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<br /> �9� �06529
<br /> � Barrawe��nd I.cnde�covenae�and�r+ee ps talloNS: morc thaa filtecn(I51 days ii� arrears to co�•er Ihc cxtra cxpen�r
<br /> im•oh•ed in handUng delinqucot paymcnts.
<br /> 1. 'That Bo��ower wiil pay the indebtedness. as hereiobefore
<br /> pro�ided. Priviiege is raen•ed to pay thr debt in whalc ar in part �. That ii the total af'the paymcrtts made by the t3orro���e�
<br /> on any instaliment due date. under(b)uf pataBraph 2 precedins shall excccd the amount ui
<br /> payments actually madc by�he Lendr� fbr graund rents, taxes and
<br /> 2. That,togcther with, and in addition to, the monthly asussments or insurance premiums� as the cruf may be,such ex-
<br /> paymrnts aP principAl and interest payable under the terms of ihe cess. iP�he loan is current. at the aption af the Ek�rraK•er. shail be
<br /> nate secured hereby� che Borroa�er will pay to the Lender. on the c�edited by the Lender on subsequent payments to be made by the
<br /> first day of each month until the said note is t'ully paid, the Batrov►er, ar refunded to the 3orrower. If.however, the monthly
<br /> followiag sums: payments mude b�the Borrawer under(b)of paragraph 2
<br /> (a) Amount sufFcient to provide the haldcr hereof with Punds Prereding shall not be sufticient to pay ground rents, taxes and '
<br /> to y the noxt mort age insurance premium if this instrument and assessments ar insurance premiums,as the case may be,when the
<br /> pa 8 sume shall become due and payable, fhen the B�nawer shall pay
<br /> ' the note secured hereby are insured.or a monthly charge (in Iieu to the Lender any amoun! necessary to make up the deficiency, on
<br /> of a mortgage insuranoe premium) if they are held by the or befare the date when payme�t oE'such grouod rents,taxes,
<br /> Secretary of Housing and Urban Development,as follaws: ���ments,or insurance premiums shall be due. lf at any time
<br /> (1) if and so long as said note of even date and this instru- the Bonower shall tender to the Lender, in acrnrdance with the
<br /> ment are insured or are reinsured under the provisions us the Na- p�o�isions of the nate secured hercby, full payment of the entire
<br /> uonal Housing Act. an amount suf�cient to accuraulate ia the indebtedness repraented thereby.the Lender shall. in computing
<br /> ha¢ds of the holder one(1)month priar to its due date the annual the amount of such indebtedness. credit to the account of the Bor-
<br /> mongage insurance premium in order to provide such holder w�ith rower all payments made under the provisions of(a)of paragraph
<br /> funtls to pay such premium to the Secretary of Housing and Ur- 2 herenf which the Lender has not become obligated to pay to the
<br /> ban Development pursuant to the National Housing Act, as Secretary ot'Housing and Urban De�•elopment and any balance re-
<br /> amended.and appticable Regulations thereunder; or maining in the funds accumulated under the provisions of(bl of
<br /> (Il) If and so long as said note of even date and this instru- Paragraph 2 hereof. If there shall be a default undcr any of the
<br /> ment are held by the Secretary of Housing and Urban Develop- Provisions of this instrument resulting in a public sale ot the
<br /> ment, a monthly charge(in lieu of a mortgage insurancr premium) Premises co�ered hereby, or if the Lertder acquires the property
<br /> which shaU be in an amount equal to one-tK•elfth (1/12) of'one- otherwise after default. the Lender shall apply,at the time of the
<br /> half(1/2)per ocntum of the average outstanding balance due on commencement of such proceedings. or at the time the propeny is
<br /> � the note eomputed without taking into account delinquencies or otherwise acquired, the balance then remaining in the Punds ac- ;�
<br /> cumulated under(b)of paragraph 2 preceding,as a credit against
<br /> prepayments; the amount of principal then remaining unpaid under said note, s:=�,�
<br /> (b) A sum equal to the ground rents. if any, next due. plus the and shall properly adjust any payments�•hich shaU have been ��:�_:
<br /> prem'iums that will next become due and payable on poticies of made under(ai d{paragrapi� �. ' 1__"
<br /> fue and other hazard insurance covering the property,plus taxes _
<br /> and assessments next due on the propeny(all as estimated by the 4. That the Borrower will pay giound rents,taaces. assessments, __
<br /> Lender)less all sums already paid therefor divided by the number water rates.and other go�•ernment�►or municipal charges, fines. •
<br /> of months to e(apse before one(1)month prior to the date when or impositions, for which provision has not been made
<br /> such gtound rents, premiums. taxes and assessments will become hereinbefore. and in default thereof the Lender may pay the same; �
<br /> delinquent, such sums to be held by Lender in trust to pay said and that the Bottower Kili promptly deliver the official receipts ;
<br /> ground rents.pnmiums, taxes and specia!assessments;and cherefor ro the Lender.
<br /> (c) All payments mentioned in the two preceding subsections of S. The Borroa•er will pay all taxes which may be levied upon
<br /> this paragraph and all payments to be made under the note the Lender's interesc in said real estate and improvements, and
<br /> secured hereby shall be added together.and the aggregate amount µhich may be levied upon this instrument or the debt secured =
<br /> • thereof shall be paid by the Bonower each month in a single pay- �reby(but anly to the extent that such is not prohibited by law '�"
<br /> " ment to be apptied by the Lender to the following items in the and only to the extent that such will not make this loan usurious), �
<br /> order set forth: ' but excluding any income tax. State or Federal, imposed an '
<br /> (1) prcmium charges under the contract of insurance w•ith Lender.and will file the official receipt showing such payment �=�
<br /> ' the Secretary of Housing and Urban Development.or monthly with the Lender. Upon violation of this undertaking, or if the �'
<br /> z-.t+.
<br /> charge(in Geu of mortgage insurance p�emium). as the case may Borrower is prohibited by any law now or hereafter existing from
<br /> � , �� paying the whole or any ponion of the aforesaid ta�es,or upon �:�=
<br /> (11)grouiid rents, taxes, assessments, fire and other hazard the rendering of any court decree prohibiting the pa}ment by the .
<br /> Borrower of any such taxes. or if such lau or decree provides that
<br /> • insurance premiums: any amount so paid by the Borrower shall be credited on the debt. '
<br /> (111) interest on the note secured hereby; the Lender shall have the right to give ninety days' w•ritten notice �
<br /> (1V) amortization of the principal of said note: and to the owner of the premises, requiring the payment of the debt.
<br /> If such notice be given. the said debt shall become duc, payable
<br /> (V) late chazges. and collectible at the expiration of said ninety days.
<br /> Any deficiency in the amoant of such aggregate monthl�• pay- 6. That should the Borrow•er fail to pay any sum or keep any
<br /> • ment shali, unless made good by the Borrower prior to the due covenant provided for in this instrument. then the Lender, at its
<br /> date of the next such payment. constitute an event of default
<br /> under this mongage. The Lender may coBect a "late charge" not option, may pay or perform the samc,and all expenditures so
<br /> to exceed four cents(4�) for each dollar (S1)of each payment
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