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<br />Borrower and Lender covemml and agree as follows:
<br />I- That Borrower Witt pay the indebtedness. 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 payrvats
<br />Of principal and interest payable under the terms of the note t cMTd .
<br />hereby, the Rorrower will pay to the Lender, on the fors d74i...arvadh
<br />cra,ZlM :?nil Z'il+E saia Teats is fully Tisai1, he `b1%.
<br />rare A : iiru. sal try thrg-oi:rrC -=ts, if any, next due, plus the
<br />prenn, v-m5 °fix yr %s, n become due and payable on policies of fire
<br />and other hazard insurance covering the property, plus taxes and
<br />assessments next due on the property (allay estimated by rke 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 />WK premiums, 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 assessment -': and
<br />Ib) Ail payments mentioned in the preceding subsection of this
<br />paragraph and all payment-' to he made under the note sutured
<br />hereby shall he added together, and the aggregate amount thureuf
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the fcdtowing items in the order set forth:
<br />0) ground rents, taxes, assessments, fire and other hazard insur-
<br />ance premiums;
<br />(11) 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 srs: b payment. constitute an eve nn of default ac-der this
<br />mor1939e. The Lender may collect. a "late charge, oaf to cxcwl (our
<br />cents (4f) for each dollar ($I) of each payment nayre than fifteen
<br />(15) days in arrears to s aver the extra expense i na4ved in handling
<br />delinquent payments.
<br />3. That if the total Of the paymems made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the Gender for ground rents, taxes and assessments
<br />or insurance premiums, as the case may be, such excess, if the loan is
<br />current, at the optiar. of the Borrower, shall be credited by the
<br />Lender on subsequent payments to be made by the Borrower, or
<br />refunded to the Borrower. If, however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay gru nl rents, taxes and assessments or insurance
<br />premiums, as the case may be, when the same shall become due and
<br />Payable. then the Borrower shall p:.�: ut the Lender any amount
<br />necessary to make up the deficierc;. on or before the date when
<br />payment of such ground rents, taf.c�, assessments.'or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender. in accordance with the provision. of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby,
<br />the lender shall, in computing the amount of such indehiednes,..
<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 the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby,
<br />t
<br />Of if the Lender acquires the property otherwise after default, 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. That thet
<br />l,�' .'i Yi T'�1: t� (_ f �. '*d, •`�y �i,°�k �iyj- r�ii% =r; .: ,' ` ' •�. '' .,' .
<br />vra:�,r.�?:a�'�i�ff �niri' :�' ?a�iis!osts:f`cr irtai:,t�rdir:�+°�: rtt� u •`• :•.', .. ,. �. : -: , .. .
<br />tit'i Ok provision has not 6x mtrf :8 hernintsc{nre
<br />i err de'attiE thereof the Lender may pay the same; and that they
<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 eztcnt that %uch is not preahibited 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 />01/10021 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. Ifsuch notice be given,.thc said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />b. That should the Borrower fail to pay any sum or keep uqv
<br />covenant provided for in this instr-tment, then the Lender, at its
<br />option, may pay or perform the same, and all expendituax yr cs j;e '
<br />shall be added to the principal sum owing Qa file said note, shall
<br />be secured hereby.. and shall bear interest tit the ante set forth in the
<br />said note. untili&d. .
<br />7: Tnzi; (lrc- Ger,ewer hereby an'j ns. transfers and sets o.,.� to the
<br />Lenlicr. !'):be sls001-4 toward-dle payment of the note and al, sums
<br />seeun:d llc-rho M cw ";c of a default in the performance of any of the
<br />temp and ccndilivni: of this instrument or the said note, alt the rents,
<br />rcV-53um and income to be derived from the said premises during
<br />such time as IN indebtedness shall remain unpaid, and the Lender
<br />shall Ila power (n appC,tnt aa; .agent or agents it may desire f57 the
<br />puraore ea'r-VEm ng said prey ;.-t and of renting the same anj
<br />collecting tlle, rant . mi-eases -rd income, and it may pay o., of sji
<br />income. s'T cf rcp4 :rirg =aid premises and necessary
<br />commis• at zrz =sr.,�ea :es otc_rred in renting and mana&-L g- a,,
<br />same and cf ccilrys,,-r; rentals therefrom; the balance remaining, if
<br />any, to be appl(u1 la;ward the discharge of said indebtedness.
<br />H. That the Borrower will keep the improvements now existing or
<br />111--n-'after erected on the property, insured as may be required from
<br />time Ill time by the lender against boss by fire and other hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />may he required by the Lender and will pay promptly, when due.
<br />has premiums
<br />ot been made hereinbefore. All provision
<br />insurance shat be carried i which
<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. In
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