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<br />Borrow'cor and Lrndtr c;l\"f:nanl IInd aRI1."f' liS fullows:
<br />
<br />I. That Borrower wiII pay the indebledness, as hereinbefore
<br />prO\;ded. Pril;i1ege is re.lierved to pay the debt in whole or in
<br />part on any installment due date.
<br />
<br />2. That, together with, Bnd in addition tn, the monthly
<br />pnymenls of principal and interesl paYllblt' under the terms of
<br />the note secured hereb)', the Ronower will pa~' 10 the lender.
<br />on the first day of each monlh until the said nOle is fully paid.
<br />the following sums:
<br />(a) A sum equal 10 Ihe ground rents, 11' any. ne'" due. plus
<br />the premiums that will next become due and payable on policies
<br />of fire and other haz.ard in!.urance covering the prupeny, plus
<br />taxes and as!.cssments nexl due on the propt'rly (all as estimalt'tf
<br />by tht- Lend~rJ less all sums already paid therefor divided bv the
<br />number of months to elapse before one (J I month prior to Ihe
<br />date when such ground rents. premiums, laxes llm..! a..<\scssments
<br />will become delinquent, such sums (0 he held hy lender in trust
<br />to pay said ground rents, premium... la:\es and ..pecml
<br />assessments; and
<br />(b) All payments mentioned in the preceding \uhsectlun of
<br />this paragraph and all payment!\ 10 be made under th~ 1I0tt'
<br />secured hereby shall ~ added IlJgclher, ,1Ild the agl?regale
<br />amounl thereof shall be paid by Ihe Borrower eUl.:h month III a
<br />single paymenl 10 be applied by the Lender 10 the rollowlIlg
<br />iteml> in Ihe order sel forth:
<br />
<br />(I) ground rents, taxC'!!. a...!>es...menb. fire and othl.'r hOll~rd
<br />IIlsurance premiums;
<br />Ill) inleresl on the nOle .,ecured hereby;
<br />fill) amonizulluo lIf the nrincipal of ..aid nOle; and
<br />!IV) lale charges.
<br />..\ny deficienLy in the amounl of such aggregate mOnlhly
<br />paymenl shall. unless made good by Ihe Borrower prior t(l the
<br />due date of the nCAt such paymenl. constitule an e\lent of
<br />default under Ihis mortgage. The lender may CollC'l.1 a "late
<br />charge" nol to exceed four cents (4ltl for each dollar IS I) of
<br />ellch payment more than fifleen (15) days III uncurl> 10 I.:o\'er the
<br />e~tra expense in\"olved in handling delinquent paymenl....
<br />
<br />3. Thai If the total of the paymelll.!l made by the BorrO\\"er
<br />under (a) of pamgraph 1 preceding shall exceed the amounl of
<br />paymenls actually made by lhe lender for ground rents. IllJIC'!I.
<br />and asSCSsmenls or insurllnce premiums, as Ihe cll!te may be,
<br />such c.xco.s, if the loan i5 current, at the option of the
<br />Borrower, shall be credited by lhe lender on subsequent
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower. If. however. the monthly paymenll> made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, UUC5 and assessments or
<br />insurance premiums, as the case may be, when the same shall
<br />become due and payable, Ihen the Borro.....er shall pay to the
<br />Lender any amount necessary to make up the deficiency, on or
<br />before the dale when payment of such ground rents, toues,
<br />assessments. or insurance premium!> shall be due. If at any time
<br />the Borrower shall tender to the lender, in accordance .....ith the
<br />pro\'isions of the note sC'l.""Ured hereby , full payment of the entire
<br />indebtedness represented thereby. (he lender shall, in computing
<br />the amounl of such indebtedness, credit to the account of Ihe
<br />Borrower any balance remaining in the funds accumulaled under
<br />the provisions of (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this inSlfument resulling
<br />in II public sale: of the premises co\'er~ hereby, or if lhe lender
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<br />(88
<br />
<br />104711
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<br />acquire~ rhe property olhc:rwise after default, the: lender shall
<br />apply, al the time of Ihe commencement of such proceedings, or
<br />al the time the properly is otherwise acquired, the balance Ihen
<br />remaining in Ihe funds accumulaled under (a) of paragraph 2
<br />preceding, as a credit against Ihe amount of principal Ihen
<br />remaining unpaid under said note,
<br />
<br />4. That Ihe Borrower will pay ground rent.li, laxes,
<br />assessmenls, water rate.". and other governmental or municipal
<br />charges, fines. or imposilions, for which provision has not been
<br />made hen'inbefore, and in default Ihereof lhe lender may pay
<br />the same: and thai Ihe Borrower will promptly deliver Ihe
<br />official receipts [hcrefor to Ihe lender.
<br />
<br />~. The Borrower will nilY all laxes which may be levied upon
<br />Ihe lender'!! interesl in said real estate and improwmenls, and
<br />which may be levied upon this instrument or thc debl !'il'cured
<br />hereby (but only to lhe exlent Ihal \uch is not prohibiled by law
<br />illld only 10 the extent thaI sUl.:h will nOI make this loan
<br />usurious!. but excluding any inccme lax, State or Federal,
<br />imposed 011 Lender. and will file the official receipt showing
<br />\uch paymenl with the Lender. Upon violation of this
<br />undcrtaking, or if rhe Borrowt'r is prohibiled by uny law now or
<br />hereafter exi"'ling from pa)'lIlg the whole or any ponion of the
<br />aforesaid la'e.~, or upon [he rendering of any court decree
<br />prohibiling the payment by lhe Borrower of any such laxe!'i, or
<br />If \uch Ill\.\.' or decree prOVIdes Illat any amounl so paid by the
<br />Burrower !!hall be credited on the debt, the lender shall have
<br />Ihe right 10 give ninety days' wrillen nOlice to the owner of the
<br />premise~. requiring the payment of the debt. If such notice be
<br />given, Ihe ..aid debl shall becomc due, payable and collectible III
<br />the e"'Plraliun of \illd ninety day!!.
<br />
<br />fI, fhal ~hould the Uorrm\'er fail 10 pay any sum or keep any
<br />l.:O\lenant prO\:ided for in this instrument, then the lender, at its
<br />option, mtly pay ur perform the same, and all expenditures so
<br />made shall be added 10 Ihe principal sum owing on the said
<br />nole, shall he \ecured hereby, and shall bear interest al Ihe rale
<br />set forth in the said nole, until paid.
<br />7. That the Borrower hereby llssigns. transfers and sets over
<br />to the Lender, to be npplied toward Ihe paymcnl of the note
<br />and all sums secured hereby in case of a default in the
<br />performance of :1Il)' of the terms and conditions of this
<br />instrument lIr Ihe \aid nOle, aU the rents, revenuC'S and income
<br />10 be derived from the said premises during such time IlS the
<br />indebtedness shall remain unpaid, and Ihe Lender shall have
<br />power to appoim any agent or agenls it may dC5ire for the
<br />purpose of repairing said premises and of renting the 5ame and
<br />collecling the rents, revenues and income, and il may payout of
<br />said incomes all expenses of repairing snid premises and
<br />neces!!ary (,"ommisl>ions and expenses incurred in renting and
<br />managlllg the same and of collecting rentals therefrom; the
<br />balance remaining, if any, to be applied IOward the discharge of
<br />sBld indebtedness.
<br />R, That the Borrower will keep Ihe improvements now
<br />exisling or hereafter ereCled on the property, insured a5 muy be
<br />required from time to lime by the Lender against 1055 by fire
<br />and alher h:uards. ca!>uallies and conlingencies in such amounls
<br />and for such periods as ma)' be required by the lender and will
<br />PB). plomplly. .....hen due, any premiums on such insurance,
<br />provision for paymrlll of which has nol been made
<br />~~~eri~~::O~~. t~~1 ~:~~~~n~~:I:~~ ~:I~~~i~ntr~~:"ia~i~~~reof
<br />
<br />shall be held by the lender and have Buached thereto 1055
<br />payable clauses in fa\'Of of and in form acceptable 10 the
<br />
<br />HUD-921430T-'
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