|
- =fit
<br />r
<br />Borrower and !.ender covenant attd acne as futllows:
<br />1. That Ser.ower will pay the indebtedness, as hereinbefore
<br />provided. Pei viler, is C, w-- F.4 to, pay the 4 in +#f Ok or is part +sn
<br />any installment due date,
<br />2. That, together with, and in adtfiurar ta. the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, the Borrower will pay a:� the Lender, on the first day of each
<br />match until the said new is fully paid.. the following sums
<br />(a) A sum equal to the ground note, 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.preimrty. plus taxes and
<br />assessments next due on the property (all as esrurmted by the 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 />rents, premiurtts, 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 payment;. qr_ be made under the note sired
<br />hereby sl:.tl be added together, and the aggregate amount the-reaf
<br />shall be paid by the Borrower each month in a single pa ameat to, be
<br />applied by the Lender to 6rc following irrms• in the ardor sel forth:
<br />(1) ground renis;'taxcs„ass issments, fire and other hazard insur-
<br />ance premiLw, .
<br />(11) interea tan the note secured hereby;
<br />(III) amortization of the pencipal.of said note; and
<br />(IV) late t:.-Wrics.
<br />Any delmu --y in the amount of such aggregate monthly payment
<br />shall, unless trade good by the Borrower prior to the due date of the
<br />mxt such payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge' not to exceed four
<br />cents (419) for each dollar (S1) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />T. That if the total of thr. payments made by the Barm3wer under
<br />cal of paragraph 2 pf=6.�g: shall exceed the amount of payments
<br />actually rzzdw by the Len-der for ground rents, taxes and assessments
<br />or insurance ITeimfan s� w the case may be, such excess, if the loan is
<br />current, at tat i ;,! Borrower, shall be credited by the
<br />Lender on pi. }rents to be made by the Borrower, or
<br />refunded to 3s4 Dwro -%i r. V. however. the monthly payments made
<br />by the Bo.ra,s+.w Lnder (a) of paragraph 2 preceding shall not be
<br />sufficient tai pL}-- ground rents, taxes and assessments or insurance
<br />premiums, m the case may be, when the same shall become due a�,1
<br />payable, then the Borrower shall pay to the Lender any amount
<br />necessary to make up the deficiency, on or before the dare when,
<br />payment of such ground rents, taxes, assessments, or insurance
<br />premiums sh.,L'I he due. If at any time the Borrower shall tender to
<br />the Lender,. in accordance with the providons of the note secured
<br />hereby, full payment of the entire indeb;rJ tress represented thereby,
<br />the Lender shall. in computing the amct;.zt of such indd %dness.
<br />credit to the account of the Borrower v.y balance rema r.:.g in the
<br />finds accumulated under the provisions of (a) of paragraph 2 hereof,
<br />if there shall be a default under any al' the p *ovisions of this
<br />instrument resulting in a public sale oft f premises covered hereby.
<br />�fla
<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 />prowedings, or at the time the property is otherwise acquired, the
<br />balance thew remaining in the funds accumulated under fa) 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 net make this loan usurious), but excluding any
<br />income tax, State or Federal. imposed on Lender, and will rite 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 aecree
<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 die 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 fait to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option. may pay or perfurm the same, and all expenditures so made
<br />shall be added to the ;,rsr..4al sum owing on the said note, shall
<br />be secured hereby, and stall hear interest at the rate set forth in the
<br />said note, until paid.
<br />7. That the Borrower hwn -Isy assigns, transfers and sets over to the
<br />Lender, to be applied tarxard 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 premises 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. Thv: the Borrower will keep the improvements now exist #rq or
<br />hereaft-vt ra=ted on the property, insured as may be required tram
<br />time tour: by the l.esder against loss by fire and (Wier hazarQl:, .
<br />casualties sand comic gn.ies in such amounts and foi such periods as
<br />may be rrai{ui:rei by she Lender and will pay promptly, when dwt;
<br />any pren*:iam,_ ,)n such insurance, pmv.iion for payment of wt, it
<br />has not bttw. made hereinbefore. A.'- .r:,urance shall be carried : t3
<br />companies a'pasoved liy t he Lender s-r,i the polici.m. and renewals
<br />thereof sl:a:l be held h4 ti;a Lend•:r aj!%i have attrchad thereto loss
<br />payable diaries in favor of and in `r vl acceptable to the Lender In
<br />P'ar4 2 or 5 yUD•97143DT•1
<br />is
<br />I
<br />t rt
<br />I
<br />
|