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<br />88- 101,~.~.,~
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<br />\"110' -~~ -.- -: L j. }
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<br />Borrower nod I,ender covenant and agree as followsl
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<br />1, That lIorrower will PIlY the IlIdebtcdllllSS, as Iwrelnhefore provld.
<br />cd, Privilege Is reserved to pay the deht III whole or In part 011 11IIY in.
<br />st!\lIment due dllte.
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<br />2. That; together with, alld In uddlllon to, the monthly payments
<br />of principal and interest payable under the terms of the uoto secured
<br />hereby, the norrowc~ will pay to tho Lend..r, on the first day of each
<br />month unlli thl! said nole Is fully pal,I, th~ following sunlSl
<br />
<br />(a) Amount sufflcienUo provide the holdcr hereof with fUllds to
<br />pay, the next mortgage insurance premium' if this Instrumenl' and the
<br />note secured hereby arc insured, or a mOllthly charge (in llf:1I of.a
<br />mortgage Iruurance premium) If they are hdd !ly the Secrelary of
<br />Housing irnd Urban Development, as folluws:
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<br />(1) If and so long llS said note of even dale und this Imtrument
<br />arc Insured or are reinsured under Ihe provisions of the Natiunul
<br />lIouslng Act,lIn IImount sufficient lu accnlllulale In the hands of the
<br />holder oni; ,(I) 1I10nth,,1nior to lis due dale the annuul IIImlguge In.
<br />surance premium In'order to provide such holder with funds to pay
<br />suchpremlulO to the Secretary of Hous!ng und Urhan Development
<br />pllrmanllo the National Housing Act, as amended, amI applicable
<br />Regulations thereunder; or
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<br />(II) If and so long as said note of even dute and this instrument
<br />are held b,y the Secretary of Housing and Urban Development, a
<br />monlhly charge (in lieu of a mortgalle illsuruoce premium) which shall
<br />be in an amount equal to one-twclflh (1/12) of one.half (1I2} per cen.
<br />lum of the average outstanding balance dne on the lIole cOlnpuled
<br />· without taking into aecounl <!elinquencies or tlTepaymenls;
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<br />(b) A sum e(lulllto the ground rents, l( uny, ned due, plus the
<br />premiums that will nell bLocome due IInd lIuYllble on policies of fire
<br />IImt other hazard insurance covering the properly, plus tUles and
<br />lISSessmenls nexl due nn the l>ruperly (all u. es/lma/ed ,'// the l.e'IIIer)
<br />Icss all sums already paid therefor divrdL'(1 by t~e nUlllher of months
<br />to elapse before one (I) month prior to Ihe date when snch ground
<br />renls, premiums, tallcs and llS5C.SSmenls will heL'Ome delinquent, SUl)h
<br />sums to he held by 1.ender in tnlsl 10 pay sllilJ grOLlIlll renls,
<br />premiums, talles and special A5.iessmcnls; IIntl
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<br />(c) All payments mentioned in the two preceding subsecllons of this
<br />paragraph and all paymenls 10 be made under the note secured
<br />hereby shall be addtd log.:ther, and the agllregule amount Ihereof
<br />shall be paid by the narrower euch munlh In a single (luymenl 10 be
<br />applied by the Lender 10 the following items in the order set forth:
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<br />(I) premium chllrges under theconlract of insurance with Ihe
<br />~retllry of Housing and Urban Development, or monlhly charge (ill
<br />lieu oj morlBl'ge IrlSur..mce /lremiurn). as Ihe case may he;
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<br />(II) ground renls, lales, asscssments, fire and olher hazard In-
<br />surance premiums;
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<br />(III) interest on Ihe nole secured hereby;
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<br />(IV) amorlization of the principal 01 said nole; and
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<br />(V) late charge5.
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<br />Any deficiency In the IImounl of such aggregllte monlhly paymeill
<br />shall, unless mllde good by the Borrower prior to Ihe due date of the
<br />neat such payment. constitule IIn evenl of default under Ihls mort-
<br />gage.The LendermllY collect a "late chargc" not to elceed four cenls
<br />("-r For each doll.r ($1) of each IllI)mellt more thall fifteen (15) duys
<br />in arrears to cover Ihe ellra expense Involwd In handling delinljuent
<br />payments.
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<br />3. That If the tot III of the I,aymenls 1ll~lle hy Ihe lIurrower IInder
<br />, (b) of puag.aph 2 Ilr_11I11l ~h.1I elL,.......11 he allluunt .If paYlnenls ac.
<br />tUllly made hy thll I.ender fur KrllIllld rellls, hues lIf1d l15.icssments ur
<br />i,u,uam:e prcmhlllll, III I he l'Il'll IllIlY he, meh elL'e5S, If Ihe 101m Is
<br />ronenl, It theolltloll of I he' Donowe., ,hllll hll crt.<ditetl hy the
<br />under (Iii sul.MlllIellt 1111)'11111/1" to he 1lI11d" by the Borrower. or
<br />refunded to the Kllrrowel. If, howe~er. IlullIlOIlthl)' payments made
<br />, by the Burroweumde. (b) of 1'lIllgrllph 2 prlll.~lInlllhllll not he suffi-
<br />cient to Ilay /lrllund renh, toe. IIrlll ._menls or Insuranl'fl
<br />ilremiulm~ .s theCIlJoll lIlaY he, whcm the IlIme shall be<.'Ome due and
<br />I'. vable , then Ih.. lkIrrower Ihall pa.' to till' Lemler 1111)' amount
<br />rMl::t!Wlr)' !o rnake 11/1 Ihe deficiency, on or hefore Ihe date when pay-
<br />me"t 0' !lwh lraund rflnll, lal(''$, lU.'It.'UIII<'nl.s, or insuranl'fl I'lemh"ns
<br />sblllllJC! due, If .1 Eny IInlC! the 8orrow4lT ""dllmIlJer lu Ihe uncler,
<br />In .,..:cmJall<:<! wllh th.. I"ovhloo> ,,' th.. ....te ~urt!fl hereby, rilll PIlY'
<br />"IPnt of the enllr(l ""I.,hlc..lnw r"presellh..llherchy, Ihel..tmder 5h..lI,
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<br />In computing the amount of such lndcblmlness, oredlt to the aCL'OllOt
<br />of the Dorrower nil p"ynu:nts Illllde under the provisions of (a) of
<br />pllrugraph 2 harcof which Ihe Lendor has not becollle obllgulod to pay
<br />to Ihe SL'Cretllr.yrof Housing uml Urban Development and any balance
<br />rcmalnlne'fpll1e funds llceumuluted under the provisions o({b) of
<br />puragru.ph 2 hereof. If there shull be II defllult under any of the I)rovl.
<br />stomaf this Instrument resu1!lng In II public sale oflhe premises
<br />covered hereby, or If the Lemler Ilcqulres Ihe property otherwlso after
<br />dofault, Ihe I.cnder shall allply, lit the time of the commencement of
<br />such pTOcec..,J{nlls, or III the time 1]le Ilroperty Is otherwise acquired,
<br />the bulanee theu remululng In tho hllLds acellmulated under (b) of
<br />II1Irllgraph 2 preceding, as a credit agninst tho amount of principal
<br />tllen remaining unpaid under said lIote, IInd shall properly adjust IIny
<br />lUlYlllonls which shall have been made under (Il) of pllragraph 2.
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<br />4, That the Borrower will pay ground rents, taxes, assessments,
<br />Wilier rates, and olher governmontal or mu,nlclpal churgcs, fines, or
<br />imposltlunf. for which provision has not been made hereinbefore, and
<br />In default thereof the Lender muy pay the saBle; and that the Bor-
<br />rower will prompfly dcliver Ihe official receipls therefor to the
<br />Lender.
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<br />5. The Borrower will pay all taxes which may be levied llpOn the
<br />Lender's ioterest hi said real estate and improvements, and which may
<br />be Icvied upon this instrumenl or the debt secured hereby (bul only to
<br />Ihe cxtent that such is nol prohibited by law and only to the extent
<br />that such will not make Ihis loun usurious), but excluding any income
<br />tax, Slate or Federal, imJlOsed on LCl1dcr, und will file Ihe official
<br />receipt shOWing such paYJtlCnt with the Lender. Upon violation of Ihis
<br />undertaking, or if lhe Borrower is prohibited by IIny law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid I axes, or upon the rendering of IIny cOllrl decrL'C pruhibiting
<br />the payment by the Borrower of any such tllXes, or if such law or
<br />dL'Crce provhlr'S thut Ilny amounl so paid by Ihe Borrower shall be
<br />credited on the debt, Ihe Lender shall have Iho right to give ninety
<br />days' written notice to the owner of the premises, requiring the pay.
<br />ment of the deht. If such noti~'C be given, the suld debt shall become
<br />due, payablo and colleclible ul the elpirallon of said ninety days_
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<br />6. That should the Borrower fail 10 puy any sum or kecp any cove.
<br />nant provided for in Ihis instrumcnt, Ihell the Lemlcr, ut its option,
<br />lOllY payor perform tlte sume, allll all expenrllhlTL'S so made shall be
<br />added to the principal sum owing nn the above nOle, shall he secured
<br />hereby, and shall beur inlerest at the rate set forth In Ihe said note,
<br />until paid.
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<br />7. Thllt the norrower hereby ussigns, uansfcrs und sc;ls over 10 the
<br />Lender, to be applied toward tllll payment of the note and all sums
<br />secured hereby in case of II default in the IlCrformance of any of the
<br />terms and conditions of Ihis Instrument or the said note, all the rents,
<br />revenues und income to be derived from Ihe said ilTemi~cs during such
<br />time as Ihe indebtedness shall remain unpaid, and Ihe Lender shall
<br />have power to apJlOint any agent Or agents It may desire for the pur-
<br />pose of repairing said premises and of renting the same and collecting
<br />Ihe rents, revenues and incume, and it may payout of said incomes
<br />all expemcs. of repairing said premises and lIcces.5ury commissions and
<br />expeoses Incurred in renling and managing the same and of collecting
<br />reotuls tl.erefrom; the bulance remaining, If any, to be applicdtoward
<br />Ihe discharge of said indebtedness.
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<br />II. Thill Ihe Borrower will keep the improvements now existing or
<br />hereafter erected on Ihe property, insured as Illay be requited from
<br />time to time by the Lender agalml loss by fife and other hllzards,
<br />cllSullllies IInd contingencies in such amounts and for such periods as
<br />may be 'required by Ihe Lender und will pay promptly, when due,
<br />lIny premiums on such illSurance provision for IJayment of which has
<br />not heell made hereillbefore. All insurance shall be carried in corn.
<br />punles approvtd by the Lender and the policies and renewIIIs Iherenf
<br />shall. be held by Ihe Lender and have attached Iheretu loss payable
<br />douses in fU\iOI of und in form acceptable to the Lend.:r, In evenl of
<br />loss norrower will givc Immediale notice by mail to the Lender, who
<br />may mllke proof of 105.5 if nol made (lromptly hy 1I0rrower, ulld each
<br />IOSUrlllll'e colllllany conccrned is hereby authorln..1 and dlrect(.'(llu
<br />make (Iaymcnt for sllch loss dlreclly to the Lender Instead of III the
<br />Borrower and Ihe Lender joinlly, and IlIe Insurunee IITOeecds, or allY
<br />part thereof, may be allplied hy the LClldcr Ilt its option either to the
<br />reduction of the Indebtedness herehy sccurL'(1 0. to I he resloration or
<br />rellair of the IJTOIJerty dll/lluged, In event of foreHosure of Ihls Inslru-
<br />ment or olher Iransfcr of title 10 Ihe mortgllged propc!rty In eKlingulsh.
<br />ment of Ihe indebtedncss secured herellY, all righi, 1IIIe IInd Inlercst of
<br />the jJorrowcr In and III uny Immance policies I hen in 11'111:" shull pass
<br />to Ihe purchaser or grantee.
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<br />Il. Thai a. ."ldilionululI" ('()III1I....al '<"l'udty /", the pll)'n"'1I1 ..r Illc
<br />Jlote c1'llic,II"...I, II III I 1111 .1I11l~ 10 llt'colLle ,It,,, un.lc, Ih.. 10",""",,,,1, Ihc
<br />Borrow,'r hfJJchy assigns 10 Ihe LCIIlI.'r ulI p(I"lls, 'C\.cnnl'., "'~'8Ilh',.
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<br />PJ\j4r 2 01 4
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<br />IIlJD U~I43[H
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