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<br /> &►rrawrr�nd I.ende�cmcnrn� rad akree s�s iollow,: m�,►r than fiftccn IISI�a��. nt acrear. t�,.o�cr thc c�tra c�{►rncr
<br /> u��.d�r�1 m handlin� drlinc�uent �,ayment�.
<br /> 1. That I3i�tro��er ��ill pa} lhr �ndrMcJnc�., .i. Irerc�nlxf.�r�
<br /> �. Prnvidee3. Privite�zc i� reser.rct a• ���y 1he Ac�t i�� whuk or itt �.1r! 9. Tlu�t if dte to[al of ihe pay�nenic made hy thr R��rre►wc�r
<br /> �n any i�statlment duc da�e. undcr (bl af paragraph �pre��eding shall cx�c�ed ihe amaunt of
<br /> pa�•ments Actuaity made by �he Lender far graund rents, tarec and
<br /> 2, That, together with, and in addition to. the monthly acsessments or insurance premiums, as the rase may be,such ex-
<br /> pa�mtnts of p�incipal and interc�ct �yahlc uadcr thc terms o( the ccss. if thc loan i� cunent. at thc aption of the Borrower, shall t+e
<br /> natr secured heicby, the Burmx•er NiU pay to thc lender, on �he cri�dited by the l.ender an subsequem payments ta be mude by the
<br /> (int day of ea:h month until ihe�aid nate is Puiiv paid, the Borr��wer. or refunded to the Qanaw�e�. If. how�e�•cr. the manthly
<br /> t'ollowing sun�s: pay�ments made by the Ba��a��•er under�b)of paragraph 2
<br /> (a) Amount sufficient to pro�ide the holden c�reaf��ilh funds Pr«:eding shaU not be sufiicient co pay Fround rents, taxes and
<br /> to y the�ext mortgage insurance premium if this instrument and �es.sments or insurancc prcmiums, as the rase may be,when thc
<br /> tho note secured herrby are insu�ed,or a monthty charge(in lieu �ame shall become due and puyable. then the Bo�raw�er shall pay
<br /> ot'a mortltage insurarn�e premium)if they;ue held bv the tp the Lxnder uny amount necessary to make up the de�cie�c�, on
<br /> Secretary of Housing and Urban De�•elopment, as fallows: Ur bePore the date when pa�ment of such ground rents,tares,
<br /> assessments, a�insurance premiums shall be due. 1P at any time
<br /> (I) lf and so long as said note oC ecen date and this instru- the Borrow•er shall tender to the Lender. in accordance�vith Ihe
<br /> ment sue ir,sured or are reinsured under the pru�•isions of'the Na- pro�•isions of the note secured hereby. full payment of the entire
<br /> tional Housing Aet, an amount suf�cient to accumulate in the indebtedness cepresented the�eby. the Lender shall, in �bmputing
<br /> hands of the holder one (1)month prior to its due date the annual the amount of such indebtedness. credit to the account of the Bor-
<br /> mortgage insurance premium in order to pravide such holder H•ith ro�ver aq payTnents made un�er thc ptovisians of(a) of paragraph
<br /> funds to pay such premium to the Secretary oi Housing and Ur- 2 hereof which the Lender h;u not become obligated to pay ta the
<br /> ban De�•elopment pursuant to the National Housing Act, as Secrctan� of Housing and L1rban Development and any balance�e-
<br /> am�nded.and applicable Itegulations thereunder; or maining in the funds accumulated under che pro�isions of(b)af
<br /> (11) lf and so long as said notr of e�en date and this instru- Paragraph 2 hereoi'. If the�e shall be a drEault under any of the
<br /> ment aze held by the 5ectetan of Housing and Uthan De��elop- Provisions of this instrument resulting in a public sale oP the
<br /> premises coeered hereby,or if the Lender acquires the property
<br /> mtnt. a monthly charge(in lieu of n mortgage insuran�t premium) �ther�cise after default, the Lender shall apply,at the time of the
<br /> which shaU be in an amount equal to one•tw•eli'th(1/12l of one- �ommen�emem ot' such proceedings. or at the time the property is
<br /> haif(1i2)per centum of che average uutstanding b�lance due on other«•ise acquired. the balana then remaining in the fuads ac-
<br /> the note computed withouc taking �nto accaunt delinquen�ies or �umulated under(b)of paragraph 2 precedinR.as a credit against
<br /> pr�payments; the amount of principal ihen remaining unpaid under said note,
<br /> (b) A sum equal to the ground rents, if any. next due. plus the and shall properly adjust ace�payments�vhich shall ha�e been _+ -
<br /> premiuma�that w�ll next become due and payable on policies of made under(a)of paragraph 2. �
<br /> Ptre and other hazard insurance covering the propeny, plus taxes � ?`
<br /> and assessments next due on the property(a11 as estimared b�• rhe J. That the Borroµ�er«•ill pay ground rents,taxes. assessments. �•i�=-
<br /> Lender)less all sums already paid therefor divided b>the aumber water rates, and other go�ernmen[al or muniripal charges. fines, _—
<br /> of months to eiapse before one ll)month prior to tne ciate when or impnsiiio�is, iv� wi�ni� N�v��s��r� ����t ���:a�° __
<br /> such ground rents,premiums, taxes and assessmems ���ill becomc hereinbefore, and in defaulc thereoi the Lender may pay the same;
<br /> delinquent. such sums to be held by Lender in trust to pay said and that the Berro��er oi[t prompily deli�er the official receipts
<br /> ground rents. ptemiums, taxa and special assessments; and thcrefor to the Lender.
<br /> (c) All payments mantianed in the t«•o prcceding subsections of 5. The Borrow•er w•il)pay aU taxes which may be levied upon
<br /> this paragraph and all payments[o be made under the note the Lender's interesl in saic� �eal estate and improcements, and
<br />' secured hereby shall be added together, and the aggregate amount ��hich may be le�•ied upon this instrument or the debt secured
<br /> thereof shall be paid by the 8onow•er each month in a single pa�•- hereby(but only to �he extent that such is not prohibited by law
<br /> ment to be applied by the Lender to the follo«�ing i[ems in the and only to the extrm that such will not make this loan usurious),
<br /> order set forth: hut excluding any income tax, 5tate or Federal, imposed on
<br /> (1) premium charges under the contract of insurance��•ith Lender, and H•ill file the ofCcial receipt showing such payment
<br /> the Secretary of Housing and Urban Development,or monthly w•ith the Lender. Upon violation of this undertaking. or if the
<br /> charge(in lieu of mortgage insuranoe preminm/, as the case may Borrower is prohibited by any law now or hereafter existir�g from
<br /> �� paying the whole or any portion of the af'oresaid taxes,or upon �
<br /> (Ip gtound rents, taxes, assessments, fire and other hazard 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 4.
<br /> insurana premiums; any amount so paid by the Bonower shall be credited on the debt, t�—_
<br /> (111) interest on the note�ecured hereby: the Lender shall ha�e the right to give ninety days' a•ritten notice '
<br /> (1V) amortizatian of the principal of said note• and �o the owner of the premises, rcyuiring the payment of the debt.
<br /> • If such notice be given,the said debt shall become due, payable
<br /> (V) tate charges. and collectible at the expiration of said ninety days.
<br /> Any deficien�y in the amount of such aggregate monthly pay- �,_ �'hat should the Borroaer fail to pay any sum or kcep any
<br /> ment shall. unless made good by the Borroaer prior to the due covenant provided for in this instrument, then the Lender. at its
<br /> date of the nexs such payment, constitute an cvent of default option, may pay or perform the same,and ail expenditures su
<br /> ur.det this mongage. The Ixnder may collect a •'late charge" not
<br /> tiY exceed tour cems(4¢)for each doilar(Si)of eacb p�ymrnl
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