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<br />88-403083
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<br />Borrower Bnd Lender fO\rnBnl Bnd BRr~ II~ folltl\\'~:
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<br />more Ihan fifteen (15) days in arrears 10 _O\'el Ihe e"ra expense
<br />involved in handling delinquent payments.
<br />
<br />I, That Borrower will pay the indebledness, as herein bel" ,re
<br />provided, Privilege is reserved 10 pay the debt in whole or In part
<br />on any installment due date,
<br />
<br />2, That. together wilh, and in addition 10, tht' monthly
<br />payments of principal and imerest payable under the terms of the
<br />note secured hereby. the Borrower will pay to the Lender. on the
<br />rust day of each month umil the said note is fully paid, the
<br />following sums:
<br />
<br />(a) Amoum sufficient 10 prO\ ide the holder hereof with runds
<br />to pay the next mortgdge insurance premium if !his instrumel11 and
<br />the note secured hereby Hre insured. or a monthly dlarge (ill lit'lI
<br />of a morrgagc in,mrant'c premium) if they are held by the
<br />Secretary of Housing and Urban De\e1opment. as follows:
<br />
<br />(I) If and so long as said note of e\'<,n date and this instru.
<br />ment are insured or are reinsured under the prmisions of rhe Na.
<br />tional Housing AcT. an amount sufficiel11 10 accumulate in the
<br />hands of Ihe holder one (I) monlh prior to its due date the annual
<br />morrgage insurance premium in order to pr'.wide such holder with
<br />funds to pay such premiJm 10 the Secretary of Housing and l'r-
<br />ban Developmel11 pursuant Il1 rht' Nalll)nal Housing Al'l , as
<br />amt'nded. and applil'ahle: Regulall(l/l' rhereulllkr; ,)[
<br />
<br />(II) If and sO long as "1Il1 Ill're or e\':n dalt' and Ihls III'tru,
<br />mem are held by Ihe SecretaI'\' of Ihll"ing ".,d l',ban De,dop,
<br />memo a monthly charge (in !It'U or ;/ IlI,'rlga,!!c Imllr.HI.'" I'r..lllILlIllI
<br />which ,hall be 1Il an amoum equal I" "lll:.I"dfth II 12) \,1 \llle
<br />half (1 '2) per centum of the ,Hera!!e (llll'tanding halalh:c due \111
<br />the note computed wlthoUI la~ll1g IllIO .lCClllHll ddlOtjLll'n",,"', llr
<br />prepaymems;
<br />
<br />lb) A sum equal 10 Ihe ground rellls. It ,lilY, not due. plus the
<br />premiums Ihal will next become due and payahle on poli.:ies of
<br />fife and Nher haJ'~'ud insurance Ctl\enng the property. plus raws
<br />and assessments lIexr due on Ihe p"'perty (all a, e'flmalt't.J 1'.1 rhe
<br />Lender) Ie" all SUIll' alread\ paid thcldl'r dl\lded hy the lIumber
<br />of months 10 elapse b.:fore ,lilt' III llWlllh ptlor I,) lhl' date when
<br />such ground reOl~, premllJnl', ta\e' .lI1J Jsse"rnellls "Ill become
<br />delinquelll, 'Ul'h ~ums to 1\,. held 11\ I ...nd..., 111 tru,l to pay said
<br />ground relllS. premium" la\e' anJ 'p"'l'''ll a"essl11enls, MId
<br />
<br />(t:) All paymenl' mellll"I1t'J III Ih... 1\10 prt'l'edlOg suh,,,,,.\,I.'II' III
<br />thiS paragraph and all pa\merlt' 10 h... m..d.. under the rh.llC
<br />secured herehy shall he adJed logethel, anJ Ihe aggn:gale oI1ll0U II I
<br />thereof shall be plIId by Ihe Borro"er ...ach Illonlh III J 'lOg I... pay.
<br />ment to be apphed by Ihe l endt'r to rhe folltl\\tlIg Helm III the
<br />order set forth:
<br />
<br />(I) premium ..h..rg....' unJer lhe COlllrad of insuran...e \11th
<br />lhe Secrelar\' 01 HOU\IOg and lrban Ik\"dllpmelll. or m(llllhl}
<br />charge /In Iz<:u t.f mll"gOlg,. IIhuran,'e {lrt'ff1lumJ, as lhe l'a~e ma}
<br />be:
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<br />(II) grounJ relll', la,,<,s, ;I,"e"[llelll\. rin: and ,'Iher haurd
<br />IIlsurance premiums;
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<br />(111) interesl ,'n the nole ",...ull.'d ht'reh\,
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<br />([VI amOrH/illlOn "I Ihe ptlnupal'lf SalJ nOlI.'; and
<br />
<br />(V) late charges
<br />
<br />An} deficiency III the amount "I ,n..h :Jggreg.1l1.' nltlrlthly pal.
<br />melll ,hall. unle" madc good h) Ihe HOI""'t'r prHH 10 the due
<br />date of the nexI such paymenl, con\lI[ute an e\em of delat.:1t
<br />under this mortgage, The Lender ma~ COllel'l a "late ..harge" nOl
<br />to cllcced four eems (44:1 for ...ad1 dollar ($1) "t ea...h pJI merit
<br />
<br />3, ThaI if the lotal of Ihe payments made by the Borrower
<br />under (b) of paragraph 2 preceding shall exceed Ihe amounl of
<br />payments actually made by the Lender for ground rent,. lalles and
<br />assessments or insurance premiums. as Ihe case may be. such ex-
<br />cess, if the loan is currenl. al the oplion of Ihe Borrower. shall be
<br />credited by lhe Lender on subsequent paymellls to be made by lhe
<br />Borrower. or refunded 10 Ihe Borrower. If. however, Ihe monthly
<br />payments ;nade by Ihe Borrower under (b) of paragraph 2
<br />preceding shall not be sufficient 10 pay ground renls. laxes and
<br />assessmems or insurance premiums, as Ihe case lIlay be, wht'n Ihe
<br />same shall become due and payable. Ihen [he Borrower shall pay
<br />10 the Lender any amounr necessary to make up the deficiency. on
<br />or before the date when payment of such ground rt'n1s. taxes,
<br />assessments, or insurance premiums ,hall bt' due. If al an} time
<br />the Borrower shall tender 10 lh.... Lender. in accordance wilh Ihe
<br />pro\.isions of Ihe note secured hereby, full payment of the t'ntire
<br />indebtl'<lness represented Ihereby. the Lender shall, in compuling
<br />the amounl of such indebtedness. credit 10 the account of Ihe Bor.
<br />rower all paymenls made under Ihl pro\.isions of (a) of paragraph
<br />:! hereor which the Lender has nOI become obligaled 10 pay 10 th...
<br />Secretar\' of Housing and Urban Development and any balance re-
<br />mallllng 111 the runds al'l'ulllulaled under Iht' pw'i'lOns of (b) of
<br />pal agraph 2 hereof. If Ihere ,hall be a default under any of Ihe
<br />pr," IS Inns vf rhi, IIlsrrum...1lI resuhlOg III a pu/1lil' sale 01 the
<br />prel111\es covered herehy, or if the l.ender acquires Ihe pwpen\
<br />I1thel\,,'e after default. Ihe L.ender shall apply. al the rllu... "' lhe
<br />,llllllnt:n,'emenl of such proceedings, or at Ihe mue rhe propl:'!"1\' .-
<br />"Ihen\ Ise a...qUlred, lhe balan...... Ihen r...mallling III the fund, a...
<br />..umulaled under (h) of paragraph 2 pre...eding. as ;1 ...,,'<In agalll'I
<br />ih... afllount ot prinCIpal then l...malOlllg unpaid under ,alJ Ih'le,
<br />,lIld ,hall properly adJu~t any pay ment, "h....h ,hall ha'e /1,...."
<br />madt' undt'r (a) of paragraph ~.
<br />
<br />-/, rhal the Bnrn.mer \\111 pay gwund lent', Ia\t..., a'''''',m..-nh,
<br />\'al,~ raIC-. and ,'Iher gt1\ernmt'ntal ,'I IllUIllClp.i1 .:hargt..... lult....
<br />.ll 1I1lposniou" tor" hll'h 1'1'0\ "iol1 ha, 1101 b....en made
<br />helel/lhcfore. and in Jefauli Ihereol Ihe I t'l1del ma' P;I\ Ihe "m,,',
<br />and thaI rhe Borrower will prompII\ Jel<.er Iht' <'tIl,-,al r'....t.,rt'
<br />tllt'relnr Il' Ih... lender.
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<br />~ rhe Borwwer Will pay all la\es \I h..h mal r.c k\ ".J 111'<'"
<br />the I endel'~ Intere" III ,a,d Il.all....tat... ,lIld Imprt\\I'mnll', alld
<br />"llIch fIlay be le\'led upon tlll~ lll,rrUfIlerll ,'I Ihl.' ,It-hl -t'...u!t.J
<br />'1(",eby (buI only III the e"ent thai sudl I- (wr pr"llIhn.-J i)\ 1.1"
<br />and only 10 Ihe e\tem that such w,1I nOl ma~e th., It)an USlllI"U'1.
<br />hUI e\Cludlul,! au} inl"'J1le la\. Stale or I eJeral. 111lP<'....-tl ('n
<br />I t'nJer, and \\ III tile the .'ll,,',al re...t"pr _h,,,, lug _u...h 1'.1\ m"'lll
<br />\\ Ith lhe l.endl'l l'pt'lI \ 1"lal,nn ,'I Ih" lInJel1a~lllg. ,'I 'I tht'
<br />HorIL1I\t'1 I~ pruhlhlled by an} law II'''' 01 ht'll';lltt'1 ,'\Istmg Ir"1Il
<br />ra\'lIlg the" hole: or aO\ pnnion nr the arnresald la\.", "I upt'n
<br />rhe reudtTing of all\ court dt'nt.... pwlllblllllg Ih.... pa\ OIt'lll t-\ Ihe
<br />BLlno"er of any sudl ta\(.... III It lu..h 13\\ or decIC'L' pro,-,d..... tl1al
<br />all\ ,lllhlunt \l\ paid h\ Ihe B"rln"t'l ,h.111 I\\.' dt"lllll"lll\ll Ihc J('I\I,
<br />the: l enJl"r ,hall h..l\l' tht.. fl~ht h\ ~l"\' tlHlt't\ J,l~'" \\ntl\"n n\llh,,"l'
<br />Il' Iht' ""nel ,)llhe prt'llll\t's, retjlllnng Ihe l'a\Ult'1ll .'1 tht' ,k/11
<br />It 'lid, Ill)[I,'t' be gl\l"n, tht' ';lId dehr ,Ihlll 1\.'(t'fIlt' JUt', p,,,ahle:
<br />,Inti "llle"'lIhlc al I ht' np" ..lInn 1'1 'a.d mllet\ da\,
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<br />6. rhal _lmuld the BOtl,''''''I lall 10 pay an} ""11 ,\[ ~t""r .111'
<br />.,"e!lam I'r,IIIJed Ill! In ihl' In"llImcnl. th,'n tht' I t'llJt'l. "I ,"
<br />l'J't10n. I1Hl~ ra~ \H Pl'l hlllll thl' ..anlt'. ;lnJ .111 (",pl"Tllhrllfl.> '\'
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