88104439 - Laserfiche WebLink

Browse

Borrower and Lender covenanl and agree as follows: I, That Borrower will pay the indebredncss. as hereinbefore provided, Privilege is reserved to pay the debl in whole or in part on any installment due date, 2. That. together with. and in addition to. the monthly payments of principal and inrerest payable under the terms of the note secured hereby. the Borrower will pay 10 the Lender, on the first day of each month until the said note IS fully paid. Ihe following sums: (a) A sum equal to the ground rents, if any. nexL due. plus Lhe premiums that will next become due and payable on policies of fire and other hazard insurance covering the properly, plus taxes and assessments next due on the propeny (all as eSlimaled by Ihe Lender) less all sums already pnld therefor divided by the number of months to elapse before one (I) month prior to the dale when such ground rents, premiums, taxes and assessments will become deliquent. such fums to be held by Lender in lrust to pay said ground rents. premiums, raxes and special assessments: and (b) All payments mentioned in the preceding !\uhsection uf this paragraph and all payments 10 be made under Ihe note secured hereby shall be added rogcther. and the aggregale amounl thert..'Of shall be paid by lhe Borrower each munth in a single paymenl to be applied by the Lender \0 the following items in the order sel forth: (I) ground rents, taxes, DSscssmenls. fire and olher ha13rd insur- ance premiums; (II) inlerest on the nole sccured hereby; (JlI) amonization of (he principal of said nole; and (IV) late charges. Any deficiency an the amounl of such aggregate monlhly paymenl shall, unless made good t'ty the Borrower prior to the due date of lhe nCJl.l such payment. constitulC an event of default under Ihi!ol mOrlgage, The Lender moy collect II "Inlc chargc" not to excecd four cents (4~) for each dollar (SI) of each paymenl more.hao fifteen (IS) days in arrears to (;ovcr the extra cxpcn!ilc IOvolvcd in handling delinquenl payments. 3. ThaI if the total of .he paymenlS made by the Borrower uoder (a) of paragraph 2 precedlDg shall ekceed Ihe amouO! of payment> actually made by the Lender for ground rcnlS. taxes and assessmenlS or insurance premiums, as the CIl!ilC may be, such excess. if the loan is current, allhe option ofthe Borrower. shall be credited by the Lender on subsequent payments to he made by the Borrower. or refunded 10 the Borrower. If. however. lhe monthly payment> made by Ihe BorroWer under (a I of paragraph 2 preccdlDg shall nol be sufficiem to pay ground renl!il, laxes and assessmcnb (If IQ!ourancc premiums, as the case may be, when thc same shall become due and payable. then Ihe Borrower shall pay to the Leoder any amount necessary 10 make up Ihe deficiency, on or before Ihe dalc when payment of such ground rcnlS.. laxe!l, ~c:ssmenlS.. or Imurancc premiums shall be due, If al any lime the Borrower shall tender to the Lender, in accordance with Ihe provision!ol ofthc nule secured hereby, full payment of the eOlire indebtedness representcd therehy, lhe Lender shall. in compuling lhe amount of such indebtednes>. credit 10 the account of Ihe Borrower any balance remainmg in Ihe fund" accumulated under the provi!.iom.l of (a) of paragraph 2 hereof. If there shall be a defaolt under any of lhe proVISions of thIS instrument resulting in a public sale orthe premisC!l covered hereby. --88---~To- 443"9 or if the Lender acquires Ihe property otherwise after default. the Lender shall apply, at Ihe time of the commencement of such proceedings, or at the time the propeny is otberwisc acquired. the balance then remaining in the funds accumulated under Ca) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said nole, 4, Thai the Borrower will pay ground renls, taxes. assessmenL~. water rates. and other govemmenral or municipal charges. fines. or impositions, for which provision has nol been made hereinbefore. and in default lhereof the Lender may pay the same; and that the Borrower will promptly deliver lhe official receipts therefor to the Lender, 5, The Borrower will pay all laxes which may be levied upon the Lender's inu,'resl in said real estate and improvements, and which may be levied upon this instrument or the debt secured hereby (but only 10 Ihe extenL thai such is nol prohibited by law and only 10 Ihe extent that such will nol make Ihis loan usurious), but exduding any income tax, Slate or Federal. imposed on Lender, and will file the official receipt showing such payment with the lender, Upon violation of this underlaking. or if the Borrower is prohibited by any law now or hereafler exisring from paying the whole or any ponion of the aforC!ilaid t3JIes. or upon Ihe rendering of any coun decree prohibiling the payment by the Borrower of any such laXCS. or if such law or decree provides that any amount so paid by the: Borrower shall be credited on the debt, Ihe Lender shall have the right to give ninely day!t' written notice to Ihe owner of the premises. requiring the paymenl of the debt If such notice be given. the said debt shall become due. payable and collectible al the cxpiration of said ninety da~. b, That !lhould the lIorruwer 'all 10 pay any ~um or keep an) covenant prnvldeLl for In Ihl!'. m~1rument. then Ihe Lender. at its option. may pay m pc:rrorm lhc \ame. Bnd all cJlpendiluR:!l so made shall be added to the pnnClpal sum oWing on Ihe said nOll:. shall be !occurcLl hereby. and \haJl bear mtcrC\t at the r;:ue set fonh in the said note. unlil paid. 7, Thallhe Borrower hereby assigns. transfers and sel.i over to the Lender. to be applied loward the p3ymenl of the note and all sums secured hereby in case of a default in lhe performance of any of the lerm!l and conditiuns of Ihis mslrumenl or the: said nOIe. alllhe renlS.. revenue!! and income 10 be denvc:d from thc said prcmrses during such time as the indebtcdnCS!l 5hall remain unpaid. and the Lender shall have power to BppolOt any agent or agents il may desire for Ihe purpose of repairing said premlsc!. and of renting rhe !l.3me and collecting the rcn~. re\'enu~ and mcomc. and II ma~r payout of scud incomes all cxpcnSC!l or rcpalflng ~Id prcmi50 and nCCC!lSary commi~siuns and expcn~ Incum:d m rcnting and managing Ihe same and of collecung rentab therefrom; Ihe balance remamlOg. ir any. to be applied toward the L11~harge of said mdebtednc:ss. R. Thai lhe-Borrowcr will keep the Improvements now eli5tln8 or hcreafter ere(;ted on lhe prupcrty. Insured as may be reqUired from lime W lime by the Lender 3galOs11o!J,!l by firc and othcr hazards. Cl.'iualtics and conllngencio 10 such amounts and for such pen<Kh as may be required by Ihe lender aod will pay promptly. when due. any premiums on such insurance. provision for payment of which ha!l not been made hcrembefore, All insurance shall be earned In companies approved by the lender and he policies and renewals thereuf !thnll be held by Ihe Lender and havc attached lhereln lo~ payahle c1ause.\ In fa\iUf of and 10 form acceptable 10 lhe Lender In Page 2 01 5 HUD-92U3DT-l