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<br /> � 89-- �,0579 0 $�°-i 06551
<br /> BorroM•er and l.ertdeo ca��cRpn1 And ARm�s follow�s; mare than fifteen(I51 davs in arrears to rneer the eltra exp:n.cc
<br /> l. That Borro�►•e� «�il� im•olved in handting dclinqucnt payments.
<br /> � Prn��d. PrivHegr is rarn dt ta payethrdd bt�ins�hhote or r nre rt 7.
<br /> on an�+ instalLnenl due date. � �.at ii'the total pf the paymcnts made by the 8orrow•er
<br /> under�1h1 af parssg�aph 2 preceding shall excced the a�rtaunt af
<br /> 2. That. together with,and in addition to, the monthly a�.s,cemments or tnurance prem ums,das he scase ay be.�such ex�d
<br /> pa}nnents of principal and interest payable under the terms of �he cess. if the loan is current� at the option of the Borrower. shall be
<br /> note se.-ured hercb�, ohe ao�ro�i�er will pay to the Lender� on the rredited by the l.ender oa subsequent payments to be made by the
<br /> fitst day oF each month until the said nate is fully patd,the Barrower,or rcfunded to the Borrower. lf. however, the inanthly
<br /> foltowing sums: payments made by the Borrower under(b)of'paragraph 2
<br /> (a) Amount suf'ticient to provide the holder hereof wi�h funds preceding shall �ot be suP�cient ta pay ground rents, taxcs a�d
<br /> to pay the n�act mortgage insurance premium if'this instrument and ��Sments or insuranee premiums,as the cace may be� when Ihe
<br /> the note secured hereby are insured, or a monthly charge(in/reu �ame shall become due and payable, then the Bor�awer shall pay
<br /> of a mortgage insuraace premium)if they are held by the �p the Lende�any umaunt necessary to make up the deficiency, on
<br /> Secretary of Housing and U�ban De�•elopment. as Pollo��s: ur 6efore the datc when payment af'such ground rents. taxec,
<br /> assessments. or i�surance premiums shall be due. If at any timc
<br /> (1) lf and so long as said note uf e�•en date and this instru- ihe Borrower shall tender to the Lender, in accardance with the
<br /> ment are insured or are �cinsured under the provisions of the Na- pro�isions af the note secured hereby. full payment oP thc entire
<br /> , tional Housing Act, an amount suPficient to accumulate in the indebtednas represented thereby,the Lender shall. tn computing
<br /> hands of the holder one(1)month prior to its due date the annual the amount of such indebtedness,credit to the account ai'the Bor-
<br /> mortga�e insurance premium in order to provide such holder with rawer 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 Leader has not become obligated to pay to the
<br /> ban Development pursuant to the National Housing Act,as Secretary of Hausing and Urban Development and any baiance rc_
<br /> amended. and applicable Regulations thereunder; or maining in the funds accumulated under the provisions of(b)of
<br /> (11) !f and so lang as said note of e�•en date and thic instru- Paragraph 2 hercof. If there shall be a default under any of the
<br /> meat aze held by the Secretary of Housing and Urban De�•elop- Provisions of this instrument resulting in a public sale of the
<br /> � ment, a monthly chazge(i�/ieu of a morrgage insuranc�e premium) Premises co�•ered hereby, or if the Lender acquires the propeny
<br /> which shall be in an amount equal to one-tw•elfth(1/12)of one- otherwise after default. the Lender shall appl},ac the time of the
<br /> half(1/2)per antum of the average outstanding balance due on rommencement of such proccedings,or at the time the property is
<br /> the note eomputed without taking into account deiinquencies or othenti•ise acquired, the balance then rernaining in the funds ac-
<br /> prepayments; cumulated under(b)of paragraph 2 preceding,as a credit against
<br /> (b) A sum the amount of principal then remaining unpaid ander safid note. •
<br /> eqnal to the ground rents. if any, next due, plus the and shall properly adjust any payments K•fiich shall have been
<br /> , premiums tfiat will next become due and payable on policies of made under(a)of'paragraph 2. �
<br /> �re and other hazard insurance covering the property-. plus taxes
<br /> and assessments next due on the property{all as estimated by the 4. That the Borrow•er will paY xround renis,�axPC;?��.��t�, �
<br /> _ Lender)less all sumc?tsP?�y���t�r�fa=�Fi������i;a uumber water rates,and other governmentat or municipal charges. fines, 1'
<br /> of months to elapse before one(I)month prior to the date when or im '�__
<br /> such positions, for which provision has not been made.
<br /> ground rents, premiums, taxes and assessments will become hereinbefore, and in default thereof the Lender ma
<br /> delinquent, such sums to be held by Lender in trust to pay said and that the Borrower will promptly deliver the ofGc al rec ipt�e�
<br /> ground rents, premiums. taxes and special assessments;and therefor to the Lender. -
<br /> (c) All payments mentioned in the hvo preceding subsections of "^�
<br /> this paragraph and all payments to be made under the note 5. The Borrower will pay all taxes which may be levied upon
<br /> secured hereby shall be added together, and the aggregate amount the Lender's interest in said real estate and improvements, and �
<br /> thereof shaU be paid by the Borrower each month in a single pay- ��'h�ch may be levied upon this instrument or the debt secured �
<br /> ment to be applied by the Lender to the fo!lowing items in the hereby(but only to the extent that such is not prohibited by law
<br /> order set forth: and only to the extent that such will not make this loan usurious>, �
<br /> but excluding any income taY, State or Federal,imposed on
<br /> (I) premium charges under the contract of insurance with Lender, and will �le the official receip[ shouing such payment �
<br /> the Secretary of Housing and Urban Development,or monthly a•ith the Lender. Upon violation of this undertaking. ur if the '�`
<br /> chazge(in lieu of mongage insurance premium), as the case may Borrower is prohibited by any law now or hereafter existing from � ��
<br /> be� payin the whole or an
<br /> 8 y portion of the aforesaid taxes, or upon �
<br /> (II)ground rents, taxes. assessments. fire and other hazard the rendering of any court decree prohibiting the payment by the
<br /> insurance prcmiums; Borrower of any such taxes, or if such law or decree pravides that :�'"=
<br /> 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 ri ht to ' �
<br /> 8 give ninety days' written notice '
<br /> ' (11� amortization of the principal of said note; and to the owner of the premises, requiritir the payment of the debt. �
<br /> M late charges. If such notice be given, the said debt shall become due, payable '
<br /> and collectible at the expiration of said ninety days. �
<br /> .'1nY deficiency in the amount of such aggregate monthly pay-
<br />, ment shall, unless made good by the Borrower prior to the due 6• That should the Borrower fail to pay any sum or keep any
<br /> date of the next such payment, constitute an event of default cov�nant provided for in this inxtrument, then the l.ender. at its
<br /> under ihis mortgage. The Lender may co!lect a"late charge" �tul °P11On� may pay or perforrr� the same. and afi expenditures so
<br /> ' to exceed four cents(4d) for each dollar (E1)of each payment
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<br /> = Pag�2 }5 � f _. HUD�92143DT
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