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Borrow.r and Lender coven.nt and agr.. u. follow.: Vld~. ~II:::I:':I:~~ ~~~ Irhdeee:::'r:~h:l~ ~~:~~rfr:nP:y Installment due dale. 2. That, together with, and In addition 10, the monthly payments 01 r~~th:n:~e:;t ~V:~etD u~~et:~~~:" Olfh~h~rar:y ~~=h month unUl tho aald note Is fully paid, tho following sums: (a) A sum equal to the ground rents, If any. next due, plus the premiums that will next become due and payable on policies of fire and other h8!!!1d Insurance covering the property, plus tax,s and assessmen1a next due on the property (all as estimated by the lander) less all sums already pald therefor dlYlded by the number of months to elapse before one (t) month prior 10 the dale when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by lender in trust to pay sal.j ground rents, premiums, taxes and special assessments: and (b) All payments menlloned In the preceding subsection of this paragmph and all payments to be made under the note secured here- by shall be added together, and the ag9f'*te amount thereof shall be paid by the BOlTOWer each month In a single payment to be applied by the lender to the following Items in the order set forth: (I) ground rents, taxes, assessments. fire and other hazard insurance premiums: (II) Interest on the note secured hereby; (Ill) amortlzallon of the principal of said note; and (IV) Ioto charges. Any deficiency In the amount of such aggregate monthly payment shaD, unless made good by the Borrower prior to the due date of the next such payment, constitute an event of default under this mortgage. The lender may coUect a "tate charge" not to exceed four cents (4c) 'or aach dollar ($1) of aach paymenl more Ihan fifteen (15) days In arrears to cover the extra expense Involved In handling delinquent payments. 88-106661. 4. That the Borrower will pay ground rents, laxes, aSsBssments, wator rates, and olher governmental or munIcipal charges, noDI, or ImposItions, for which proVision has not been made herelnbatore, and In default thereot the lender may pay tho 58mo: and that tho Borrower will promplly deliver !he official recelpts therefor to the lender. 5. Tho Borrower will pay an taxes which may be levied upon the lender's Interest In said real estate and Improvements, and which may ~oe tl~I~:~~h~~I:J~~':~':t P:h:~~~~ =:~ ~~t~ t~:t~~t that such wDI not MIlke this loan usurious), but S)lcludlng any Income tax, Stato or Fed...l, Imposed on Lender. and wlH fila the ofilclal receipt showing such payment with the lender. Upon vlolaUon of this under. taking, or" the Borrower Ie prohibited by any law now or hereafter existing from paying the whole or any portion of the aforesaid laxes, or upon the randertng of any court decree prohibiting the payment by the Borrower of any such taxes. or If such law or deaee provides that any amount so paid by the Borrower shaD be credited on the debt. the lender shall have the right to give ninety days' written notice to the owner or the premises, requiring the payment of the debt. II such noUce be given, the said debt shan become due, payable and conect- Ible at the explraUon of said ninety days. 6. That should the Borrower fall to pay any sum or keep any covenant provided for In this instrument. then the lender, at Its opUon, may payor perfonn the same.. and aD expenditures so made shall be added to the principal sum owing on the said note, shaD be secured hereby, and shaD bear interest at the rate set forth In the said note, until paid. 7. That the Borrower hereby assIgns. transfers and sets over to the lender, to be applied toward the payment of the note and aD sums secured hereby In case of a defaurt In the penonnance of any of the tenns and conditions of thls Instrument or the said note, aU the rents, revenues and income to be derived from the said premises during such time as the Indebtedness shaD remain unpaId, and the lender shaD have power to appoint any agent or agents It may desire for the pur- pose ot repabing said premises and of renting the same and co11ecllng the rents, llNenues and Income. and it may payout of said Incomes aA expenses of repairing saki premises and necessary commissions and ppenses incurred in renUng and managing the same and of coUecting rentaJa therefrom: the balance remaining, if any, to be sppUed toward tha dlschargo of said Indebtedness, 3. That" the total of the payments made by the Borrower under (a) of paragraph 2 preceding shall exceed the amount or payments IIctudy made by the lender for ground rents. taxes and assessments or insurance premiums. as the case may be, such excess, It the loan Is current, .t the opUon of the Borrower, shaD be aediled by the B. That the BOllOWer will keep the improvements now existing or lendEr on subaequent payments to be made by the Borrower, or hereafter erected on the property, insured as may be required from refunded to the Bonower. n. however, the monthly payments made Ume to time by the lender against loss by fire and other hazards, by the Borrower under (e) of paragraph 2 preceding shaD not be casualties and con&lgencies in such amounts and for such periods as sufficient to pay ground rents, taxes and assessments or InS!Jl'Bnce may be required by the lender and wiD pay promptly, when due. any premiums. as the case may be. when the same shall become due and premiums on such Insurance. provision for payment of which has not payable. then the Borrower shall pay to the Lender any amount been made hereinbefore. AlIInSUl1U1C8 shaD be canted In companies neteSsmy to make up the deficiency. on or before the date when approved by the lender and the policies and renewala thereof shall be payment of such ground rents, taxes, assessments, or insurance pre- held by the lender and have attached thereto loss payable clauses In m1ums shan be due. If at any time the Borrower shaD tender to the favor or and In fonn acceptable to the lender. In event of loss lender. In accordance with the provisions of the note secured hereby. Borrower wIU give lrnmediate notice by mail to the lender. who may lull payment of the entlro Indebtedn..s represented thereby. tho Lender make proot of loss K not made promptty by Bonowar. and each shaD. In computing the amount of such Indebtedness, credit to the Insurance company concerned ts hereby authorized and directed to account of the Borrower any balance remaining In the funds acaun.. make payment for such loss directfy to the lender insteed 01 to the ulated under the provisions of (a) of paragraph 2 hereof. It there shaD BOllOWer and the lender Jointly, and the insurance proceeds. or any be a default under any of the provisions of this instrument resulting in part thereof. may be applied by the lender at Its option either to the a public sale of the premlses covered hereby. or If the lender ac- reductlon of the Indebtedness hereby secured or to the restoration or quires the property othl!lWlse after default, the Lender shan apply, at repair ot the property damaged. In event of foreclosure otthls Instru- the time of the commencement or such proceedings, or at the Urne ment or other transfer of title to the mortgaged property In extinguish. the property Is otherwise acquired. the balance then remaining In the ment ot the Indebtedness secured hereby, aD right, title and interest funds accumulated under (8) of paragraph 2 preceding. as a credit of the Borrower In and to any Insurance poUcies then in force shaD against Ihe amount of principal then remaining unpaid under said note. pass to the purchaser or grantee. F4JJJ.cn 110/88) 220819254 HUD-92143-DT Page 2 of 5