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<br />Borro.rr and I..encIer covmant .nd acrft as roKows:
<br />
<br />I, Thai Borrower will pay the indebtedness, IS hereinbdore
<br />provided. PrivilCJC is n:senc:d to pay the debl in whole or in pin on
<br />any iMtllIment due dale.
<br />
<br />2. Thl'!t. tDBclher with. and m addllion 10. the monthly payments
<br />of principal .nd interest payable under tbe terms of the nOle secured
<br />bercb).. the Borrower will pay to the Lender, on the first day of each
<br />month until the Slid nole is fully paid, the following sums:
<br />
<br />Ca) A sum eqUilin the: ground rents. if any, nelt due, plu.'i the:
<br />pn:miums thai will nell become due: and payable: on policies of fire
<br />and olher hazard insurance covenns lhe propeny, plus taxcs and
<br />as:sessments nexl due on Lhe propeny (all as est;1rUJ/~ b)' lire untkr)
<br />less all sums already paid therefor divided by lhe number of months
<br />to ela~ before one (II month prior to r.hc: date when such ground
<br />rents. premiums. llllCS and assessmenlS will become deliquenl, such
<br />sums 10 be held by Lender In trust to pay Slid ground renlS.,
<br />premiums. taxes and speeDl assessments; and
<br />
<br />fb) All paymenlS mentioned an the: pn:ccding subsection of th~
<br />!_.<:tragraph and all paymenlS 10 be made under the note secured
<br />hereby shall be added logeLher. and me aggregate amount thereof
<br />shall b: paid by the Borrower each monlh an a smgle payment to be
<br />applied by lhe Lender 10 the: follOWing ilems in Ihe order sel fonh:
<br />
<br />(I) ~round rents. laxes. assessments.. fire and other hazard insur-
<br />ance premiums:
<br />{III mteresl on the: nolc secured hereby:
<br />
<br />(III I amOrllzalJon of the prinCIpal of SlJd nOle; and
<br />
<br />(IV) lair challes..
<br />-\ny defiCIency m r.hc: amounl of such aggregate monlhly payment
<br />. flail. unless made good by the Borrower prior to Ihe due date of the
<br />'~It such paymenL ronsUlute an event of default under this
<br />'Ilongqe The Lender may collect. "late charge" Dalto exceed four
<br />ill!. (41: I for each dolla, ($1 t of each payment more than fiftccn
<br />, 51 days In arrears 10 cover the extra expense Involved in handling
<br />.:hnquenl payments.
<br />
<br />3 Thai if Ihe: tOlal of the payments made by the Borrower under
<br />(I.' 01 paragraph:2 precedmg shall exceed the amount of paymenlS
<br />aClulll~ made b~ the: Lender for ground rents.. ta.xcs and assessments
<br />'r m!l.urancr premiums. &5 lIle CI5e may be. such ClICCSS, if the loan is
<br />currenl. at Ihe: option of the Borrower, shall be cro:hted by lIle
<br />l.cnder on subsequent payment!. to be made by lite Borrower, or
<br />fdunded to Ihe Borrower. If. however, lhe monthly plymenlS made
<br />~." the Borrower under (a) of paragn.ph 2 preceding shaH nol be
<br />~ufflClenl to pay ground rents, taxes and assessments Dr insurance
<br />premiums.. &5 the cast may be. whe:n the same: shall become due and
<br />payable. then the Borrower stWI pay to t.he lender any amounl
<br />,ccessary to make up the deficiency. on or before the date when
<br />pi ymenl of such (!:TOund rent!.. taxes, assessments. or Insun.nce
<br />premiums shaH be dut_ If a11ny ume the Borrower stWllender to
<br />the Lender, In accordance with the provlslons of the note secured
<br />hereby. full payment of the entire mdebtedness represented thereby,
<br />the Lender shall in computing the amounl of such indebledn~
<br />cn:d1t 10 the accounl of the Borrower any balanl:C: remaming in the
<br />funds accumulated under the proV1sions of tA I of paragraph 2: hereof.
<br />If lhere shan be a default under an~ of thl: proVISIOns. of thiS
<br />Instrument result:ng in a public sale of thl: premises covered hereby.
<br />
<br />or if Ihe Lender acquire. the propel1y olherwise afler deraull, the
<br />Lender shall appl)', at the time of Ihe oommencement of such
<br />proceedings, or Illhe lime the propeny is otherwise acquired, the
<br />balance then remaining in the funds accumulated UDder (a) of
<br />paragraph 2 preceding, IS a credit against Ihe amounl of principal
<br />Ihen remaininG unpaid under said notc.
<br />
<br />4. Thallhe Borrower will pay ground rents, laxes, assessments,
<br />waler raleS, and oltI~r governmental or municipal charges, fines, or
<br />impmitions. for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay the same; snd thai the
<br />Borrower will promptly deliver the offioal receipts therefor to the
<br />Lender.
<br />
<br />5. The Borrower will pay alllaxes which may be levied upon the
<br />Lender's interest in said real estale and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (bul
<br />only to the CXlent Ihat such is nOI prohibited by law and only 10 the
<br />extenl thaI such will not make this loan USllriOUS), but excludiDI any
<br />income tax, Slale or Federal, imposed on Lender, Ind will file the
<br />official receipt showing such paymenl wilh the Lender. Upon
<br />viola lion of this undenaking~ or if the Borrower is prohibited by any
<br />law now Dr hereafter existing from paying the whole or any portion
<br />of the aforesaid tues, or upon thc rendering of any court decree
<br />prohibiting Lhe payment by the Borrower of any such taxes, or if
<br />such law or decree: provides thai any amount so paid by the
<br />Borrower shall be credited on the debt, the lender shall have the
<br />oghtto give ninety days' written notice to the owner of the premises,
<br />requiring the payment of Ihe debl If such notice be given, the said
<br />debt mall become due. payable and oollectible at the expin.lion of
<br />said ninely days.
<br />
<br />6. That should Ihe Borrower fail 10 pay any sum or keep any
<br />OOYenanl provided for In Ihis instrument, then the Lender, at its
<br />option, may payor perform the same, and aU expenditures so made
<br />shall be added 10 the principal sum owing on the said note. shall
<br />be secured hereby. and shall bear inlerest al the nte set fonh in the
<br />said notc:. until paid.
<br />
<br />7 _ Thai the Borrower hereby assigns. transfers and sets over to the
<br />Lender, 10 be applied toward the plymenl of the note and all sums
<br />secured hereby in case of a defaull in the: performance of any of the
<br />terms and condilions of this instrument or the said Dole, all the rents.
<br />revenues and inrome to be derived from the Slid premises during
<br />such lime as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint any agent or agents it may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />rol1ectin(!: the rents, revenues and income, and it may payout of said
<br />,"comes all expenses of repairing said premises and necessary
<br />oommlssions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining. if
<br />any. 10 be applied toward tbe discharge of said indebtedness.
<br />
<br />8. That the Borrower will kc:cp the improvements now existing or
<br />hereafler ereacd on the propeny. insured IS may be required from
<br />Uml: 10 IJme by lhe: Lender against loss by fire and other hazards.
<br />casualtics and contingencies in such amounts and for such periods IS
<br />may be required by the Lender and will pay promptly, when due,
<br />an~ premiums on such insurance. provision rOf payment of whicb
<br />has nOl been made hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall be beld bv the Leoder oDd have o'tached thereto loss
<br />payabh: clauses In fallor of and in form acceptable 10 the Lender. In
<br />
<br />P_ljIe 2 01 5
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<br />S9f190T -88
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<br />HUD-12143DTa1
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