|
<br />Borrower and Lender covmanl .nd .Rtff as rollo~s:
<br />
<br />I, Thai Borrower will pay the indebledness, a.... hereinbefore
<br />pn:l\'idcd. Privilege is rc...ervcd to Jlty Ihe debt in whnle or in pari on
<br />any Installment du~ date.
<br />
<br />2. That, logelher wilh. and in addilion 10, ihe monthly payment..
<br />of principal and inlerest payable under Ihe terms of lhe nole secured
<br />hcrcby, the Borrower will pay 10 Ihe lender, on Ihe first day of each
<br />month until the said nole is fully paid. thc following sums:
<br />
<br />ca) ^ sum cqualto the ground rCnl"i, if any, ncxt due. plu..-. the
<br />premiums Ihat will next become due and payable on policies of firc
<br />and othrr h31.ard insurance covering the property. plus taxes and
<br />asscs."imenlS next due on the property (all as estimared b.p rhe Lender)
<br />less all sums already paid lherefor divided by the number of months
<br />10 elapse before one (I) month prior 10 lhe dale when such ground
<br />rents, premiums, laxes and asses.limcnts will become deliquent. such
<br />sums to be held h). Lender in trust 10 pay said ground rents.
<br />premiums. taxes and special a5.'iCSSment'l: and
<br />
<br />(b) All paymenl5 mentioned in thc preceding subsection of thi!'
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added IOgether. and Ihe aggregate amount thereof
<br />shall be paid by the Borrower each month in a single paymenl to be
<br />applied by Ihe Lender to the following items in the order sel forth:
<br />
<br />(I) ground rents. taxes, assessments, lire and other hazard insur-
<br />ance premiums:
<br />fill interesl on Ihe note secured herehy:
<br />(III) amOrlization of the principal of said note: and
<br />(IV) late charges.
<br />Any deficiency in Ihe amount of !iuch aggregale monthly paymcnt
<br />shall. unless made good by the Borrower prior to Ihe due dale of Ihe
<br />next such payment. constitute an cvent of default under thir.
<br />mortgage, The' Lender may collect a "late charge" nollo exceed four
<br />cenls 14l:) for each dollar (S II of each payment more than IiFteen
<br />(151 days in arrear!! In rover the extra expense involved in handling
<br />delinquenl payments,
<br />
<br />3. That if the total of the payments made by the Borrower under
<br />la) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the lender ror ground rents, taxes and assessments
<br />or insurancc premiums, as lhe: case'may be, such CltCCSS, if the loan IS
<br />current. ill the oplion of the Borrowcr, shall be credited by thc
<br />Lender on subsequent payments 10 be made by the Borrower, or
<br />rc:runded to the Borrower, 1[, however.lhe monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient 10 pay ground rents. taxes and assessments or insurance
<br />premiums. as the case may be. when the same shall become due and
<br />payable. lhen the Borrower shall pay to Ihe Lender any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ~round renb, lucs. assessments, or insurance
<br />premiums shall be due. I[ at any time the Borrower shall tender to
<br />the Lender, in accordance with the provisions of the note secured
<br />hereby. fuU payment of the entire indebtedness represented Ihereby,
<br />the Lender shall, in compuling the amount of such indebledness,
<br />credit 10 the account of lhe Borrower any balance remaining in the
<br />funds accumulaled under Ihe provisions of (al of paragraph 2 hereof.
<br />If Ihere shan be a def.ult under any of Ihe provisions of Ihis
<br />instrumenl resulting in a public sale of the premises oovered hereby.
<br />
<br />- .. -~- 105"39
<br />or illhc Lender acquires Ihe property ulhcrwl5C after Jeraull, the
<br />Lender shall apply, atlhe time uf Ihe commencement or such
<br />proceedings, or Illhe lime the property is otherwise acquired, lhc
<br />balance then remaining in the fund" accumulated under (,8) of
<br />paragraph 2 preceding. as a credil againsllhc amount of principal
<br />then remaining unpaid under said note.
<br />
<br />4, That the Borrower will pay ground renu. laxes, assessments.
<br />water rales, and other governmental or municipal charges, fines, or
<br />imposilions, for which provision hl:ls not been made hereinbefore,
<br />and in dcfaulllhereof Ihe Lender may pay the same; and that Ihe
<br />Borrower will promptly deliver the official receipts lhereror to the
<br />lender.
<br />
<br />5. The Borrower will pay all taxes which may be levied upon the
<br />lender's inlerest in said real es18te and improvements, and which
<br />may be levied upon Ihis instrument or the debt secured hereby (bul
<br />only to the extenl that such is nOI prohibited by law and only to the
<br />extent that 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 paymenl wilh the lender. Upon
<br />violation of Ihis underlaking. or if the Borrower is prohibited by any
<br />law now or hereafter existing from paying the whole or any portion
<br />of the aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting thc payment by the Borrower of any such taxes, or if
<br />such law or decree provides Ihat any amounl so paid by the
<br />Borrower shall be credited on lhe debt, the Lender shall have the
<br />right to give nincly days' wriuen notice to the owner of the premises,
<br />requiring the paymenl of (he dcbt. If such notice be given, the said
<br />debt shall become due. payable and colleclible al the expiration of
<br />said ninety days,
<br />
<br />6, That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument., then tbe Lender, at its
<br />option, may payor perform the same. and all expendilures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby, and shall bear inlerest al the rate set rorlh in the
<br />said note. until paid.
<br />
<br />7, That the Borrower hereby assigns, transfers and sets over to the
<br />lender, 10 be applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any or the
<br />lc:rms and condilians of this inslrument or the said nole, all the rents,
<br />revenues and income 10 be derived rrom the said premises during
<br />such time as lhe indebtedness shall remain unpaid. and the Lender
<br />shall have power 10 appoint any agent or agems 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 />incomes all expenses 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 indebtedness.
<br />
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />time 10 time by the Lender againslloss by fire and other hazards,
<br />casualties and conlingencies in such amounts and for such periods IS
<br />may be required by the Lender and will pay promptly. when due,
<br />any premiums on such insurance, provision for 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 />Ihereof shall be: held by the Lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
<br />
<br />Page 2 01 5
<br />
<br />HUD.12143DT.l
<br />
|