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<br />-18- 103064
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<br />Borrower aad Lender OOYenant aad agree u foUows:
<br />~ ." \; ,; t 1
<br />1. That IlomIwer will pay the Indeblednea, as beRlJibelore provid-
<br />ed. PrIvl1ep Is raerved to pay the debt In wbole or In part Qn any In-
<br />stalJment due date.
<br />
<br />..
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<br />2. That, topther with, aad In addIlIon to, the monthly paymenll
<br />of priDcl:pII aad intenM payable IIJIder the terms of the _ 5CIlred
<br />henby, the Borrower will pay to tile Lender, on the rlnt day of each
<br />IIICIIlth uatil tile SlIld note Is fully paid, the foIlowlnllsums:
<br />
<br />(a) Amount 5UJficlent 10 provide the holder hereof with funds to
<br />pay the oat mortgap :nsutance premium If this instrument and lhe
<br />DOte MeIlIed hereby .... Insured, or a monthly charp (In ,.... oj 0
<br />lIIOftFIe 1__"mIIlum) If they are held by Ihe Seeretary of
<br />HowIaI and Urban Oe\-elopment, u follows,
<br />
<br />(1) If ODd ... Ions: u said ""te of even dlte Ind this hutrumenl
<br />are illlUred or aA rela5Ured under Ihe provisions of the N .\lonal
<br />Hawinll Act, an amount sufflclent to acc:umul.le In tlie handl ollhe
<br />bolder
<br />
<br />
<br />
<br />~
<br />
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<br />(b) A sum equa1IO the ground rents. If any, next due. 1'10., the
<br />premiums Ihlt wiD neltt become due and payable on polle1.. of fire
<br />and other hu.ard Insurance co""rin~ the propert~'. plu. t..... Ind
<br />.......ments nest doe on the property (all as .,limard by ,he Lrndrr)
<br />less all sums already paid therefQr dl\'lded by the number Qf mQnths
<br />to el.poe belQre Qne (I) mQnth priQr IQ Ihe dale when .uch ltfOund
<br />rents. premiums. tlUC5 and ......ments will become deUnoluent. ,nch
<br />rums 10 be held by Lender in trusl tQ pal' .aid ground rents.
<br />ptemlums. I..... and s(>O<'lal ........ment!: and
<br />
<br />(el All payment! mentioned In the two preceding .ub.ectlont 01 thts
<br />p&r&grllph and all paymenlll to be m.de under tbe nole _ured
<br />hereby Ihall be added t~er. and Ihe .ureIl.le .mounl thereof
<br />shaIJ be paid by u.. Borrower ...h month in . tingle p.ymenl to be
<br />applied by the Lender 10 Ihe fQlIQwlngll"''' In Ihe order Mll IQrth:
<br />
<br />X~
<br />
<br />K~
<br />1~I'XJl!JI!lnOOt~lfKKX
<br />
<br />(II) ground renls. ~......, lWCWOenlt. fire .nd olh.. huard tn,
<br />.....- premiums;
<br />
<br />(Ill) Inlel'<51 on the not. _ured hereby:
<br />
<br />(IV) &mQrtlzaUQn of Ihe principal 01 said nule; and
<br />
<br />(V) l.te charga.
<br />
<br />Any deficiency in the .mQunl of such aggreg.te monlhly plymenl
<br />.ball unl_ nlD Ilf>Od by Ibe Borrower priQr IQ the duc dale Qf the
<br />"""I web p.yment, constitute an event of def.u1t under this mQrt.
<br />PI"' The Lender may c<>Illl<t . -1.le ebarge- not tn elt.-:l fQur cents
<br />(.') IQr each doliIII' ('I) of each p.ymo:nl mQre thin fifteen (15) day<
<br />in arr~an tn co\'e' Ih" en,. "spense In\'ol\'<<I in handling delinquent
<br />payments.
<br />
<br />3. That If the total Qf the payments m.de by Ihe BorrQwer under
<br />(Il) of p.ralfaph 2 precedlnllhall rs..-i the .mount of payments ac.
<br />tually made by the Lender fQr p'Ound rena. IU,," ODd _a or
<br />~ ~Illms, .. the caIt! m.y he, sueb ""..-, If the loan ..
<br />~,at tho optlcm of the Borrower, shaIJ be crediled by Ihe
<br />LMdar oa ..~ paymena tQ be made by u.. Borrower, or
<br />Nfuded to tM 1Iorrower. If, bow_, the monthly p.ymena madr
<br />by 1M ~ uJlder (hI of ~paph I ..,..un, Ihall not be mffl-
<br />eIIIIt to pay plIWId natJ. I... and _a or 1_'-
<br />,...lullll, . the c_ may be, wlMn lhe _ IhaIJ '-me due .nd
<br />...,..w., then 11M IDrr1twft Ihall pay 10 the Lender any _nt
<br />~ 10 ",u. up u.. deficiency. on or before 11M date when pay.
<br />IMIll of sueb pound ,enu. 1.-, _o_a, '" 'ltIura_ pn<IlIlurM
<br />.... be due, If at aay time lhe Borrow"r ,hall tender tQ tbe Lender,
<br />'" -.Ia.- .llh.IM provlslons QI the ".,.. _"rod """,by, lull pay.
<br />.-." the l'tltJrl'Ilndtbt...l~ r~l~nlod Iherrby. lh. I."I"~ .hall.
<br />
<br />In computing the II1lQunt of sueh Indebtednesa, credit to the !IIlC01 At
<br />of the lIonower all p.yments made under the provlllons ~
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<br />=====~~~~
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<br />~~"ll.v;KlQIIY,VJI'.K",?""",,,' of (b) of
<br />~graph I hereof. If there shaIJ be a default......... aD)' of the provl-
<br />11011& of thlslamwnent reaulllog In a public we of the pnlIIIiIs
<br />covered hereby, or If the Lender aequlftll the property otherwise after
<br />default, the Lender sbaIl apply, at the time of the comm__ of
<br />such p~lnp, or .t the time the property Is othen;-!se acquired.
<br />the balance then remaining In the fundi _u1ated uDder (b) of
<br />parlgr.ph 2 praBilnll, u . credit apinst the amowrt of
<br />th
<br />
<br />
<br />., Th.t the Bonower wiU pay ground renll, tueI, .-aenls,
<br />w.ler rita, and other g<WeTIlmenlal or mualclpal eharga, Ibws. or
<br />Impositions, for whleb provision hu not been made ~, and
<br />in def.ull Ihereof the Lender m.y pay the same; .nd that tbe Bor.
<br />rower will promptly deliver the QfflClaI reeeipts tb .Mor to the
<br />Lender.
<br />
<br />5. The Borrower will pay all taus whlet m.y be levied upon the
<br />Lender's Inle""" In said real estale and lmpraverllt!Dls, .Dd wbleb may
<br />be levied upon d... Instrwneflt or the debt ..........a heftby (but only !II
<br />the eltl~t th.t sueh Is 001 prohibited by law aDd ordy to the -
<br />th.1 such wiD not make this loan umriou5), but adudJn& aD)' iDcoIae
<br />taL SlIte Qr Federal. imposed on Lender, and will ilIe \be offldal
<br />receipt sbQwlng sueb PI)"IIIent with the Lender. Upon vioIatloa of tbiI
<br />undertaking, Qr If the Borrower Is prohibited by any la.... lIDW or
<br />bernfl'" eslstlnlllrom payinl the whol<! Qr any portion of \be
<br />afQresaid IuCl, or upon Ihe rmdering of any court decree prohib1liDg
<br />the plyment by lbe Borm....er of any sueb lues. or if such law or
<br />deeree provid... that any Imounl 50 p.id by the Borrmo.-er shaIi be
<br />credited on Ibe debl. tbe Lend.... sball ha\'e th" right 10 gh.., ~'
<br />da~"S' written noti~ to the owner or the premises. requiring the p.a~'~
<br />ment 01 the debt. if sueh noUce be gi\'en. the said d"bl shall become
<br />due. parlble Ind collrcttble al the apir.Uon QI said niorty da~.,..
<br />
<br />6, ThaI shQuld the Borrower fail tQ pay an~' SUI. Qr keep any eo\~
<br />n.nl provlded fQr In Ih.. Instrumenl, then the l.encIoT, al its Qption,
<br />mil' PlY Qr pedQnn the same. .nd all espenditurel ... made shaIJ be
<br />Idded tQ the prindpal sum owing Qn Ihe ahov1. note. shall be srcured
<br />hereby. and shill bear Inlerest at the rale It!! lorth in the said note.
<br />until paid.
<br />
<br />j, That the BorrDW1!t' berftJy aal..... tramfen ODd oeu 0\,., to the
<br />Lend...., 10 be .pplied IQw.rd the p.)"IIIent oi the note and all rums
<br />secured hereby tn cue of . defaull In 1M performance of aa)' of lhe
<br />term> and conditions of th.. Instrument or 1M &lid note. all the n:nlll.
<br />revenu... and Income IQ be derived lrom the said premises during such
<br />Ume as the indebtedness shall remain unpaid. and the Lender shall
<br />hne powrr 10 Ippoint any aaml or aplS It may desire for the pur-
<br />pose 01 repalrinll said pmnlsel .nd 01 renllng the same and eoIIectInc
<br />the rents, re\'enua .nd Income. .nd It may p.y nul of said t...........
<br />III expenses Qf repairing said premiJm and neasary commilllnnl and
<br />espelllle5 incurred In renUng ODd man.llingllte same and of coIIodlnll
<br />renlals therefrom; the balancr rem.lning. If anv. tQ be applied t......cd
<br />the dtseharll" Qf laid indebted""", '
<br />
<br />8, nil th. Borrower will k""l' the imprQvement! no.... exlmng or
<br />here.fter erected on Ihe property. Insured u m.)' be requin:d from
<br />time IQ time by Ihe J..onder against I.... by fire Ind other hazards.
<br />casualU... Ind conUngcncio tn such amQunts Ind IQr ""ch periods ",
<br />may be required b~' Ihe \..ender .nd will p.) prompllr. when due.
<br />an)' premlu"", on .uch Insurln<:<! Iltovislon for pa)""",,1 Qf ..'hleb h",
<br />nol '-n made hereinbefore, All inturant't! ,hall be carried in cam.
<br />p.nl... approved br Ihe l"nder .nd th" policies Ind ",""",'aI. thereol
<br />.hall be held by the Lender .nd hive .ttachod theretQ 1015 parable
<br />cl.u.... In fnO! QI .nd In Inrm .ccepl.ble IQ Ibe Lender, In "''en' 0(
<br />1015 BorrQw.... wl11 give Immediate notice by mail \0 the Lender, who
<br />m.y malre proof of I... If not mad<- promptl)' b)' Borrower. .nd e.ch
<br />lasur.n.- company coneerned Is hereby lulhQrW!d .nd directed IQ
<br />m.ke payment fQr such Iou directly tQ the Lender Instrad of to the
<br />Borrower and th.. t...nder Jointly. .nd the inruranoe p~. Qr an)'
<br />p.rt Ibereof, may be .pp11ed by the lender .t la optiQn elther tQ Ih"
<br />reductlQn 01 the indebtad.- hereb)' MlCUred or IQ the l'tlItoratlon Qr
<br />repair ollh.. property damapd, In t!\'t!nl Qf 1on!d0llm! of Ihl& Inslru.
<br />.M111 or other lranafer of till.. 10 Ihe mortlapd property In elLllncul5h-
<br />""'"' Qlthe Indebted.- --..red herrhy, all rillht. litl" and lnl......' 01
<br />lhe JJorro"'I'f In and to .ny Inrur.1IC.'t! policies Ih"n tn fu"", ,h.II.,...
<br />10 the purch_ or .,.n.....
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<br />9, n.t u addltlQn.1 .nd collator.1 """'rtl~' 'ot Ihe p.\'m.n. of ,he
<br />noto r!elIc:rllN>d. Ind .11 .um. to becom" due IlndM ,his i,u'mm.nt. Ih.
<br />8orro"A'r.r hPff'b)' lUI!srru .0 'h~ Ll"ndef .U1U'ofilJ. rt'\"'I1Ut~. t(l~..ltl,-~.
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<br />Pl'lIlJQ 1. of 4
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<br />'111D-U:'olir'
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