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<br /> �;�.�.. 1063�9
<br /> Mxmwer �ed IReder co�en�nt �Mf oRrce rs G►Ilox,: u���rc tl�an fiftccn lIS1 days iFi arre:trs lo cu�cr thc c�t��� c�(knsc
<br /> inwl�c�i in handling dclinqucnt paymen��.
<br /> � 1. 'I'h�t RorroH�cr �cili p�p thr �n�lebtctinc�r. i�c hrrces�ixiorc
<br /> pr�vidcd, pt�i�ilege iy rescr��ed ta pa► �hc�feb� in��liolc or in part �. ThAt iP tl�e�utnl of thc paymcnts mad�N��the 8orro��•er
<br /> on any installmcnt duv date. unde� (b) af paragrnph 2 precccling shall exree�l the amaunt of
<br /> payments actually madc by the Lender for ground rents.�axes :md
<br /> 2. That. toYMhcr with, and in addition to, thc monthly Assessments ar insuruncc premiums. as the rase muy be, such c!�-
<br /> p�ymrnta oi p�incipxl and interesi Nayable under the terms oi the cess. if the loan is��u�rent. ut the aption of the Barrower� shatl b�
<br /> �ate secured hcreby. the Borrower will pa>� to thc Lendcr, an the cred9ted by the Lender an su6sequent payments ta be made bY �he
<br /> fint day of each month until �he said nate is fuUy paid,the Barrower. or rcfunded ta thc Bonowcr. IP. hawevcr. the ma�thly
<br /> following sums: �+a>�ments made by the Borrower under(b)oi'paragraph Z
<br /> preceding shall not be sufficient ta pay ground rents. taxes and
<br /> (a) Amount suificient to provide the holder hereof w�ith funds �y��ments or insura�ce premiums. as the case may be. when the
<br /> to pay thc next mort�a�c insurAncc pccmium if this insttumeat aad ��e shall be�wme due and payable. then the Borrower shall pay
<br /> the note secured hercby are insured, or a monthly charge(in liea to the Lender any amuunt necessary to make up the de�ciency,on
<br /> uf a mur7gage iasuran�Y przrnium;if they are hcld by thc pr bet'ore the datc when payment of such ground �ents.taxes.
<br /> Secretary of Housing and Urban Developmcnt.as follows: a��smenla, or insurance premiums shall be due. 1P at Aoy time
<br /> (I) If and so long as said note of e�•en date and this instru- the BonoNer shall tendet to the Lender. in accordance with the
<br /> ment are insurcd or are reinsured under the provisions of the Na- pravisions of the note secured hereby, iull payment of the entire
<br /> tional Housing Ac[. an amount sufficient to accumulate ln the indebtedness repre.unted thereby. the Lender shall, in computing
<br /> hands of the holder one(11 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 provide such holder�titith rower all payments made under the provisions of(a)of paragraph
<br /> funds to pay such premium to the Secretary of Housing and Ur- 2 hereof which the Lender has not become obligated to pay to the
<br /> ban Development pursuant to the National Housing Act, as Srcretary of Housing and Urbat�Development an.�!any balance re-
<br /> amended. and applicable Regulations thereunder; or maining in the funds uccumulated under the pru4�issons of(b) of
<br /> (11) li'and so long as said note of e�•en date and thi� instru- Paragraph 2 hereof. lf there shall be a default undea any oP the
<br /> provisions of this instrument resulting in a public sale of the
<br /> ment are hdd by the Secretary of Housing and Urban De�•elop- premises covered hereby, or iP the Leader acquires the property
<br /> ment.a monthly charge(in lieu of a mortgage insuraa��e prcmium) pthervvise after default, the Lender sha41 apply, at the time of the
<br /> whieh shall be in an amount equal to one-twelfth (1/l��ut one- commencement of such proeeedings. or at the time the propony is
<br /> half(1/2)per centum of the a�•erage outstanding balasnc�due on otherwise acs�uired.the balance then remaining in the funds ac-
<br /> the nate computed without taking into aa�aunt delinquertcies or �umulated ur�der(b)of pasagraph 2 preceding.as a eredit against
<br /> prepaymenu; the amount of princi�+al chen remaining unpaid undtr said noie, : ;
<br /> (b) A sum equal to the ground rents, if any,next due, plus the and shall properly adjus� any payments which shali have been i ,
<br /> premiums that wiU next become due and payable on policies of inade undea�(a1 of paragraph 2. ,
<br /> fue and other hazard insurana covering the property. plus tares •
<br /> and assessmenu next due on the propeny (all as estimated by the 4. That the Borrower �viU pay ground rents, tsixes,assessments. e
<br /> - - Lcndrrj l�ati surrs a:sea�; pai�tts�refcr disid�! by thp n�.srh?r wa�Pr rarec,and oiher governmental or municipal charSes, fines, ?_.�°
<br /> of months to elapse before one(p month prior to the date when or impositions. for which provision has not been inade - .
<br /> . such ground tents. premiums,taxes and asse�sments�vill become hereinbefore. and in default thereof the Lender may pay the same; _
<br /> � ddinquent. such sums to be hetd by Lender in trust to pay said and that the Borro��•er will pcompNy detiver the of�cial receipts . _
<br /> , ground rents,premiums. taxes and specia!assessments;and therefor to che Lender. _
<br /> (c) All payments mentioned in the tw•o preceding subsections of 5. The Borrower a•ill pay all taxes which may be tevied upon
<br /> this paragraph and aU payments to be made under the note the Lender's interest in said real estatc and impro�ements.and '��
<br /> secured hereby shall be added together, and the aggregate amount which ma�-be levied upon this instrument or the debt secured :�,!
<br /> cheseof shall be paid by the Borroxer each month in a single pay- hereby t1�ui only to[he exten[ that such is not prohibited by lau�
<br /> m�ent to be applied by the Lender to the follaa•ing items in the and only to the extent that such will not make this loan usurious),
<br /> order set fonh: but excluding any income tax, State or Federal,i��osed on
<br /> � (I) premium charges under the contract of insurance with Lender, and will file the official receips showing such paymznt
<br /> tEne"Socretary of Housing and Urban Development.or monthly «ith the Lender. Upon violation of this undertaking.or if the
<br /> ebarge(in lieu of mortgage insarance premium). as the case may Borro+cer is prohibited by any law now or hereafter existing from
<br /> � �� paying tEze w�hole or any portion of the aforesaid taxes.or upon � `_
<br /> p1)ground rents. tares,assessmerci, fire and other hazard she rendering of any court decree prohibiting the payment by the
<br /> BorroHer of any such taYes.or if such law or decree provides that �-+�"
<br /> insuraace premiums; any amount so paid by the Borrower shall be credited on the debt, �
<br /> � (111) interat on the rtote secured hereby: she Lene�ee shall hace the right to give ninety days' w•ritten notice �;n-
<br /> (1� amortization of the principal of said note• and to the Q�r�er of the premises, requir6n�the payment of the debt.
<br /> • �f such noticc be given. the said de[�t shall become due, payabte
<br /> (V) late eharges. and collectible at the expiration of'said ninety days. '..
<br /> Any deficiency in the amoant of such aggregate monthly pay- 6. That should the Borrower fail to pay any sum or keep any
<br /> ment shall. unless made good by the Borrow�er prior co the due covenant provided for in this instrumer.t, then the Lender,at its
<br /> date of the next such payment, cunstitute an event of default option, may pay or perform the same, and all expenditures so
<br /> us�dcr this martsa�r. Thr Lender may collect a"late charge" not
<br /> " • to excced four cents(4C)for each dollar (511 of each payment
<br /> pgQe 5, , MUO-92113DT
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