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(� Borrower and Lender covennt and agree as follows;
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is rescr od to pay the debt in whole or in
<br />put on any installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable under the terms of
<br />the note secured hereby, the Borrower will pay to the Lender,
<br />on the first day of each month until the said note is fully paid.
<br />the following sums:
<br />(a) A sum equal to the ground rents, if any, next due, plus
<br />the premiums that will next bo.,ome due and payable on policies
<br />of fire and other hazard insr=mxe cover ng the property, plus
<br />taxes and assessments nem due Qvn the. property (all as estimated
<br />by the Lender) less all sums., 2"-Ady pairs thimfor divided by the
<br />number of months to elapse t+. om atie (1) month prior to the
<br />date when such ground rents„ prentiubis, taxes and assessments
<br />will become delinquent, such sums to I* held by Lender in trust
<br />to pay said ground rents, premiums. tnx ;s and special
<br />assessments; and
<br />(b) All payments mentioned in the. preceding subsection of
<br />this paragraph and all 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 />(1) ground rents, tayes, assessments: fire and other hazard
<br />insurance premiums;
<br />(11) interest on the note ,smured hereby;
<br />(Ill) amortization of the principal;of said note; and
<br />(IV) late 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 mortgage. The Lender may collect a "late
<br />charge" not to exceed four rents (4¢) for each dollar ($I) of
<br />earn payment more than fifteen (15) days in arrears to cover the
<br />carts expense involved in hattd1lftS: delinquent payments.
<br />3. That if the total of the pa ends., made by the Borrower
<br />under (a) of paragraph 2 pyre ing'shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes
<br />and assessments or insurans a 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 />iii wance premiums, as the case may rte, when the same shall
<br />betaome due and payable, then the Borrower shall pay to the
<br />Lender any amount necessary to make up'the deficiency, on or
<br />before the date when payment of such ground rents, tunes,
<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 (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale of the premises covered hereby, or if the Lender
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<br />acquires the property otherwise after default, the Lender sh411
<br />apply, at the time of the commencement of such proceedings, or
<br />at the time the property is otherwise acquired. the balance then
<br />remaining in the funds accumulated under (a) of paragraph 2
<br />preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes,
<br />assessments, water rates. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been
<br />made hereinbefore, anti, its default thereof the Lender may pay
<br />the same; and that the Borrower will promptly deliver the
<br />official receipts therefor to the Lender.
<br />5. 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 secured
<br />hereby (hut only to the extent, that: such is not prohibited by law
<br />and onlp to the extent that, Suc114ill not make this loan
<br />usurious), but excluding 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 tho'Borrower is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or
<br />if such law or decree provides that any amount so paid by the
<br />Harrower shall be credited on the debt, the lender shall have
<br />the right to give ninety draws` 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 copectible at
<br />the expiration of said ninety days.
<br />6. That should the Qorrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />vpiion, ury pay or 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 />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 Len& --r shall have.
<br />power to appoint any agent or agents it may iizsire for the•
<br />purpose of repairing said premises and of renpng. the same and
<br />collecting the rents, revenues and income, and it may pay out of
<br />" incomes all expenses of repairing said prettteses and
<br />necessary commissions and expenses incurred in =rcting and
<br />managing. the same and of collecting: rentals theccfrom; tte '
<br />balance remaining, if any, to be a; rUM toward tl`e discharge• of
<br />said indebtedness.
<br />8. That the Borrowei will keep the improv==ts now
<br />existing or hereafter erected on the property, insured as may be
<br />required' from time to time by the Lesderagainst 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 t(tereto loss
<br />payable clauses in favor of and in form aec°rpta le to the
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