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<br />88_101642.
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<br />Borrower and Lendcr C1J\'enant and 81gree lLl follows:
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<br />1. That Borrower will pay the Indeblcdn=, IJ hereinbefore provld,
<br />C'llI, Privilege Is ri!5en'ed to pay the debt In whole or !n part on any In-
<br />uallment due date.
<br />
<br />2. . That, together with, Ind In addition to, the monthl)' pa)'menls
<br />of principal and Illlert:St payable under the terrm of the note secured
<br />hereby, the Dorrower will pay to the Lender, on the fiut day of each
<br />month until the sald nole " fully paid, the following 1Uffi5:
<br />
<br />(a) Amount sufficient to provide the holder heroof wilh funm 10
<br />pay the neat mortgage Ill$uranoe premium Ilthis Instrument and the
<br />nole ~ured hereby II;! Insured, or a monthl)' charge (In lieu oj a
<br />mongag, 1n.l1Jrance premium) if the)' are held by the Secretary of
<br />Howing and Urban Dc\'elopment, IlS follows:
<br />
<br />(1) If and JO long as said note of e\'en date and Ihl5 instrument
<br />are insured or are reinsured Ul~der the provisions of the National
<br />Hawing Act, ;In amount sufficient to a~U/llUlale in the hands of the
<br />holder onc (1) monlh prior 10 i~ due date the annuill mortgage in-
<br />surance premium In order to pro\-Ide sllch holder with funds to Pil)'
<br />such premium 10' the Secretary of Hawing and Urban De\'elopment
<br />pursuant to the :'\alional Howing Act, as amendlod, and applicable
<br />Regulaliollli thereunder; or
<br />
<br />(II) If and so long as said nOle of e\'en date and Ihls Instrument
<br />ale held b)' the Se.crl'tary of Howlng and Urban Qe\'elopment, a
<br />month!). charge (In lieu oj a mortgage' inrurafll"e' premium) which shall
<br />be In an amount equal to one.twelfth (1/12)' ~I one"half (1/2) per cen.
<br />turn of the average oumandini balance due on Ihe note rompullod
<br />, without taking inlo a('(.'Ount delinquencies or prepil}'men~:
<br />
<br />(b) A ,urn equal to Ihe ground ren~, if any. ne.ll due. plw the
<br />premluffi5 that wUl ne.lt become due and payable on policiel of flro
<br />and other hllUrd Insurance covering Ihe property, plus IllIeI and
<br />UMlWllenu nelt due on the property (all as c$limaled bljlhe undn)
<br />I~ all 'WlU already paid therefor div;dl-d by the number of months
<br />to ela~ before one (I) monlh prior to the dlile when such ground
<br />renu, prcmiunu, IUl'$ and ~menl:i will become delinquent, such
<br />SwtU to be held b)' Lender in trwl to pa)' said ground rents,
<br />premiums, tut:S and speclallliSl'SJilllenu; and
<br />
<br />(cl All pa)'menti mentioned in the two prtlCetling ,ubMlCUons of th is
<br />pual1'aph and all pa)'menlli to be made under the nail' MlCured
<br />hereby shall be added tOirlher, and the aggregale amount thereof
<br />dull be paid by the Borrower each month in a 'ingle payment to be
<br />applJed b)' the Lender to the foUowing Items In the order sel forth:
<br />
<br />(I) premium charges under the ,'Ontract of Insurance with the
<br />5ectetary of Housing and Urban Development. or monthly chuge (In
<br />I.Nv oj mor'gage 'nlUrance premium), as Ihe case ma)' be;
<br />
<br />(II) ground rents, tues, useumen~, fire and mher hazard In.
<br />IlirIDCe premiuffi5;
<br />
<br />(III) Interest on the note l<<urC'lll hereb)';
<br />
<br />(IV) amortiutian of the principal of ,aid nail'; IInd
<br />
<br />(V) late chugs.
<br />
<br />Arly cWideacy in the amount of such aggregate monthly payment
<br />iIaall, wd_ made cood by the Borrower prior to the due dlte of the
<br />Mllt IUoCb payment, rowtltute an event of default under this mort.
<br />..... The Lender may roUm a ~Iate ch&lie~ nat to e.lceed four cents
<br />(4') for eaclJ dollar (11) of each payment more th.n f1fttoen (1~) dl)'l
<br />iD arrears to COVer the l!.ltra e.lpense Invotved In handling delinquent
<br />paymenu,
<br />
<br />3, lbat Ii tbe total of the payments made by the Borrower under
<br />(b) oi pual1'aph2 prec:edlng shall e.aceed the amount of payments ae-
<br />tuaDy made by the Lender for ground renu, tUft and auasm~nts or
<br />lDauADw premlwtU, &.Ii the cue mi.y be, s\lt'h e&l.'l'Sl, If the loan La
<br />CU1TCAt, at the option of the Borrower, shall be creditC'lll by the
<br />Leoder on sublequmt paymeflts\O be made by the Borrower, or
<br />refuod.d to} the Borrower. U, however, the monthly pa)'menll made
<br />by the Borrower under (b) 01 para.,aph t preceding dlall not be liulfl.
<br />cMnt to pi)' pound rents, t.. and &SM:IImenls or iruuranee
<br />Plcnllum., u the cue mlY be, wbeD the same shall t-vml! dli~ and
<br />payable, then the Borrow.. ahall pay to the Lender any *IDount
<br />.-.ry to_ malle uptM ddkiency. on or before Ihe date- when pay.
<br />ment 01 such sround rCDtI, tu_, .-nlenu, or lruurance premlulTU
<br />shall be due. U at ..n)' Ume the Botfowll'F !.hall tender to lh. Lenckr,
<br />In _rdance ....lIh t"~ pHIVUJoru of the note JeCurt:ld hereby, full pay.
<br />/Mot 01 u.. 1!11hrt' Indebt~CII!M repr,_nled ther"b)', Ih~ Lentkr shalt,
<br />
<br />In computing the amount of such illd"')Il....Ill.~, ~'rl,dit to Ihe lIl'1;'(llIlIl
<br />of the Borrower all paymenls made UIIUl'r Ihe prmisi(.1\S of (II) of
<br />parsgrapt. 2 hert'Of which the Lendl'r hus nu! IJl'Colnl' obligatt.... tu pllr
<br />to the Secretary of Homing und Urbllll Dl'Hlopmenl and 1111)' blllllnce
<br />remaining In the funds a~umulated tinder Ihe plOvlsJoll5 of (0) of
<br />paragraph 2 hereor. If there shall be a default cmJer 1111)' of the pr<JI'i.
<br />doIU of this instrument resulting in a pllhlk lull' of the pn'/Uiw.\
<br />covered hereby, or if the Lcnder aC'luil('~ llll' plllpl'ft)' olhl'rwist' ahl'r
<br />defllult, Ihe Lender shall appl}'. al tilt. lime or Ih(' ('onllnence/UelLt of
<br />sUt'h proc't.'<.-dlngs. or at the lime Ihe propl'rlr is ulhcr\\'isl' 1I('lJulred,
<br />the balllllce then remaining in th, funds lIl"l'U/UUllltl'd unuer (h) of
<br />l)aragraph 2 preceding, lU a credit ag..ill~t 11lL' IIl11uunt of prin~jplll
<br />Ihen remaining unpaid under said nOll', and _!hall prolll'rl)' adjust any
<br />payments which shall hll\'e bccn lIIillll' under (a) of paragraph 2.
<br />
<br />-I. That the Borrower will pa)' ground [('nts, la.\('~, assesslllenb,
<br />waiN rales, and other go\'ernmental or lIIullidpal dlargC.\, fines, ur
<br />impositions, for which pro\'isioll hus nol bn'll IIIIlUl' Ill'rl'inheforc, anu
<br />.' in defauh Ihefl'Of the Lender mil)' pa)' till' SlIfllL'; lIud that th~ Bar.
<br />rower will prompt I)' ddi\"er the uHidal r('("eipts th,'refur 10 thl'
<br />Lender.
<br />
<br />5. The Borrower will pa)' allta~\!s whiL'h mll)' hl' le\'il'<l upun Ihe
<br />Lendcr's interest in silid real eslllte Ilnd ifllIJro\'('fIleuI5, ilnd which Hlil)'
<br />be levi('<I upon this irutrument or the debl St'l'Ull'U hereb)' (but onl)' 10
<br />the ellenl that such is nol prohibited b)' law and onl)' to the e"lt('nt
<br />thai such will nOI milke this loan usuriuus), hut e~duding an)' iIWOll1e
<br />tax, Stall! or Fl....erlll, imposed 011 Ll'ndt'r, anu will file thL' offil'iaJ
<br />receipt showing such paYlllent with till' Ll'ndl'r. Upon "iulation uf lhis
<br />undertllking, or if the Burrower 15 pruhibilL'U h)' an)' Illw now or
<br />herL'i1her exisllng froln paying the whol\.' ur IIn)' portion of lilt'
<br />aforC.\llid IlUCS, or upon the rendering of all)' \'Ourl dl~rt't' prohibiliug
<br />the pa)'ment b)' thc IJorrower of any such lall'S, or If such law ur
<br />decree provides that IIn)' amount so paid by lilt, Borrowl'r shull be
<br />credlll-d on Ihe dl'bt, Ihe Lender shall ha\-e lhl' righl 10 gi\'l! nlrll!t)'
<br />dllYS' wrilll'lI noti~ 10 Ihe Owner of thl' prl'misL'S, requiring Ihl' )lilY'
<br />menl uf the debt. If sudl notice ht, gin'n. the said uehl shall heeulll(,
<br />due, pllYllble IInd t'OlIl'Ctible lit Ihl' "-\)liration of said nillL'l)' da)'~_
<br />
<br />6. Th..1 ~huuld IIIl' IJorrowc:or filii to pa}- lIn} sum or h-cp au)' l'\I\\"'
<br />nanl pw\'idl.... for in thi5 imllumenl, then thl' I.end~r, al ib optiun,
<br />IlIIY pOly or perform the same, alld all expelluitures 50 IIIl1de shall bl'
<br />added 10 lhe principal sum owing Oil thl' abo\"t, note, shall hl' sl'Cured
<br />hereb)', and ,hlllllwllr inlerc.sl lit the ratl' ~el forlh in lhe said nutl'.
<br />until paid,
<br />
<br />7. Thllt the Borrower hert.b)' Ilssigns, Iransfers and sels o\'er to the
<br />1.~lIder, to be appli(-d loward Ihe pa)'menl of the note and all sums
<br />MlCured h"rc:oby In Cll.Sc:' of II default in Ilw perfullniolnce of In)' uf the
<br />Ie rillS a,nd rondllions of Ihls Ill5truml'nt or the liolld note, all the rellts,
<br />revt'nues and Int'OllIe 10 be derived frOlll the ~aid premisC.\ during SUdl
<br />time as the IndeblcdneM shall remain unpaid, and Ihe Lender shall
<br />have power to appo!nl any agent or ugents il 11111)' desire for the pur-
<br />pose of repairing ,aid premul'$ and of wnling the SlIllIe and collecling
<br />the rc:onls, revenues and income. IInd it molY Piol)' out of said incomcs
<br />all elpenses of repairing said premises IInu n~'C~ar)' commissiuns and
<br />C.lpclUeJ InNrred In renllng and mlloa..:ing thl' same ..nd of colll'Cling
<br />reotm therefrom; the balance remaining, i1l1ny, to be applied toward
<br />the discharge of U\ld indebtedncss"
<br />
<br />II. That the Borrower will keep Ihe illlpro\'t'llIen15 now e.listing or
<br />hereafter erected on the property, insun.od as 11111)' be required frulll
<br />time to time by the Lender agalmt loss b)' fire and other hazards,
<br />casualties and ronUngencls In such ..mounts and for such pcriods as
<br />may be required by the Lender'ano .....iII pa)' prompllr, when due,
<br />any premiums on such lmurance provision for pl)'menl of whkh hll!i
<br />1I0t been mllde hetelnbefore. All insurllnC\' shall he carrilod In COlli.
<br />panles approved by the Lender and the policies ilnd renewah thctl.'O/
<br />shall be held by the Lender and hill-e allachl.... lherelo loss l'u)'ahle
<br />dawes In flvor of and In form lll'C\'pluble lu the I.ender. In event of
<br />1011 Borrower wlll gI\'e Immediate nutke h)' lIIail to the Ll'ndl'r, .....ho
<br />may make proof of loss if not made prompll)' by Borrower, and l'ach
<br />Insurance company concerned Is hl'rl!br aulhuriu.... and dllt..:tl'(l tu
<br />make payment for such lOll dlrcdly lu Ihe l.ender imtl'ud uf to lhe
<br />Borrower and the l.ender jolntl)', and Ih~ insurancl' prIK't.~ll.i, lIr all)'
<br />part therC(lf, may be applied by lhe Lender al ils option eitht'r tu Ih..
<br />reduction of the Indebtednl'U herl'Ly st"l'url'U or lu lhe rl'litotlltlun or
<br />repair of the propert)' dlllllagtld. In e\"enl of fOlt{-lo~ure uf Ihis hulru-
<br />ment or other trarufer of title to Ihe mOIll:lll;ed propcrly in utlnguish.
<br />ment of the lndc:oblcdnesl teeurcd ho:rdJ)', ..11 tlghl. Iltle .nd Intelesl ul
<br />the Burro.....er In .nd 10 IIny huur.nl'" l'olil'il"s lhen in force shlllll'lI.SS
<br />to the purchaser or granlee.
<br />
<br />9. That IU IIddlllonal and \'OlIatl'rlll "",,,rily lur Ihl' "")'Il1tn( of Ih.,
<br />1I0le d<l$('rlbcd, and aUsurns 10 1x.'t.'OlIIe Ju., under this ill....rullll'nt. It...
<br />Burrower hl'rt'h)' &J,)llt1u to the Lend,'r ..II p,ofits, /I"\""n't... lO)l!lti.".
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<br />Pql
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<br />IlU()-911.3Dl
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