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<br />llsorrower tttttd Lender covenant and am as follows:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in pan on
<br />any imtallment due date.
<br />2. That. together 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 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 sum equal to the ground rents. 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 property, plus taxes and
<br />assessments next due on the property (altar esdxwed by the Lender)
<br />less all sums already paid therefor divided by the number of months
<br />to e'.apte before one (1) month prior to the date when such gmund
<br />rents, premiums, taxes and assessments will become deliquent, such
<br />sums to be held by tender 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 payments to be 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'asingle payment to be
<br />applied by the Lender to the following items in, IJie order set forth:
<br />(1) ground rents. taxes, asses4mcn ls, fire and other hazLni'.Wsur-
<br />ance premiums;
<br />(11) interest on the note secured hereby; '
<br />(IH) 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 print, to the due date of she
<br />next such payment. constitute an event of default under chit.
<br />mortgage. The Lender may collwta, --late charge" not to exo,=1 Gear
<br />cra, ;s NO for each dollar (S I) rf q= —h payment more than fifteen
<br />(I s'-ol+s in arrears to cover tiff ,ce.ra erpenreinvolved in handling
<br />deb n :rz r: paymet m.
<br />3. :hat of the W,,1. of the pa;,#ments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by 0x (.,ender for ground rents. taxes and assessments
<br />or insurance premi wnm , as the case may be, such excess, if the loan is
<br />current, at the op�'r, vr, eAthe Borrower, shall be credited by the
<br />Lender on subsegm -m. paymertr o2 be made by the Borrower, or
<br />refunded to the Borrower. if, 1; :..; wc: er, the monthly paymexe� made
<br />by the Borrower under (a) of i_erigraph 2 preceding shall be
<br />sufficient to pay ground rents, taxes and assc- _a,,nents or insurance
<br />premiums, as the case may be, when the s2nte shall become due and
<br />payable, then the Borrower shall pay to the Under any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due. if at any time the Borrower shall tender to
<br />the tender. in accordance with the provisions, of the note secured
<br />hereby, full payment of the entire indebtedness represented 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 the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
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<br />or if the Leader 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 the Borrower will pay ground rents taxes, assessments,
<br />water rates, and other govemmental or municipal charges, fines, or
<br />impositions. for which provision has not been made hereinbefore.
<br />and in default thereof the tender may pay the same; and that the
<br />Borrolver will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5. The Borrower will pay all taxes which. may be levied upon the
<br />Lender's interest in said real estate and impmvements. 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 />Went that such: will -not make this loan usuriousy, but. excluding any
<br />income tax, Stater Fedctrtl ;;imposed on Lender. and vft7Lfile the
<br />official receipt.dirn6ttg such payment with the Lender. t_,pon
<br />violation of this uridenaicing, or if the Borrower is prohibited by any
<br />taw now or bcrr; {wr existing from, paying the whole ormw portion
<br />of the aforesaid taxies, or upon -the rendering of any couiL cep
<br />prohibiting the f ment by the Borrower of any such
<br />such law or decraee-provides that any amcuht so paid by :Ite
<br />Borrower shads .Wcreedited on the debt, tk Lender shall have the
<br />fight- to give ninety, days written notice to the owner of the premise,. :
<br />requiring the payinent of the 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 fail to pay any sum or keep any
<br />covenant prov dW for in this instrument, then the Lender, at its
<br />Option, may p�.y cw perform the same. and all expenditures G:.,nade
<br />shall be added w. t.bs principal sum owing on the said nc&rr, 5 l '
<br />be secured herd:- :. and shall bear interest ate the rate set forth jr. - tae
<br />said note, until paid.
<br />7. That the Borrower herd;_; assigns, transfers and s= ,ciy :r to the
<br />li aler, to be applied toward the payment of the note ant .C! sums
<br />s=ared hereby in case of a default in the performance of any of the
<br />terms and ccnd4dons of this instrument or the said note, all the rents.,
<br />revenues aminicome to be derived from the sedpremises during
<br />such time as t1w indebtedness shall remain uftg6a, and the tender
<br />shall have pcw.r to appoint any agent or ag5ji' r., +-,%f dizire for the
<br />Purpose of repuuring said premises and of tiaxring the same and
<br />collecting the rums; revenues and income., lint it may pay out of said
<br />incomes all exprmws cf otpairing said prerm*.nes and necessary
<br />commissions and es: :s. incurred in renting and managing the
<br />same and of collectrr,,; orals therefrom. the balance remaining, if
<br />any, to be applied - oward the discharge of said indebtedness.
<br />8. That the li'orrower will keep 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 />casualties and contingencies in such amounts and for such periods as
<br />may be required by the Lender and will pay promptly, when due.
<br />any premiums on such insurance. provision for payment of which
<br />has not been made hercinbefore. All insurance shall be carried in
<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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