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<br />Borrower and Unider covenant and agree as follows:
<br />1. That Borrower will pay the indebtedness, as hereiubefore
<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 to, the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, the Borrower will pay to the Lender, 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 />*" ments next due on the property (att aae5dr m ed, Ar;t a Lender)
<br />4ci�s a.4 sums already paid therefor divided fbu the mumbbsrr of months
<br />o. dagtse i�ef=. ome (1) month prior to the rdnae avbw sweb MwvAd
<br />Mm pmmimmms, taxes and assessments will become deNqw.8U. such
<br />suuitrs to be heldl 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 be 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 />(I) ground rents, taxes, assessments, fire and other Ward insur-
<br />ance premiums;
<br />(II) interest on the note secured hereby.
<br />(111) amortization of the principal of said note; and
<br />(IV) 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. coastittite an event of default under this
<br />mortgage. The Lender may ci ject a "late charge" not to exceed four
<br />cents (40) for each dollar ($ 1) U each payment more than fifteen
<br />I 151 dayc in arrears to rover the extra exoense involved in handling
<br />uialia quent payments.
<br />3. That if the total of tbe. payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceedi.zbe amount of payments
<br />acxudly made by the lender for ground rents, taxes and assessments
<br />or insurance premiums, as the case may be, such excess. if the loan is
<br />consent, at t se option of the Borrower. shall be credited by the
<br />fender on subsequent payments to be maize by the Borrower. or
<br />refunded to the Borrower. If, however, the munthiv payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall: not be
<br />sufficient to pay ground rents, taxes and assessments or1mrance
<br />premiums, as the case may be, when the same shaft become due and
<br />payable, then the Borrower shall pay to the Under any amount
<br />necessary to make up the deficiency, on orbefore the date when
<br />payment of such ground rents. taxes, assessments, or i.- M-manc8
<br />premiums shall be due. if at any time the Borrower sPaa rt=46 to
<br />t Lender, in accordance with the provisions of the norms secured '
<br />hereby, full payment of the entire indebtedness represented thereby.
<br />the Lender shall. in computing 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 then shall be a default under any of the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
<br />or if the Lender acquires 1110 property otherwise after default, the
<br />Lender shall apply, at the lima of the rommurimmcnt of such
<br />proceedings, or at the time the property is otherwise acquired, the
<br />balanvv 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 tinder said note.
<br />4. That the Borrower will pay ground rents, taxes, 4&wmolents.
<br />water rates, and other governmental or municipal charges, firs, or
<br />impositions, for which provision has not been made hercinbefore.
<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 />5. The Bomewer will pay all, taxes which may be levied open pi,
<br />Lender's interest in said real estate had i*VxavarnenL%, v.K1 °Arm,
<br />may be 7xvied nport x' N ims mment vbrr the dWbt secutsW P.wmby (but
<br />only to the extenx that suvb..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 receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is prohibited by any
<br />law now 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 duo, 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, then 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 rate set forth in the
<br />said note, until paid.
<br />7 . i fiat ton Doriower bereby a siigrits, tr ari e'rs aF4 sets O'vei rG i6i
<br />Lender. to be applied toward the payment of the note and all sums
<br />secured 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-pmmism during
<br />such, time as the indebtedness shall remain unpaid; and the Lender
<br />shall have 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 pay 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 />8. That the Borrower will keep the improvements now existing or
<br />hereafter erexted on the property, insured as may be required from
<br />time to time by the Lender against loss by fire and other hoards,
<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. to
<br />0 0:rs ...
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