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<br />Borrower ad Lmder conant ad..- as foUows:
<br />
<br />1. ThaI Borrower will pay Ihe indebledness, as hereinbefore
<br />provided. PriviJese is reserved 10 pay the debt in whole or in pan
<br />on any installmenl due dale.
<br />
<br />2. ThaI, together with, and in addition 10, die monlhly
<br />paymenls of principal and interest payable under lhe terms of the
<br />nele secured hereby, Ihe Borrower will pay 10 the Lc:nder, on Ihe
<br />lirst day of ~h monlh until die said nOle is fully paid, lhe
<br />following sums:
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<br />(a, x(b) A sum equal to the ground rents, if any, neXI 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 Ihe property (all as estimated by the
<br />Lender) less all sums already paid therefor djo"ided by the number
<br />of months 10 elapse before one (1) month prior to the date when
<br />such ground rents, premiums. taxes and assessmenls 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 />
<br />(0) .ie) All payments memioned in the lwo preceding subsections of
<br />tills paragraph and all paymems 10 be made under the note
<br />secured hereby shall be added together, and the aggregate amoum
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />menl to be applied by the Lender to the following items in lhe
<br />order sel forth:
<br />
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<br />U) Xl1) ground rents, taxes. assessments. fire and other hazard
<br />insurance proemiums:
<br />
<br />\II) (!n) interest on the note !oCCured hereby;
<br />
<br />ill1) <n1 amortization of the principal of said note; and
<br />
<br />(IV) ro late charges,
<br />
<br />Any deficiency in the amount of such aggregate mOnlhly pay_
<br />ment shall, unless made good by [he Borrower prior 10 the due
<br />date of the next such paymem, conslitute an evem of default
<br />under this mortgage. The Lender may collect a "late charge" not
<br />10 exceed four cents (44;) for each dollar (511 of each paymenl
<br />
<br />
<br />more than lifleen (IS) days in arrears 10 cover the extra expense
<br />involved in handling delinquenl payments.
<br />
<br />3. That if the lotal of the payments made by Ihe Borrower
<br />und~of paragraph 2 preceding shall exceed the amount of
<br />payments acluaJly made by the Lender for ground rents, laxes and
<br />assessments or insurance premiums, as lhe case may be, such ex-
<br />cess, if the loan is current, at the option of the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by Ihe
<br />Borrower, or refunded to the Borrower. If, however, Ihe monthly
<br />payments made by the Borrower undep(~ of paragraph 2
<br />preceding shall not be sufficient to pay ground renls. laxes 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 lhe deficiency, on
<br />or before the dfe when payment of such ground reDlS, taxes,
<br />assessments, or Insurance premiums shall be due. If al any time
<br />the Borrower shall tender to the Lender, in accordance with lhe
<br />provisions of the note secured hereby, full payment of die entire
<br />indebtedness represented thereby, lhe Lender shall, in computit1g
<br />the amount of such indebtedness, credit to the account of the Bor-
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<br />Xalft~liWXID~~any 'balance re-
<br />maining in the funds accumulaled under the provisions otXfb) of (a)
<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, al the time of Ihe
<br />commencement of such proceedings. or at lhe time Ihe property is
<br />otherwise acquired, the balance then remaining in Ihe funds ac-
<br />cumulated under Ol.>>f paragraph 2 preceding, as a credit against
<br />Ihe amount of principal then remaining unpaid under said note,.
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<br />
<br />4. That lhe Borrower will pay ground rents. rues. assessments,
<br />water rates, alid other governmental or municipal charges, fmes.
<br />or imposilions, for which provision has nOl been made
<br />hereinbefore, and in default thereof Ihe Lender may pay the same;
<br />and lhat the Borrower will promptly deliver the official receipts
<br />Iherefor to the Lender.
<br />
<br />5. The Borrower will pay all !ues which may be levied upon
<br />the Lender's interesl in said real eslale and improvemems, and
<br />which may be levied upon Ihis inslrumem or the deb! secured
<br />hereby (but only 10 lhe extem that such is not prohibiled by law
<br />and only 10 the extent that such will nOl make Ihis loan usurious).
<br />but excluding any income tax. State or Federal. imposed on
<br />Lender, and will file the official receipl showing such payment
<br />wilh the Lender. Upon violation of Ihis undertaking. or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying Ihe whole or any portion of the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiting the pa~'ment by lhe
<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 Ihe debt.
<br />the Lender shall have the right 10 give ninety days' wrinen notice
<br />to the owner of the premises. requiring the paymem of the debt.
<br />If ,ueh notice be given. the said debt shall become due. payable
<br />and colleclible at the expiration of said ninety days.
<br />
<br />6. That should the Borrower fail to pay any Sllm or ktep an~'
<br />covenant provided for in this inslrumem, then the Lender. at it.
<br />option. ma~' payor perform lhe same. and all expendilUres so
<br />
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<br />HUD-92143DT
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