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<br />8orruwr:r and Lendr:r COllL'nlinl and 8Rrt'L' 8\ folluy ..:
<br />
<br />I, TlulI Honnwer will rus)' till' IOdchICdne!'i~, ll!o hl'rClOhclml'
<br />provulcd. Pri\'ilcElc ill rcsern-d tn pll)' Ihl' dehl In whtlll' 01 In rart on
<br />an)' inSlllllmenl dUlo' dale
<br />
<br />2. That, Illgelher wilh. nnd In additllm Ill, Ihe munthly raymenL\
<br />of principal and intcrc.o;t payable under Ihe term~ of the nolc !tccurcd
<br />hereby, the Borrower will pay to the Lender, on the first day nf each
<br />month untillhe said nnle l!o fully paid, thl' followmg sums;
<br />
<br />(0) A !lum cquallu the ground rcnl'i, if any, next due. plu!lthc
<br />premiUm!llhat will next bcmmc due and payable on policies of fin'
<br />and uther hall1rd insurance ctlvering the property, plus lUes and
<br />assessmenl.. next due on the property (all as esJimated by the Lf'nder)
<br />less all sums alrcad)' paid therefor divided by Ihe number of months
<br />to elapse before one (II month prior In the dale when such ground
<br />renis. premiums. taxe... and as....es...ments will become deJiquent, such
<br />sums IU be held by lender in lrust to pay said ground renl..,
<br />premiums, taxes and special asses...menlC;: and
<br />
<br />lbl All paymenL\ mentioned in the preceding subsl'Clion of lhi!>
<br />paragraph and all paymenl5 to be made under the note secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid b)' the Borrower each month in a single payment to he
<br />applied by the Lender to the following items in the order sel forth:
<br />
<br />(I) ground rents, taxes, assessmenl'i. fire and llther hazard insur.
<br />ance premiums:
<br />
<br />(II llfitercst on Ihe note ~ccured hereby;
<br />
<br />(1111 amortIzation of the principal of said nOlI.'; and
<br />
<br />HV) late charge!.
<br />
<br />An)' defiCIency IQ the amount of such agy.regate monthly payment
<br />shall, unless made good by the Borrower prior tulhe due date of the
<br />next such paymenL constitute an event of default under thi~
<br />mortgage. The Lender may collecl a "late charge" nO( to ellceed four
<br />eenl5 14c I for each dollar ($ I ) of each payment more than fifteen
<br />(15) days in arrears IU cover the clltra expense mvolved In handlmg
<br />delinquent paymenl!l.
<br />
<br />3, That if lhe tOlal of the payments made by the Borrower under
<br />(a) of paragraph 2 precedln[! shall exceed the amount of paymenl~
<br />actuallv made bv the Lender for ground rem~ taxe!. and assessmenl~
<br />or insu'rance prc.mlums, 4!. the case may be, such excess. If the loan I"
<br />currenl. althc option of the Borrower, shall be credited by the
<br />Lender on subsequent payments to be made by 1he Borrower. or
<br />refunded to the Borrower. If, however, the monthly paymenl5 made
<br />by the Borrower under ra I of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taxes and assessmenis or insurance
<br />premium!.. as the case may be, when Ihe same shall become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />nc:a:ssary 10 make up the deficiency, on or before the date when
<br />payment of such ground renis, taxes. aSSC55menis, or insurance
<br />premiums shall be duc. If at any time the Borrower shalltendcr 10
<br />the Lender. In accordance with the provisions of thc nou: secured
<br />hereby, full payment of the entire indebtedness represented thereby,
<br />the Lender shall. in compuling the amount of such indebtedness,
<br />credit to the account of the Borrower any balance remaimng in the
<br />funds accumulaled under the provision!. of la I of paragraph 2 hereof
<br />If there shall be a default under any of the proviSIons of Ihis
<br />mstrument resulting in a public sale of tbe premi~ covered bereb)',
<br />
<br />88- IOKEfu-
<br />
<br />tll II till' 1.l'mlcl 1ll:IIUlfC1I the pruperty nthcrwlsc afler ~f~It, the
<br />I.cm.ler \hllllllppl)'. atlhc time Ilf the commencement of such
<br />prnceedlng~. ur lit the tIme the prnperty is otherwise acquired, the
<br />halancl' then rcmlllDmg in Ihe funds accumulated under (a) of
<br />pllra(!rllph :! preceding. as a credit IIgainst the amount of principal
<br />then lemamlO!! unpaId under said nnlc
<br />
<br />4. Thai the Uorrower will pay grnund rent"" taxes, a5.'iC5Smenl'i.
<br />water rlltc.", and olher governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay the same; and thallhe
<br />Borrower will promptly deliver the official receipts therefor 10 Ihe
<br />Lender.
<br />
<br />5. The Borrower will pay all laxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby fbut
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will nOl malte this loan usurious), but excluding any
<br />income tax, State or Federal, imposed on Lender, and will file the
<br />official receipt showmg such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is prohibited by any
<br />law now or hereafter exisling from paying the whole or any portion
<br />of Ihe aforesaid laxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount 50 paid by the
<br />Borrower shall be credited on the debt, the lender shall have the
<br />right to 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 />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covt;nanl provided for in this instrument, then the Lender. at its
<br />option, may pay or perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said nOle, shall
<br />be secured hereby, and shall bear interest at lite rate set fonh in the:
<br />said note. unlil paid.
<br />
<br />7 That the Borrower hereby assigns, transfers and sets over to the
<br />Lender. 10 be applied loward the payment of Ihe note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said nole, aU the rents.
<br />revenucs and income to be: derived from the said premises during
<br />5uch time 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 />collecting the renl5, revenucs and income, and it may payout of said
<br />incomes all expenscs of repairing said premises and necessary
<br />commiSSIOns and expenses incurred in rentlng and managing the
<br />samc and of collecling 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 />hereaher erected on the property, insured as may be required from
<br />time 10 lime hy the Lender against loss by fire nnd other hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />ma)' be required by the Lender and will pay promptly, when due.
<br />any premiums on such insurance. provision for paymenl of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and Ihe policies and renewals
<br />thereof shall be: held by the Lender and have attaChed thereto loss
<br />payable clauses in fa \lor of and in form acceptable (0 the Lender. In
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<br />Page 2 01 5
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<br />HUD-121430T -,
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