|
<br />88-106453
<br />
<br />Borrower and under covenant ond agree all follows:
<br />
<br />I. That Borrower wi!! pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to par the debt in whole or in
<br />part on any instoIlmen! due date.
<br />
<br />2. That. together with. and in addition 10, the monthly
<br />payments of principal and intere.;t payable under the lenns of
<br />the DOle s~ured hereby, the Borrower will pay 10 the Lender.
<br />on the first day of each month until the said note is fully paid,
<br />the following sums:
<br />
<br />(a) A sum equal to the ground rCilLs, if any. oe,,[ due. plus
<br />the premiums that will next become due and payable on policies
<br />of fire and other hll7.ard insurance covering the property, plus
<br />taxes and ~~sessments next due on the property (all as estimated
<br />by the LenuerJ less all sums already paid therefor divided by the
<br />number of months to elapse before one (i) month prior to Ihe
<br />date when such ground rents, premiums, taxes and assessments
<br />wilJ become delinquent, such sums 10 be held by Lender in trust
<br />to pay said ground rents, premiums, taxes and speCial
<br />assessments; and
<br />
<br />(b) All payments mentioned in the preceding subsection of
<br />this paragraph and all payments to be made under the nOle
<br />secured hereb)' shall be added together, and Ihe aggregate
<br />amount Ihereof shall be paid by the Borrower each month in a
<br />single paymenl 10 be applied by Ihe lender to the following
<br />ilems in the order set forth:
<br />
<br />(II ground rents, taxes, assessmenlS, fire and olher hazard
<br />insurance premiums;
<br />
<br />(II) interest on the note secured hereby;
<br />
<br />(l1J) amOrtizalion of the principal of said note; and
<br />
<br />(lVI late charges.
<br />
<br />An)' deficiency in the amount of such aggregate monthly
<br />payment shall, unless made good by the Borrower pnor to the
<br />due date of the next such payment, constitute an C'vent of
<br />dC'fault under this mortgagC'. The lender may collect a "late
<br />chargC''' n01 to C'xeeed four cents (4):) for each dollar ($11 of
<br />each payment more than fifteen OS) days in arrears 10 co\'et the
<br />extra expense involved in handling delinquent paymenb
<br />
<br />3. That if the lotal of the payments mode b!-' the Borrower
<br />under (a) of paragraph 2 preceding shaJl exceed Ihe amount of
<br />payments actually made by the Lender for ground renlS, UUe!O
<br />and assessments or insurance: premiums. as Ihe C8!0e may be.
<br />such CJlce~s, if the loan is current. at the option of the
<br />Borrower, shall be credited by the Lender on subsequent
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower. 1 f, however, the monthly payments made by Ihe
<br />Borrower nnder (a) of paragraph 2 preceding shall nOI be
<br />sufficient to pay ground rents, taxes and as.sessments or
<br />insurance premiums, as the case may be. when the same shall
<br />become due and payable. then the Borrower shall pay to Ihe
<br />Lender any amount necessary to make up the deficiency, on or
<br />before the date when payment of such ground rents. tlUes.
<br />assessments, or insurance premiums shall be due, If Df any time
<br />the Borrower shall tender to the Lender, in accordanl% y,;th the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtednC!os represenled thereby. the Lender shall. in compuling
<br />the amount of such indebtedness, credit to the account of the
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale of the premises covered hereby, or if the Lender
<br />
<br />acquires the propen)' Olherwi5e after default. the Lender shall
<br />apply, al the time of Ihe commencement of such proceedings, or
<br />3t the time the property is otherwise acquired. the balance then
<br />remaining in Ihe funds accumulated under (a) of paragraph 2
<br />preceding. as a credit against the amount of principal then
<br />remaining unpaid under said note.
<br />
<br />4. That Ihe Borrower will pay ground rents, taxes,
<br />assessments, water rates, and other governmental or municipal
<br />charges, rines, or impositions, for which provision has not been
<br />made hereinbefore, and in ddault thereof the Lender may pay
<br />the saJT,!!; and that the BOITo'Ner will promptly deliver the
<br />official receipts therefor 10 the Lender.
<br />
<br />5. The Borrower \'o;l! pay all tales which may be levied upon
<br />the lender's interesl in said real estate and improvements, and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only to the eXlent thai such is not prohibited by law
<br />and only to the extent Ihal such \\;11 not make this loan
<br />usuriousl, but e",duding any income tax. State or Federal,
<br />imposed on Lender. and will file the official receipt showing
<br />~uch payment "'ilh the Lender. Upon violation of this
<br />undertaking. or if the Borrower is prohibited by any law now or
<br />herearler e~isting from p:J.!-;ng the whole or any portion of the
<br />aforesaId taxes, or upon the rendering of any court decree
<br />prohibitlDg the paymenl by the Borrower of any such taxes, or
<br />if such law or decree provides that any amount 50 paid by the
<br />Borrower shall be credited on the debt, the Lender shall ha,'e
<br />the righl to give ninet)' days' wrillen nOlice to the O\mer of the
<br />premises. rtquiring the payrnenl of the debt. If such notice be
<br />gh"en. Ihe said debt shall become due. payable and collectible at
<br />the e:.:piralion of said ninety days.
<br />
<br />b" That should the Borrower fail to pay any sum or keep any
<br />o:m'enant prO\"ided for in tbis insuument. then the Lender. at its
<br />option. may payor perform the same, and alJ expenditures so
<br />made shall be added to the principal sum o\1tiog 00 the said
<br />note. ~hall be secured hereby, and shall bear interest at the rate
<br />\C1 forth in the said notC', until paid.
<br />
<br />i" Thai the Borrower hereby assigns. transfers rmd sets over
<br />to Ihr- Lender, 10 be applied toward the payment of Ihe note
<br />and all sums secured hereby in case of a default in the
<br />performance of any of the terms and conditions of this
<br />mstrumenl or the said note. all the rents, revenuC5 and income
<br />10 be derh"ed from the said premiso during such time as the
<br />mdehlerlness shall remain unpaid. and the lC'tlder shall have
<br />po"'er 10 appoint an)' agent or agents it may desirc for the
<br />purpose of repairing said premises and of renting the samc and
<br />collecting the rents. revenues and income. and it may payout of
<br />!.aid incomes all expenses of repairing said premises and
<br />necessary commissions and expenses incurred in renting and
<br />managing Ihe same and of collecting rentals therefrom; the
<br />balanl% remaining, if any, to be applied toward the discharge of
<br />wd indebtedness.
<br />
<br />8. Thai the BorrowC'r will leep the improvements now
<br />eosting: or hereafter erected on the property, insured as mal' be
<br />required from time to time by (he Lender against loss by fire
<br />and olher hazards, casuallies and contingencies in such amounts
<br />and for such periods as may be required by the Lender and \1tilJ
<br />pay promptly, \I.'hen due. any premiums on such insurance,
<br />provision for payment of which has not been made
<br />hereinbefore. All insurance shall be carried in companies
<br />zpproved by the Lender and the policies and renewals thereof
<br />shall be held by the LC'nder and ha\o'l: auached thereto loss
<br />payable clauses in fa\'or of ond In form acceplable to Ihe
<br />
<br />j
<br />
<br />-'
<br />
<br />Page 2 of 5
<br />
<br />HUD.92143DT.1
<br />
<br />J
<br />
|