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<br />88- 103396
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<br />The Mortlaaor jn order more fully to protect the lifCUrity of
<br />.bis Mortaqe, a.rees:
<br />
<br />1. That he will pay thl' indebtedness, as hereinbefore provided.
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />installment due date.
<br />
<br />2. That, together with, and in addilion 10, Ihe monthly
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby, the Mongllor will pay to the Mongagee,
<br />on the first day of each month until the said note is fully paid,
<br />the following sums:
<br />
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgaae insurance premium if this instrument
<br />and the note IeCUred hereby are insured, or a monthly charge (in
<br />lil:u of a mon,. insur~ premium) if they are held by the
<br />Secretary of Housin, and Urban Development. as follows:
<br />
<br />(I) If and 10 long al said note of even date and this in-
<br />strument are insured or are reinsured under the provisions of the
<br />NatiorW Housin, Act. an amount lufficientto accumulate in the
<br />handJ of the holder one (1) month prior to III due date the an-
<br />nual monPIC insurance premium in order to provide such holder
<br />with funds to pay luch premium to the Secretary of Housing and
<br />Urban Development punuant to the National Hauling Act, as '
<br />amended, and applicable Re,ulations thereunder; or
<br />
<br />(II) If and iO Ion, as said nOle of even date and this in-
<br />strumen! arc held by the Secretary of Howins and Urban
<br />Development. a monthly char,e {in lieu of a mon'lI61: insuran~
<br />prt:miumJ which shal.l be in an amount equal 10 one-twelfth
<br />(1/12) of one-half (112) per centum of tbe average oUlstanding
<br />balance due on lhe note computed wiThoul taking into account
<br />delinquencies or prepayments;
<br />
<br />(h) Alum cqualto the ground rents. if any, nexl due. plus the
<br />praniwm dw wiU nexl beoome due and payable on policies of
<br />rUe and other huard insurance coverin, the monppd propcny.
<br />plus tues and auessments nelll due on the monpacd propcny
<br />(all as tJlimattd by ,ht: Mon,~J lesl all sums already paid
<br />therefor divided by the number of months to elapse before one
<br />(I) month prim to the date ",MIl such &lound renu, premiums,
<br />tues and aSlCIIIIICnti will become delinquent, such iums to be
<br />held by Monptee in trusl 10 pay said sround rmll. premiums.
<br />lun end 'pedal UWismenll; and
<br />
<br />(c:) All paymmll mmlloned in Ihe Iwo pr<<edin, subsection,
<br />of this parqrlph and all J.ymenll 10 be made under the "Ole
<br />MlCUred hereb)' shall be added tOftlher. and the aurqate amount
<br />thereof IhaJI be paid by the MortNor ea<:h month in a silllle
<br />payment 10 be applied by lhe MonPlee 10 Ihe followin, ileml in
<br />the order iel forth:
<br />
<br />(I) premium chal,n under Ihe conlrlet of insurance ,,'ilh
<br />the Secretary of tiouling and Urban I)covelopmenl, or monthly
<br />charlt' (in lieu of mON6. inJurl:t~ premium). a, the cue ma)'
<br />be;
<br />
<br />UI) ,round fenu, lale8, IlUenmenli. fire and olher haurd
<br />Insurance premiums;
<br />
<br />(UI) inlernl on lhe nOle sec:ured he,eh)'.
<br />
<br />(IV, amorUzatlon of lhe principal of said note; and
<br />
<br />IV, lale charI"
<br />
<br />^ny defieumq lD lhe Imounl of luch Iu,e.ale monlhl)' illY'
<br />menl shall, IInku made ,oad by the Mort,aJor "rior 10 lhe due
<br />dlfe of the Delli luch "aymenl. conltilule an covenl of defaull
<br />under Ihl8 mOrl,ale, The MOrl'IIee mlY colleel a "'ale eharle"
<br />nOl 10 UCftd four cenlt C"C;) for t.ach dollar CS II of each pay.
<br />
<br />ment more than fifteen (J S) days in arrears to cover tbe extra ex-
<br />pense involved in handling delinquent payments.
<br />
<br />3. That if tbe total of the payments made by the Monsasor
<br />under (b) of parllraph 2 precedinJ shaD exceed the amount of
<br />payments actually made by the Mortp,pe for around renll. tala
<br />and assessments or insurance premiums. as tbe cue may be. JUdI
<br />excess, if the loan is current. at the OptioD of the Monsqor.
<br />shall be credited by the Monsaaee OD 5UbJequeot paymeatlto be
<br />made by the Mortsaaor, or refunded to tbe MorIpIOr. If,
<br />however, the monthly paymenll made by the Monpaor UDder
<br />(b) of paragraph 2 precedinJ shaD Dot be suffICient to pay
<br />ground renll. taxes and assessments or insurance premiums. as
<br />the case may be. when tbe same shaD become due uti payable,
<br />then the MonPlor shall pay to the Monppe aD)' amouDl
<br />n~ to make up the deflcieDcy. OD or before tbe UIe wbm
<br />payment of such around rents, tala, ........... or iDsunmce
<br />premiums shall be due. Ir at any time the Mortpaar ...... teDdcr
<br />to the Monsaaee. in acc:ordance with the provisioas of tbe DOle
<br />secured hereby, full payment of the entire ;........."""-
<br />represented thereby, the Monppe 1balI. ill c:cJaJflIfi., Ibc
<br />amount of such indebtedness. credit to the .xaual of die Mort-
<br />Plor all payments made under the proviIioas of (a) ......... 2
<br />hereof which tbe Mortppe bas DOt become .......... 10 pey 10
<br />the Secretary of HOUlina and Urban Da~ .... ..,
<br />balance remainin. in the funds lICCUIDuIaIecI UDder die ~.......
<br />of (b) of parqraph 2 hereof. If there IbaJI be. clef.. adcr
<br />any of the provisions of this monpae rauIliD& iD . paIIIic _
<br />of the premises covered hereby, or if the Mor1paIle aeqUo die
<br />propcny otherwise afler default, the Monppe..........,. .
<br />the time of the commenoemem of such pro teeAi..... or . tile
<br />time the property is otherwise acquired. the baIaDt:e dial .,....
<br />ina in the funds accumulated under (b) of pa....... 2 1"'- ......,
<br />as a credil apinst the amount of pi inc:ipaI tbea r--i-.. .......
<br />under said nOle. and shall properly adjust aDY ~ .-:It
<br />shan have been made under (a. of panIInph 2-
<br />
<br />4. Thallhe MonPlOf will pay pouad raIU. WIG,
<br />ASICSlments. water rales, and Olher pwemnwawor -"'~I
<br />eharp, fines, or impoIitiom. for wbic:b proviIioD 11M DOl beeII
<br />made hereinbefore. and in default thereof lbc Mort,... may
<br />pay lhe WIle; and thai the Monppr will proIIIpIIy ddMr die
<br />official receipu therefor to the Mcnppc.
<br />
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<br />
<br />5, The Mon,qor will pay all taxa -hidlmay be Iftied upotI
<br />the Monptee'. interest in said reaj awe and iIDpnw-.s.
<br />and which may be Jnied upoa this IDOt1pIe or die .... ~
<br />hereby (bul only 10 the ateftt that such is DOt prdMllillJ " ...'
<br />and onl)' to the alenl tbat such will DOt 1Mb.... laD
<br />usurioul), but adudina any inc:ome w. SlAte or FedInI. ...
<br />poled on Monpacc, and will file 1M orrlCial ~ ___
<br />lueh pa)'ment ",Uh the Monlllft. Upon \iolation or.... uncie-.
<br />takilll. or If the Monlllor II prohibited by IIIlY 11_ .. or
<br />hereafler ellilli", from payiftllhe whole or all)' portioD of the
<br />aforesaid lun, or Upoll the rmderina of any coun cIec:nr pro.
<br />hlbllin, the payment by lhe MOI1J.qOf of an)' -.d lPft. or if
<br />luch law or decree provtdel that any amoulll 10 _ by t.hr
<br />Morl.qor shall be credlled on the mon.. debt. lbe Mon.aaIer
<br />~hall hne Ihe rlaht 10 ,I\Ie ninety da,,' written notice to the
<br />owner of lhe mon,1Ied premises. requirilllthe plI)'tMft1 of the
<br />mOrllale deb.. If ~uch nOlice be ,,,om, the lIIid debt thall
<br />become due. payable and rolk'ctible al lhe npualion of said
<br />ninet)' days,
<br />
<br />6. ''''al should Ihe Morl.qot fail 10 ray any ,urn or lftt' any
<br />covenaDI I'to\'ided for in Ihh mon,qt'. lhen ,he Monptte. a.
<br />II, oplion, may r.~' or (1t'tfotm the same, and all e.l'CftdilUTt'Ii 10
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<br />P80_ 2 01 .
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