|
<br />Rorrowrr and Lender cO\lenllnl and Igree as rollow5:
<br />
<br />I, Thol Uarrower will pay th~ ind'.:btcdncs5. liS hereinbefore
<br />provided. Privilege is rc."crvcd to pay the debt in whole or in plUl un
<br />Bny Instllllmenl duc dllle.
<br />
<br />2. Thai, IOgcthcr ~'il:' llr:~ in addilimi la, the monlhly paymenls
<br />of principal and intf~ :/:' il"'r!i~'IC under Ihe terms of Ihe nole secured
<br />hereby, Ibe Borrower ~,', pay to tbe Lcndcr. on Ihe fi"l day of each
<br />month unlil Ihe sai~1 nOle is fully paid. the following sums:
<br />
<br />(al A sum equal 10 Ihe ground rents, if any, ne>! due, plus the
<br />premiums that will next become due and payable Oil policies of fire
<br />and olher hazard insurance covering the property, plus laXt" and
<br />essessments ncxl due on tbe propeny (all as eSlimaled by rhe Lender)
<br />less all 5ums already paid therefor divided by the number tlf months
<br />to elapse before one (I) monlh prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deliqucnl, such
<br />sums to be held by Lender in trusllo pay said ground rents,
<br />premiums, taxes and special assessments; and
<br />
<br />(b) All payments meDlioned in the preceding subsection of Ihi!'
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added together. and Ihe aggregate amountthereol
<br />shall be paid by the Borrower each month in n single paymenl 10 he
<br />applied by Ihe Lender to the following ilems in the order ~et forlh'
<br />
<br />(I) ground renls, taxes, assessments. fire and other hlll,aHJ insur-
<br />ance premiums;
<br />
<br />(II) interest on the note secured hereby;
<br />
<br />(III) amorlizalion of Ihe principal of said note; and
<br />
<br />(IV I late cbarges,
<br />
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless made good by the Borrower prior to the due date of the
<br />next such payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents {44:) for each dollar ($1 ) of each payment more than fifteen
<br />(IS) days in arrears to cover the extra expense involved in handling
<br />delinquent paymtnl".
<br />
<br />3, Thai if the total of Ihe paymeots medc by the Borrowcr uoder
<br />(al of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the Lender for ground rents, tax~ and assessments
<br />or insurance premiums, as the case may be, such excess. if the 103n is
<br />current. at the option of the Borrower. shall be credited by the
<br />Lender on subsequent paymen15 to be made by the Borrower, or
<br />refunded to the Borrower. If. however. the monlhly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient 10 pay ground rents, taJl.es and assessments or insurance
<br />premiums. as the case may be. when Ihe same shall become due and
<br />payable, then Ihe Borrower shall pay to the Lender any amounl
<br />necessary to make up the deficiency. on or before Ihe date when
<br />payment of such ground rcnts, taxes. assessments, or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender. in accordance wilh the provisions of the note secured
<br />hereby, full paymenl of Ihe entire indebtedness represented Ihereb~'.
<br />Ihe Lender shall. in computing the amount of such indebtedness.
<br />credit to the account of the Borrower any balance remaining in lhe
<br />funds accumulated under the provisions of (a I of paragraph 2 hereof.
<br />If Ihere shall be a default under any of the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
<br />
<br />88---10-107-7--
<br />
<br />or ir the Lcnder DCtlUlreS Ihe properly ulhcrwisc after default. Ihe
<br />Lender ~hallllpply. allhe lime (If Ihe commencement of such
<br />proceedings, or Dlthe lime Ihe proJlCrly is olhcrwisc acquired, Ihe:
<br />balance then remaining inlhc fund5 accumulated under (a) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said nute.
<br />
<br />4, Thatlhe Horrower W.m pay ground rcnlli, taxes, assessments.
<br />waler rates, and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default lhereof the Lender may pay Ihe same; and Ihat the
<br />Borrower will promptly deliver tbe official rcceipts therefor to the
<br />Lender.
<br />
<br />S, The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estale and improvemen15, and which
<br />may be levied upon Ihis instrumenl or the debt secured hereby (but
<br />only to the eXlenlthat such is not prohibiled by law and only to the
<br />extent that such will not make this lonn usurious), bUI excluding any
<br />income tax. State or Federal. imposed on Lender. and will file Ihe
<br />official receipt showing such payment with Ihe Lender. Upon
<br />viulation of this undertaking, or if the Borrower is prohibited by any
<br />law now or hereafter existing from paying Ihe whole or any portion
<br />of the aforc.<;aid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by lhe Borrower of any such taxes. or if
<br />such law or decree provides that any amounl so paid by Ihe
<br />Borrower shall be credited on the debt. the Lender shall have the
<br />right to give ninety days' wriuen notice to the owner of the premises.
<br />requiring the payment of che debt. If such notice be given, the said
<br />debt shall become due. payable and collectible al the expiralion of
<br />said ninety days.
<br />
<br />b. That should Ihe Harrower 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 made
<br />shall be added to the principal sum owing on the said nOle, shall
<br />be secured hereby. and shall bear interest al the rate set forth in the
<br />said note. until paid.
<br />
<br />7. That the Borrower hereby assigns, transfers and sel5 over to the
<br />Lender, 10 be applied toward the payment of Ihe nole and all sums
<br />secured hereby in case of a default in the performance of any ofthe
<br />terms and conditions of this instrument or the said nole. alllhe rents.
<br />revenues and income to be derived from the said premises during
<br />such time as the indebledness shall remain unpaid, and the Lender
<br />shall have power to appoinl any agent or agents it may desire for Ihe
<br />purpose of repairing said premises and of renting the same and
<br />collecting the renlli. revenues and income. and it may pay oul of said
<br />incomes a1l expenses of repairing said premises and necessary
<br />commission!. and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; Ihe balance remaining, if
<br />any. to be applied loward 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 to time by the Lender against loss by fire and other hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />may be required by the lender and will pay promptly, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall be held by the lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
<br />
<br />'l.!.n~.:.
<br />
<br />Page 2 015
<br />
<br />HUD.92U3DT.1
<br />
|