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<br />Borrower and Lender covenant and agree as follows:
<br />T. chat %...rower will pay the indebtedness, as hereinbefore
<br />pmw3 d .Tri alcge is reserved to pay the debt in whole or in part on
<br />any installirent slue date.
<br />2_ That, tagvnher 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 wifl 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 pet -icier of fire
<br />acd outer hazard insurance covering the property, plustaxec tizd .
<br />aswe s*ents next due on the property (all as estimated kv.Ae ,7-Clen er',
<br />iess all sams -0mu y paid druefor divided by the number of rnor2hs
<br />to elapse berbre one. t:1) r ic-mb prior to the date when such ground .
<br />i,mm, p rem iuiys. taxes and a%ssments will become deliquerL sc:h
<br />su=s to be held by lzndes-irs trust to pay said ground rents
<br />pm- miums. taxes and,spc~iai assessments: and
<br />(b) All pacbtcets mentioned in the preceding subsection of this
<br />P=9-13,01: and 4LI payments tc Iv made under the note secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order yet forth:
<br />(1) ground rents, taxes, assessments. fire and other hazard insur-
<br />ance premiums;
<br />(11) interest on the note su;uled hereby;
<br />(111) amortimtvin of the principal of said note; and
<br />(1V) late dwzt�s•
<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 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 M) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />de'anquent payments.
<br />S. Tam. if the total of the payments made by the Borrower under
<br />(a) of parzgnmib 2 preceding shall exceed the amount of payments
<br />actually made by the lender for ground rents, taxes and assessmert:i
<br />or irsurance premiums, as the case may be, such excess, if the loan is
<br />u:irrent, at the option 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 />st:Sicient to pay ground rend, taxes and assessments or insurance
<br />p e,- zjiums. as the case may be, when the same shall beco rn due en9
<br />payable, then the Borrower shall pay to the lender any arnuun;
<br />necessary an wake up the deficiency, on or before the date viher:
<br />paymcnl of such ground rents, taxes, amessments, or insurance
<br />p.-ermL)m; shall be due. If at any time the Borrower shalt" %ndcr tip
<br />the lender, in accordance with the provisions of the non secured
<br />t.ereby, full payment of the entire indebtedness represcm.T4 ,hereby.
<br />the Lender shall, in computing the amount of such indebtedness.
<br />credit to fht account of the Borrower an) balance remaining in tki-
<br />funds aecuirulated under the provisions of (a) of paragraph 2
<br />Uri shen shall be a default under any of the provisions of thi.;
<br />PSS:1t7r1T,.n! resulting in a pt:" is sale of the premises ;coveted here Sy.
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<br />Vor 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 rcmaining 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 tb•Borrower will pay ground rents, taxes, assessments
<br />water ru-e , ardother governmental or municipal charges, fitted -ur-,•.
<br />%mpositi- s,'for v��Ja. Vmvision has not been made herefnbefure:..
<br />and in d:isult.ft.,,v'I' ih< ILender may pay the sarnm :end that tfie"
<br />Borrower -will piomptly deliver the official. tan the
<br />Lender.
<br />5. The Borrower will pax all taxes witieb'may be. :tevie ,+rir tine
<br />tender's interest in s", •real estate and improvements.,s;*d ~which
<br />niay be levied upon u% itt trument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent Chit such will not make this loan usurious), but excludii&e'"-1y
<br />income tax. State or Federal, imposed on Lender, and will rite he
<br />official receipt showing such payment with the Lender. Upon '
<br />violation of this undertaking, or if the Borrower is pmbibited by any
<br />law now or hereafter existing from paying the wholt 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 shalt 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. if such notice be given, the i4dt
<br />debt shall become due, payable and collectible at the expiratio: of
<br />said ninety days.
<br />6. That should the Borrower fail to paA a1v sum or keep any
<br />covenant provided for in this instrument_, hra W.. G .nder, at its
<br />option, may pay or perform the same, a,:i all .expenditures so made
<br />shall be added to the principal sum owing on tl;e said note, shall
<br />be secured hereby, and shall bear interest at the rate set forth in the
<br />said note, until paid.
<br />FS. -, r the Borrower hereby .assigns, transfers and sets over to the
<br />lzn3o:, vs be applied toward the payment of the note and all sums
<br />ce ured 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 matw,ging the
<br />same and of collecting rentals therefrom: the balance remaining if
<br />a ;y. to h-c applied toward the discharge of said indebtednes..5. .
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as ma;A 1%, r;quired from
<br />time to time by the Lender against logs by fire aid other hazards.
<br />casualmc -. a.-id contingencies in such ainoune aid for such perrirds as
<br />may be rt:q fired by the lender and sval pay promptly. when due.
<br />any premiums on such insurance, provason for payment of which
<br />tas not ty-en made by unhefore. All insurance shill ha carried in
<br />cornpan.W rpproved by the lender and the pc.lioeK aid renews!,
<br />therecff ri1ri, l -Fie held by the Lender and N;-,,c a.,=hed thereto MtL
<br />payable acs in favor of and in form iov pia (t:1 ot the Lender. In
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