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<br />88_103545
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<br />Borrower and Lender 6:9venant and agree as follows:
<br />
<br />I. That Borrower will pay Ihe indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in parI
<br />on any installment due date.
<br />
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable under the terms of lhe
<br />note secured h'ereby, the Borrower will pay to the Lender, on the
<br />first day of each month until the said note is fully paid, the
<br />following sums:
<br />
<br />XXX ~
<br />
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<br />
<br />prepaymen s;
<br />
<br />(a) Y4\J) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will nexl become due and payable on policies of
<br />fire and other hazard insurance covering the property. plus taxes
<br />and assessments nexl due on the property (a/J as estimated by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months 10 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 10 pay said
<br />ground rents, premiums, taxes and special assessments; and
<br />
<br />(b) X(<:) All paymenls 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 the aggregate amounl
<br />thereof shall be paid by Ihe Borrower each month in a single pay-
<br />ment to be applied by Ihe Lender 10 the following items in Ihe
<br />order set forth:
<br />XX
<br />
<br />
<br />
<br />
<br />(I) ~tf) ground rents, taxes, assessments, fire and olher hazard
<br />insurance premiums;
<br />(II) XX
<br />(III) intereSI on the nole secured hereby;
<br />
<br />(Ill) (~t) amortizalion of Ihe principal of said note; and
<br />
<br />(11,1) ~) late charges,
<br />
<br />Any deficiency in Ihe amount of such aggregate monthly pay-
<br />menl shall, unless made good by the Borrower prior 10 lhe due
<br />dale of the ne"l such paymenl, constitute an event of default
<br />under this morlgage. The Lender may collect a "late charge" not
<br />10 exceed four cents (44:) for each dollar ($1) of each payment
<br />
<br />more than fifteen (15) days in arrears to cover the extra expense
<br />involved in handling delinquent paymenls,
<br />
<br />3. !bllt if the 10lal of the payments made by the Borrower
<br />underW)lIbf 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 Borrower"Jf...\ however, the monthly
<br />payments made by the Borrower unde~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 al 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 ind~t!9.Pv~l.v~edit to the account of the Bor-
<br />rowerJWt===
<br />
<br />~~~ y balance re-
<br />maining in the funds accumulated under the provisions of l5) 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. at the time of the
<br />commencement of such proceedings, or al the time the property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under f8>(~ paragraph 2 preceding, as a credit against
<br />the amount of principal then remaining unpaid under said note. .
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<br />
<br />4. That the Borrower will pay ground rents, taxes, ~ments,
<br />waler rates, and other governmental or municipal charges, fines,
<br />or impositions, for which provision has not been made
<br />hereinbefore, and in default Ihereof the Lender may pay the same;
<br />and Ihat 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 interesl in said real estate and improvements, and
<br />which may be levied upon Ihis instrument or the debt secured
<br />hereby (but only to the extent thaI such is not prohibited by law
<br />and only [0 the extent lhat such will not make Ihis loan usurious),
<br />bUI excluding any income tax, Stale or Federal, imposed on
<br />Lender, and will file the official receipt showing such payment
<br />wilh 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 ta'l;es, or upon
<br />lhe rendering of any court decree prohibiting the payment by the
<br />Borrower of any such taxcs. or if such law or decree provides that
<br />any amounl so paid by the Borrower shall be credited on the debt,
<br />thl' Lender shall have the right 10 give ninety days' wrillen nOlicc
<br />10 the owner of lhe premises, requiring lhe payment of the debt.
<br />If such nOlice be given, the said debt shall become due, payable
<br />and collectible at lhe c,'<piralion of said ninety days.
<br />
<br />6. ThaI should the Borrower fail 10 pay any sum or keep any
<br />covenant provided for in this inslrumenl, then lhe Lender, at its
<br />oplion, may payor perform the same, and all expcndilures so
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<br />HUD.92'43DT
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