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<br />88- 104755
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<br />Borro"'C'r und l.cndC"r ('O\"rnllnlllnd 1I):.rt"t' 1l~ roIlCll'ls:
<br />
<br />1, Thai Borrowcr will pity Ihe indebll'dnC'..~. a" ht'reinhefon.'
<br />provided. Privilege i5 rese.....cd 10 pay the' dehl in whole or in
<br />parI on any installment dUe" date.
<br />
<br />2. That, logether with. and in addition la, the l1lonthly
<br />payments of principal and interest payable under the terms llf
<br />the nOlc secured herehy. the Borrower will pay 10 the Lt~nder.
<br />on the firsl day of each month unlil the said nOlc is fully paid.
<br />the follo\\'inS sums:
<br />lal A sum equal '0 the ground rents. if any, neXI due. plus
<br />the premiums Ihal will next bL'Come due and payable on policlc_~
<br />of fire and other h.u.ard insurance covcring the property, plus
<br />la;-';('5 and assessment.... next due on the property ;a/f us estimated
<br />by thl' Lender) less all ..urns already paid therefor di\'ld~d h\' the
<br />number of mOnlhs to elapse l'Iefort.' \.1i1e 11 i month prior to the
<br />date when such ground rem.... prC'mlUm~. laxe!' and a'sc....menl.~
<br />will become delinquent, SUCtl 5um!> 10 he held b~ Lender ill lrUM
<br />to pay said ground reUl!>. premIUm!>, la.'..:e~ and 'pt"clal
<br />assosment.s; and
<br />(b) All payments menlioned in Ihe prc....edin,g ,ub"ection l)1
<br />this paragraph and all payment!. 10 be made under th(' !HITe
<br />secured }.ereby shall be added together. and the aggregate
<br />amount thereof shall he paid by the Borrower l'adl mOlllh III a
<br />smgle paymenl tn be appli~ by Ihe lender In lht' fnllllwlll~
<br />Items m the urder WI forth:
<br />
<br />01 ground rent~. In.\e!>, illI!>e...smc", " , fir~ and ,'thl."r halilld
<br />tn!.urance premIUm,,;
<br />
<br />till interest on Ihe note ~e..:ured hcreh~;
<br />(1111 amurtiuuiun of rhe prinl.:lpal 01 ....IId f1Ule. ,md
<br />
<br />1I V) lale charge!lo.
<br />
<br />Any defkiency in the umouUl of such agg.regate momhly
<br />pa)'ment shall, unle!>s made good by the Borrower prlllr 10 the
<br />due date of the next such paymeOl, constitute an event of
<br />defaul1 under this mongage. The Lender may collect a "Iatc
<br />charge" not 10 exceed four ceDIS (ole) for each dollar IS!} flf
<br />each payment more than fifteen ll~) day~ ill arrean III ,over Iht'
<br />extra expense invol....ed in handling delinquenl payment!.
<br />
<br />3. That if the totaJ of the puyment~ made by the Uarrower
<br />under (n) of paragraph 2 pre,eding <;hall ex,eed tlie amount of
<br />payments actually made b}' the lender for ground rents, ta\c!t
<br />and assessments or insurance premjum~, a., Ihe ca~e may he,
<br />such excess. if the loan is currenl, 0.1 (he option of thc
<br />Borrower, shall be l.'Tediled by the Lendcl on subsequeOl
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower. If, however, the monthly payment!> made by the
<br />Borrower under (al of paragraph 2 preceding !thall nOl be
<br />sufficient to pay ground rents, taxes and 3Ssosments or
<br />insurance premium!., alt the CU!)c may be, when Ihe same "hall
<br />become due and payable, then the Borrower shall pay 10 the
<br />Lender an)' amount nece!>sary to make up the deficiency, on or
<br />before the date when payment of '>uch ground rent!), ta.1\es,
<br />assessment!., or insurance premium~ ~hall be due, If at any lime
<br />the Borrower shall lender 10 the lender, in accordance with the
<br />llrovisions of the note secured hereby, full payment of tht" entire
<br />indebtedness reprc:semed thereb~', thi: lender shall, in computing
<br />the amouDl of such indebtedness, credit 10 the accounl of the
<br />Borrower any balance remaining in the funds accumulated under
<br />the prm;sions of (a) of paragraph 2 hereof. If there shall be a
<br />default under an)' of the provisions of Ihis instrument resulting
<br />in a public sale of the premises covered hereby, or if the lender
<br />
<br />al'qulfl.'''' Ihe properly t\1herwi~l' afler default, the lender shull
<br />.aPf'll~', at rill' 111m' of the cum men cement of such proceedings, or
<br />al lhe time Ihe property I" otherwisc acquired, the balance then
<br />rcmalllln~ 1II 1111..' fund." ,h:l'UlllUllltcd under (a) of parnBrnph 2
<br />prcceding, i1... 11 crcdll a!!uinst the amount of principal then
<br />remulOing unpaid undcr ..air! nute.
<br />
<br />-1. Thai Ihe BnrlO\l.l:r will pay ground rents. laxes"
<br />.l.~scssments, watcr ralC's. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been
<br />made hereinbefore, and in defauh thereof the Lender may pay
<br />the ~ame; and thai the Borrower will promptly delivcr (he
<br />official receipt' therefor to Ihe Lender.
<br />
<br />~. The Borrnwer will pay all taxes which may be levied upon
<br />the Lender'.. interest in !taid real estate and improvements, and
<br />winch may he k,'ied upon Ihis ins[fumcnt or Ihe debt secured
<br />hereby (but only to the extent that stich is not prohibited by law
<br />and only 10 the t'xtent thai such will nor make this, loan
<br />u",uflousl. hut e.''Iduding any income tax, State or Federal,
<br />imposed on Lender, and will l1Ie the official receipt showing
<br />..uch paymenl with the lender. Upon violation of this
<br />undcnak.mg, or If the BDrrower is prohibited by any law now or
<br />hereafter e~l~tillg from paying the whole or any ponion -.:>f the
<br />afure...allJ raw.... 01 upon the ri:mlering of any court decrec
<br />prnhlhlllOg the payment hy the norrower of any such taxes. or
<br />If ~ul.h law or decree provides that an)' amount so paid by the
<br />Burrower ,hall he credited on rhe debt, the lender shall have
<br />the fllthl III g.in: mnel)' days' writl~n notice to the owner of the
<br />rfl'ml~e~. requlrlng The paymenl of the debt. If" such nOlice be
<br />~Hvetl, IhC' ..aid deht ,hall "l'Come due, payable and collectible at
<br />thl' l'\ptrilllon (If ,aid nmel)' day...
<br />
<br />(-I, rhat ,Imuld the Borrower faJlto pay any sum or keep any
<br />l,"O\enant pronded lor In thl!! instrumenl. then the Lender. at its
<br />uptlun. m;:),~' pay (If perform The 'arne, and all expenditures so
<br />made ..haUne added to The principal sum owing 011 the said
<br />nutt', ..hall be .secured tll.'rdw, and ..hall hear interest at the rale
<br />~l'l forth In the ..aid note, u~ltI paid.
<br />j. Thai Ihe Borruwer hereby i.l!>signs, transfers and 'leIs over
<br />w the Lender, to he applied toward the payment of the note
<br />and all ..ums se..'un:d Itl~reb\' in ,ase of a default in the
<br />performance of any of the 'tcrm~ and condilioll!; of chi..
<br />instrument or Ihe ..Uld note, ullthe renls, revenue!. and income
<br />10 be dem'ed from the ~aid premises during such time as Ihe
<br />indebtedness ~hall remain unpaid, and the Lcnder ~hall have
<br />power to appoint any a!!ent or agcltls it may desile fur the
<br />purpme of repairing said premises and of rent in!! the ~amc and
<br />collecting Ihc rents, rc\'cnuc:" and in,ome, and it may pa~' out of
<br />!>aid incomes all eXflen~cs 01 repamng said premises and
<br />necessary l,"OrnmlSSlom and expenses incurred in rellling and
<br />managing the same and 01 collecting rentals therefrom; the
<br />balance remulIling. II any. to he applied toward the dischllr,gc llf
<br />said indebtedlle..~.
<br />8. That' he Borrower Will keep the improvements now
<br />e:usting ur hereafter erccted on the properlY, insured as may be
<br />r&:'qUlred from time to lime by the lender against loss by fire
<br />and other haLard~, cl1...ualti~ and contingencies in such amounts
<br />and for ~uch periods a,!, may be required by the Lender and will
<br />pay promptly, when due, any premiums on such insurance,
<br />provision for payment of which has not been made
<br />hereinbefore. AU imurance shall be carried in companies
<br />approved by the lender and the policies and renewals thereof
<br />shall be held by the lender and ha\'e illlilched thereto Ims
<br />payable c1au!.cs 111 favor of and in form acceptahle 10 the
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<br />Page 2 of 5
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<br />HUD 921430T 1
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