|
<br />l
<br />
<br />Borrower and ul1der connant and Igree as follows:
<br />
<br />1. That Borrower win pay the indebtedness. as hereinbefore
<br />provided. Privilege Is rC5p.rvcd _0 pay the jcbl irv whole or in
<br />pan on any installmerr; .:::: .j'j.:e.
<br />
<br />2. That, together with. and in addition to. the monthly
<br />payments of princlpld and interest payable under the terms of
<br />the nOle secured hereby I the: Borrower will pay to the lender.
<br />on the first day of each month unlillhe said nole is funy paid.
<br />the following sums:
<br />(a) A sum equal to ihc ground rents, if any. next due, plus
<br />the premiums that will next become rille and payable on po1icies
<br />of fire and other hazard insurance covering the property. plus
<br />taxes and assessments next due on the property (all as estimated
<br />by the Lender) less nil sums already paid therefor divided by the
<br />number of months to elapse before one (I) month prior to the
<br />date when such ground rents, premiums. taxes and assessments
<br />will become delinquent, such sums to be held by Lender in trust
<br />to pay said ground rents, premiums. taxes and special
<br />assessments; and
<br />(b) All payments mentioned in the preceding subsection of
<br />this paragraph and aU payments to be made under the note
<br />secured hereby shall be added together. and the aggregate
<br />amount thereof shall be paid by the Borrower each month in a
<br />single payment to be applied by the Lender to the following
<br />items in the order set forth:
<br />(I) ground rents, taxes, assessments. lire and other hazard
<br />insurance premiums;
<br />(II) interest on the note secured hereby;
<br />(III) amortization of the principal of said note; and
<br />(IV) lale charges.
<br />Any deficiency in the amount of such aggregate monthly
<br />payment shall. unless made good by the Borrower prior to the
<br />due date of the next such payment, constitute an event of
<br />"default under this mongage. The Lender may collect a "late
<br />charge" not to exceed four cents (4ft) for each dollar ($1) of
<br />each payment more than fifteen (IS) days in arrears to cover the
<br />extra expense involved in handling delinquent payments.
<br />
<br />3. That if the total of the payments made by the Borrower
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes
<br />and assessments or insurance premiums. as the case may be,
<br />such excess. 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. If, however. the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents. taXes and assessments or
<br />insurance premiums, as the case may be, when the same shall
<br />become due and payable. then the Borrower shall pay to lhe
<br />Lender any amount necessary to make up the deficiency. on or
<br />before the date when payment of such ground rents, taxes.
<br />assessments. or insurance premiums shall be due. If at any time
<br />the Borrower shall tender to the Lender. in accordance with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall. in computing
<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 (al of paragraph 2 hereof. If there shilll he a
<br />default under any of the provisions of this instrument resulting
<br />!n a public sale of the premises covered hereby, or if the Lender
<br />
<br />88- 107018
<br />
<br />acquires Ihe property otherwise ufter derlmll, Ihe Lender shall
<br />apply, ot the time of lhe commencement of such proceedings, or
<br />al the timc lhe property Is otherwlsc acquired, the balance then
<br />remoining in the funds accumulated under (0) of paragraph 2
<br />preceding, as a credit against the amount of principal then
<br />remaining unpaid under 5a.ld note.
<br />
<br />4. That the Borrower will pay ground rents, laxes,
<br />assessments, waler rates, and other governmental or municipal
<br />charges, fines, or impositions. for which provision has not been
<br />made hereinbefore, ond in default thereof the Leqder may pay
<br />the same; and that the Borrower will promptly deliver the
<br />official receipts therefor to the Lender.
<br />
<br />S. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements, and
<br />which may be levied upon this instrument or the debt sccured
<br />hereby (but only lO lhe extenl that such Is not prohibited by law
<br />and only to the extent that such will not make this loan
<br />userious). but ex.cluding any income tax. State or Federal,
<br />imposed on Lender, and will file the official receipt showing
<br />such payment with the Lender. Upon violation of this
<br />undertaking, or if the Borrower is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid laxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes. or
<br />if su.:h law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt. the Lender shall have
<br />lhe right to give ninety days' written notice to the owner of the
<br />premises, requiring the payment of the debt. If such notice be
<br />given, the said debt shall become due. payable and collectible at
<br />the expiration of 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 the Lender. at its
<br />option, may payor perform the same. and all expenditures so
<br />made shall be added to the principal sum owing on the said
<br />note, shall be secured hereby, and shall bear interest at the rate
<br />set forth in the said note, until paid.
<br />
<br />7. That the Borrower hereby assigns, transfers and sets over
<br />to the Lender. to be applied toward the payment of the 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 />instrument or the said note, all the rents, revenues and income
<br />to be derived from the said premises during such time as the
<br />indebtedness shall remain unpaid, and the Lender shall have
<br />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 rents, revenues and income. and it may payout of
<br />said incomes all expenses of repairing said premises and
<br />necessary commissions and expenses incurred in renting and
<br />managing the same and of collecting rentals therefrom; the
<br />balance remaining, if any. 10 be applied toward the discharge of
<br />said indebtedness.
<br />
<br />8. That the Borrower will keep the improvements now
<br />existing or hereafter erected on the property. insured as may be
<br />required from time to time by the Lender against loss by fire-
<br />and other hazards. casualties and contingencies in such amounts
<br />and for such periods as may be required by the Lender and will
<br />pay promptly, when 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 />approved by the Lender and the policies and renewals thereof
<br />shall be held by the Lender and have attached .lhereto loss.
<br />payable clauses in favor of and in fonn acceptable to the
<br />
<br />.J
<br />
<br />j
<br />
<br />Page 2 of 5
<br />
<br />..J
<br />
<br />HUD-92143DT-'
<br />
|