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Sg, 103111
<br />Borrower OW [ eadetr eturetiastt and apes as falIOM
<br />.. 1. That Borrower will pay the indebtedness, as heteinbefore
<br />provided. Privileo is reserved to pay the debt in whole or in part
<br />on any installment due date. _ — --
<br />2. 71hat, together with. and in addition to. the monthly
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby. the Borrower wilt pay to the Leader, on the
<br />first day,of each month until the said note is fully paid, the
<br />following ,rums:
<br />IONIC=
<br />(a) Ili A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments next due on the property (all as estimated by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one (1) month prior to the date when
<br />such ground rents, premiums, taxes and assessments will become
<br />delinquent, such sums to be held by Lender in trust to pay said
<br />ground rents, premiums. taxes and special assessments; and
<br />(b) M All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the 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 set forth:
<br />7dtCt
<br />(I) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(II) M interest on the note secured hereby;
<br />(III) 4M amortization of the principal of said note; and
<br />(IV) Iffll late charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the next such- payment, constitute. an event of default
<br />under this mortgaBC. The Lender may collect a "late charge" not
<br />to exceed four cents (49) for each dollar (s1) of each payment
<br />more than fifteen (IS) days in arrears to cover the extra expense
<br />involved in handling delinquent payments.
<br />3. 71tat if the total of the payments made by the Borrower
<br />under(a)of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by.the Lender for ground rents, taxes and
<br />assessments or insurance premiums; as`the case may be, such ex-
<br />cess. if the loan is current, at the option of tfie Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower, or refunded to the Borrower. If, however. the monthly
<br />payments made by the Borrower under (a)of paragraph 2. '
<br />preceding shall not be sufficient to pay ground rents, taxes and
<br />assessments or insurance premiums; as,the case may be; when the
<br />same shall become due and payable, then the Borrower -shall pay
<br />to the Lender any amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes,
<br />assessments, or insurance premiums shall be due. If at any time
<br />the Borrower.shall ienderto the Lender; in accordance with the
<br />provisions of the note secured. hereby, full payment of the entire
<br />indebtedness represented thereby, Ihe.Lender shall. in computing'
<br />the amount of such indebtedness, credit to the account of the Bor-
<br />rower
<br />any balance re-
<br />maining in the funds accumulated under the provisions of(a) of
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />provisions of this instrument resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the property
<br />otherwise after default, the Lender shall apply, at the time of the
<br />commencement of such proceedings, or at the time the property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under (a)of paragraph 2 preceding, as a credit against
<br />the amount of principal then remaining unpaid under said note..
<br />kX
<br />4. That the Borrower will pay ground rents, taxes, assessments.
<br />water rates, and other governmental or municipal charges, fines.
<br />or impositions, for which provision has not been made
<br />hereinbefore, and in default thereof the Lender may pay the same;
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the Lender.
<br />5. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements, and
<br />which may be levied. upon this instrument or the debt secured.
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will .not make this loan usurious),
<br />but excluding any income tax, State or Federate imposed on
<br />Lender, and will file the official receipt showing such payment
<br />with the Lender. Upon violation of this undertaking, or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying the whole or any portion of the aforesaid taxes, 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 that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the Lender shall have the right to give ninety days' written notice
<br />to the owner of the premises, requiring the payment of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and collectible at the expiration of said ninety days.
<br />6. That should *4e Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, may pay or perform the same, and all expenditures so
<br />Pipe 2'01,S. ' HUD- 921430T
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