|
<br />RE.RECOROED
<br />
<br />88- 102798
<br />
<br />SB- 102604
<br />
<br />Borro\trr and under co"rnanl and agree as follows:
<br />
<br />I. Thai Borrower will pay the indebtedness. as hereinbefore
<br />provided. Pri\'ilege is reserved to pay the debl in whole or in parI
<br />on any installment due date.
<br />
<br />2. That. logether with, and in addition to, the monthly
<br />payments of principal and interest payable under the lerms of the
<br />note secured hereby, the Borrower will pay 10 Ihe Lender. on lhe
<br />first day of each month until lhe said note is fully paid. Ihe
<br />following sums:
<br />
<br />oat~:n:1ifiI:i:r:~lirotD::~
<br />XHJllII)c:I!1elax:xx~ . .. .
<br />xRCKlllllX
<br />~aaa~>>K:K~
<br />xx~IIfidm~~)I:i,'\';
<br />
<br />lttJtKZlXXxKkDIpxJlatlt~~
<br />JmCIIX ~
<br />Jtia:mdlcItmmnr..x~.cmx~~~
<br />XJClK~kbaKllI1JCXbI:XJm'X~~bc
<br />~iaxtr.m~~
<br />~~~~~
<br />~JCaa!IJI~X~~
<br />:laDeIIl!IadalGtJQllldiczbdtdz~~
<br />
<br />J(:ilIXJtil:XllIdcxxkaQ::JIXxHcbmcooixxOlXltK~~
<br />JUlDaDl~K~
<br />~~- ~
<br />~~~~~~x
<br />~~ - "
<br />IDIKXlllll!x:lIlI:QamU:~~XK~
<br />~
<br />
<br />(a) _ A sum equal to the ground rents. if any. nexI due. plus tht'
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance co\ering the property. plus ta.\es
<br />and assessments next due on the property (all as estimated b., rhe
<br />Lender) less all sums already paid lherefor di\'ided by the number
<br />of months to elapse before one (I) month prior to the date \\hen
<br />such ground rems, premiums, taxes and assessments wil] become
<br />delinquent, such sums to be held by Lender in trust 10 pay said
<br />ground rents, premiums. taxes and special assessments; and
<br />
<br />(b) B All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments \(l be made under the nOle
<br />secured hereby shall be added togelher, and [he aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to the following items in the
<br />order sel forth:
<br />
<br />:xtbC~~
<br />
<br />xXllC:8
<br />
<br />XIJOmilJb'i:
<br />
<br />.>dxx
<br />
<br />(I) 35Il ground rents. taxes. assessments. fire and OIher hazard
<br />insurance premiums;
<br />
<br />(I T) _ interest on Ihe nOle secured hereby;
<br />
<br />(I II) ~ amortization of the principal of said nOle: and
<br />
<br />(IV) D late charges,
<br />
<br />Any deficiency in the amount of such aggregate monthly pa~'
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the next such payment, constitute an event of defauh
<br />under this mortgage. The lender may collect a "lale charge" not
<br />to exceed four cents (4e) for each dollar ($1) of each payment
<br />
<br />more than fifteen (5) days in arrears 10 co\'er Ihe extra expense
<br />il1\'olved in handling delinquent payments.
<br />
<br />3. ThaI if the 10lal of Ihe payments made by the Borrower
<br />under (a) of paragraph::! preceding shall exceed the amount of
<br />paymems aClUally made by the Lender for ground rents, taxes and
<br />assessments or insurance premiums, as Ihe case may be, such ex-
<br />cess, if the loan is current, al the option of Ihe Borrower, shall be
<br />credited by (he Lender on subsequent payments to be made by Ihe
<br />Borrower, or refunded to [he Borrower. If, howL"ver. the monthly
<br />payments made by [he Borrower under (a)of paragraph ::!
<br />preceding shall nOl be sufficient 10 pay ground reJ1\~. laxes and
<br />assessments or insurance premiums, a~ the case may be, when the
<br />same shall become dut' and payable. then the Borwwer shall pay
<br />10 Ihe Lender any amount necessary to make up Iht' deficiency, on
<br />or before the dale when payment of such ground rt'llIs. taxes.
<br />assessments, or insurance prl."miums shall be d'll:. If a1 any lime
<br />the Borrower shall lender ro rhe Lender. in accordance with the
<br />provisions of the note secured hereby. full paymem of Ihl." emire
<br />indebledness represented thereby, lhe Lender shall. in ~'omputing
<br />the amount of such indebtednt'ss, credit 10 the accounl of the Bor-
<br />rower~t)C~~~
<br />~~Xx~~
<br />. an\' balance rc-
<br />m:!ining in the funds a.:.:umulaled ulldeJ Iii.' pr.,\ i,ion: M( a) of
<br />paragraph:! hereof. II' there shall bt' a default under any of lhe
<br />pro\isions of thi.. mSlTUmelll rel,ultlllg If] :! puhlic sak of the
<br />premises covered hereby, or if rhe l.ender acquires the properl~
<br />otherwise after defauh. I he Under shall apply. at [he lime of I he
<br />commencement of such pro.:eedings. or at lhe time the properly is
<br />otherwise acquired. the balance: Ihen remaining in Ihe funds ac-
<br />cumulated under (a)of paragraph :! pre.:eding. as a credit agamS!
<br />the amount of principal then remaining unpaid under ,aid n~1Ie..
<br />~~:ZllCX~>>~~
<br />~~
<br />
<br />~. That [he Borrower \\ill pay ground rellls. taxes. as..es,ments.
<br />water rales. and mher ge1\ ernmental or munkipal .:harges, flnes.
<br />or impositions. for \\ hlCh pro\i~ion ha.. nOI been made
<br />hereinbefore. and in default thereof the Lender ma~ ray lhe same;
<br />and lhal the Borrem er \\ ill promptly deli\ er the offl..:ial re.:eipl'
<br />therefor 10 [he Lendt'r.
<br />
<br />5. The Borro\\ er \\ ill pay all la"e~ \\ hich ma~ be le\ ied upon
<br />the Lender's interesl in said real estale and impro\ements. and
<br />which may be le\ ied upon thiS instrument or the debt ..e,ured
<br />hereby (bUl only to the extenl lhat ~u,h i.. not prohibited by law
<br />and only \0 the eXlenl lhat ~uch will no! make rhb loan U~UTlousJ,
<br />bUI excluding any income ta\. Stale or Ft'deral. nnpo,.:d on
<br />Lender. and will file the official rt'ceipl ,ho\\ InF \u,h p;l\'l11em
<br />\\llh lhe Lender. Lron \!Olallon of [hi.. underla~JIl~. (1T If Ihe
<br />Borro\\er is prohibited b~ an~ ]a\\ no\\ ,1r hert'aneT "\I'TlIlf from
<br />paying the whole or any portion of the aforesaid ta\<.',. or upon
<br />the rendering of an~ court de..-ree prohiblllnjl lhe paVI11t'nl l:l~ lhe
<br />Borrower of any ,u..-h ta"e~. or if su.:h la\\ or decree pr,1\ Ide, lhat
<br />any amount so paid by the Borro\<er ,hall bt' ,r,'dlted on lht:' dt:'bl.
<br />the Lender ,hall ha\e rht' Tlgh1 10 gl\e lllllel\ day,' \<TIllen nOll.'c
<br />10 the owner of the premi..e" requITln~ Ihe pa~l11t.'l1I oi 1he debt.
<br />If such notice be gi\en. the ";,lId debt _hall b('comr due. p3\able
<br />and collectible al rhe e\plrat Ion of ~ald nJllt'IY da\,.
<br />
<br />6. That should lhe Borro\\er fail to pay any sum or ~eep J.n~
<br />covenam provided for in this instrument. then the L ('nder. at its
<br />option, may payor perform the same. and all e\pendllure.. ,0
<br />
<br />HUD.9~'43DT
<br />
<br />Page 2 of 5
<br />
|