|
<br />SB- 105.365
<br />
<br />Borrower and lA'ndt'r ('o\'t'o.ol and agree liS rollnws:
<br />
<br />I. Thnl Borrower will p:I)' (he indchlcdncs..,. as hereinbefore
<br />pm,;ided. f'rirrilcgc is rc.'icrvcd In pay the debt In whole or in part IIn
<br />an)' mSlnllmcnI duc dall.'
<br />
<br />2. That I()~c'hl'r with. IIml In addilum tu, the monthly payment'i
<br />of pnncipalnnd interest paynhlc under the terms of Ihe note secured
<br />hereby, the Bnrruwcr will pay In (he under, on (he firsl day of each
<br />Iflnnlh umillhc !WIld mIle I~ fully paid. the following sums'
<br />
<br />fal ^ ,urn .:qull 1(1 Ihl" grnund rents, if any, nC)!.1 due. pJu:<'lhc
<br />prcmlum!l. dUll will ncx' hccnmc due Dnd payable un pulu;ic..<; of fire
<br />and <llhel halJlrd insur.llnce covering the property. pia.. lUxe, and
<br />asse.\.'\irnenl'i "exl due on the property {alias eSlimaled by rhr'l.t'ndt'r}
<br />Ies.\ all sums already paid therefor divided by the number of mnnth~
<br />to elapse' before one (II munth prior to the dale when such ground
<br />renl... premiums. (axc... and a.\.'ic.'i.'imCnl'i will become dcliquent. such
<br />sum!! to be held by under m 1rU.'i( 10 pay said ground renl...
<br />premiums, 1Dll.~ and special ~es.'imcnt'>: nnd
<br />
<br />(hI All paymcnt'> mcnlluned in Ihe pfL'Ceding ..uh..ecllOn III thl\
<br />paragraph and all payments In he made under Ihe noh: !lcl:urcd
<br />herch... shall bt' added lugether. and Ihe aggregnlc amounl Ihcn,'nl"
<br />shall be paid hy the Borrowcr cach month in a "lOgic paymemlo hc
<br />applied by Ihe Lender 10 the folluwing Item~ in Ihe order 'iel Furth
<br />
<br />(I) ground renl'i. tu~. as.\a'iment.'i. firc and III her halard in'iur.
<br />ance premiums.:
<br />(II) inleresl nn the nntc "cL:ured hereby;
<br />(III) amumzatlUn of the principal 01 said nute; and
<br />(IV I laic charge~
<br />Anv defil.:lcncy In the amuuRI l,f "uL:h aggrcgalc mllnlhl~ payment
<br />shall. 'unla... made gllllll hy the Bnrrnwcr prim III lhe duc dme nf lilt'
<br />nell such payment, cnn~llIutt' an even! Ilf default under Ihi..
<br />mnrtgBgl', The Lender mol)' collccl 11 "laic chargc" nlll In cJ\cced four
<br />cent.. (4lf) for each dollar tSI ~ (If each payment more than fifteen
<br />( 15) da)'!'! In arrcan. 10 cUller Ihe ellra clpcnM: mvulllt.=d 10 handling
<br />dclinquenl payment'.
<br />
<br />3. That if the lotal of the paymC"n15 made by the lIorruwer under
<br />(al of paragraph 2 pra:et.IJn8 shall eXl.'"CCd the amounl of paymenl..
<br />actually made by Ihe Lender for ground rcnl'i. tlUlL":'. and a"!>O...mcnh
<br />or insurance premIUm". a~ Ihe t:a!oC may be. ~uch ClCC....... If the loan I'
<br />current. at the optiun of Ihe Uurrower. ~hall be L:rcdlted hy Ihe
<br />Lender on 'iuh!lcquenl p3~.menl'i III bt.. made by Ihe Rurruwer. ur
<br />refunded to Ihe Rurr .1wer If. however. Ihe monthl\-' pa~menl~ madc
<br />b~ Ihe Borruwer under la) 01 paragraph.:! prcu:.dmg ...hall not be
<br />sufficient Iu pOI)" ground rcnl\. 14U.~ and h\e.\...ment' or lO~urance
<br />premiurrn. iI!llhe ca.\<<: lOa; tx:. when the ~me ...h.llJl tlccnmc due anl1
<br />payable. then the Borm.....er ~hall pay to the Lender an.\' amount
<br />necessary to make up the deficiency. on or hcfnrc Iht.' dale when
<br />paymenl uf :\luch gmund rent". llUO. a~menl.... \If IO~Uran(e
<br />premium!! ~hall he due If al any time the Unrrmh'r ..hall lender III
<br />Ihe' Lender, m accnrdance wlIh the prml~lun~ uf the nulc '>el.:ured
<br />hereby. full payment uf (he entm: Indeblcdn~ repre!!enled Ihereh).
<br />Ihe lender shall. In com puling Ihe amounl of "uch indebledn!.":'."
<br />credit to Ihe aecounl of Ihe Bnrrnwer an)' balan\,:e remaining In Ihe
<br />funds aocumulatcd under the prO\'I~lom of (a~ uf paragraph:! hert.'ul
<br />If there ~hll1 he a default under any uf the prn\'I'iIOm of Ihl...
<br />instrumenl resultin~ in a public ~Je of the premlM.'!. L:1l\\,'red hereh~.
<br />
<br />or If Ihe Lender acquuC!i the prnperlY olherwise after dcfaull, Ihe
<br />Lender !-ohllll upply. al the lime uf (he commencement of slU:h
<br />prncccdings. or !ltthe time the properly is otherwise acquired, the
<br />balance thcn remaining in lhe funds accumulated under (ll) or
<br />paragraph 2 preceding, a.s II credit ilgainst the amount of principal
<br />Ihen remaining unpaid under said note
<br />
<br />4. That Ihe Burrower will pay gruund rents, taxes, a.ssessmenls,
<br />waler rates. and other governmental or municipal charges. fines, or
<br />impositions, ror which provision ha.s nol been made hereinbefore,
<br />and in default Ihereof the Lender may pay the same; and that the
<br />Borrnwer will promptly deliver the official receipts therefor 10 the
<br />lender.
<br />
<br />.1\ The Burrower will pay alltllJle.'i which may be levied upon the
<br />Lender'..; interc.'it in said reAl estate and improvements, ai1d which
<br />m.ay be levied upon this instrument or the debt secured hereby (bul
<br />nnly to Ihe extent that such i'i nul prohibited by law and only to the
<br />exlent thai such will nol make this loan usurious). but excluding any
<br />income tal, Slnle or Federal, imposed on Lender. Ilnd wm file the
<br />official recelpl showing suctr payment with the Lender, Upon
<br />violation of Ihi!! undertaking, or if the Borrower is prohibited by any
<br />law nllW or hereafler existing from paying the whole or Bny portion
<br />of Ihe arorc.'iaid laxes. or upon Ihe rendering of any cuurt decree
<br />prnhlhlting the paymenl by the Borrower of any such tllXes. or if
<br />such law or decree provides Ihal any amounl so paid by the
<br />Hurruwer ~hall be credited on the debl. the Lender shall have the
<br />right tn give Dlnely days' written nolice 10 the owner of the premises.
<br />reqUiring the payment of the l1cbt. (f such notice be: given, the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said nlnely days.
<br />
<br />6_ Thai ..hould the BorruYo'Cr faillu pay any sum or keep any
<br />COl/enant proVided for In thl!'> Instrumenl. then the lender. al il<i
<br />opllon, may pay ur perform the same. and all expenditures so made
<br />shall he added 10 the principal sum owing on the said nole. shall
<br />be :o.n::ured herehy. and ..hall bear inlerest Dtlhc rale ~t forth in Ihe
<br />said nnlc. un Iii paid
<br />
<br />7 Thutlhc Burrower hereby a.!...'ilgns, Irnn'ifcr.;. and SCls oller to the
<br />Lender. tn he applied loward the payment of the note and all sums
<br />secured hereoy 10 case uf a defaull in the performance of any of the
<br />Icrm~ and cundlllOn!> of Ihl... lO.'.trumcnt or the said nole, alllhe rents,
<br />rellenuc.<i and IOcome In be derived frum Ihe said premises during
<br />!'>uch lime II~ Ihe IOdcbledncs!'> shall remam unpaid, and the Lender
<br />..hall have power In appoinlany agent or agents it lOllY desire for the
<br />purpose (If repamng s,ud premis~ and of renting [he ~me and
<br />cullecllOg Ihe renb, revcnues and mcnme. and It may p3y nul of said
<br />IOlllmt..... all eJ.pen~e~ III rcpalrlOg ~ald prt:m~c... and necessary
<br />(Ilmnll~'ltm.. IInd el.pen.'ae" Incurred 10 renllng and managing Ihe
<br />!l.l1rne amI III ClIlIl'CllOg renlals Ihcrefrom; Ihe balance remaining, if
<br />.III~, In he applied loward the discharge of said indebtedn~.
<br />
<br />H ThaI (he Hurrnwer Will keep Ihe Impruvemenls now exisling or
<br />hcr\,'uher erecled on Ihe property. IOsurcd ll!. may he required from
<br />Ilmt.' In lime h~ thc Lender agam..'illo5.'l by fire and other hazards,
<br />C1l'lualllc_" and cuntlOgencle!\ in such amounts and for such periods as
<br />ma) he rel.julrcll b} the Lender and will pay promplly, when due,
<br />any premIUm!. nn such in'iurance. provision for payment of which
<br />hll!o nul been made herclObcrure. All in.surana: shall be carried in
<br />cumpamc!!. npprn...cd by the Lender and (he pohcics and renewal!.
<br />thcrelll" ..hall he: held b\- lhe Lender and hallt: allached Ihereto lo~
<br />pa;ahlc duu!'>!.":'. In faH'u 01 and 10 furm acceplabll' tn Ihe lender. In
<br />
<br />Page 2 01 5 HUD,5I2'43DT-,
<br />
<br />I :\'1 II'
<br />
|