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<br />VIE.ItECORDED
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<br />Borrower and Lender covenant and agree as follows: or if the Lender acquires the property otherwise after default, the
<br />Lender shall apply, at the time 4 the commeneemegt of such
<br />I. That Borrower will pay the indebtedness, as hercint+efore
<br />provided. Privilege is reserved to pay the debt in whole or in pan on
<br />any installment due date.
<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 nrinuiaal
<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 policir..;.ef fire
<br />and other hazard insurance covering the property, plus taws' and
<br />assessments next due on the properly (tilt as estimated by (he Lender)
<br />less 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 />rears, premiums, taxes and a,�;.:�ments will become deliquent, such
<br />sums to be held by Lender in ¢rust 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 ahali be added together, and the aggregate amoesst thirn.>crf
<br />shall be paid by the Borrower each month in a single pa.4rrrat' to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground reacts, taxes, assessments, fire and other hazard insur-
<br />ance premiums;
<br />(Il) interest on the note -i.-cured hereby:
<br />(Ill) amorliratir:-rt of the principal of said note; and
<br />(1V) late charges.
<br />Anv deficiencv in the amount of such aggregate monthCe cti:vaie�¢
<br />shall, unless made good by the Borrower prior to the due dart of il<c
<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 (4¢) for each dollar ($l) of each payment more than fifteen
<br />I S days
<br />h
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates, and other governmental or municipal charges, 6nrs, or
<br />impositions, for which provision has not been made hereinbofare,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor,ta the
<br />Lender.
<br />S. The ETw.•rower will pay all taxes which may tx levied upon the
<br />Lender's itterest in said real estate and improvements acrd which
<br />aatay be levies upon this instrument or the debt secured henbv.(bun
<br />only ¢a the extent that such is not prohibited by law and only•.tU the
<br />extent ti`vaa sv�5 will not make this loan wsv�� us), but excluding anZ-
<br />ence�ca:e. wt.. Rate or Federal, imposed on Lender. and will fifo the
<br />c�LT�I receipt showing such payment with the Lender, Upon
<br />Ana {anon 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 native 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 />slid ninety days.
<br />:¢. That should the Borrower fail to pay any sum or keep any
<br />eo'venant provided for in this instrument, then the Lender, at its
<br />" - .. vNtivn, zt:y gay 8r jr%rfOrtii tlic sari.:rtd a {{ ciipt:idiiiiCc3 so iruiar
<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'forlh in the
<br />said note, until paid.
<br />( ) in arrears to covert a extra expense involved in handling
<br />delinquent payments.
<br />3. That if the natal of the payments made by the Borrower under
<br />(a) of psragrapE preceding shall exceed the amount of payments
<br />actually made L�r'the Lender for ground rents, taxes and assessSrremts,, .
<br />err insurancererhiums, as the case may be, such excess, if tfue toga es
<br />attent, at the: option of the Borrower, shall be credited by the , .
<br />Lender on subsv�uent payments to be made by the Borrower, etc
<br />refunded to the)$ottower. If, however, the monthly payments made .
<br />$y the Borrower tinder (a) of paragraph 2 preceding shall not be
<br />s4�cient to pay ground rents: taxes and assessments assessments or insurance
<br />premiums, as the case may be. ;lien the same shall become due and
<br />payable, then. rise Borrower shall pay to the Lender any amount
<br />necessary to rrtafKe• cep the deficiency. on or before the date when
<br />payment ofsrle[t grorird ;rerts, taxes, assessments, or insurance
<br />premiums s1taU be doe: iE at any time the Borrower shall t+:cder to
<br />tfrc Lender, in accordance with the provisions of the r�oie sc4zured
<br />liKri;by, full payment of the entire indebtedness representi�t %Fiiereby,
<br />the Lender shall,. in computing the amount of such • indebtedness,.:.
<br />credit to the xa:ownt of the Borrower an}' lzsiance remaining in the. ;
<br />funds accumulated under the provisions 6,ff "3t of paragrapfa 2 heregf.
<br />If there shall be a default under any of the - provisions of this-
<br />Lii.suument resulting in a public sale of the premises cava,xi hereby,
<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 />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said now 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 Leader
<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 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. A!! insurance she!! be•.carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall held by the Lender and have attached thereto log
<br />payable clauses in favor of and in form acceptable to the Lender. In
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