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<br />89.
<br />Borrower and !.ender covenant and agree as follows*
<br />I. That Borrower will pay the indcbfedri s, as hercinheRne
<br />provided. Privilege is reserved to pay the debt in whole or in part on
<br />any installment due date.
<br />2. That, together with, and in addition t(% the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, the Borrower will pay to the tinder, on the first day of each
<br />month until the said note is fully paid, the following sums:
<br />(a) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of fire
<br />and other hazard insurance covering the property, plus taxes and
<br />assessments next due on the property (all as esffixated by the Lender)
<br />leas all sums already paid therefor divided by the number of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deliquent, such
<br />sums to be held by Lender in trust to pay said ground rents,
<br />premiums. taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragraph and all payments to he made under the note secured
<br />hereby shall be added together. and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taxes, assessments. fire and other haracd insur-
<br />ance premiums;
<br />(11) interest on the note secutea hereby;
<br />(Ill) amortization 4A the principal of said ivaie; and
<br />(1V) late charges.
<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 />sartg4a .c. The Le.-OW r^.:; .:; !1= s "lase r.hm —ge ' not to exceed four
<br />ants (40 for each dollar (SI kof each payment more than fifteen
<br />(IS) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the lender for ground rents, taxes and assessments
<br />& insurance premiums, as the case may be, such excess, if the loan is
<br />current, at the gption of the Borrower, shall be credited by the
<br />Lender on subsequent payments to be made by the Borrower, or
<br />refunded to the Borrower. If., however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents,'taxes and assessments or insurance
<br />premiums, as the case may be, when the same shall become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby,
<br />the Lender shall, in competing the amount of such indebtedness,
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph'.2 hereof.
<br />If there shall be a default under any of the provisions of th; s
<br />iemument resulting in a public sale of the premises covered hereby,
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<br />10000
<br />or if the lender acquires the property otherwise after default, the
<br />Lender shall apply, at the time of the commencement of such
<br />proceedings, or at the time the property is otherwise acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates, and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />S. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make this loan usurious), but excluding any
<br />income tax, State or Federal, imposed on Lender, and will file the
<br />official rec apt showing such payment with the Lender. Upon
<br />vWadon of this undertaking, or if the Borrower is prohibited by any
<br />law stow or hereafter existing from paying the whole or any portion
<br />of the aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given. the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, that the Lender, at its
<br />option, may pay or perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby, and shall bear interest at the ate set forth in the
<br />said nuts, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender, to be applied toward the payment of the note and all sums
<br />s tared hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said note, all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint any agent 6tgetns 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 fray out of said
<br />incomes all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />g. That the Borrower will keep the improvements now existing 6ir
<br />hereafter erected on the property, insuralas 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 wail 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
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