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<br />88-103543
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<br />Borrower and Lender covenant and agree as follows:
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<br />more than fifteen (15) days in arrears 10 cover Ihe extra expense
<br />involved in handling delinquent paymenls,
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<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided, Privilege is reserved to pay the debl in whole or in parI
<br />on any installment due date.
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<br />ea~ g,) A sum equal 10 the ground rents, if any, next due, plus Ihe
<br />premiums Ihat will next become due and payable on policies of
<br />fire and other hazard insurance covering the property, plus taxes
<br />and assessments neXI due on the property (all a,~ estimated by tli"
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one (I) month prior to Ihe dale when
<br />such ground rents, premiums, laxes and assessments will become
<br />delinquent, such sums to be held by Lender in Irusl to pay said
<br />ground renls, premiums, taxes and special assessments; and
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<br />eb~ R:) All payments mentioned in the IWO preceding subsectiom of
<br />Ihis paragraph and all payments 10 be made under the note
<br />secured hereby shall be added togelher, and the aggregale amount
<br />thereof shall be paid by the Borrower each monlh in a single pay-
<br />ment 10 be applied by the Lender to Ihe following ilerns in the
<br />order set fonh:
<br />II
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<br />U~ PI) ground rents, taxes, assessments, fire and olher hazard
<br />insurance premiums;
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<br />Ill) ('~I imerest on Ihe note secured hereby;
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<br />elll) en-I amortization of the principal of said note: and
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<br />IlV) II) lale charges,
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<br />Any deficiency in the lImouO( of such aggregal~' momhly pay,
<br />mem shall, unless made good hy the BortllWer prior to the du...
<br />date of Ihe neXI such payment, constitute an e\ent 01 dcfauli
<br />under this mortgage, The I t'lH.!er mllY col\ecl {] "llIle chllrllc" not
<br />10 exceed four cent, (44:1 for each dollar ($1) Dr each paymenl
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<br />3, J.lv!t if the total of Ihe payments made by the Borrower
<br />unde.af6'''f paragraph 2 preceding shall exct."Cd the amount of
<br />payments aClually made by the Lender for ground renlS, laxes and
<br />assessments or insurance premiums. as Ihe 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 paymenls 10 be made by the
<br />Borrower, or refunded to the BorroweJ;".lf ~ however, the monthly
<br />payments made by the Borrower undeJ*te' of paragraph 2
<br />preceding shall not be sufficient to pay ground renlS, taxes and
<br />assessments or insurance premiums, as, the case may be. when the
<br />same shall become due and payable, then Ihe Borrower shall pay
<br />10 the Lender any amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes.
<br />assessmCnlS, or insurance premiums shall be due. If at any time
<br />the Borrower shall lender 10 the Lender. in accordance with the
<br />provisions of Ihe nOle secured hereby, full payment of the entire
<br />indebledness represemed thereby, the Lender shall, in computing
<br />,he ~ou"' .f ,och ;ndOh"!!!f" ,. 'ho """"" .f "" Bo,-
<br />rowerXl"5MUI~UUUiUu.uP ~
<br />1IXIIIWJUKlMUlJumIl
<br />XW~UlAN.-Q any balance re-
<br />maining in the funds accumulaled under the provisions of\4J) of (ill
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />provisions of this instrumenl resulting in a public sale of the
<br />premises covered hereby. or if the Lender acquires the properl)'
<br />olherwise after default, the Lender shall apply, al the time of the
<br />commencement of such proceedings. or at the time the propeny is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under .,Iif paragraph 2 preceding. as a credit against
<br />the amount of principal Ihen remaining unpaid under said note. .
<br />UUIlUUlfB'III!IQUUlJIJI.,.uUIUJIIlUW:VtVVIlI
<br />XIWIUDI..XlI~U.
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<br />4, ThaI the Borrower will pay ground rents. tOL>':es. as~essment~.
<br />water rales, and olher go\crnmcmal 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 Ihe Borrower will promplly deliver the official re\.-eipts
<br />therefor to Ihe I.ender,
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<br />5, The Borrower will pay all taxes which may be le\ied upon
<br />the Lender's inlerest in said real CSlate and impro\'ements. and
<br />which may be levied upon Ihis instrument or the debt secured
<br />hereby (but only 10 the extent that such is not prohibited by la\\
<br />and only 10 the extem Ihat such will not make this loan usuriou~l,
<br />bUI excluding any income lax. State or Federal. imposed on
<br />Lender, and will file the official receipt showing such payment
<br />wilh the Lender. Upon violalion of this undenaking, or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />pa~'ing Ihe whole or any ponion of the aforesaid taxes, or upon
<br />Ihe rendering of any COUrI decree prohibiting the payment by the
<br />Borrower of any such laxes. or if such law or decree provides that
<br />any amount so paid by the Borrower shall be crediled on the debt.
<br />Ihe Lender ,halllHl\e th,' right 10 give ninelY days' wr1Tlen nl~tKc
<br />In the oWller of the premi'es, requiring the payment of the deb!.
<br />If such nOlice Ill: IB"C'n, lh,' ,aid debt shall b~""'ome due. pa\ahle
<br />ami ,'ollel"t1hk at the ~'\pirali\)1l of said ninet~ days,
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<br />0, ThaI \IHluIJ lh... BllI',,"'e! fall ll' pay any '\II1l or l\'Cp .111\
<br />CO\l'l1unt I'nl\1tk-d "" 111 IhlS 1I1'1I'1III1l'l1l. th.:n the I ende!. a1 It,
<br />\IJlIIUI1. lIla~ pl1~ III pel h'l"111 th... 'al1l~'. and all "'''pl'ndilur~'' '"
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<br />Pagl:' ;> 1'1 "
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<br />HUD.921..3D1
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