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<br />88- 10221{1
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<br />Borrower and Lender covenant and lIpee II follows,
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<br />1. That Bo__ wt1I pay the Indebted....., II hereinbefore provid-
<br />ed. PrIvIIep Is .-ved to pay the debt In whole or In part on any in-
<br />stallment ~ date.
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<br />2. That. toptber with, aocIln addition to, the monthly paymentl
<br />of principal aocIlnlerell: peyable under the terms of the note seemed
<br />hereby, the Borrower wt1I pay to the Lender, on the rust day of uch
<br />month until tbe aid note i. fully paid, the following JUDII:
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<br />(a) Amount JUfflclentto provide the holder hereof with funds to
<br />pay the neat mortgage insurance premium if this Instrument and the
<br />note Iel:IUelI hereby are Insured, or a monthly charge (In lieu oj a
<br />mDrtgage inluranc-e premium) If they are held by the Secretary of
<br />Housing and Urban Development, II follows:
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<br />(1) If and so loog as said note of even date and this instrument
<br />are insured or are reinsured under the pr~vlslons of the National
<br />Housing Act, an amount sufficient to accumulate In the hands of the
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<br />(b) A sum equal to the ground rrn... if any. nellt due. pit" the
<br />premiulll5 that will next become due and payable on policies of fire
<br />and oth.... hazard insuranCt! covering the property. plus tlUes and
<br />.......men.. next due 00 tbe property (all or ..'imDted by the Lender)
<br />I.... aU sums a!read)' paid therefor di,'ided b)' the numbe, of months
<br />to elapse before one (1) month prior 10 the date when such ground
<br />rents. pmniulll5, taxes and ......."ents will become delinquent. .uch
<br />SWIll to be beld 1>)' Lender In trust to pa)' said ground renu.
<br />premiums, lu... and special lURWI1enU: and
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<br />(cl All payments mentioned in the two pnoceding sumedions of this
<br />paracraph and all pa)-meots to be made under the note secured
<br />hereby shall be added tD&"lher, and the aggregate amount thereof
<br />shall be paid by the Bom>wer elOCh month In a single paymenr to be
<br />applied by the Lender to the following items in the order set forth,
<br />
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<br />(If) ground "",U. luIS, a.uemnenU. fire and otber hazard in.
<br />surance premiums:
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<br />(III) int..-est on the note secured hereby:
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<br />(IV) amortlution 01 the principal 01 Rid ncte: and
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<br />(Vl late charge.
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<br />Any deiIciencI' in the amount of such aggregate monthl)" payment
<br />shall, um- made lood b)' the Borru.. e. prior Lo the due date of the
<br />"""t such pa}-meot, corutltute an ",'eot of default uncle, this mort-
<br />gage, ",., Lender ml) coI1oct a -late cha~- not to exceed lou, Ct!nls
<br />(4") fer each dollar (II) of each p&)ment mo,e tban fifteen (15\ da)"s
<br />in I..I'l"e&n to cover 1M extra 1:!1;pt"nR in\.'oh-'ed in handUnJl: delinquent
<br />paymenU.
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<br />3, That if the total of the payments made by the Borrower under
<br />(hI of perapapb 2 prec:edlnl shall exceed the amount 01 P&}-meoU ac-
<br />tually nuode b)' the f..eacl",r Jot cround rents, lu.. and _enls or
<br />_ premluma. u the ... may be, ouch ex~, II the loan is
<br />eunent, lOt the optloa of the 1lorro1o'ef. shaI1 he etedlted by the
<br />Lendla- OIl ~ payments to be nuode by the Borro....er. or
<br />refuaded to the Ilonowe:. If, 00-, the monthly payments made
<br />by the ........ ........ (b) of peravaph I pn>oedl... "'all not be suffl.
<br />_ to ~ pllUIIII _, ..- &ad _tI or 11IIUr8M'l'
<br />pra:tbaaI. II tbe ... JI\II)' be. wban the ....... shall beocme due and
<br />payable. tbeD the 80nvwIlr sba1I pay to the Lender IUt}' amount
<br />.-ry to ar'" up the do6clency, 011 or before the date when pay-
<br />_ of ouch pouad reatI. ru., _. or IMuraDCe pranlul11l
<br />obaII be duo. If lOt any time lhe Ilom>-lo.... shall tender to the Lender,
<br />)" ~ with the prov\IIonI of the note ......,red bereb}', full pay'
<br />ment 01 the mtJno I~ed.... ,.".....,.,Ied lheftby, lhe Lender "'all.
<br />
<br />in oompullng the amount of such indebtedness, credit to the lIClCOunt
<br />of the Borrower aU payments made under the provision. !lMlU\9fxxx
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<br />),,~~VIKWJ{~~~'Ik~ of (h) of
<br />paragraph 2 hereof. If there shall be a default under any of the provi-
<br />UOlll of tbls instrument resulUngln a pubUc sale of the premises
<br />covered hereby, or If the Lender acquires the property otherwise after
<br />default, the Lender shall apply, at the lime of the commencement of
<br />such proceedings, or at the time the property is otherwise acquired,
<br />the balance then remaining in the funds accumulated under (b) of
<br />paragraph 2 preceding, II a credit agaInst the amount of principal
<br />then ranal~ under aid note.~~~j{X
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<br />4, That tbe Borrower wiD pay ground ren~, taxes, assessments,
<br />water rat..., and other governmental or municipal charges. fines, or
<br />impositions, for which provision has not been made hereinbefore, and
<br />In default tbereof the Lender may pay the same: and that the Bor-
<br />rower wiD promptly deliver the official receipts therefor to the
<br />Lender.
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<br />5. The Borrower wiD pay all taxes which may be levied upon the
<br />Lender's interest in said l?.al estate and improvements, and which may
<br />be levied upon this instrument or the debt seemed hereby (but only to
<br />the extent tbat such is not prohibited by iaw and only to the extent
<br />that such will not make this loan usurious). but excluding any income
<br />tu, State or Federal, imposed on Lender, and wiD file the official
<br />receipt mowing such payment with the Lender. Upon violaUon of this
<br />undertaking. or If the Borrower is prohibited by any law now or
<br />hereafter alsting from paying the whole or any portion of the
<br />aforesaid t...., or upon the reodering of any court decree probibiting
<br />the payment by the Borrower of any such lues, or If such law or
<br />decree provides that any amounl 10 paid by the Borrower shaU be
<br />credited on tbe debt. the Lender ,hall have the right to give ninety
<br />days' written notice to the owner of the prem~. requiring the pay-
<br />ment 01 the debt. If such notice be given. the said debt sball become
<br />due. payable and collectible at the expiration of said ninety days.
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<br />6. That should the Borrower fail to pay any sum or keep any cove-
<br />nant provided for in this Instrument, then the Lender, atl" option,
<br />may payor perform the same, and all expenditures so made shaU be
<br />added to tbe principal sum owing on the above note, shall be secured
<br />hereby, and shall bear interest at the rate set forth in the said note,
<br />until paid,
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<br />7, That the Borrower hereby assigns, transfen and sets over to the
<br />Lend.... to be applied toward the payment of the nole and all sums
<br />secured hereby in cue of a default In the performance of any of the
<br />terms and conditions of this instrument or the said note, aU the rents,
<br />"",enues and income to be derh'ed from the said premises during such
<br />time as the Indebtedn.... .haU remain unpaid. and the Lend.... mall
<br />have power to appoint any agent or agents it may desire for the pur-
<br />pose of repairing said premises and of renting the same and coIl_g
<br />the rents, revenues and Income, and it may payout of said incomes
<br />aU expenses of repairing said premises a,nd necessary commimons and
<br />expenses incurred in renting and managing the same and of coll_g
<br />rentab therefrom: the balanCt! remaining, If any, to be applied toward
<br />the discharge of said lodebtedness.
<br />
<br />B. That the Borrower wiD keep the Improvemenls now exirtlng or
<br />hereafter erected on the property. insured ..'ma}' be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualties and contingcm:iC1 in such amounts and Cor such periods as
<br />may be required by the Lender and will pa)' promptl).. when due,
<br />an)' premiums on such insurance pro\ision for payment of which has
<br />not beeo made bereinbefore. AU insuranCt! "'aU be carried in com.
<br />panies 'pp",,'ed by the Lender and the policies and renewals the,eof
<br />mall be held by the Lender and h...e attacbed thereto loss pa)'able
<br />clauses In fa,'Or of and in lorm acceptable to the Lender, In evenl of
<br />I.... Borrower wiD give immediate noIiCt! by maU to the Lender. who
<br />may make proof of I_ If not made promptly b)' Borrower. and each
<br />Insurance oompan)' COllCt!med is hereby authorized and directed to
<br />make payment Cor such I.... directly to the Lender Irutead of to the
<br />Borrower and the Lender jointly, and the insuranCt! proceeds. or any
<br />part thereof, may be applied by the Lender at ils option either to the
<br />reduetion of the indebtednea hereby Iel:IUelI or to the restoration or
<br />repair of the property damllaed. In event of fonll:losure of tIW Instru-
<br />ment or other tranofer of title to the mortgapd property in extinguish.
<br />m..,t of the Indebtednea aecured hereby, all right. Litle and interest of
<br />the Borrower in and to any insurance policies then In foree shall pass
<br />to the purcb_ or grantee.
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<br />9. That AI additional and coUateral st.'CUri~' for the parment of the
<br />notiP deacrJbed. .nd all mnu to bft:oml" due under this trutTumcnt. th...
<br />8orrow~ hfteby uttgns to the l....ndrf all pTflfitJ. r~\'l"'nurs. t'O\'a.Jth"':\.
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<br />Pill;. 2 ". .4.
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