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<br />itiorrower and Lender covenant and agree as follows:
<br />I. That Borrower will pay the indebtedrAm. as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in pan on
<br />any installment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of prindpd 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 stun equal to the ground rents, if any, next due, plus the
<br />premii;m that will next become due and payable on policies of."f m
<br />and o ber 2%wrd insurance cavermg- the property. plus taxes and
<br />assessmens next due an the prv* y IaU as extrirsared by (he Lender)
<br />less all sums already paid therefoa Vu ded by the number of months
<br />to elapse before one (i) month priG,- ay.:he date when such ground
<br />rents, qmaiums, taxes and assessrti -:i_: rill become deliquent, such
<br />sums to le i Wd by Lender in trust trj, ;may said ground rents.
<br />premi,tsxes and special assessments: and
<br />(b) AP *ymenrs m rationed in the preceding subsection of this
<br />paragti„^fr,amd all 031ments to be made under the note secured
<br />hereby -si *,ilk Im added together. and the aggregate amount thesp;if
<br />Shall >~ pzd by the Barrawcr each month in a siugie paymr r. ixr. LTt
<br />applied by the !.ender to the following items in the arder set.6nit:
<br />(1) ground rents, lanes, assessments, fire and ars:l , ft;aurd in m-
<br />ance premiums:
<br />(11) interest on the note secured hereby.
<br />(Ill) amortization of the principal of said note, w d-'
<br />(W-; i to charges.
<br />ADY deYciency in the amount of such aggregate mcnthly vmer,
<br />shall, unless made good by the Borrower prior to the due date of Vie
<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 (49) for each dollar (31) of each payment more than fifteen
<br />(15) 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 Burrower under
<br />(a) of paragraph 2 preceding shall exceed the amount. cf payments
<br />actually made by the Lender for ground rents, taxes and assesmtents
<br />or insurance premiums, as the case may be, such excess, if the iown is
<br />current, at the option of the Borrower, shall be credited by tko
<br />Lender on subsequent payments to be made by tite Dirrower, or
<br />refunded to the Borrower. If however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding iliall not be
<br />sufficient to pay ground rents, taxes and assessment, isr insumnee
<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 befutr file date when
<br />payment of such ground rents, taxes, assessments; or insurance
<br />premiums shall be due. If at any time the Borrower %'hall tender to
<br />the lender. in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness relimsented 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 there shall be a default under any of cite provisions of this
<br />instrument resulting in a'public WE of tite premises covered hereby.
<br />I
<br />or if the lender acquires the properly otherwtx aftir defaui 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. T hat 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 />5. The Borrower will pay all tares which may be levied upon the
<br />Lenders interest inset real estalt and improvemenm and which
<br />may be levied upon. !iris. instrument or the debt secured hereby (but
<br />only to the extent. (fiat such is not prohibited by law and only to the
<br />extent that such wrti not make this loan usurious). but excluding any
<br />incoritetax. State or Federal, imposed on Lender, and will fyit to
<br />offidai receipt showing such pt? meat with the Lender. Upon
<br />violation of this undertaking, ciXthe Borrower is prohibited bz.any
<br />law now or herearxr existing from paying the whole or any portion
<br />Of the aforesaid ra. =. _ or upon dre rendering cro any court :scree
<br />prohibilitwg the p4 ,ubnt by !Pte 134rawer of any such taxes, ear if
<br />such law su.dvm- #.,avides titzmU amount so paid by the
<br />Borrower shalt N rasedited on :lair debt, the Lender shall have the
<br />right to give ni11a"7, d9'P* written notice to the owner of the premises,
<br />requiring the pay=t of the debt. if such notice be given, the said
<br />debt shall become due, payable aisd collectible et: tite expiration of
<br />said ninety days.
<br />6. That should the Borrower fJI ti-, pay an? �irsi Cr
<br />covenant provided fur in this in�i.- lment, t:tes rim Lender, it ris
<br />option, may pay or �fiirn sire :tote, and all er -I iditures sz-,made
<br />shall be added to the Fr incipot %ilm -' ©wing on the said note, Ghtd
<br />be secured hereby, and shall bear interest at the rate set forth to the
<br />said note. until paid.
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender, to be applied toward the pay - ment of the note and all sums
<br />secured hereby in cast of a default. in the performance of any of the
<br />terms and conditions of this instrument or the said note, all (tie itmts,
<br />revenues and income to be derived from the said premises durng
<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 />ecllumng the rents, revenues and income, and it may pay cut a('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 />an). to be applied toward the divdiarge of said.indebtedness.
<br />2. That the Borrower will kip, 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 />casua'ttes and contingencies in such amounts and for such periods as
<br />may tie required by the lender 2rtd will pay promptly, when due.
<br />any premiums on such insurarm provision for,payment of which
<br />has net been made hereinbefore. All insurance shall be carried in
<br />companies appToved by the Lerte. and the policies and renewals
<br />thereof shall be held by the Lea &r And have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
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