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<br />88-
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<br />104709
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<br />Bprrowl'r and Lend~r <<J"rDanl and agree as foIl0""5:
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<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved 10 pay the debl in whole or in
<br />part on any installment due dnu:.
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<br />2. Thai. together with, and in nddilion la, the monthly
<br />payments of principal and interest payable under the terms of
<br />the note secured hereby, the Borrower will pay [0 the Lender.
<br />on the first day of each month untillhe said note IS fully paid,
<br />Ihe following sums:
<br />(n) A sum equBllo the ground rCnlS, if any, next due. plus
<br />lhe premiums that will next become due and payable on policies
<br />of fire and other hazard insurance covering the propeny, plus
<br />tllXes and assessments next due on Ihe properly (all as estimated
<br />by the Lender) less all sums already paid therefor divided by lite
<br />number of months to elapse before one (I) month prior 10 Ihe
<br />dote when such ground rems, premiums, taxes and a'i.!lessments
<br />will become delinquent, such sums to be held by Lender in trust
<br />10 pay said ground rents. premiums, taxes and special
<br />assessments; and
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<br />(hi All payments mentioned in the preceding suhsection of
<br />this paragrnph and all payments 10 be made under thc note
<br />secured hereby shall be added together, llnd Ihe aggregate
<br />amount thereof shall be paid by the Borrower each month in a
<br />single payment to be applied by the lender 10 the following
<br />items in the order set forth:
<br />(I) ground rents. taxes, assessment!>, fire and other hazard
<br />insurance premiums;
<br />
<br />(II) interest on the nole secured hereby;
<br />(HI) amortization of the principal of said note:; and
<br />(IV) late charges,
<br />Any deficiency in the amounl of such aggregate monthly
<br />payment shall, unless made good by !he Borrower prior to Ihe
<br />due date of the next such payment, constitute an event of
<br />default under this mortgage. The Lender may ~ullect a .'Iate
<br />charge" not to exceed four cents (4') for .:ach dollar (SO of
<br />each paymenl mare than fifleen 115) days in arrears la cover the
<br />extra expense involved in handling delinquent payments,
<br />
<br />3. That if the total of the paymenls made by the Borrower
<br />under (a) of paragraph 2 preceding shull exceed the amount of
<br />payments actually made by the Lender for ground rents, laxes
<br />and assessments or insurance precium!i, as the case may be,
<br />such excess, if the loan is current, at Ihe option of the
<br />Borrower, shall be credited by the lender on sub5eq~ent
<br />pa)'lDen15 to be made by Ihe Borrower, or refunded 10 the
<br />Borrower. If, however, the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall nOI be
<br />surticient to pay ground rents, taxes and assessments or
<br />insurance premiums. as the case may be, when the same shall
<br />become due and payable, then the Borrower shall pay to the
<br />Lender any amount necessary to make up the deficiency, on or
<br />before the dale when payment of !ouch ground rents, taxes,
<br />ll15e$SmenlS, or insurance premiums shall be due, If at any lime
<br />the Borrower shaUlender to the Lender. in .II;cordRm;e with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby, the lender shall, in computing
<br />the amount of such indebtedness, credit to the account of the
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale of the premises covered hereby. or if the Lender
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<br />UC<luires the property otherwise after default, the Lender shall
<br />apply, at the time of the commencement of such proceedings, or
<br />at the time the property is otherwise acquired, the balance then
<br />remaining in the funds accumulated under (a) of parngraph 2
<br />preceding, as a credit against the amount of principal then
<br />remaining unpaid under said nole.
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<br />4, That the Borrower will pay ground rents, lUXes,
<br />assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been
<br />made hereinbefore, and in default thereof the lender may pay
<br />the same; and Ihat the Borrower will promplly deliver the
<br />official receipb Iherefor 10 the lender,
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<br />5, The Borrower will pay all taxes which may he levied upon
<br />the Lender'~ 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 thaI such is not prohibited by Inw
<br />and only to the extent that such will not make this loan
<br />usuriousl. but excluding any income tax, Stale or Federal,
<br />imposed on lender, and willlile the official receipt showing
<br />!iu~h paymenl with the lender, Upon violation of this
<br />undertaking, or if the Borrower is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid taxes, or upon the rendering of any court decree
<br />pruhibiting the payment by Ihe Borrower of any such taxes, or
<br />if ~uch law ur decree provides that any amount so paid by the
<br />Borrower ~hall be credited on the debt, the Lender shall have
<br />the righl III give ninelY days' written nOlice to the owner of the
<br />premises, requiring the payment of the debt. If such notice be
<br />giwn, Ihe said debt shall become due, payable and collectible at
<br />the (,'xplratiun of said ninety days.
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<br />6. ThaI should the Borrower fail 10 pay any sum or keep any
<br />COVCIHHlI provided for in this instrument, Ihen the lender, at ils
<br />option, lIIay payor perform the same, and all expenditures so
<br />made shall be added 10 the principal .mm owing on the said
<br />nOIe, "hall be secured hereby, and shall bear interest al the rale
<br />set forth in the said note, until paid,
<br />7, That the Borrower hereby assigns, transfers and sels over
<br />10 the Lender, to be applied toward the payment of Ihe note
<br />ilnd all sums secured hereby in case of a default in the
<br />performance of any of Ihe terms and conditions of this
<br />inslrument or the suid note, all the rents, revenues and income
<br />to be derived from the said premises during such time as the
<br />indebh:dlle!is .dlUlJ remain unpaid, and the Lender shall have
<br />power to appoint any agent or agents it may desire for Ihe
<br />purpo!ie of repainng said premi!:.cs and of renting the same and
<br />collecting the rents, revenues and income, and it may payout of
<br />said incomes all expenses of repairing said premises and
<br />necessary commissiom and expenses incurred in renting and
<br />managing Ihe same and of collecling rentals therefrom; Ih...
<br />balance remaining, if any, to be applied toward the discharge of
<br />said indebtednC$s,
<br />8. That the Borrower will keep rhe improvements now
<br />existing or hereafter erected on the property, insured as may be
<br />required from time 10 time by the Lender against loss by fire
<br />and other haz.urds, casualties and contingencies in such amounts
<br />Dnd for S\.1d1 periods as mllY be required by the Lender and will
<br />pay promptly, when due. any premiums 011 such insurance,
<br />provision for paymt=nt of which has 1I0t been made
<br />hereinbefore, All insurance shall be carried in companies
<br />approved by the lender and the policies and renewals thereof
<br />shall be held by the Lender and have auached [hereto 1055
<br />payable clauses in favor of and in form acceplable to the
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<br />Page 2 of 5
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<br />HUD.92143DT 1
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