paragraph
<br /> funds to pay such premium ta the Secretary of Housing and Ur- 2 hereof whirh the i.ender has not become obligated to pay to the
<br /> ban Devetopment pursuant ta the National Housing Act. as Secretary•of Housing and Urbun Development and any balance re-
<br /> amended. and applieabie Regulations thereunder; or maining in the funds accumulated undet the provisions of(b)oi
<br /> (11) IP and so long as said note of even date and this instru- Paragraph 2 hcreof. If there shall be a dePault under any of the
<br /> ment are hetd by the Secretary of Housing and Urban De�elop- pro�•isions of this instrument �esulting in a public sale of the
<br /> ment.a monthly charge(in lieu of a mortgage insuranc�e premium) Premises cocered hereby.or if the Lender acquires the propercv
<br /> wni�,h shall be in an amount equal to one-twelfth(lii2)of one- otherwisc after defauit, the Lender shali apply.at the time of trte
<br /> ha�£'(I/2)per antum of the average outstanding balance due on �bmmencement af'such proceedings, or at ihe time the praperty is • =
<br /> the note oomputed without taking inta account delinquencies or ptherwise arquired. the balance then remaining in the funds ac- � '
<br /> « a cumulated under(b)of paragraph 2 pre�xding.as a ctedit against i '
<br /> p p ymFnts; the amount of principal thcn remaining unpaid undcr said note, '�
<br /> (b) A sum tqual to the ground rtnts.if any,next due. plus the and shall properiy adjust any payments which shall have been � '�
<br /> praniums that will next become due and aayable on licies of a�� dPr� 4� , !-r:
<br /> P� !n___ ur_ a?ef�s:..asa�tt_.
<br /> tire and other hazard insurance covering the property, plas taxes --
<br /> and assessments next due on the property(all as estimated by the 4. That the Borrow•er a•ill pay ground rents, taxes, assessments.
<br /> Lender)less all sums already paid therefor divided by the number water rates. and other gocernmental or municipal charges. fines.
<br /> of months to elapse before one(1) month prior to the date��•hen or impositions. for �rhich provision has not been made '
<br /> such ground rents, premiums, tazes and assessments�cill become hereinbefore, and in default thcreof the Lender may pay the same;
<br /> delinquent.such sums to be held by Lender in trust to pay said and that the Borrower will promptly dcliver the official receipts
<br /> ground rents, premiums, taxes and special assessments; and therefor to che L.ender. -
<br /> (c) All paymepts mentioned in the tH�o preceding subsections of
<br /> this paragaph and all payments to be made under the note 5. The BorroN�er will pay all taxes which may be levied upon
<br /> sec�red hereby shal) be added together. and the aggregate amount the Lender's interest in said rea) estate and improvements. and
<br /> thereof shall be paid by the Borrower each month in a single pay- ��'hich may be levied upon this instrument or the debt secured i�
<br /> mtnt to be applied by the Lender to the fo�iow�ing items in the hereby(but only to the extent that such is not prohibited by !aw
<br /> order set forth: and onl�•to the extent that such will not make this loan usurious). �
<br /> but excluding any income tax.State or Federal.imposed on
<br /> p) premium charges under the contract of insurance with f.ender, and will file the oP�cial receipt showing such payment .�
<br /> the Secretary of Hausing and Grban De�•elopment, or monthly with the Lender. Upon violation of this undertaking,or iP the
<br /> �ge(in litu of mortgage inssiaace premium),as the.�se may Borrow•er ic prohibited by any law now or hereafter existing from `�,�
<br /> paying the khole or any po:tion of the aforesaid taxcs, or upon
<br /> pl)gtound rents, taxes. assessments. fire and other hazard tke rendering of any court decree prohibiting the payment by the �,��
<br /> i�surance premiums; �rrow�er of any such taxes, or if'such !aw or decree provides that
<br /> any� amount so paid by the Borrower shall be credited on the debt.
<br /> (Ili) interest on the note secpred hereby; the Lender shall ha�•e the right to give ninety days' �eritten notice
<br /> ' (I� amortization of the principat of'said note: and to the owner of the premises, rcquiring the payment oP the debt.
<br /> If such notice Ue given. rhe said debt shall become due, payable
<br /> (V) late chatges. and collectible at the expiraeion of said ninety days.
<br /> • My deficieney in the a�no�nt of such aggregate moathly pay
<br /> mxt:t shalt. unless made good by the Borrower prior to the due 6• ��at should the Horro+�cr fail to pay any sum or keep any
<br /> d'a:e of the next such paymeti:, constitute an event of default covenant provided for in this instrumer.t, then the Lender, at its
<br /> under this mortgage. The Lender may collsct a "late charge" not °P�ian, may pay ar perform the same, and ap expenditures so
<br /> to exead four cents t4a)for each dollar(SI)of each paymen�
<br /> � - r'.�'.'. s. � . �
<br /> � p��� Q', � . HUD�92143DT .
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