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<br />88-
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<br />103G17
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<br />Borrower and Lender covenant and agree as follows:
<br />
<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in pan
<br />on any instaUment 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 the
<br />note secured hereby, the Borrower will pay to the Lender. on the
<br />first day of each month until the said note is fuUy paid, the
<br />foUowing sums:
<br />
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<br />
<br />(a) *') A sum equal to the 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 the
<br />Lender) less all sums already paid therefor divided by lhe 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) J<<4:) AU payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to the following ilems in lhe
<br />order set fonh:
<br />
<br />
<br /><I) ~) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />nI> XX .
<br />(TIl) mterest on the note secured hereby;
<br />
<br /><III> ("'> amonization of the principal of said note; and
<br />
<br />(IV> ~) late charges.
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<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the next such payment, constitute an event of defauh
<br />under this mongage. The Lender may collecl a "laic charge" 110t
<br />to exceed four cenls (4~) for each dollar ($1) of each payment
<br />
<br />more than fifteen (15) days in arrears to cover the eXlra expense
<br />involved in handling delinquent payments.
<br />
<br />3. That if the total of the payments made by the Borrower
<br />under~bf paragraph 2 preceding shall exceed the amount of
<br />payments actuaUy 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 tll the Borrower. If, however, the monthly
<br />payments made by the Borrower under~bf 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 shaU 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 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 represellled thereby, the Lender shaU, in computing
<br />the amount of such indebtedness, credit to the account of the 80r-
<br />rower~~
<br />XXlBdilOOlXX1llDtil
<br />~~I~QXKIXI(~y balance re-
<br />maining in the funds accumulated under the provisions ofn> of (a)
<br />paragraph 2 hereof. If lhere 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 at the time the property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under NXKd paragraph 2 preceding, as a credit against
<br />lhe amount of principal then remaining unpaid under said note, .
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<br />X<<iOOD:_<<<<XWXK~x):
<br />
<br />4. That the Borrower will pay ground rents. tal(es. assessments,
<br />water rates, and other governmental 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 lhe Borrower will promptly deliver the official receipts
<br />therefor 10 lhe Lender.
<br />
<br />5. The Borrower will pay all taxes which may be le\;ed upon
<br />the Lender's interest in said real estate and improvements, and
<br />which may be levied upon this instrument or the debt 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 undenaking. or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying the whole or any porI ion of the aforesaid ta'(es, or upon
<br />the rendering of any COUrl decree prohibiting the paymem by the
<br />Borrower of any such taxes, or if such law or decree prO\;des that
<br />any amount so paid by the Borrower shall be credited on the debt,
<br />the Lender shall have the right 10 give ninety days' wrinen notice
<br />10 the owner of the prcmises, requiring the payment of the debt.
<br />If such nOlice be given. thc said debl shall become due. payable
<br />and collectible al the expiration of said ninety days.
<br />
<br />6. ThaI should the Borrower fail 10 pay any sum or keep any
<br />covenalll providl'd ror in ,his instrument, Ihen the Lender. at its
<br />option, muy payor perform the same. and all expenditures so
<br />
<br />HUD-92'43DT
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