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<br />Borrower and Lender covenant and agree as foBowc
<br />1. That Borrower will pay the indebtedness, as herelnbefore
<br />provided. Privilege is reserved to pay the debt in whale or in
<br />part 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 fast 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 become due and payable on policies
<br />of fire and other hazard insurance covering t`te property, plus
<br />taxes and assessments next due on the property (all as estfinated
<br />by the Lender) less all sums already paid there for divided by the
<br />number of months to elapse before one (1) month; prior to the
<br />elate when such ground rents. premiums, taxes and assessments
<br />Will becq.me delinquent, such sums to be held by 'Lender in trust
<br />"to pay, flair „ground refits, piPw; rn* taxes and: special
<br />assmirwa s; and
<br />(b) All payments mentioned in tite'precedir:g seslisection of
<br />this paragraph and all payments to be. -trade under the note
<br />secured hereby shall be added together ,I. :nmd the aggregate
<br />amount thereof shall be paid by cite ftrrower each month in a
<br />single payment to be applied by the Leader to the following
<br />items in the order set-fdrth:
<br />(1) ground rents, 4.15M. assessF= y, fire and other hazard
<br />insurance premiums;
<br />(L'.)” in wrest on t*e m.var wcami Hereby;
<br />(iI1) atnonizatiork cc the principal of said note; and
<br />(tom late charges.
<br />Any deficiency in the amount of sz.:b aggregate monthly
<br />payment- shall, unless made good by t_ne Borrower prior to the
<br />due date of the next such payment; constitute an event of
<br />default under this moreg e— The Lender may collect a "late
<br />charge" not to exceed. 4.atx cents. (4a) for each dollar (al) of
<br />each payment more than f3f:eei ii!'. days in arrears to cover the
<br />extra expense involved in ha"ffYct;3 4:x, nquent payments.
<br />3. That if the total of the payrmfs made by the Borrower
<br />under (a) of paragraph 2 preceding'shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes
<br />and assessments or insurance prar.. -:,x ts, as the case may be.
<br />such excess, if the loan is cunew., rt the option of the
<br />Borrower, shall be cred-,ted by ti: 1c.-der on subsequent
<br />payments to be made. L-y the Borrower, or refu to the
<br />Borrower. If, however, the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficiene to pay ground rents, tames and assessments or
<br />insurance premiums, as the case n y be, when the same shai!
<br />lccome due and payable, then the Borrower shall pay to the
<br />LP ,der any amount nP..cessary to make up the deficiency, on or
<br />before the date wtywx payment of such ground rents, taxes.
<br />assessr-eats, or premiums shall be due. if at ari r = e
<br />the Bcrrarxer shall tender to the lender, in accordance w-1- h tby:
<br />provisicr5 of the note secured hereby, full payment of t" , er6re
<br />indebtedness represaTmd thereby, the Lender sh ,61, ir cuj:.,%L: a
<br />the amount of such iiWebtedness, credit to the of the
<br />Borrower any balance':amaining 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 result:-tg
<br />in a public sale of the premises covered hereby, or if the Leader
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<br />acquires the progeny otherwise after default, the Lender shall
<br />apply, at the time of the commencement of such proceedings. or
<br />at the tame 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 />remalnitta unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes,
<br />assessments: W416t rates, and other. governmental or municipal
<br />charges. fines, or impositions, for which provision has not been
<br />mddo hereinbefore. and in default thereof the Lender may pay
<br />tae same; and that the Borrower will promptly deliver the
<br />dficial receipts therefor to the Lender.
<br />5. The Borrower will pay ail 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 (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this hoar
<br />usurious), but excluding any income tax, State a, Feizr.� `,
<br />imposed on Lender, and will file the official r+ee;:p skewing
<br />such payment,rd.2r. the Lender. Upon viol -van e, :it;s
<br />uadeil 'ag „te 55-the Borrower is prohibited by now or
<br />hero* z ri"'s'om paying the whole or ti portion of the
<br />afoz+O: . _taxes. ,trupon the rendering of an ,:.curt decree
<br />proY iting the payment by the Borrower of any such taxes. or
<br />if such law or decree provides that any amvzmi so paid by the
<br />Borr z��tr shall be credited on the debt, the Lender shall have
<br />the.rrft to give ninety days' written notice to the owner of the
<br />prepadv.m. requiting the payment of the debt. if such notice be
<br />given, the said C---bt shall become due, payals,e and collectible at
<br />the expiration of said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, th.,..a the Lender, at its
<br />option, may pay or perform the same, and w') expenditures so
<br />made shall be added to the principal sum c.wLag on the said
<br />note, shall be secured hereby, and shall beat interest at the rate
<br />set forth in the said note, until paid.
<br />?. Mat 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 sew.rad hereby in case of a default in the
<br />performance of ;!rsy 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 Lender shall have
<br />power to appoint any agent or agents it may desire for the
<br />purpose of repair €rg said premises and of renting the same and
<br />collecting the rents, revenues and income, and it may pay out of
<br />said incomes all expenses of reps; ring said premises and
<br />necessary commissions and ex,—ionws incurred in renting and
<br />managing the same and of Wfbxring rentals therefrom; the
<br />balance remaining, if any. i y) b.- applied toward the discharge of
<br />said indebtedness.
<br />8. That the Borrower will km, the improvements now
<br />existing or hereafter erected of the property, Insured as rray be
<br />required from time to time by tt�: Lender against loss by fire
<br />and other hazards, casualties and contingent es in such amounts
<br />a.-.d for such periods as may be required 1-ty :[:e Lender and will
<br />pw, when due, any premiums on such insurancu,
<br />for payment of which has not been made
<br />herdni cfore. All insurance skit 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 thereto lossu
<br />payable clauses its favor of and in form acegptablp to the
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