|
� �
<br /> I
<br /> f
<br /> �
<br /> 1
<br /> ���• ��� lV �1�
<br /> r Rurco+.er and I.eeder rmrns��at and ugrrr as t��U�►���: mu�� than fiPtcen (IS)da�•. in arrcarti t�� �•���rr �hr e�tr;�e��,e�t.c
<br /> j inc��hed in handling dclinyurn� payment..
<br /> 1. That liuria�tir�� ��iil �,:»� thc indcbrrdnrcc, ;�c h��rcinh��f��r�•
<br /> pro�•ided. Pri�•ih�e is res�n•ed ta pac thr d�M in �cholc or in part �. That if the total pf Uir �:IYI11CI115 I11:itI� Ny thc H�,irn���c�
<br /> on an}• inst�llment due date. undcr (bl oi p;uagraph ?p�ercding shall��c�tid U�c amaun� of
<br /> pa�•mrnlc acuially made by the Lender fur craund rrn�s, ta�r. and
<br /> 2. That. �ogethe� ��•ith, and i�addition ta. Ihe monthl�� ass�hxments or insu�ance premiums, as �h� r,�se ma>• h�, u�ch c�-
<br /> paymenls ai principal and intc�est ra�•ablc under thc teims af the �c+., i1' �he loan is ru�rcn�, at �he option of�hr Borrua•rr, shall bc
<br /> ttote secu�ed her�b�•, thc aorro��er ��ill pay a� ihe Lcndcr, on Qie rrc�iit�d by �he Lender an suhscqurnl paymrms t��br m;tctc h�• thc
<br /> �rst day of earh month until the s.�id note is fulh• paid.�he 8urro��er, or retunded tu�he Harroa•e�. U', hua•rvcr, �hc mumhly
<br /> following sums: payntents made by the Borma•er unde� (b) aP paragraph 2
<br /> (a) Amaunt suf�cient to pravide the hotder hereof��•ith funds PTC�eding shall not he sufficient lo pay gr�und rents, ta�rs and
<br /> to pay the ne�� mor�Eage insuranre premium if�his instrumenr and ��sessments or insurance premi�ons,as thr casr ma}• hr,���hrn the
<br /> the note secured hereby are insured, o� a monthl�• rharge(in lieu ''��»�shaU be«mie due and payablr, thrn thc p��rruarr .h:dl pa��
<br /> of a,mortgage insuran.�prrmiu�u) iP ihey are hcld by the «� �hc Lcnder any amuunt nece..,�ary �u make up the del5cienry, on
<br /> . Se�vetary of Housing and Urban Deti•elopment, ac follo����: or before the date��hen pa�•ment al'such ground rents. t.�xes�
<br /> a�s��sments,or insuran��c�irmiums shall he due. If at am• iime -
<br /> (1) lf and so lung as said note of e��en date and this in.t�u- the Borro�eer shaU tender ta the I.ender, in accordanrr ��ith tlie
<br /> ment are iasured or are reinsured undcr the pro�•isions af the Na- pro�•isions oP ihe note secured hereby, Pul) paymem oP thc cntKe
<br /> tional Housing Act. an amount sufiicient to accumulate in ihr indebtedness repr�e�ted thrreby, the Lender�hall, in c�mpuiing
<br /> hands of the holder one(1) nionth prior to its due date the annual sh; amount of surh indebtedness, rredit to the account of the Bor-
<br /> mortgage insuran.� premium in ordcr to procide such holder��ith r����er all pa>•ments made unde� Ihc pro�•isions of(a)of�aragraph
<br /> funds to pay such pren�ium to the Serretary of Housing and Ur- :hrreof��•hich the Lender has not bernme obligated to pa>•to �hr
<br /> ban De�•elopment pursuani to ihc Na�ional Housing Act,as Se��etary of Housing and Urban De�•elopment and am• bal1nCe Tc-
<br /> amended, and applirable Regulations �hereunder; ar mainine in the funds accumulated under the pro��i.ions of (bl of
<br /> (lq lt and su Iong as said note a1'e�•en date and this in�►n�- P�+rag�aph 2 hercol'. If there chall be a del'auh undcr an}•uf thc
<br /> ment are held by the Sec�etarp of Houaing and L►rban De�elop• Pm�isions of this instrumcnt rc.ulting in a public salc uf ihc
<br /> ment,a monthlr charue(in lieu of a lJlplfa3i:in.�iir•rncc premium) P�emises co�•ered hercb�•, or ii the t_ender a�quire+ thr prorerty
<br /> a•hich shaU be in an amount eqs�z! to one•tu�elfth (1/12)oP onc- �thenrise a�ter deiault, tTtc Lendcr chalt anrly, at �he tim� ot thc .
<br /> liaif Q1�2) per centum of the average ot�tstanding balance due on i0°����encemcn, ..f:u:li proceedings, .�r at ,hr time thr propert�• i. � '
<br /> the note computed�vithout taking into account delinquencies or ��ther��ise acquired, thc ralan.r then remaining in thr fund. ac- •
<br /> prepayments; tumula[ed undtr (b) ot'paragraph 2 precedinc, a+ a credit aeain,t �
<br /> tltr amount oi prinripal then remaininL Ull(�11(� U�ld�f >:iid n��ta, � ��
<br /> {bj A sum equai tu the ground rents, U any, nrxt due,plus �he and shatl pruperl��adiust au�- parments ��liinc �hall haa�•h.�.�n !( `
<br /> premiums that «iii nexi oecome due and payable on policiec ot madr under ta/of paragraph 2. .;�,;,�;
<br /> fire and other hazard insurance co�•ering the propen�, plus ta�es
<br /> and assessments next due on the propeny(a11 as esrirrrated h}•the 4. That the Bo��o��er �vill pay ground rentx, ta�es, as,cs�ments,
<br /> Lender)less a11 sums already paid thercfbr divided by the number ��•ater rates, and other go�ernmental or municipal �harg�s, �nes, '
<br /> of months to elapse before one(1)month prior to the date �chen or impositions,ior ��hich pro�ision has not been n�ade �
<br /> such gound rents,premiums. taxes and assessments ��•ill becomc herrinbeforc, and in default thereof the Lender ma�•pa�ihc same: � �
<br /> ddinquent. such sums to be held by Lender in trust to pay said and that the Borro��er �vill promptl�• deli�e� the ol'ficial r�ticipts 't�
<br /> • ground rents, premiums, taxes and special assessments;and therefor to the L.ender. ,
<br /> (c) AU payments mentiontd in the t�ro preceding subsections of 5. The Borro��•er ��ill pa�•all tares���hirh may be Ie�ird u on
<br /> this paragraph and all payments to be made under the note P
<br /> secured hereby shall be added together, and the aggregate amounc ihe Lender's interest in �aid real rs�ate and impro�•ement,, and
<br /> thercof shall be paid by the Borro�+•er each month in a single pa.•- ��'hich may be!e�•ied upon this ins�rument or the debt serured
<br /> ' ment to be applied by the Lender to the folloa•ing items in the hereb�•(buc only to ihe extent �hat such is nat prohibitcd by la�.
<br /> order set forth: and only to the extcnt that cuch a•ill not make this loan usurious),
<br /> • but excluding any income tax, State or Federal, imposed on �•
<br /> p) premium charges under the contract of insurance ��ith Lender, and ��ill fite ihe offirial receipt sho�cing sueh papment -• �
<br /> the Secretary of Housing and Urban De�•clopment, or monthly �rith ihe Lender. Upon eiolation of this undertaking,or if the >�'
<br /> charge(in litu oi'mortgage insurancr premium), as the case may Borro�cer is prohibited by any la.�• no��• or hereafter exi�ting Gom
<br /> �� paying the u�hote or any ponion of the aforesaid taxes, or upon �' �:;
<br /> (11)�round rcnts� taxa,assessments, fire and other hazard the rendering of any court decree prohibiting the payment by the • .
<br /> insuranee pfCmiams; Borro�ver of any such taxes,or if such la�c or decree provides that
<br /> any amouni so paid by the Bvrrower shall be credited on the debt,
<br /> (III) interest on the no[e secured hereby: �he Lender shall ha�•e the right to gi�•e ninety days' ��rittcn ttotice
<br /> (IV) amortiza[ion of tice pe�incipal of said note• and to�he o��ner of the premises, requiring [he paymem of the debi.
<br />, ' lf such notice be gicen, the said debt shaU become due. payable
<br /> (� late charga. and collectible at the expiratian of said ninety days.
<br /> � Any de�ciency in the pmount oP such aggegate monthly pay- 6. �at shoutd the 8orrox•er fail to pay anX sum or keep any
<br /> ment shpll. untess made�ood by the Borrower prior to the dae covenant pro�•ided for in this instrument,then the Lender,at its
<br /> date of the next such payaxnt,oonstitute an event of default
<br /> under this mortga�e. The Lender may coltect a "late charge" not option,may pay or periorm the same, and all expenditures so
<br /> to exceed four cents(1�) for ach dollar (SI)of each payment
<br /> �-- _—--
<br /> a . Pape 2 of 9 ; n HUO�!'1/430T �
<br /> L � !_ J
<br /> �
<br />_ ��
<br /> ;.. �
<br />� � �
<br />
|