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<br />Borrower and under co"cnanl and "Rrer as follows:
<br />
<br />I. That Borrower will pay Ihe indebtedness. as hereinbefore
<br />provided. Privilege is reserved to pay Ihe debl in whole or in
<br />part on any installment duC' dale.
<br />
<br />2. That, togelher with. and in addilion to. the monthly
<br />paymenls of principal and inlerC'i1 payable under the terms of
<br />Ihe note secured hereby, Ihe Borrower will pay 10 the Lender,
<br />on the first day of each monrh unLillhe said note 1!t fully paid,
<br />the following sums:
<br />la) A sum equal 10 Ihe ground rents. if any, flexl due. plus
<br />lhe premiums thai will nexl t',el,;ome due and payable on policies
<br />of fire and other hUl.ard in!ourllUl'::c co\.'enng Ihe property. plus
<br />laxes and U!isessmenls ne'llt due on the properlY fall tiS estImated
<br />by the LendrrJ less all ..urn.. already paid Iherefor divided bv the
<br />number of months 10 elap..e hdore one II) monlh prior to the
<br />date when !Iuch ground renl~. prenuum,,,. taxe--; and assessments
<br />will become delinquent. ..Ud1 ..um!\ to be held by Lender in trusl
<br />to pa)' said ground rents, premiums. ta:\e!t and !'Ipedal
<br />a...sessmenL5; and
<br />(bl All payments menlioned III the prece-dlllS '\uh!.eL'tlon 01
<br />this paragraph and ~II pa~'mcl1l'i to be maue under the nOTe:
<br />,ccured hereb.,. ~hall b~ added ttlgelher, and the .aggr(!~;]It.'
<br />amount Ihcreof shall b~ paid by the Borw\\cr cadI month 111 a
<br />smglc payment 10 be applied by the 1 ender 10 the foJlo\\lI1l!
<br />item'- 111 the order 5el forth:
<br />OJ ground rent~, taxc:oi, ~..e~!\menl". rile ilnd IHher hUlurd
<br />tn!>urancc premIUms;
<br />
<br />(III 1I11erest on Ihe nole ..r:curcd ht'Tl:b) ~
<br />
<br />1(11) amortlLllUun uf the pnnclpal of "Jld nllt~. iH1(j
<br />
<br />IIV) late charge!.
<br />
<br />Any dellclency III Ihe: amuunt 01 ..ul.::l1 aggregate monlhly
<br />payment 5ha1l, unJess mlJde goud by I he Borro.....er pllm 10 I he
<br />due date or tht' nC'lt such payment, conslitule an e"'enl of
<br />default under this mortSBgc. 111t' Lender may I.::ollect a "'ate
<br />charge" not 10 exceed rour celm (4') for each dollar (SI) (II
<br />each paymenl more than fifteen (15) days in arrears to cover !ht'
<br />extru expense involved m handling delinquent payments
<br />
<br />3. That if the lolal of the: payment!! madc by the Borrower
<br />under (a) of paragraph 2 precc:ding shall exceed the umounl oj
<br />payments actually made by Ihe Lender for ground renl~. taXC!\
<br />and assessments or insuran"e prcmium!il, as Ihe ~ll!>C: may he,
<br />such CXCl.~S, if the loan i~ currenl, at the: OpllUII of Ihe
<br />Borrower, shall be credited by the lender un sub!lequcnt
<br />paymenls to ~ made by fhe Borrower. or refunded to the
<br />Borrower. If. however, the monthly payrnenu. made by Ihe
<br />Borrower under (a) of parugraph 2 "receding shall not be
<br />sufficient to pay ground rents, taxes and ns~ssments or
<br />insurance premiums, as the Cll5e may be. when the !.lIme shall
<br />become due and payable. (he!1 Ihe Borrower shall pay 10 Lh~
<br />Lender any arnounl nece!l!tar)' to muke up Ihe dericiency. on or
<br />before the date when paymenl of such ground rents>, taxes,
<br />Msessments, or insurance premiums !.hall be due. If at any time
<br />the Borrower shall lender 10 Ihe Lender. in accordance with the
<br />provisions or the note secured hereby. full payment of the enllre
<br />indebtedness rcpresented thereby, the Lender shall. in computing
<br />the amount of such indebtedness. credit 10 the occoum of the
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph 2 hereof. If then: shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale or the premises covered hereby, or if the Lender
<br />
<br />88-104581
<br />
<br />acquires the properlY otherwise aner dernull, the Lender shall
<br />apply. at the lime of the commencement of such proceedings, or
<br />al the time Ihe properlY is olherwise acquired, the balance tll1:n
<br />rC'maining JO the funds accumulated under (0) of paragraph 2
<br />preceding. a.. n cn:dil against the amount or principal then
<br />remaining unpaid under said note.
<br />
<br />4. ThaI the Borrower will pay ground rents. laxes.
<br />asses;\ments, \\'nter rates. and other governmental or municipal
<br />charges, lines, or impositions. for which provision has not been
<br />made hereinbefore, and in derault thereor the Lender moy pay
<br />the same; and Ihm the Borrower will promptly deliver the
<br />official receipts therefor to Ibe Lender.
<br />
<br />5. The Horrower will pay all tmle~ which may be levied upon
<br />Ihe Lender's inlereSl in said renl estale and improvements, and
<br />which may be le,,'il-d upon Ihis imLrument or the debt secured
<br />herc"y (bul only 10 the eXlent that such is not prohibited by law
<br />and only to the extent that such will not make this loan
<br />usunaus). bUI excluding any income tax. State or Federal,
<br />imposed on Lender, and will file the official receipt showing
<br />'ue-h paymenl with Ihe Lender. Upon violation of this
<br />undertaking. or if the Borrower is prohibited by any law now or
<br />IIl:real'tcr existing from paying the whole or any portion of the
<br />aforesaid laxe.... or upon the rendering of nny courl decree
<br />prolllhiting the pa~'ment by [he Borrower o( any ~uch mxcs, or
<br />II ...uch law or decree prO\'ides thai any amount so paid by the
<br />nor rOWt'r ..,h~lll he crediled un the debl. the Lender shall have
<br />till' T1~hl to !live nmel)' days' wrillen nmice to the owner of the
<br />plcml"C~. requlling the paymellt of the debt. If such nOllce be
<br />gl\'en, the ..uu.! deht shall become Jue, payable and collectible at
<br />the l"\plTUlIllll nf "aid ninety day...
<br />
<br />h, rhat ..houlJ Ihe Borro.....er fail to pay any sum or keep any
<br />I.Il\'cnanl prmlded fur In Ihi~ IIlstrumcnt, then Ihe Lender, at ils
<br />IlplUlU, may payor l1erform Ihe same, and all expcnditun:s so
<br />11111dt' ..hull be added to the principal sum owing on the said
<br />llutC'. ..hall be secured hereby, and shall hear interest al the rille
<br />'1.'1 fort h In I he ,aid nntl', until paid,
<br />7 Thill the Borrower hereby a!.signs. transfcrs and set!> O\'er
<br />In the lender, to be apphed loward the payment of the note
<br />.1111.1 all sums 'iecurcd herehy in case of a derault in the
<br />pcrlormann' of any of the lerms and conditions of this
<br />In..trument Of lhe ~nid note. all the rents, revenues and income
<br />10 he: derived from the said premises during such lime: as lhe
<br />ItIdduedncs!t ..hall remain unpaid. and Ihe Lender shall have
<br />power 10 appoim any agenl or I.Igents it may desire for the
<br />purpme of repairing 5uid premises and of renting the same and
<br />".oUr-cling t he rents, revenuc:5 and income. and it may payout of
<br />..aJd Income'!' all expenses of repairing said premises and
<br />nCt.::CS\llry commissioO!t and e'lpenses incurred in renting and
<br />managing the 'lame and of collecting renlal!i therefrom; the
<br />tmhlUce remaining, if any, 10 be applied IOwnrd the di..chargc of
<br />..,ald 1I1deblednes!..
<br />H, That Ihe: BOnOWl:'T u,'11I keep the improvement.s now
<br />('xlstmg 01 hereafter erecled on the property. insured as moy be
<br />requJfed from time to time by Ihe Lender against loss by fire
<br />and other halauh, casualties and contingencies in such amounts
<br />and fOl .mch periods 3!1 may be required by Ihe Lender and will
<br />pey promplly. when due. any premiums on such insurance,
<br />provision for payment of which has not heen mnde
<br />hereinbefore. All insurance shall be carried 111 I:ompunies
<br />approved by the Lender and the policic.!t and rene.....als thereof
<br />shall "'e held by the Lender nnd have auached thereto loss
<br />payable clauses in fo,,'or of and in form acceptable to the
<br />
<br />I
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<br />HUD-92143DT 1
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