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<br />...
<br />88-102464
<br />
<br />Borrower IInd Lender f.'ovenanl and aRree liS follows:
<br />
<br />more Ihan fifteen (15) days in arrears 10 \:over Ihe extra expense
<br />involved in handling delinquent paymenls.
<br />
<br />1. 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 installment due date,
<br />
<br />2. That, together with, and in addition to, Ihe mOnlhly
<br />payments of principal and interest payable under (he lerms of the
<br />note secured hereby, the Borrower will pay (0 the lender, on the
<br />first day of each month until the said nOle is fully paid, the
<br />following sums:
<br />
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<br />(a) ... A sum equal to the ground rems. If an~. ne\t due, plus Ihe
<br />premiums that \\111 ne\1 become dut' and payable un poliot's of
<br />fire and other hazard insurance covering Ihe property, plus ta\e~
<br />and assessments ne\t due on the property (01/1 a.\ t'Minl.1red /1,\ tilt'
<br />Lender) less all sums already paid therefor dl\ ided by the number
<br />of months to elapse bdore one (Il mont h pnor to t he date \\ hen
<br />such ground rents, premiums. taM'S and assessments \\ III be.:ome
<br />delinquent, such sums to be held by lend.'r In trust 10 pay said
<br />ground rents, premiums, taxes and spec,,1I assessmen!s; and
<br />
<br />(b) II All payments mentioned in the 1\\0 prc:,.,'dll1l? \llbse.:t1on, L1f
<br />this paragraph and all payments to be made under Ihe l1\ll<:
<br />secured hereby shall be added together. and the aggrt'gale amounl
<br />thereof shall be paid by the Borro\\er ea.:h month III a slIlglc pay.
<br />men! to be applied by [he lender to the 1'0110\\ II1g nems 111 the
<br />order sel fort h:
<br />
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<br />
<br />(I) lll) ground rents, taxes. assessment... fire and other hazard
<br />msuranl:e premiums;
<br />
<br />(I I) _ interest on the note secured hereb\;
<br />
<br />(Ill) _ amortizalion or the prin.:ipal of said note; and
<br />
<br />(IV) .. late charges.
<br />
<br />Any deficiency in the amount of such aggregate monthl~ pa~-
<br />ment shall. unless made good b~' the Borro\\er prior 10 the due
<br />dale of the next such paymeR!, constitute an e\.ent of default
<br />under this mortgage. The Lender may collect a "laIC charge" not
<br />to exceed four cents (41:) for each dollar ($ \) of each payment
<br />
<br />3. That if the 100al of Ihepayments made by the Borrower
<br />llnder(a)of paragraph 2 preceding shall ex.:eed Ihe amounl of
<br />payments a':lually made by Ihe Lender for ground rents. laxes and
<br />assessments or insurance premiums, as the case may be. sud, ex-
<br />cess, if Ihe loan IS current. at lhe option 'of the Bo.:' .:! ,~all be
<br />credited by the lender on subsequent payments to I',' : ,~J;: oy the
<br />Borrower. or refunded to the Borrower. If, however. the monthly
<br />payments made by the Borrower under (a)of par;,graph :!
<br />pre.:eding shall not be suffiCient 10 pay ground rems, taxes and
<br />assessments or insuran.:e premiums. as the case may be. when lhe
<br />same shall become due and payable, then Ihe Borro\\cr shall pay
<br />10 Ihe lender any amOUnl necessary to make up lhe deli.:ien.:~, on
<br />or before the dale when payment of such ground rents. taxes.
<br />assessments, or insurance premiums shall be due. If al ;1Il~ limc
<br />Ihe Borro\\cr shall lender to the lender. in ac.:ordance wnh thc
<br />provisions of the note secured hereby, full paymem of lhe emire
<br />indebtedness represented thereby. the lender ,hall. in .:omputing
<br />t he amount of such indebtedness. .:redil to the ac.:ount of thc Bor-
<br />rower~Dt~~
<br />~ .,
<br />~~IlIo.~III~" an)' balan.:e n'.
<br />ll1aining in the funds accumulmed under the pro\ision, .,f(a) of
<br />paragraph:! hereof. If there shall be a defauh under an~ c'f Ihe
<br />pronsiollS of this insrrumell1 resuhing ill a public sak of the
<br />premises co\'ered hereby. or if (he lender 3':lluires lhe pr,lpeny
<br />otherwise afler default. the lender shall apply, al the time of lhe
<br />.:ommen.:emelll of such pro.:eedings. or al Ihe time the rropefl~ I'
<br />otherwise a.:quired. Ihe balan.:e Ihen remaining in lhe funds 3C-
<br />cumulated under (a)of paragraph:! preceding. as a credit agamsl
<br />the amount of prmcipallhen remainmg unpaid undcr ':lId nc'le._
<br />~~- . .
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<br />
<br />-I. ThaI lh.: Borrcl\\er will pay ground r':Il1', 13\::'_ :\"C's,m':Il1',
<br />\\alCr rate~. and uthCI go\crnm.:ntalc'r muni.:ipal .:halgC's. fines.
<br />or impositions, for II 11Idl prcll I,ion has nOI bL'C1l made
<br />herembefor.:. and 111 delauir ther.:of th.: I ender ma~ l'a~ Ihe 'am.::
<br />and that the BOIr,'\I<'1 \\ ill pr"l1lpll~ dcll'.:r Ih.: "ffi':l:!i le.:.:ipl'
<br />I hel dclr 10 1 he I ,'nJ.:r .
<br />
<br />~, The B(lff(l\\.:r \\111 pay all I:I\C' 1I11I.:h ma\ I", Ie\led upt'n
<br />I he I. enJ,:r', Illler",t III ,aid real .:,tale and Itllpllll elllL'IU,. and
<br />\\ 11I.:h mal be le\ led upon 1111' H1\trumem 01 lhe det>l ,<:,-ureJ
<br />heret>y (buI only ll' Ih.: ,'\tCIll IlIat ,u.:h I' Ilc'l Plllll1l'lll...d t>~ la\\
<br />and 'HlI~ to Ihe ,'\I.:1ll Ihal su.:h \\ III not ma!...: 111l' Itlan 11'\IIlt'u'I,
<br />bUI e\duding an~ H1COll1e la\. Slale or I'eelera!. !lnrCh,'J "11
<br />L,'nder, and \\ill iiI.' the "ft'i.:lal re-.:eipl ,!lOlling \u.:ll p"~mem
<br />\\Ilh the Lt'nder, L'pon \I,llallclll of this und.:na!..mg. cll 11 lht'
<br />Borrower is prohlblled ll~ an~ la\\ no\\ clr her.:allel nNm~ 110m
<br />paying [he whole or any portion of the afore-.ald t3\e'. or upon
<br />Ihe n'ndering of an~ .:oun dc.:rce prohibiling the payment b~ lhe
<br />Borro\\cr of an~ such la\<:" or if su.:h la\\ or Jecr,...' rrO\ Ides thaI
<br />any amount so paid b~ I he- Borr,,,\ t'r ,hall l>c ,'re-dued \'n Iht'det>l.
<br />t he lender ,hall has e I he I1ghl W gl\ e nm':l~ day, II Imen IlOTi,-c
<br />to the o\\ner of the prenllS':', r,'qlllflllg lh.: pa~ment <'I' the debt.
<br />If ,uch nOlice be !,lisen. thc' ,alcl d.:bt sh311l1e.:ome due. ra~able
<br />and collectible al Ihe e\plfatlon \,If ,aid nmet~ da~"
<br />
<br />6, That should the Borrower fail to pa~ any sum or !..L'CP an~
<br />covenant pro\'ided for in this instrumelll. then the lender. 31 its
<br />option, may payor perform the same, and all e\pendiwn:, ",
<br />
<br />Page 2 of 5
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<br />HUD-921A3DT
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