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<br />Borrower and Lender covenant and 811ft as follows:
<br />
<br />sa A 103478
<br />
<br />I. That Borrower will pay Ihe indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in pan
<br />on any installment due date.
<br />
<br />2. That, together with, and in addition to, the monthly
<br />payments ~f prill~paland, intereslpaya~le under the terms of the
<br />nOle secured l]ercby,'the ~rrower will pay to the Lender, on the
<br />first aayof each month uhtil the said note is fully paid, the
<br />following sums:
<br />
<br />x_
<br />~..-xm
<br />~~
<br />XXXXXXXX
<br />XXX
<br />
<br />
<br />(I) XI>) A sum equal to Ihe 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 lhe
<br />Lender) less all sums already paid therefor divided by Ihe number
<br />of months to elapse before one (I) 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 />
<br />(b) $) All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments 10 be made under the note
<br />secured hereby shall be added together, and Ihe aggrcgate amount
<br />thereof shall be paid by Ihe Borrower each month in a single pay-
<br />ment to be applied by the Lender 10 the following itcms in the
<br />order set forth:
<br />
<br />
<br />~) ground rents, taxes, assessments, firc and other hazard
<br />insurance l'remiums;
<br />
<br />([1) (HI) interesl on the note secured hcreby;
<br />
<br />(Iln ("> amortization of the principal of said note; and
<br />
<br />(IIJ) ~) late charges.
<br />
<br />Any deficiency in the amount of such aggregalc monthly pay-
<br />ment shall, unless made good by the Borrower prior 10 the due
<br />date of the next such payment, constitute an cvent of default
<br />under this mortgage. The Lender may collecl a "late charge" nOI
<br />to exceed four cents (4~) for each dollar ($1) of each paymcnt
<br />
<br />more than fifteen (15) days in arrears to cover Ihe eXlra expense
<br />involved in handling delinquent payments.
<br />
<br />3. .IW!~ if the total of thc payments made by the Borrower
<br />undeM~ 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 the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower, or refunded to the BorrowcwJ(, however, the monthly
<br />payments made by the Borrower undertBJ 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 amoulii ii!:c~'Ssary ;0 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 tender to the Lender, in accordance with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall, in computing
<br />the amount of such indebtedness c d't
<br />rowerXlll
<br />X
<br />
<br />any ba.W,nce rr,-
<br />maining in the funds accumulated under the provisions of~) 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 the
<br />commencement of such proceedings, or at the time the property is
<br />otherwise acquire~ the balance then remaining in the funds ac-
<br />cumulated under ~1.n- paragraph 2 preceding, as a credit against
<br />the amount of rinci al then remainin un aid under said not't.v:
<br />XXlQ(X AM
<br />X~~~
<br />
<br />
<br />
<br />4. That the Borrower will pay ground rents. taxes, assessments,
<br />water rates, and other governmental or municipal charges. fines,
<br />or imposilions, 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 />
<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 deb I 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 Federal, 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 Ihe payment by Ihe
<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 righl to give ninelY days' wrillen notice
<br />to the owner of the premises, requiring the paymclll of the deb!.
<br />If such notice be given, the said debt shall become due, payable
<br />and collectible at the expiration of said nincty days.
<br />
<br />6. That should the Borrower fail to pay any sum or kl'CP an~
<br />covenallt provided for in this inSlrUmelll, thcn thc Ll'nder, at its
<br />option, may payor perform the same, and all expcnditure~ so
<br />
<br />HUD~2143DT
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