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<br />1. That Borrower will pay the indehted,lC~s.5, as hercinbcrorc
<br />provided. Privilege is reserved In pay Ihe debt in whole or in part un
<br />any installment due dale.
<br />
<br />88...... .105116
<br />
<br />Borrower and umier conmml and IIl:rcoC' liS rollows:
<br />
<br />2. That. together with. and in addition 10. the monthly payment'i
<br />of principal and interesl payable under Ihe terms of the nole secured
<br />hereby. the Borrower will pay tu the Lender, on the first day of each
<br />month until the said nOlc is fully paid, the following sums:
<br />
<br />(a) A sum cquallo thc ground rents. if any. next due. pill'; the
<br />premiums thai will next become due and payable on policies of fire
<br />and other hazard insumncc covering Ihe property. plus laxe... and
<br />assessments next due on the property (all as esr;maled bv Ihe Lt'nder)
<br />less all sums alrrady paid therefor divided by the number of monlhs
<br />to elapse before one (I) month prior to the date when such ground
<br />rent'i, premiums, laxes and llSSessmcnt'i will become deliquent. such
<br />sums (0 be held by Lender in Irust to pay said ground rents.
<br />premiums, lnxes and special assessmenl'i: and
<br />
<br />(b) All payments mentioned in the preceding subsl'Ction of this
<br />paragraph and all payments to be made under Ihe note !>L'Cured
<br />hereby shall be added together, and the aggregate amount Ihereof
<br />shall be paid by the Borrower each month in a single paymenlto he
<br />applied by the Lender to the following items in the order set forlh:
<br />
<br />(I) ground rents. taxes. asses.'imenlS. fire and other hal.urd insur.
<br />ance premiums:
<br />(II) interest on Ihe nole secured hereby;
<br />(III) amonization of the principal of said nole; and
<br />(IV) late charges.
<br />Any deliciency in the amount of such aggregale monlhly payment
<br />shall. unless made good by Ihe Harrower prior Iu the due dale of Ihe
<br />next such payment. constillllc an event of default under this
<br />mortgage. The Lender may collecl a "laic charge" nol In exceed four
<br />cents (4ql for each dollar ($1) of each paymenl more Ihan Iifteen
<br />(151 days in arrears to cover the extra expense involved in handling
<br />delinquent paymenl'i.
<br />
<br />3. That if the lolal of the paymenl:i made by Ihe Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amouRl of payment...
<br />actually made by the Lender for ground rents. ta.xes Hnd assessments
<br />or insurance premiums, as the case may be. such ellcess, if the loan IS
<br />current, at Ihe oplion of the Borrower, shall he credited by Ihe
<br />Lender on subsequent payments to be made by the Horrnwer. nr
<br />refunded to Ihe Borrower. If, however. the monthly payment.. made
<br />by the Borrower under la) of paragraph 2 preceding shall not be
<br />sufficienl to pay ground renllo, taxes and asscssmenl'i or in...urunce
<br />premiums. as the case may be, when the .same shall become due and
<br />payable, then Ihe Borrower shall pay to Ihe Lender any amounl
<br />necessary to make up the deficiency. on or bcrnrc the dale when
<br />payment of such ground renlS. taxes. as.'ies!>menls, nr lnsuram:c
<br />premiums shall be due. If at any time the Borrnwer !thalllender III
<br />the Lender, in accordance with the provisions of Ihe nule !tccured
<br />hereby, full payment of the entire indebtedness represented thereby,
<br />the Lender shall. in computing the amount of such indebtedne...!t,
<br />credit 10 the account of the Borrower any balance remalnmg in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereuf.
<br />If there shall be a default under any of the prnvision~ of Ihis
<br />instrument resulting in a public sale of Ihe premises cm'cred hereby.
<br />
<br />or if the Lender acqUlrc." the property otherwise after default. Ihe
<br />Lender shall apply. at the time llf the commencement of such
<br />proceedings, IIr at the lime the properly is othcrwilic acquired. the
<br />balance Ihen remaining in the funds accumulated under Ca) of
<br />paragraph 2 preceding. as a credit againslthe omount of principal
<br />then remaining unpaid under said nolc.
<br />
<br />4. That the Borrower will pay ground renls, tDlCes, assessmenls,
<br />water rates, and other governmental or municipal chargc.'i. fines. or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay Ihe same; and that the
<br />Borrower will promplly deliver the officiol receipts therefor to the
<br />Lender.
<br />
<br />5. The Borrowcr will pay all taleC.'; which may he levied upon the
<br />Lender's intere.'it in said real estale and improvements, and which
<br />may be levied upon this instrument or th'e debt secured hereby (but
<br />only 10 Ihe exlent that such is not prohibited by law and only to the
<br />extenlthat such will not make this loan usurious), but excluding any
<br />income tax, State or Federal. imposed on Lender, and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />vinlation nf this undertaking, or if the Borrower is prohibited by any
<br />law now or hcreaflcr existing from paying the whole or any portion
<br />of the aforesaid IlIIles. or upon Ihe rendering of any court decree
<br />prohibiting Ihe payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrnwer shall be credited on the debt, the Lender shall have the
<br />righl lu give ninelY days' written notice to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given, the said
<br />debl shall become due. payable and collectible at the expiration of
<br />said ninely days.
<br />
<br />6. That shuuld the Borrower fail to pay any sum or keep any
<br />coven ani provided for in this instrument, then the Lender. at ils
<br />option, may payor perform the same. and all expenditures 50 made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby, and shall bear interest at the rate set forth in the
<br />said nnle. until paid.
<br />
<br />7. Thatlhe Borrower hereby assigns, Iransfers and sels over to the
<br />Lender. to be applied toward the payment of the nole and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and condilions of Ihis instrument or the said note, all the renls,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid. and the Lender
<br />shall have power to appoint any agenl or agenlS it may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collecting the rents. revenues and income. and it may payout of said
<br />income~ all eJlpenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if
<br />any. to be applied toward the discharge of said indebtedncss,
<br />
<br />8. That the Borrower will keep the improvements now existing or
<br />hereaher erecled on Ihe property. insured as may be required from
<br />lime 10 lime bv Ihe Lender againslloss by fire and other hazards,
<br />casualties and -contingencies in such amounts and for such periods as
<br />may be required by the Lender and will pay promptly, when due,
<br />any premiums on such insucance, provision for payment of which
<br />has not been made hereinbefore. All insurance shall he carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall be held by the Lender and have attached therelo 1055
<br />payable dausc.'i in favor of and in form acceptable to the Lender. In
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<br />HUD.92143DT .1
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