|
<br />88~O:l5fi7
<br />
<br />Borrower and Lender covenant and agree as lollows.
<br />
<br />l. That Borrower will pay the Indebtedness, as herelnbelore provid-
<br />ed. Privilege Is reserved to pay the debt In whole or In part on any in-
<br />stallment due date,
<br />
<br />.f
<br />
<br />2. That, together wllh, and In addition to, Ihe monthly payments
<br />01 prlneipal and Inlerest payable under Ihe lerms 01 the note seeured
<br />hereby. the Borrower will pay to the Lender. on the lint day 01 each
<br />month until the said note Is lully paid, the lollowlng sums.
<br />
<br />(a) Amount sulllclenl to provide the holder hereof with lunds 10
<br />pay tbe next mortgage Insurance premium If this Instrument and Ihe
<br />nOle secured hereby are insured. or a monthly charge ('n /leu aJ a
<br />mortg..ge IlIIor..nce premlom) II they are held by Ihe Secretary 01
<br />Housing and Urban Development, as lollows.
<br />
<br />(I) If and 50 long as said note 01 even date and this Imtrument
<br />are lllsured or are reinsured under Ihe provisions 01 the National
<br />!lousing Act. an amount sutrlclenl to accumulate In the hands 01 Ihe
<br />holder one (I) monlh prior to Its due date the annual morlgage In.
<br />surance premium In order 10 provide such holder wllh lunds to pay
<br />such premium to lhe Secrelary 01 lIousing and Urban Developmenl
<br />punuaol to the N.tlonal Housing Act, as amended. and applicable
<br />Regulations thereunder; or
<br />
<br />(11) If and so long.. said note 01 even d.te and this Inslrumenl
<br />.re held by the Secretary of Housing and Urhan Developmenl. a
<br />monthly charge (In lieu oj a mortgage I.....rance premlom) which shall
<br />be In an amounl equal to one-twellth (1/12) 01 one.hall (1/2) per cen.
<br />turn 01 the aver.ge outst.ndlng balance due on the note com pUled
<br />. wllhout I.klng Inlo account delinquencies or prepayments;
<br />
<br />(b) A sum equal 10 Ihe ground renls. II any, nell due. plus Ihe
<br />premiums that will ne.1 become due and payable on policies 01 lire
<br />and other hazard Insurance covering the property, plus ta.es and
<br />aaeaments ne.t due on Ihe properly (all a. ",tlmated by the Lend...)
<br />less all sums already paid therelor divided by the number 01 monlhs
<br />to e1.pse belore one (I) month prior to Ihe date when such ground
<br />rents, premiums, tues and _ments will become delinquent, such
<br />sums 10 be held by Lender In trostto pay said ground rents,
<br />premiums, I.... and special assc:wnents; and
<br />
<br />(e) All payments mentioned In Ihe two preceding suboecUons 01 this
<br />p.rap.ph .nd all payments 10 be m.de under Ihe note secured
<br />hereby shall be added t....ther. and the aggregate amount thereol
<br />shall be paid by the Borrower each month In a single payment to be
<br />.pplled by lhe Lender 10 lhe lallowlngltems In the order set lorth.
<br />
<br />(I) premium ch.rges under the conlracl 01 Insur.nce with Ihe
<br />Secret.ry 01 !lousInl .nd Urban Developmenl, or monlhly charge (In
<br />,.... oj martgap I.....r..nce prem'um), as lhe case may he;
<br />
<br />(Ill around rents. I..... .......ments. lire .nd olher hazard In.
<br />wr.nee premiums,
<br />
<br />(III) Interest on Ihe note ICCUred, hereby,
<br />
<br />(IV) .mortlzallon 01 Ihe prlnclp.1 01 said nol.; and
<br />
<br />(V) I.te ch.rges,
<br />
<br />I
<br />..
<br />
<br />Any delleiency In the amount 01 such a&&rePte monthly paymenl
<br />shaI1. unl.. made ...... by the Borrower prior ta Ihe due dale 01 the
<br />nat IUCh paymenl. conatltule .n event 01 del.u1t under this mort-
<br />.p. Tbe Lender m.y coIlocl a "I.te charp" not to emeed four cents
<br />(t.) for each doIl.r ($') of each paymenl more than 1iI1cen (IS) iI.ys
<br />In .r....n to cover lhe ...tr. ..pense Involved In handling dellnquenl
<br />payments,
<br />
<br />3, That II the total 01 the p.yments m.de by the Burrower under
<br />(b) 01 ,,",r.paph 2 precedlnl shall esceed lhe amount 01 p.ym.nts .c-
<br />lually made by tbel Lender lor &round rents. la... and _menlS or
<br />lnIlII'.nce premlun.., as lhe cue n.ay be. such excell, Illhe loan Is
<br />current. .t the option of lhe Borrower, shall he credited by the
<br />Lender on IUbtequent p.ymenls to be m.de by the Borrower. or
<br />refunded to 1M Borrower. U. however, the monthly payments m.de
<br />by 11M Borrower under (b) of p.r.p.ph II precedlnl sh.1I not be sulll.
<br />cIeIlllo pay around rents, I.... And _ments or Insurance
<br />premlumI. as Ihe cue m.y be. when Ihe s.me .h.1I becon.. due .nd
<br />payable. Ihen lhe Borrowar ....11 p.y 10 the lAnder .ny .mounl
<br />._ry 10 mab up Iha dellclency. on or belora Ihe d.te when pay,
<br />ment 01 auch .round rentl, ...es. .....rnen'.. or inaurlnce premium.
<br />sh.1I be due, If .t .ny lima Ihe Borrower ,hall lender In the I.cnder,
<br />In &eCOrd.""" wllh 1M provisions 01 1M nole _ured h.,oby, lull pay,
<br />menlof lhe enllre Indebtedn... ....."_nt..lth.rehy. the 1A'...ler ,hall.
<br />
<br />In computing the amounl 01 such Indebtedness. credit to the account
<br />of the Borrower all paymenls made under lhe provisions of (al of
<br />paragraph 2 hereol which the Lender has not become obllg.ted to pay
<br />to the Seeretary 01 !lousing and Urban Development and any balance
<br />remaining In the lunds accumulated under the provisions 01 (b) of
<br />parMgraph 2 hereof, If there shall be a d.fault under any of the provi.
<br />sions 01 this Instrument resulting In a public sale 01 Ihe premises
<br />covered hereby. or If the Lender acqulrestbe property otherwise after
<br />delaull, the Lender shall apply, althe time of the commencement of
<br />such proceedlnll'. or at the Ume the property Is otherwise acquired.
<br />the balance then remaining In the funds accumulated under (h) 01
<br />paragraph 2 preceding, as a credit agalmt the amounl of principal
<br />then remaining unpaid under said note, and shall properly adjust any
<br />payments which shall have been m.de under (a) 01 par.graph 2,
<br />
<br />4. That the Burrower will pay ground rents, tues, assessments.
<br />watel rales. and other governmental or munloipal charges, riots, or
<br />Imposltiom, lor which provision has not been ,made hereinbefore, and
<br />In delault thereol the Lender may pay the same; and that the Bor.
<br />rower will promptly deliver the olllclal receipts therefor 10 the
<br />Lender,
<br />
<br />5, The Burrower wlll pay all taxes which may be levied upon the
<br />Lender's Interest in said real estale and Improvements. and wblch m.y
<br />b. levied upon this Inslrument or Ih. debt secured hereby (bul only 10
<br />Ihe e.lent thai such Is not prohibited by law and only to the _I
<br />Ihat such will not make this luan usurious). but ucludlng ...y Income
<br />ta.. State or Federal, Imposed on Lender, and will file the oftlclal
<br />receipt showing such payment wllh Ihe Lender, Upon ..ioIalIoo 01 this
<br />underlaklng. or If the Burrower Is prohlbiled by any I.w now or
<br />h.roaft.r existing Irom paylnglhe whole or any portion of the
<br />aloresald taxes, or upon the rendering 01 any court decree prohlblUng
<br />the payment by the Borrower 01 any such 1.les. or II such I.w or
<br />decree provides Ihal any .mount so paid by the Borrower shall be
<br />credited on the debt. the Lender shall have the right 10 give ninety
<br />days' written notice to the owner 01 Ihe premises, requlrioa the pay-
<br />ment 01 Ihe debt. If such noUce be given, the said debt sbaII become
<br />due. payable and collecUble al Ihe expiration 01 said nlldy days,
<br />
<br />6, That should the Borrower fall 10 pay any sum or keep aay c0ve-
<br />nant provided lor In Ihls lnatrumenl. Ihen Ihe LendeJ-, at its option,
<br />may payor perform Ihe same. and all expenditures so made sbalI be
<br />added to the principal sum owing on lhe above note. shaI1 be -.Ired
<br />hereby. and shall bear Interest al Ihe hlle set lorth In lhe said -.
<br />until paid,
<br />
<br />7. That Ihe Borrower hereby assigns. Ir.nsfen and sets over 10 the
<br />Lender. 10 be applied loward the p.ymenl 01 the note and aIlllUlllS
<br />.....ured hereby in cue 01 . default In Ihe perlormance of .DY of tbe
<br />lerms .nd conditions 01 Ihls Instrumenl or lhe said note. all the rents.
<br />revenues and income 10 he derived from Ihe said premlsm durloa such
<br />Ume as Ih. Indebledness shall remain unp.ld. and the Lender shaI1
<br />h.ve power 10 .ppoint any agenl or .Il"nts It m.y desire for lhe pur.
<br />pose 01 rq,alrh'll said premises and 01 renUog the same and co1locllnl
<br />Ih. rents, revenues .nd Income, and It m.y payout 01 said Incomes
<br />.11 CSpel1lCl 01 repairing said premlsm and necessary commissions .nd
<br />elpelllCS Incurred In renUng .nd man.ging the same .nd of co1lectloa
<br />rentals Iherelrom; the balance rem.lnlng, II any, 10 be .pp11ed toward
<br />the dlscharllll 01 said indebtedness,
<br />
<br />8, Th.t th. Borrowcr will keep tha Improvements now exlstlD& or
<br />herealler erected on the property, Insured as m.y be required from
<br />Ume 10 Ume by Ihe Lender againat Iou by lire .nd other hazards.
<br />casu.IU.. and contlngencl.. In such .mounts .nd for such periods u
<br />m.y be required by th. Lender .nd will p.y promptly, when due,
<br />any premluml on such Insur.nce provision lor I..ymenl of whleb h..
<br />nol been m.de hereinbefore, All insurance sh.1I be carrJeclln com.
<br />p.nles approved by th. I.ender and Ihe policies .nd renewals lhereof
<br />sh.11 be held by Ihe !.emler and h.v. au.ched Ihereto loa pooy.b1e
<br />cl.u... In lavor 01 and In form accepl.ble 10 Ihe I.ender, In event 01
<br />Iou Borrow.r will give Immedl.te noUce by m.llto lhe Lender. who
<br />m.y make prool 0110.. " not mad. promptly by Borrower. and each
<br />Insurance company concerned Is hereby .uthorlud .nd directed to
<br />make paymenl lur .uch I.... dh""tly to Ihe Lender Instead of t.. tbe
<br />Borrower and Ihe Lender jolnlly, .nd Ihe Insurance pr.....ls, or .ny
<br />p.rt th.reol, m.y be al,plled by Ihe Lender .1 Its opUun ellher to th.
<br />reduction 01 Ihe Indebtedn... hereby IClCUred or 10 the r..lor.lIon or
<br />repair ollhe 1"..tlCrly damaKed, In event 01 I..retlosure 01 Ihls Instru-
<br />menl or other Ir.nsler of UUe 10 Ih. "IUrtg.ll'od 1""llCrty In ..u.....ish.
<br />ment 01 lhe Indebledneu """ured her.by, all rlllht, 1111. .nd Inlerest 01
<br />the Borrow.r In and to any Insur.nce IlOllcles Ihen In 10..... sh.1I 1'_
<br />10 Ihe purchaser or ~r.nlce,
<br />
<br />9, '11.1 a' .ddltlonal ."d coll.teral _urlly fur Ih.. 1'.ym",,1 or th.
<br />note dmcrlb,,". Ind alllums to bt."I(.'(JlhC dur under 11th. hUlrunlCul, Ih..
<br />narrower hereby IlIislRIU to I he.' Lender .n I1ro'Us, n'\lCnUl'S, rn)'lhil\t..
<br />
<br />P8QII , 04 4
<br />
<br />HUD,9~'43DT
<br />
|