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<br />Borrower anll under cO\'l'oant and 8glft! as follows:
<br />
<br />88_106567
<br />
<br />1. That Borrower will pay the indebtedness. as hereinbefore:
<br />provided. Privilege is reserved to pay the debt in whole or in
<br />pan on any installment due date.
<br />
<br />2. That. together with, and in addition to, the monthly
<br />payments of principal Wld interest payable under the terms of
<br />the note secured hereby, the Borrower will pay to the Lender.
<br />on the first day of each month '1ntilthe said nole is fully paid,
<br />the following sums:
<br />
<br />(a) A sum equal to the ground rents. if any. next due. plus
<br />the premiums thsl will next become due and payable on policies
<br />of fire and other haz.ard insurance eOllenng the property, plus
<br />taxes and assessments next due on the property (all as estimated
<br />by th~ Lender) Icss all sums already paid therefor di\ided by the
<br />number of months 10 elapse before one (1 I month prior [0 the:
<br />date when such ground rents. premiums. taJiCS and assessments
<br />will become delinquent. such sums to be held b)' Lender in trust
<br />to pay said ground rent!., premiums, taxes and special
<br />assessments; and
<br />
<br />(bl All payment!. meOlioned in the preCC'ding subsection of
<br />this paragraph and all payments 10 be made under the note
<br />secured hereby shall be added together. and the aggregate
<br />llIIlount thereof shan be paid by the Borrower each month in a
<br />single payment to be applied by Ihe Lender to the follo"ing
<br />items in the order set forth:
<br />
<br />(I) ground renB. taXes, asSe5sments. fire and olher hazard
<br />insuranCC' premiums;
<br />
<br />(11) iDlerest on the notc secured hereb)';
<br />
<br />(Ill) amortization of the principal of said nOlc; and
<br />
<br />(IV) late charges,
<br />
<br />Any deficiency in the amounl of such aggregate monthly
<br />payment shall, unless made good by the Borrower prior to thc
<br />due date of the next such pa~'IDent. constitutc an C\'eDt of
<br />default under this mortgage, The Lender may collect a "laiC
<br />charge" nOI 10 c:xceea four cents (4tl:) for each dollar ($1) of
<br />each paymem more than fifteen (IS) days in arrears to cova the
<br />extra expense involved in handling delinquent payments.
<br />
<br />3, That if the total of the payments made b}' the BOrTO\o'ieT
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents. t..axes
<br />and asseuments or insunmCC' premiums. as the ~ may be,
<br />such c:xcess, if the loan is current, at the option of the
<br />Borrower. shall be credited by the Lender on subsequem
<br />payments to be made b}' the Borrower. or refunded to th:
<br />Borrower. If. hov.'ever. the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be:
<br />sufficient 10 pay ground rents, taxes and assessments or
<br />insurance premiums, as the aue may be. when the same shall
<br />become due and payable, Ihen the Borrower shall pay to the
<br />Lender any amount necessary to mnke up the deficiency. on or
<br />before the date when payment of such ground rents. We5.
<br />assessments, or insurance premiums shall be due, If at any time
<br />the Borrower Iihall tender to the Lf..'nder. in accordance v.ith the
<br />provisions of the note secured hereby, full pS)'Illent of the entire
<br />indebtedness represented thereby. the Lender shall, in computing
<br />the amouDI of such indebtedness. credit to the account of the
<br />Borrower any balance remainina in the funds accumulated under
<br />the provisions of (a. of paragraph 2 hereor. If there shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale of Ihe premises co\'ered hereby. or if the Lender
<br />
<br />acquires the property otherwise after default. the Lender shall
<br />apply, at the time of the commencement of such proceedings, or
<br />at the time the propert}' is othenvise acquired, lhe balance then
<br />re:maining in the 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 the Borrower will pay ground rems. taxes.
<br />assessments, watc:r rates. and other governmental or municipal
<br />charges, fines. or impo~itions. for which provision has not been
<br />made hereinbefore. and in default thereof the ~der may pay
<br />the same; and that the Borrower '\\-ill promptl). deli\'er the
<br />official receipts lherefor to the Lender.
<br />
<br />5. The Borro.....er ",ill pay all ta'l:CS which may be levied upon
<br />lhe Lender'!. interest in s&id real estate and improvements, and
<br />which may be Ie\ied upon this instrumenl or the debt secured
<br />hereby (but only 10 the extent that such is not prolullited by law
<br />and only to the e:xtent that such will nOl make this loan
<br />usurious), but excluding any income tax, State or Federal.
<br />imposed on Lender. and I.\ill fill: the official receipt shov.ing
<br />such payment ",ith the Lender. Upon \iolation of this
<br />undertaking, or if the Borrower is prohibited by any law now or
<br />hereafter existing from pa~ing the whole or any portion of the
<br />aforesaid taxes. or upon the rendering of any coun decree
<br />prohibiting Ihe payment b~' the Borrower of any such taxes. or
<br />if such law or decree prO\ides that any amounl 50 paid by the
<br />Borrower shall be credited on the debt, the Lender shall ha\'e
<br />the right to give ninety days' v.rinen notice to the o.....ner of the
<br />premises. requiring the payment of the debt. If such notice be
<br />gi\'en. the said debt shall become due. payable and collectible at
<br />the expiration of said ninc:}' da}'!i.
<br />
<br />6, That should the Borrower fail to pay an}' sum or keep an~'
<br />covenant prmided for in this instrument. then the Lender. at its
<br />option. ma}' pa~ or perform the same. and all apendit~ so
<br />made shall be added to the principaJ sum o~...ing on the said
<br />note, shall be secured hercb\', and shall bear inten:st at the mle
<br />set forth in the said nole., utail paid.
<br />
<br />7, That the Borro......er hereby assigns, uansfers and sets O\:er
<br />to the Lender. to be applied tov.'ard the payment of the note
<br />and all sums secured herth)' in case of a default in the
<br />performance of an}' or the t~ and conditions of this
<br />instrument or the said note, all the rents, Te\'enues and income
<br />to be derilled from the said premises during such time as the
<br />indebledne5s shall remain unpaid. and the Lender shall have
<br />po.....er 10 nppoinl an}' agent or agents it ma}' desire for the
<br />purpO!oc of repairing said premises and of renting the same and
<br />collecting the rents, fe1o'enues and income. and it may pa)' out of
<br />,-aid income" all expenses of repairing said premises and
<br />neccnary commission!. nod expenses incurred in renting and
<br />mannging the same and of collecting rentals thc:reJrom; the
<br />balance remaining, ir any. to be applied tou.1lrd the discharge of
<br />!>aid indcblednC!l!io,
<br />
<br />8, Thai Ihe Borrower "ill keep the impro\'ements no.....
<br />euning or hereafter erected on the propcr1}'. insured as may be
<br />required from lime to time' by the Lender against loss by flCe
<br />and olher hamrds. casualtie!. and contingencies in such amounts
<br />and for such periods as may be required by the Lender and v.ill
<br />pay promptly, when due. any premiums on such insuranCC'.
<br />pro\ision for payment of which has not been made
<br />hereinbefore. All insuranCC' shall be carried in companies
<br />approved by the Lender and Ihe policies and renewals thereof
<br />shall be held by the Lender and have attached thereto los.s
<br />payable clauses in favor or and in form acceptable to the
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<br />Page 2 of 5
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<br />HUD.92143DT.1
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