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<br />88-102370
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<br />Borrower and under covenan1 and agree as follows:
<br />
<br />I. 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 10, Ihe monthly
<br />payments of principal and interest payable under [he terms of the
<br />note secured hereby, the Borrower will pay 10 the Lender, on the
<br />first day of each mOnlh unlil the said nOle is fully paid, the
<br />following sums:
<br />
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<br />
<br />
<br />(aJ X(tJ) A ~um equal to [he ground rellls. if any. nex[ due, plu.~ rill:
<br />premlUlr,s that WIll nC-XI bt'\:ome due and payable on poli.:ie~ of
<br />fire and olher halilrd insuran.:e coveTIng [he property, plu~ laxe~
<br />and assessmellls next due on the property (illI iI.' l'.Sl1l11illl-J n.1 ItJ"
<br />Lender) less all sums already paid therefor dis Ided by [he number
<br />of months to elapse before one (I) lfiolllh pnor 10 Ihe date when
<br />such ground rcnts, premium~, taxes and as~e~Mlwnl~ \\ III becollll'
<br />delinqucnt, such sums [0 be held by l.ender III trust III pay said
<br />ground rents, premlUlllS. [axes and,peclal a~ses"nenl', and
<br />
<br />(Il) "U;) All paymeUls mentioned m the two precedlllg subsel'uoII' of
<br />this paragraph and all payments to be made under (he nOll'
<br />secured hereby shall be added together, and the .Iggregate amount
<br />lhereof shail be paid by the Borrower ea.:h month 111 a 'llIglc pa\"
<br />ment 10 be applied by the Lender to the follm\' Ill!! ileITIS III [he
<br />order set forth:
<br />
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<br />
<br />\Ij ~r:J) ground rents, [a.xes, assessments, fire and olher hazard
<br />insurance premiums;
<br />(Hi XX
<br />(IiI) interest on [he note ~ecured hereby;
<br />
<br />(Ill) (~\') amortization of the principal of ~aid note; and
<br />
<br />(II)) ~l'} late charges.
<br />
<br />Any deficiency in [he ilmount of such aggregate monthly pay.
<br />ment shall, unless made good by [he Borrl)\\er prior to [he due
<br />date of the next such paymelll, tonSlllule an event of default
<br />under this mortga;;le. The lender may collec( a "'ate charge" no(
<br />to exceed four cents (4e) for each dollar ($1) of each paynmll
<br />
<br />more than fifteen (15) days in arrt"ars to cover the extra expense
<br />involved in handling delinquent payments.
<br />
<br />3. That if lhe total of the payments made by the Borrower
<br />under~bf paragraph 2 preceding shall exceed Ihe amount of
<br />payments actually made by Ihe Lender for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />cess. if rhe loan is curren!. at the option of the Borrower, ~hall be
<br />credited by the Lender on subsequent payments 10 be made by the
<br />Borrower, or refunded 10 the Borrower. If, however, the monthly
<br />paymellls made by [he Borrower under~bf paragraph 2
<br />preceding shall nOl be sufficient to pay ground rents, taxes and
<br />:ts, essmellls or insurance premi\lm~, as rhe case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />10 the Lender any amount necessary 'to make up the deficiency, on
<br />or before lhe d1\le when payment of such ground rents, taxes,
<br />assessments, or imllfance premiums shall be due. If al any time
<br />the Borrower shall tender 10 the lender, in accordance with lhe
<br />provisions of the nOle secured hereby, full payment of the entire
<br />indebtedness represented lhereby, the Lender shall. in computing
<br />the amount of such indebtedness. credit to Ihe account of the Bor-
<br />rowerX4Xjia~lWIW(~.)'j?\lW~~X:ltX~m~qnjill
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<br />XJ~~~XjK~Ud(~i{~~~~Yany balance re-
<br />maining in the funds accumulated uader Ihe provisions of ~ll} of (aJ
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />provisions of this instrumenl resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the property
<br />otllt'rwise after default, the Lender shall apply, al the time of the
<br />.:ommencemem of such proceedings, or at the time [he property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under OOd paragraph 2 preceding. as a credit against
<br />Ih<: mnounr of principal [hen remaining unpaid under said nOle, .
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<br />
<br />4. That the Borrower will pay ground rems. taxes. as'cssments,
<br />\'''lller niles, and olher governmelllal or municipal charges, fines,
<br />or Impositions, for which provisi('ln has nOl been made
<br />hereinbefore, and in defilult thereof the Lender may pay the s;;me;
<br />and thaI Ihe Borrower will promptly deliver [he official receipts
<br />I hercfor tot he Lender.
<br />
<br />~, The Borrower will pay all laxes which may be levied UpOll
<br />the lender's interest in said real eslatc and impro\'emr.:l\!s, and
<br />\'\' Inch may be levll:d upon tlm instrument or the debt secured
<br />hereby (but only 10 the extcnt that such is not prohibited by la"
<br />and only to the eXlelll thaI such will not make this loan usurious).
<br />hUI excluding any income tax, State or Federal, imposed on
<br />Lt"nder, and will file Ihe official receipt showing such payment
<br />wl1h the Lender, Upon violation ('If this undertaking, or if the
<br />Borrower is prohibited by any law now or hereafter exisling from
<br />paying Ihe whole or any portion of the aforesaid ta.xc~, or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borrower of any such taxes, or if such law or decree provides thaI
<br />any amount so paid by (he Borrower shall be credited on the debt.
<br />the Lender shall havc the right to give nincty days' wrinen notICe
<br />10 the owner or the prenllses. rl'qulring the paymclII of the dehl.
<br />If ~uch notice be glH'n. the said debt shall hecome due, payahle
<br />and collectible at the cxplralion of ~aid ninety days.
<br />
<br />6. That should tht' Bormwer fail 10 pay any 'um or keep an~
<br />,'o\enant provided for Ifi this instfUmel1l, then [hc It'nder. at 11'
<br />option, may payor perform the same, and all t'xpcndnure... ,n
<br />
<br />HUD-92143DT
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<br />Page 2 of 5
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