|
F
<br />Borrower and Lender covenant and agree 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 part on
<br />any instgllment due date.
<br />2. That, together with, and in addition to,, ft monthly payments
<br />of principal and interest payable under the tdrnm of the note secured
<br />hereby, the Borrower will pay to the Under, on the first day of each
<br />month until the said note is fglly ptid, the following sums:
<br />(a) A sum equal to the ground rents, if any, next due, plus t.11-z
<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 />assess,sn "s next due on the property (all as es:enwted by the Lender)
<br />less all -sums already paid therefor divided by the number of months
<br />to elapse before one (1) month prior t, the laic when such ground
<br />rents, premiums, taxesanl assessmems wO. become deliquent, such
<br />.sums to be held by Lender .in trust t,3 pay said ground rents,
<br />premiums, taxes and special in, and
<br />(b) All payments inentioned in the preceding subsection of this
<br />paragraph and all payments to Pie: made under. *:k note secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower eaci, month in a single payment to be
<br />applied by the Lender to the full-., items in the order set forth:
<br />(1) ground rents, taxis, assessments, fire and,�:.her hazard insur-
<br />ance premiums:
<br />(11) interest on the note secured hereby;
<br />(111) amortization of the principal of said none; 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 such payment, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents (40 for each dollar ($I) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense inn. -aWed in handling
<br />delinquent payments.
<br />I That, if the to:4 of the payments made by the Borrower under
<br />(a) of paragraph 2 t7.�-� cding shall exceed the amount of payments
<br />actually trade by tl:e Lender for ground rents, tares and assn,. menu
<br />or iris:., :art.e premiums, as the case may be, such egret, if tine Iov t iv
<br />cu-rev!-u^, the option of the Borrower, shall be crec -,!a ;
<br />Bxrr:tu^ cyst subsequent payments to be made by the l;u =en►;ii-
<br />r, iusdod to the Borrower. If, however. the morth• v aayn . -,:s me r
<br />by 1,e,c Borrower under (a) of paragraph 2 preceding shall nce. rat
<br />suffic,,gtr to pay ground rents, taxes and assessments or insu -gvm,
<br />preor-o s, 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 before the date when
<br />Payment of such grour,.d rents, taxes, assessments. ar insurance
<br />premiums shall he dire. If at any time the Borrower shall tender to
<br />the Lewim. in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represer- ed,tluuv.yy,
<br />the lender shall, in computing the amount of such
<br />credit to the account of the Borrower any balance rctr. :eu < :r.•;,p "the
<br />funds accumulated under the provisions of (a) of per :ritru� ! }, .'' 1;tiscof.
<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 />or 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 furrtds accumtrlatt's1 under (a) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />Al. That 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 thtt the
<br />Borrower will promptly deliver the official receipts therefor to. the:
<br />Lender.
<br />5. The Borrower will pay all taxes whicb may be levied upon the.
<br />Leader's interest in said real estate and im ,a►.ments. 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 k%' I;tw and only to the
<br />extent that such will not make this loan us>raius), but excluding any,
<br />income tax, State or Federal, imposed or. areier, and will file the
<br />o7ky .?l receipt showing such payment vv=::c N e Lender. Vpon
<br />tii i,, jbn of this undertaking, or if t9+r r,.ower is prohibited by any
<br />'14 ii dw or hereafter existing tram ►rt_,3e whale or any portion
<br />of .1'm aforesaid taxes, or upon the iAany court decree
<br />prohibiting the payment by the such taxes, or if
<br />stick law or decree provides that zs+, so paid by the
<br />k,v,wer shall be credited on fn: & c.: gender shall have the '
<br />r4+„11>0 give ninety days' writ *.em inWji; io the owner of the premises,
<br />rr-qu::-ring the payment of the d6L It such notice be given; the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />E. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, may pay or perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby. and shall bear interest at the rate set forth in the
<br />sail: rote, until paiu.
<br />7. That the Bzrnrnwes hereby assigns, transfers and sets over to the
<br />Lender. to be apph4 -.i toward c e,jpt- ;.Meni of. the note and all sums
<br />secured hereby in case of a de5u';1:'tn the pe 7zrrnance of any of the
<br />terms antl conditions of this in. ,rt,. -tent or the said note, a) the rents,
<br />revenues and income to be d2, fi,-4 from the said premise
<br />such time as the indebtedness snail remain unpaid„ and theI!ander
<br />shall have pow.e- io appoint any agent or ages: =.tie may desire for the
<br />purpose of repa., erg said premises and of rer- irtg the same and
<br />ML'epting the : J ;r, revenues ixti, income. and it may pay aut of said
<br />r.T,c._.i�J.s all ex;ren,es of repaint -, said premises and necetsan'
<br />a r :r,;sions and expenses inc :!-,ed in renting and managtag: rite
<br />same and of rentals therefrom; the balance remaining, if
<br />any, to be app!i,V+ toward the discharge of said indebtedness.
<br />h That the Borrower will Vo-p 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 hoards,
<br />casualties and conihi ; mcies in such amounts and for such periods as
<br />may he required t;;, the Lender and will pay promptly, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made her61lwfoit, All insurance shall be carried in
<br />companies approved by (be Ui�,d&r and the policies and renewals
<br />thereof shall be helot by the lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the I ender In
<br />Pa9e 2 of 5
<br />HOJO- 92143DT -1
<br />t
<br />1'w
<br />[yJ
<br />R --
<br />f
<br />
|