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<br />101785
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<br />Borrower llnd lAnder connan1 and agree liS follows:
<br />
<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided, Privilege is reserved to pay the debt in whole or in part
<br />on any inSlallmCnl due date.
<br />
<br />2. That, together with, and in addition to, the mOlllhly
<br />payments of principal and interest payable under the terms of the
<br />note secnred hereby, the Borrower will pay to the Lender, on the
<br />firsl day of each month unlillhe said nOle is fully paid, the
<br />following sums:
<br />
<br />(a) Amount sufficient to provide Ihl' holder hereof with funds
<br />to pay the uext mortgage insurance preminlll if this instrumenl and
<br />the note secured hcreby arc insured, or a lIIolllhly charge (ill lieu
<br />of a ,mortgage illsumlln' l'fl'miulII) if they are held by the
<br />Secretary of Housing and Url1;lIl Dl'vc!oplnenl, as follows:
<br />
<br />(I) If and so long as said nOll' of l'n:n date and lhis instru-
<br />menl arc insured or are reinsured undl'r the provisions of the Na-
<br />tional Housing Act, an alllonllt sufficient 10 accumulate in lhe
<br />hands of the holdl'r one (I) mOlllh prim to ils duc date the annual
<br />mOrlgage insurante premium in order to provide such holder with
<br />funds to pay such prcminm to the Secrelilry of Housing and Ur-
<br />ban Developmenl pursualll 10 lhc Natil\nal I lousing Act, as
<br />amended, and applicable Regulations therl'undn: or
<br />
<br />(II) If and so long as said note of l'\en dale and Ihis inslru-
<br />menl are held by the Secretary of :Ioming ,\I111 Urban Dc\'('lop-
<br />men!, a monthly duuge (ill /iCIl of;l lIIort.'!il,!W illSllrillll'c' J,lrl'lIIillm)
<br />which shall be in an a III 011 III l'qualto llnC-I\Il.'lflh 11/12) of one-
<br />half (112) per CCnlllll1 of Ihe iI\'Crage olmtanding balance dill' on
<br />Ihe note computed without laking inlo account delinljuencies or
<br />prepa)'llIfIltS;
<br />
<br />(b) A sum equal 10 lhe ground rems, if any, next due, plus th.:
<br />premiums that will next become dne and payable on policies of
<br />fire and other hazard insurance covering lhe propCrlY, plus laxes
<br />and aSSessments ne.\l due on the propcrly (all as l's/imarcd by the
<br />L,'nder) less all sums already paid therefor divided by the nllll10cr
<br />of months to elapse before one (I) 1lI0lllh prior 10 rhe dale when
<br />such ground rents, premiums, taxes and assessments wiii become
<br />delinquent, sllch SUIIlS to bc held by Lender in trust to pay said
<br />grollnd rellls. premiums. taxes and special assessmcnts; and
<br />
<br />(c) All pa)'lllenIS mentioned in the IWO preceding subscctions of
<br />this paragraph and all paymems 10 be made under lhe nOle
<br />securl'ct hereby shall be added together, and the aggregate amount
<br />Ihereof shall be paid by the Borrower each month m a single pay-
<br />ment to be applicd by lhe Lender 10 the following items in the
<br />order set fOrlh:
<br />
<br />(1) premium charges under the conlract of insurance with
<br />the Secretary of Housing and Urban Development, or monthly
<br />charge (in lieu or mortgage insurance premium). as the case may
<br />be;
<br />
<br />(11) ground rcnts, ta\es. assessments, fire and OIher hazard
<br />insurance premiums;
<br />
<br />(III) interest on the nOle secured here-by;
<br />
<br />(IV) amortization of the prineipalof said note; and
<br />
<br />(V) laIC charges.
<br />
<br />Any deficiency in the amount of su\:h aggregale monthly pay-
<br />ment shall, unless made good by the Borrower prior to the duc
<br />date of the next such paymelll, comtilute an event of default
<br />under this mortgage. The lender may collect a "Iale charge" nOl
<br />to exceed four cents (41) for each dollar ($1) of each payment
<br />
<br />more than nfleen (15) days in arrears 10 l"O\W Ihe extra expense
<br />involved in handling delinquent paYlIIl'nls.
<br />
<br />), That if the total of lhe payments made by the Borrower
<br />undcr (b) of paragraph 2 prcceding shall exceed Ihe amounl of
<br />paymel1ls aclUally made by the Lender for ground renls, taxl'S and
<br />assessmenls or insurance premiums, as the case may be, such ex-
<br />cess, if the loan is current, \\1 Ihe oplion of the BorrO\\'l'r, shall be
<br />credited by the Lemler on snbsequcIlt payments to be made by lhl'
<br />Borrower, or refunded to Ihe Borrower. If, however, the monlhly
<br />paymenls made by lhe Borrower under (11) of paragraph 2
<br />preceding shallnOl be sufficient 10 pay ground renls, taxes and
<br />assessments or insurance premiums, as thc case may be, when Ihe
<br />same shall become due and payable, then Ihe Borrower shall pay
<br />to thl' Lender any \UllOllnl necessary to make lip the deficiency, on
<br />or before the date when paymenl of such ground n~Il'S, laxes,
<br />assessmcnts, or insurance premiums shall be duc. If at any time
<br />the norrower shall tender 10 Ihe Lender. in al"Cordance with rhe
<br />provisions of thc nole sel'ured hereby, full payml'l1l of the entire
<br />indebledness represenled thereby, :he Lender shall, in computing
<br />the alllollnl ~of such indel1tedness, credit 10 the aCCOUlll of thl' Bor-
<br />rower all payments made under Ihe provisions of (a) of parllgraph
<br />2 hereof whidl Ihe Lemler has not become obligated to pay 10 the
<br />Secretary of Housing and Urban De\'elopnwn! and any balallcc re-
<br />maining in Ihe funds accnlllulated under Ihe prm isiolls of (b) of
<br />paragraph 2 hereof. If there shall be a default under any of till'
<br />prO\'isions of lhis IIlstrUlUellt resulting ill a public sale of the
<br />premises co\'Crcd hereby, or if Ihe Lender acquire\ Ihe pnlpen~
<br />otherwise after dl'fault, the Lender shall apply, al the timl' \11' 11ll'
<br />COlllmelll"Cl11ent l,f such proceedings, or al Ihe lime thl' pnlpen)' is
<br />otherwise acquired, the l1alance lhen remaining iu the fUl1d\ ac.
<br />.:umulatcd ullder (bIoI' paragraph 2 preceding, as a l....:dil again\l
<br />lh... ,unoUIH of principal then rl.'maining unpaid under said noll',
<br />alld shall properly adjusl allY l'ayml.'UIS \\ hich shall ha\\' hl.'l'n
<br />made under (al of paragraph 2.
<br />
<br />4. That Ihe BorTllwer will pay gronnd renh, laws. ,lssc..snlenh,
<br />WOller rates, and other 1;0\ <'rlllllcm OIl or municipal dlargl's, fines,
<br />or imposilions, for which prO\'ision hilS nor been lIlildl'
<br />hereinbefore, and in default lhereof the Lender may pay the same;
<br />and thai the Borrowcr will promptly delivCT the offici..1 receipt\
<br />therefor 10 the Lender.
<br />
<br />5. The Borrower will pay all la\:es which may be kvied upon
<br />the Lender's interest in said real eSlall.' and impro\'l'lllellls, and
<br />which may he levied upon this instrumelll or the debl secured
<br />hereby (but only to lhe eXlent that sllch is not prohibited by law
<br />ilnd only to the eXlent thai such will nOI make Ihis loan lIsurious),
<br />bUI excluding any incomc tax, Stale or Federal, imposed 011
<br />Lender, and will fill' lhe official recdpl showing such payml'1I1
<br />with Ihe Lender. Upon \'iolation of lhis nndenaking, l)l' if the
<br />Borrower is prohibiled by any law no\\' llr hereafter e:xisling from
<br />paying Ihe whole or any portion of the aforesaid taws, or upon
<br />the rendering of any COUrI decree prohibiting Ihe payment by the
<br />Borrower of any such laxes, or if such law or decree provides Ilmt
<br />any amoulll so paid l1y the Borrower shall be credited on the debt,
<br />the Lender shall have the righl to gil'e ninelY days' wriuen nUlice
<br />10 the owncr of the prl.'llliscs, requiring Ihe payment of Ihe deb!.
<br />If such notice be giwn, Ihe said debt shall becomc due, payable
<br />and collectible :II Ihe expiratilln of said ninl'ty days,
<br />
<br />6. That should (he Borrower fail to I)ay an): sum or keell any
<br />covenant provided for in lhis instrumelll, Ihcll the Lender, HI ilS
<br />oplion, may payor perform Ihe same, and all eXIX'llditures so
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