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<br />102809
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<br />BOmlwer and Lender covenant and agree as follows:
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<br />1. That E~rrower will pay the Indebtedness. as hereinbefore provld-
<br />eQ, PrIvilege Is .....rved to pay the debt In whole or in part on any In-
<br />stallment due date,
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<br />2. That, tog.iller with. and In addition to, the monthly payments
<br />1)f principal nnd Interest payable under the terms of the note secured
<br />hereby, the Borrower will pay to the Lender, on the first day of each
<br />month until the SQid note Is fully paid. the following sums:
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<br />(al Amount sufficient to provide the holder hereol with funds to
<br />pay the next mortgage Insurance premium If this Instrum,ent and the
<br />~ote R!Cllred hereby axe Insured, or a monthly chaxge (in /leu oj a
<br />mortgage Inmrance premium) if they are held by the Secretary of
<br />Housing and Urban Development, as follows:
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<br />(I I If and 50 long as said note of even date and this Instrument
<br />are insured or are reinsured under the provisions of the National
<br />Houslr.g Act. an amount suWcient to accumulate in the hands of the
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<br />(b) A mm equal to the ground rents. if any. ned. due. plus the
<br />premiums tha.t will next become due Bnd payable on policies of fire
<br />and other hazard insurance coverin~ the property. plus taxes and
<br />ObSCSSments next due on the property (all a.! e.!timated by the Lender)
<br />1= all sum. already paid therefor dMded by the number 01 monlhs
<br />to daJ1~ before one (l) month prior to. the date when such ground
<br />rcnt~. premiums, taxes and assessmenb will become delinquent, such
<br />sums to be held by Lender In trust to PllY said ground r~nls.
<br />premiums. tales and special assessments; and
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<br />(c) All payments mentioned in the two preceding subrecUnns 01 this
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregatc amount th"r..f
<br />shall be paid by the Borrower each month in a .ingle payment to he
<br />applied by the Leoder to the following Item. in the order set forth:
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<br />I XX
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<br />(II) ground rents, taxes, a55eSSments, Hre and oth~r hazard in.
<br />surance premiums;
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<br />(lIIJ interest on the note secured hereby;
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<br />(IV) amortization 01 the principal of ",id note: and
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<br />(V) late charges,
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<br />Any deficJcncy in the amount or such aggregate monthl~' payment
<br />shall. unless made good by the Borrower prior to the due date of the
<br />next such papnent, constitute an ~'ent of default under this mort-
<br />gage, The Lender may roll""t a -late charge- not to exceed lour cents
<br />(~') for each dollar ($I) 01 each paymenl more than liftcen 115) day.
<br />in .&tTe&1'3 to cover the extra expense in\'olved in handling delinquent
<br />pa)'lnenlS,
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<br />3. That If the tot-u of the pa}'IDe.Dts made by the Borrower under
<br />(bJ of paragraph 2 preceding shall exceed the W10unt of payments ac.
<br />tually made by' the Lender for ground 'ents. t~.. and assessmeots or
<br />Ir.suran<e pnmlums, as the c.... may be. such excess. if the loan is
<br />cunent. at the optlnn of the Bonowet, .hall be credited by the
<br />Lender on subsequent payments to be made by the Bonower, or
<br />refunded to the Borrower, If, however, the monthly payment! made
<br />by the Borrower under (b) of paragraph 2 preceding shall not be .uffl-
<br />cient to pay ground rents. tales and lIS5I!!!IIIt!Dts or insur.nce
<br />premiums, .. the ..... may >e. when the <ame shall become due and
<br />payable, then Ih<I Borrow... shall pal' to the Lender any amount
<br />necesaary to mw up the deficiency. on OJ' before the date ,"'hen p.y-
<br />ment or such ground rentJ. tue. assessments. or insurance premiwru
<br />shall be due, If at any Urne the Borro..... shalItendet to the Lender,
<br />in accordance Witb the pffJviDtms of the note ~1Jred h~eby. full p.y-
<br />mt'Jlt of Ihe entiJ'!! indchtrdfleD l"e'p:rt.'Se8tf'd thereby. the:' l...f'nd", .hall.
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<br />~ of (b) of
<br />paragraph 2.hereof. If there shall be a ddault under any of the provi-
<br />sions of thls Instrument resulting In a public sale of the premises
<br />covered hereby, or If the Lender acqulr.. the property otherwlse after
<br />default. the Lender shall apply, at the time of the commencement of
<br />such proceedlngr, or at the time the property Is otherwise acquired.
<br />the halance then remaining In the funds aceumulated under (b) of
<br />paragraph 2 preceding, as a credit agalns .
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<br />e~nerao
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<br />4, That the Borrower will pay grou.ld,rents, t..... assessments.
<br />water rates, and other governmental or municipal charges, fines, or
<br />impo.ltlons, lor which provision has not been made hereinbefore, and
<br />in default thercof the Lender may pay the same: and that the Bor-
<br />rower will promptly deliver the official receipts therefor to the
<br />Lender.
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<br />S. The Borrower will pal' all taxes which may be levied upon the
<br />Lender's interest In said real estate and improvements, and which may
<br />be levied upon this Instrument or the debt secured hereby (hut orJy to
<br />the ..tent that .uch I. not prohibited by law and only to the extent
<br />that such will not make this loaD usurious), but excluding any Income
<br />t.., State or Federal. imposed on Lender, and will rue the official
<br />receipt .howing such payment with the Lender. Upon violation of this
<br />undertaking, or if the Borrower is prohihited by any law now or
<br />hereafter e.isting from paying the whole or any portion of the
<br />aforesaid tues, or upon the rendering of any COllrt decree prohibiting
<br />the pa}'ment by the Borrower of any such taxes. or if such law or
<br />d""ree provides lhat any amount 50 paid by the Borrower shall be
<br />credited on the debt, the Lender .hall have lhe right to give ninety
<br />days' written notice to the owner of the premises. requiring the pa~'.
<br />mcnt of the debt. If !.uch notice be ghren, the said debt shall become
<br />due, payahle and collectihle at the ..piration of said nioety days,
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<br />6. TIlat should the Borrower fail to pa}' any sum or keep any cove--
<br />nant provided for in this instrument. then the Lender. at its option.
<br />may pay 0' perlorm the .ame. and all expeoditures so made shall be
<br />added to the principal sum owing on the ahove note. .hall 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. transfers and sets over to the
<br />Lender. to be applied toward the paymeot 01 the note and all sum.
<br />secured hereby in case of a def.ult in the performance of any of the
<br />terms and conditions of this instrument or the said note. all the rents.
<br />revenues and income to be derived from the said premises during such
<br />time as the indebtc-dn= shall remain unpaid. and lhe Lender .hall
<br />have power to appoint any agent or agents it may deslre for the pur-
<br />pose of repairing said premises and of renting the same and collecting
<br />the rents. revenues and income. and it may payout of said incomes
<br />all expenses of repairing said premlses and nceessal1' commissions and
<br />expenses Incurred in renting and managing the same and of collecting
<br />rentals therefrom; the balance remaining, jf any, to be applied toward
<br />the discharge of said indehledness,
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<br />8. That the BoTTOweJ' will keep the impJ'o\.-ement5 nou.- existing or
<br />hereafter erected on the property. insured as may be reqll!r"'! lrom
<br />time to time by the Lendcr against 10" hy fire and olher hazards.
<br />casualties and t"Qntingencics in such amounts and for such periods ::os
<br />may be required bl' the Lender and will pal' promptly. when duc.
<br />an)' premiums on such insurance provision for payment of which has
<br />not been made hereinbefore. All insurance shall be carried In com-
<br />panies approved hy lhe Lender and the policies and renewals then..f
<br />.hall be held by the Lender and ha\.. attached thereto loss pa~'able
<br />clauses in ravor of and jn form acceptable to the Lender. In event or
<br />loss Borrower will give immediate notice by mail '0 the l..ender. who
<br />may make proal of loss if not made promptly hy Bono",.r. and each
<br />in'iurance company concerned is hereby authorized and dlret.1ed to
<br />ma1ce payment lor such loss directly to the Lender Instead 01 to the
<br />Borrow", and the Lender jointly. and the Insuranee proceeds. or any
<br />part thereol. may he applied by the Lender at its option either to the
<br />reduction of the indebtedness hereby secUl"ed or to the restoration or
<br />repair of the property damaged, In ",,'ent of 10reClosure 01 this Instru-
<br />ment or other transl", of Utle to lhe mortgaged proper!}' In uUnguLsh-
<br />ment of the iodebtedn... secured herehy. all right. .iLle and inte"",' 01
<br />the Borrower in and to any insurance policies then in roree shall plm
<br />to the purchaser or grantee.
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<br />9. That as .liIddmonal .Qnd collateral St'Curity (ur th[' pllymrnt 01 the'
<br />nott' described. and aU mm!. 10 tx-come dup 1Inder this Imtnllnront. the
<br />Borrower hereby a.m~ 10 the Lender all proflu. Tt''\"rmlt'":.\, m\'altt~.
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