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<br />88-
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<br />102295
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<br />Borrowrr alid uiidtr co.-tnaitl liitd Iigl'H BlI follows:
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<br />I. That Borrower will pay the indebledness, as hereinbefore
<br />provided. Privilege is reserved to pay the debl in whole or in part
<br />on any installment due date.
<br />
<br />2. That. together with, and in addilion to, the monthly
<br />paymenrs of principal and interest payable under the terms of the
<br />note secured hereby, the Borrower will pay 10 the Lender, on rhe
<br />first day of each month unlil the said note is fully paid. the
<br />following sums:
<br />
<br />(a) Amount sufficient 10 provide the holder hereof with funds
<br />10 pay the next mortgage insurance premium if this inslrument and
<br />the note secured hereby are insured, or a monthly charge (in lieu
<br />of a mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />
<br />(I) If and so long as said note of even dale and this instru-
<br />ment are insured or are reinsured under the provisions of [he Na-
<br />tional Housing Act, an amoulll sufficient to accumulate in the
<br />hands of the holder one (1) month prior to ils due date the annual
<br />mortgage insurance premium in order to provide such holder with
<br />funds to pay such premium to the Secrelary of Housing and Ur-
<br />ban Development pursualll [0 rhe Nalional Housing Act. as
<br />amendw, and applicable Regulations thereunder; or
<br />
<br />(II) If and so long as said note of e\'en dale and thIS II1stru-
<br />ment are held by the Secretary of Housing and Urban Develop-
<br />ment, a monthly charge (in lieu or a mar/galle insurallL'e premium)
<br />which shall be in an amoulll equal lO one-Iwe'lfth (I 12) of one-
<br />half (1/2) per centum of the average outstanding balance due on
<br />the note computed withouI laking imo account de'llI111uencies or
<br />prepayments;
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<br />(bl A sum equal [0 the ground rents, If an~. next due. plus 1h<'
<br />premiums 'hat will next become due and payable on poliL'les l,f
<br />fire and other hazard insurance covering rhe property. plus ta\,'"
<br />and assosments next due on Ihe property {aU as I."llmacet.l /1.\ (he
<br />Lender) less all sums alread)' paid Iherefor divided by the number
<br />of months to elapse before one 0) month prior 10 Ihe date' when
<br />such ground rems, premiums, ta\es and ass~smems will become
<br />delinquent. such ~ums [0 be held by lender in truSI lO pay said
<br />ground rents, premiums, [3l<~ and spel:iaJ anessments; and
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<br />Ic) All pa)'IDents mentioned in the IWO preceding subsecllons of
<br />this paragraph and all pa)'IDents 10 be made under the 1I00e
<br />~ured hereby shall be added together, and the aggregate aml1unt
<br />thereof shall be paid by the Borrower each month III a slIlgk pay.
<br />menl 10 be applied b)' [he lender 10 the follo\lo'lI1g l1enH III lhe
<br />order se1 fonh:
<br />
<br />HI pl'Cl11lum charg~ under [he ,'omraCI of Imu'a'Ke "If"
<br />lhe Secretary of Housing and Urban DeH:lopmenl. 01 monthl\
<br />chlS~ (in lieu of morcgagc insuranL.... premIUm}. a\ Ihe caM' lTIa'
<br />be;
<br />
<br />Ill) ground renl5. taxes. a~'l.s~ment'. fire and ,l[la'r hallud
<br />Insurance premIums;
<br />
<br />(Ill) mter~t on the note 'el'ured herd.\.
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<br />(1\'1 amortizalion of lhe prlnL"lpal of said r1l1tc. .IIlJ
<br />
<br />(V) lite charaa.
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<br />Any deficiency in the amount of such aggregale' rnolllhl~ pa'
<br />ment shall. unless made llood b) rhe Borrower prior 10 lhe due'
<br />dale of the next such pl)'ment. conslltute an e'ent 01 defaull
<br />under this mortgage. The Lender ma) coilect a "late dlargl'" not
<br />10 exceed four cents (;$C) for each dollar (511 of each payment
<br />
<br />more rhan fifleen (15) days in arrears to cover Ihe elUra expense
<br />involved in handling delinquent payments.
<br />
<br />3. That if the lotal of the paymellls made by Ihe Borrower
<br />under (b) of paragraph 2 preceding shall exceed Ihe amounl of
<br />paymellls aClually made by the Lender for ground rents. taxes and
<br />assessmelllS or insurance premiums. as the case may be. such ex-
<br />cess, if Ihe loan is current, at the option of the Borrower. shall be
<br />credited by the Lender on subsequelll payments to be made by the
<br />Borrower, or refunded to the Borrower. If, however. the monthly
<br />payments made by Ihe Borrower under (b) of paragraph 2
<br />preceding shall nOI be sufficient to pay ground rents, taxes and
<br />assessmellls or insurance premiums, as Ihe case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />10 [he lender any amount necessary 10 make up the deficient" on
<br />or before the date when payment of such ground renls. tax~,
<br />a~sessments, or insurance premiums shall be due, If at any time
<br />the Borrower shall tender 10 the lender, in accordance with Ihe
<br />provisions of [he nOle securl.'d hereby, full pa)'IDent of the entire
<br />indebtedness represented thereby. the Lender shall. in computin!)
<br />the amoulll of such indebtedness. credit to the account of the Bor,
<br />rower all paymellls made under the pro\'isions of (al of paragraph
<br />~ hereof which the Lender has not bcv:ome obligated to pa~ 10 the
<br />Secrelaf)' of Housing and Urban ~'e1opment and an)' balance ,....
<br />maining in the funds accumulated under the pro\'isions of Ibl Llt
<br />paragraph 2 hereof. If there ,hall be a defaulr under an~ of th...
<br />pro\ision~ of Ih" instrument r~ulring in a public sale of the
<br />premises co\'ered hereby, or If the lender acquires the properl\
<br />otherwise afler defauh, the Lender shall appl~'. at the lime ,11 ,h...
<br />commencement of ,uch pnxecdings, or al Ihe time the pwpcr\ "
<br />lltherwj,e acquired, rhe balance then remaining in the funds ;I,
<br />,umulated under (bl of paragraph ~ pre..~ng. ~ ;I ~Tedit a!,~lIn't
<br />Ih<' amoUIll of pnn,'palth...n remalllmg unpaid undl": ~Id 0,11".
<br />and ,hall prop....rl~ 'lllJU,t am pa\ment' whl,-II ,hall lu\(' ~l
<br />mad... under (al ,'I paragraph ~.
<br />
<br />.t, That the Borrower W,II ('3' !,round rem,. ta".:-.. a,...e....n...m"
<br />water raleo-. and other gl\\ernm..ntal l'l mum~'pal ,-haf!;l:\. imt"'.
<br />llr imposillon~. lor "ll1ch 1'f{1\ ISllln has n(\l ~ll made
<br />hereinh..fore. and III defauh thereof Ihe lender ma~ ;>a~ the ..am...
<br />'lIlJ that the &"ro"e, '\III P"'IllI'II\ ddl'et the (llfl~"1a1 rc.-.....'I'l'
<br />t h...ll'Il11 Il1 th... 1 end...t
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<br />( fhe Borrow'er ",II pa \ .all ta,("\ LL hldl ma~ I'<:' it"' tnl u....--n
<br />th<' I ...nder's mler<.,., 111 saId r<'al <...tal... and ImrRnernml'. .;mJ
<br />,,111,h 1ll.I' be 1...,.l'\I u!'<'" lh., m,trum<"l1! \'1 the debl -a:ur't"\!
<br />her...b\ (but ,lnl~ III the 1.'''''111 thaI ,uch I' oot I'I\lhlt-IIN t>, lau
<br />and 0111~ Il' [he e\lent that su,h \\".11 nlJl mal..e Iht, IL'-llll "'un"Il'1.
<br />bUI l'\.:ludll1~ an~ inc'lme 13\. Slate ,lr Fedc.-r:ll. .m~ on
<br />I ,'nd,'" ,md ",II nle rhe <,Ih..,al re..-elj'! ~h,,"anf o;,u.:h pa''ID~'m
<br />"nIl Ihr I endl'l l'pon \I(llall,'n of !1m unJenal.m". ,\1 " Ih(
<br />Ikull'\\"e, " prohlbneJ b~ an' la\\" Il,--" ,'I hereaft<"l e"~lonj: fr_':'I1
<br />1'3\'1n~ the" hole 01 an~ porllon of the af(l~!d la'C\. ,l, Ul'<'"
<br />the rendennt; 01 an~ ,oun de-cr~ l'r,'htbltm~ the p;l~mc.-nr t'l~ Iht'
<br />1~"Hlwer of any ,u,h ta'('~. ," If 'u,h 103\\ .n dC\.-n.'(' rh'"de> :h;tt
<br />.111\ anlllunl '0 paId b~ rhe Blln.--\\"c.-! shall t>e \TtdIlN ,'n the Jc.-to.!.
<br />th.. I ,,"der ,hall ha,,' th,' l1~ht h' p'e nm,'I' d:l\': \Hlllen n,'~"Y
<br />III 111\' ,,,, ner "t th,' rl<'I1lI\C\. "-qmrtn.~ tht' l'.3~m.'m "I Ihe det>l
<br />II su,h nOllt1.' l\(' ~I'<'n, lh,' ,aid debt ,h;tU t>t.,,,-\mc Juc. ;>oJ\aNr
<br />'Illd ,"llledlbk .., th<' "'1'11311,," ,'I -":1.1.1 nll1et~ da~~.
<br />
<br />to That \lwuld 111<' D,'rl.'''e, I.nlto p..\ an~ sum ", I..~'f' am
<br /><'<l\enalll pro\lded rf\' 111 lhl' in'lrument, then Ihe 1 rndc.-r. al ",
<br /><,pilon. mal pa~ 01 ,1Crlorm the \.lme. am! all l"J'C'tldlllllt"' '"
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<br />P~e 2 of 5
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<br />HUO-':1&3Dl
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