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<br /> 8��_� �.Q683'7
<br /> Barrahe�A�d l.crtdcr co�enant and ngr��c as f��iloNS: murr than t'il'trrn U51 d:►>, in arrra���a co�cr thr��i�.i r��,���.r
<br /> ui�ul��ed in handUnc .tcimqucnt pn>mcnt�.
<br /> i. Ti�at Bu�ru��er ���ill �a} thr indeMrdnr��, ae hrrcinhefa�c
<br /> � }�ra�•ided. Pri�ilege is reserved to pay thc dcbt in �Fhc�ic or in pari �. 1'hat il'thr t��ta! aC !he pa�ments made b�• thr }3orru��er
<br /> on any instaliment due date. �mder (bl af paragraph� prereciing �hall r�rrctii �he amvunt i�f
<br /> payments artually made by thr Lender for graund rents, taxc� and
<br /> 2. That. together with. and in addition w, thr ntoiu{�►y assessntents or insueance premiums, as the ca�c ma}• t+e, such er-
<br /> ' payments of principal and interest pa�able unde��hr terms af thc �ess, if�he laan i�current, at �he optian af'the Barro��•er, shail bc
<br /> note secured hereby, the f3�rro��cr��il! pay to the Lender, on chc crediced by the Lender on subsequcnt papmcnt� cu bc madr by �he
<br /> first day of each month until the �aid n�te i� fully �aid, the Borra��•er. or retunded to ihe Borra��•cr. IP. ho��•c��er. the manthly
<br /> follawing sums: payments made by the Barro�ver undcr (bl af paragraph 2
<br /> (a) Amount suf�cient to pro��ide thc holder hercal'with tunds PTCCeding shall not be suffieient to pay Fraund rents, taxes and
<br /> to pay the next mortgage insurance p�emium if this i�strument and as�essments or insu�ance premiums, as the case may be, when the
<br /> the note secu�ed hereby are insu�ed, or a monthly charge(in lie� �me shall become due and payable. then the Borro�ver sl�all pay
<br /> uf a mortgage insurance premiuml if they are held by the �o the Lender any amount necessar} to make up the de�ciency, on
<br /> Secretary of Housing and Urban De�•elopment, as t'allo�vs: ar before the date when payment of such ground rents, tares,
<br /> assessmcnts. ar insu�ance p�emiums shall be due. lf at any time
<br /> (I) If and so long as xaid note af e�•en date and this instru- the Bor�o��•er shall tender to the Leiidet. in accurda�ce with the
<br /> ment are insured or are reinsured under the provisions of the Na- pro��isions af the note secured hereby, full payment of the entire
<br /> tional Housing Act. an amount suf�cient to accumulate in the indebtedness represented thereby. the Lender shall, in computing
<br /> hands of the holder one (11 month prior [o its due date the annual the amount of such indebtedness.credit to the account oP the Bor-
<br /> mortgage insurance premium in order to provide such holder�vith ro��•er all payments made under the provisions of(a)of parug�aph
<br /> funds to pay sucl�premium to the Secretary ot� Housmg and Ur- 1 hereot �vhuh the Lender has not be�:c�me obiigateci tu pay tv tae
<br /> ban De�•elopment pursuant to che National Housing Act,as Seccetary of Housing and Urban De�el�pment and any balance re-
<br /> amended.and applicable Re�ulations thereunder;or maini�g in the funds accumulated wnder the pro�•isions af(b) of
<br /> (Il) If and so long as said note of ecen date and this inst�u- Paragraph 2 hereof. IC there shall be a default under any of the
<br /> ment are held b� the Secretary of Housing and Urban Decelop- Provisions of this instrument resulting in a public sate of the
<br /> ment, a monthly charge (in lieu of a mortgage insurance premium) Premises co�•ered hereby, ur if the Lender acquires the property
<br /> which shall be in an amount equal to one-t��•elfth (li12) of une- other�rise after default,the Lender shall apply, at the time of the
<br /> half(1/2)per centum of the a�•erage outstanding balance due on �ommencement of such proceedings, or at the iime che propeny is
<br /> the note computed «ithout taking into account delinquencies or other��•ise acquired.the balance the� remaining in �h�funds ac-
<br /> prepayments: cumulated under (b)of paragraph 2 preceding. as a credit against
<br /> the amaunt of principal then remaining unpaid under said note.
<br /> (b? A sum equal to the ground �ents, it'an�•. next due,plus the and shaU properly adjust anp payments which shap ha�•e been
<br /> premiums that will next become due and payable on poli;ies of made under (a)of paragraph 2.
<br /> �re and other hazard insurance covering the property, �ius taxes
<br /> and assessments next due on the property(all as estimared hy the 4. That the Borrow�er �.i{l pay ground rents, taxes,assessments, ,
<br /> Lender)less all sums already paid therefor di�•ided by the numher water rates, and other go�emmental or municipal charges, fines, ,
<br /> vf�i.Zii.�iS tS.°�o�;�. �f0:�CR:f 1)IYSCit!!:FlSCi tn!h?�3t@ W�:PII CF !R!.^.i`cuinnc, {n� t►•iZjrh ntn�•icjt►n �ac �nt hrPn marle .---
<br /> such ground rents, premiums, taxes and assessments wili become hrreinbeWrr,and in default thereof the Lender mav pa}• the same;
<br /> delinquent, such sums to be held by Lender in trust to pay said and that the Borro��•er�►ill promptly delicer ihe official receipts
<br /> ground rents. premiums, taxes and special assessments; and therefor to ihe Lender.
<br /> (c) A!1 payments mentioned in the t�;o preceding subsections of S. The Borrow�er�ti�ill pa}•all ta�es w•hich may be le�•ied upon
<br /> this paragraph and all payments to be made under the note � �
<br /> secured hereby shall be added together. and the aggregate amount the Lender's interest in said real estate and impro��ements, and .-
<br /> w•hich may be le�•ied upon this instrument or the debt secured
<br /> thereof shall be paid by the Borro�ver each month in a single pay- hereby (but onl�� to the ex[ent that such is not prohibited by law '*
<br /> ment to be applied by the Lender to the following item.in the f
<br /> order set forth: and only to the extent chat such will not make this loan usurious), _
<br /> but excluding an>• income taK, State or Federal, impused on
<br /> (I) premium charges under the contract of insorance�vith Lender, and �vill file the afficial receipt shou•ing such payment
<br /> the Secretary of Housing and Urban Development, or monthly �vith th� Lender. Upon�•iolation of this undertaking, or if'the �
<br /> charge(in lieu of mortgage insurance premium). as the ease may Borr�wer i� prohibited by any law• now or hereafter existing from ' ;. ..
<br /> �; paying the whole or any portion of the afuresaid ta�►es, or upon •
<br /> (11)ground rents, taxes, assessmer�:s, fire and other hazard the rendering of any court decree prohibiting the pay�ment by the t�'
<br /> Borrower of any such tares, or if such law or decree provides that
<br /> insurance premiums: any amount so paid by the Bonower shatl be credited on the debt. •.�:-
<br /> (lll) interest on the note secured hereby: the Lender shall have the right to gitie ninety da>•s' �vritten notice • �`'�
<br /> (1V) amortization of the principal of said note:and �o the ow•ner of the premises, requiring the payment of the debt. �
<br /> If such notice be gi��en, the said debt shall become due, payabte
<br /> (V) late charges. and coltectible at the expiration of said ninety da>s.
<br /> Any deficiency in the amount of such aggregate monthly pa}•- 6. That should the Borro�ver fail to pay any sum or keep any
<br /> �:ent shall, unless made good by the Borro�ver prior co the due ,ovenant provided for in this instrumer.t, then the Lender� at ir.
<br /> c3ase of'the next such payment, constitute an event of default option, may pay or perform the same, and all erpenditures so
<br /> under this mortgage. The Lender may collect a "late charge" not
<br /> to execed foar cents (4�) for each dollar!$1)of each payment
<br /> , Page 2 of 5 , HUO-92143DT
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