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<br />Borrower and .......der coyenant and allft .. follows:
<br />
<br />l. ThaI Borrow~r will pay the indebtedness. as hereinbefore
<br />provided. Privilege is reserved 10 pay Ihe debt in whole or in pan
<br />on any inslallment due dale.
<br />
<br />2, That, together with, and in addilion 10, the monthly
<br />payments of principal and interest payable under the lerms of lhe
<br />note secured hereby, lhe Borrower will pay 10 the Lender, on Ihe
<br />firsl day of each month until the said nole is fully paid, lhe
<br />following sums:
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<br />(a) tat A sum equal to the ground rents, if an)', next due, plus the
<br />premiums thaI will next become due and payable on policies of
<br />fire and other hazard insurance covering the propeny, plus taxes
<br />and assessments nexl due on lhe properTY (all as esrimared by the
<br />Lender) less all sums already paid lherefor divided by Ihe number
<br />of months to c1apse before one (l) month prior to Ihe date when
<br />such ground rents. premiums, [axes and assessments will become:'
<br />delinquent, such sums to be held by Lender in truSI to ; ay said
<br />ground rents, premiums, raxes and spedal assessments: and
<br />
<br />(b) U All payments mentioned in the two preceding subseclions of
<br />this paragraph and all payments 10 be made under the nole
<br />secured hereby' shall be added logelher. and the aggregate amounl
<br />thereof shall be paid by lhe Borrower each month in a single pay.
<br />ment to be applied by the Lender to the following ilems In the
<br />order sel fonh:
<br />
<br />"'-'w'{;~
<br />me.:
<br />
<br />(1) 3EIf) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />
<br />(II) _ interest on the note secured hereby:
<br />
<br />(III) _ amonizalion of the principal of said nOle; and
<br />
<br />(IV) .. late charges,
<br />
<br />Any deficiency in the amounl of such aggregate momhly pay.
<br />ment shall. unless made good by Ihe Borrower prior to the due
<br />date of Ihe next such paymem, constitute an evem of default
<br />under this mongage, The Lender may collecl a "late charge" not
<br />to exceed four cents (4=) for each dollar ($]) of each payment
<br />
<br />~, 88- 104327
<br />
<br />more Ihan fifteen (15) daY" in arrears 10 L'Over rhe eXlra expense
<br />involved in handling delinquent payments.
<br />
<br />3. That if the lotal of Ihe paymenls made by Ihe Borrower
<br />under(a)of paragraph 2 preceding shall exceed rhe amounr of
<br />paymenls actually made by Ihe Lender for ground rents, laxes and
<br />assessments or insurance premiums, as Ihe case may be. such ex-
<br />cess. if the loan is currenl. at rhe option of rhe Borrower . shall be
<br />credited by the Lender on subsequent payments 10 be made by Ihe
<br />Borrower, or refunded 10 lhe Borrower. If, however, rhe monlhly
<br />paymems made by Ihe Borrewer under (a)of paragraph 2
<br />preceding shall nol be sufficient 10 pay ground rents, laxes and
<br />assessments or insurance premiums, as Ihe case may be, when the
<br />same shall become due and payable, Ihen the Borrower shall pay
<br />10 the Lender any amount necessary 10 make up Ihe deficiency, on
<br />or before the dale when payment of such ground renlS, laxes,
<br />assessmems, or insurance premiums shall be due. If al any lime
<br />lhe Borrower shall lender 10 Ihe Lender. in accordance with Ihe
<br />provisions of lhe nOle secured hereby, full payment of lhe enlire
<br />indebledness represemed thereby. the Lender shall, in computing
<br />lhe amount of such indebledness, credit to the accounl of--lhe. Bor-
<br />rower X
<br />
<br />any balance re"
<br />maining in the funds accumulated under Ihe provisions of( a) of
<br />paragraph 2 hereor. If there shall be a defauh under any of the
<br />provisions or Ihi!o inSITumem resulting in a public sale of the
<br />premises covered hereby', or if the Lender acquires the properlY
<br />olherwise after default. lhe Lender shall apply. at Ihe time of lhe
<br />commencemem of such proceedings, or al the time the properlY is
<br />olherwise acquired, Ihe balance Ihen remaining in the funds ac-
<br />cumulated under (a)of paragraph 2 preceding. as a credit againsl
<br />the amount 01 prinCipal Ihen remaining unpaid under said nOle,.
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<br />
<br />4. That lhe Borrower will pay ground renls. taxes, assessmems,
<br />water rates. and other governmental or municipal charge5. fines,
<br />or impositions. for which pro\'ision has nOI been made
<br />hereinbefore, and In defauh Ihereof the Lender may pay Ihe same;
<br />and thai the Borrower will promplly deliver the officml receipts
<br />Iherefor 10 Ihe Lcnder.
<br />
<br />5, The Borrower will pay alllaxes which may be levied upon
<br />the Lender's imeresl in said real eSlate and imprm'emems, and
<br />which may be levied upon Ihis inslrumenl or Ihe debt secured
<br />hereby (bul only 10 Ihe exlenl that such is nOI prohibiled by law
<br />and only 10 the eXlent thai such will nOl make this loan usurious),
<br />but excluding any income tax. State or Federal, imposed on
<br />Lender. and will file lhe official receipt showing such paymem
<br />wilh the Lender. Upon violation of this undertaking, or if lhe
<br />Borrower is prohibited by any law now or hereafler existing from
<br />paying [he whole or any pOri ion of Ihe aforesaid laxes, or upon
<br />lhe rendering of any COUrl decree prohibiling lhe paymem by Ihe
<br />Borrower of any such taxes, or if such law or decree provides lhal
<br />any amount so paid by the Borrower shall be crediled on the debl,
<br />the Lender shall have Ihe right 10 gi\'e ninet) days' wrillen nOlice
<br />to the owner of Ihe premises. requiring Ihe pay'mem of Ihe deb!.
<br />If such nOlice be given, the said debl shall become due. payable
<br />and collectible at Ihe expiralion of said ninety days,
<br />
<br />6, That should the Borrower fail 10 pay any sum or keep any
<br />covenam pro\'lded for in this instrument, Ihen Ihe lender. al ilS
<br />oplion, may payor perform Ihe same, and all expenditures so
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<br />HUD-92143DT
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