|
_ � �
<br /> �
<br /> - �.� J.0 ` �J,�
<br /> Borra�•.r�i� L�nuer��renant onQ�gree as i'oltaw�s: more than fiftcen t15)d��•s ia:t�rea�s w cor�er the rt�ru czpense
<br /> � l. That Rprtower��ill im�atccd in handling delinyuent payments.
<br /> pay the indeUtedttess,as hcrdintnfore
<br /> Pmvided• Privilegt is resrn�ed ta pa> the debt in whole or in par� �, 'that if the totat of thr payr��ents made by the Rorrawer
<br /> an any inatalhttrnt due date. undrr(b1 af paia��apl�2 preseding shatt exceed the amount af
<br /> 2. 7'hat.together with, and in add�cion to, thc momhl �>ments actualiy mado by �he I.erxle� for ground rents, taxcs and
<br /> Y assessments ar insurance p�emiuma, as the case may be,such ex-
<br /> payments of principal and interest payable uttde� the tcrms oi'thc ress, if'the loan is current, at the option of the Borrower. shall be
<br /> note secured hereby, the Barrow-er �ril1 pay to the Lender. on the credited by thc I.ender on subsec�uent payments to be made by the
<br /> first day of each month until the said note is PuUy paid, the Borrowcr.or refunded to tht Bonower, if, ha�ve�•er,the monthly
<br /> fopoHing sums: payme�ts made by the Borrowcr under(b)of'paragraph 2
<br /> lU Amount suf�cient to pravide the holder hereof�vith funds P��ding shall not be sufficient to pay ground rents,taxes and
<br /> to pay the next mongage insuraace prcmium if this instrumeat and �t�ments or iasurance premiums,as the case may be. when the
<br /> the note secwed hereby are insured, or A manthly charge(;n lieu S�e shall become due and payabte,then �he Bonox•er shall pay
<br /> o1'a mongage insurance premiuml if they are held by the �o the Lender any amount necessary to make up the de�ciency.on
<br /> Secretary of Housing and Urban Development,as follows: or before che date Nhen payment of such ground rcnts. taxes.
<br /> asseuments. oe insurance premiums shall be due. If at any time
<br /> (I) If and so long as said note of e�•en date and this instru- the Borrower shaU tender to the Lender.in a��cprdance «•ith the
<br /> ment are insured or are reinsured under the pro�•isiatu of the Na• pravisions of the note secured he�eby, full payment oP the entire
<br /> tional Housing Act, an amaunt suffici�nt to accumulate in the indebtrdness represettted thereby, th�Lender shall, in 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 oP the Bor-
<br /> mortgage itssuraner premium in order to provide such holder with rou•er all payments made under the provisions of(a)of paragraph
<br /> Punds 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 Secretary of Housing and L'rban Development and any balance re-
<br /> amended, and applicable Regulations thereunder: or ' maining in the funds accumulattd under the provisions of(b)of
<br /> (Il) If and so long as said note af even date and this instru- Paragraph 2 hereof. If there shall be a dcfault under any of the
<br /> ment aze held by the Secretary of Housing and Urban Dc�•elop- Provisions of this instrument resulting in a public sate of the
<br /> ment. a montt�ty charge (in licu af a morrgage insurance premiuml Premises cpvered hrreby�. or ii'the I.ender acquires the property
<br /> which shall Ix in an amount equal to one-tw•elfth �1/t2►af onc_ �therN•ise aPter default. the Lender shall apply� at �he timo af the
<br /> half(1/2)per centum uf the a�•erage outstansiing ba�ance due un �pmmencement af such proceedings.or at the time[he property is
<br /> the note computed w•ithout taking into account delinqurncies or ��hrr+sise acquired, the balance the� remaining in the fu�ds ac-
<br /> ' P«WYments: cumulated under(b) of paragraph 2 preceding. as a credit against �
<br /> (b) A sum the anwunt oP principal thrn remAining unpaid under suid note. '
<br /> equal ta the ground ren�s, iF any, next due.plus the and shall proper(p adjust any payments which shall havc been �?�
<br /> premlums that wiU aext became due and payable on policies of made under (a)of paragraph �. � �
<br /> fire and other hazaed insurance cocering �he�+roperty, plus taxes � -- �
<br /> __ _ and ace.s�.,��n�x:�L�ar �t�� Nio�ir�iy�ait as esrimared by the 4. That the Borrower wi11 pay growtd rents, taxes. assessments, �
<br /> Leader)kss aI! sums atread �3�.-"
<br /> of months to elapse before onea(d�tmonth prioa o hetdate hen or impos tions,f orh�h ch�provis on'has ot �been�made�� �n��
<br /> such ground rents.premiums. taxes a�d acsessments wi11 become hereinbefore, and in default thereof the I.ender may pay the same;
<br /> delinquent, such sums to be held by Lender in trust to pay said and that the Borro�ver�sill promptly deliver the ofPicial receipts
<br /> ground rents,premiums, taxes and special assessments; and therefor to the Lender. �;'+f
<br /> (c) All payments mentioned in the two 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 tevied upon �
<br /> secured hereby shal) be added together, and the aggregate amount �he Lender's interest in said real estate and impro�ements,and
<br /> thercof shall be paid by the Borrow•er each month in a single pay- ��'hich may be lee•ied upon this instrument or the debt secured �
<br /> ment to be applied by the Lender to the following items in the hereby(but only to che 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 tax, State or Federal, imposed on
<br /> (() premiunt charges under the contract of insurance with Lender, and will file the official receipt showing such payment
<br /> the Secretary of Housing and Urban Deeelopment,or monthly with the�.ender. Upon violation of this undertaking, or if the
<br /> • d�arge(in lita o1'mortgage insurance premium). as the case may Borrow•er is prohibited by any law now or hereafter existing from
<br /> �' paying the whole or an ;�.�--
<br /> the renderin of an cour�decreeof the aforesaid taxes,or upon i_
<br /> (I!)ground rents, taxes. assessments, fire and ather hazard g Y prohibiting the papment by the
<br /> insurance premiums: Borrower of any such taxes, or if such iaw or decree provides tha[ :.�_-
<br /> (Ill) interest on the note secured hereb ; anY amount so paid by the Bonower shall be credited on che debt, �
<br /> Y the Lender shall have the right to give ninety days' written notice �
<br /> Oh amortlzation of the principal of said note; and to the owner of the premiscs, requiring the payment of the debt.
<br /> !f such notice be given, the said debt sha!!become due,payable
<br /> (� late eharges. and collectibte at the expiration of said ninety days.
<br /> My deficiency in the amount of such aggregate monthty 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 /> dste of the next such pay�teent.corsstitute an eve�n of defauit covenant pravided for ir�this instrumeat, then the Lender, at its
<br /> unda this mortgage. The Lender may collect a "late charge" not option, may pay or perform the same,and all expenditures so
<br /> • to eaaed four cents(4�)for each dollar(31)of each paymcnt
<br /> , . Page 2 01�5 -
<br /> �; ' J HUD-92143DT �-`-�
<br /> i
<br /> ; �
<br /> z
<br /> L • � �
<br /> �
<br /> �
<br />- �
<br /> �
<br /> r
<br />- kr w
<br /> � �
<br />
|