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<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 an.
<br />any installment due date.
<br />2. That, together with, and in additbc �i vq -,Iv r*r-n'ti}ry_ Minttnts
<br />of princtal and interest payable under Ae f .cf rite note secured..
<br />bereby. :,?fe mower will pay to the Leix, on the first day of each
<br />omnih 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 rife
<br />and other. hazard insurance covering the property, plus taxes and
<br />assessments next due on the property (411 as estimated by the I.endfr)
<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 />rents, premiums. taxes and assessments will become deliquent, such
<br />sums to be held by Lender in trust to pay said ground rents.
<br />premiumx..taxes and special assessments; and
<br />(b) Afl payments mentioned in the preceding subsection of this
<br />paragra; and all payments to be made under the note secured.
<br />hereby shall he 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 set forth:
<br />(1) -ground xents, taxes, assessments, fire and other hazard insur-
<br />ance premiums:
<br />(11) interescon the note secured hers r
<br />- 3
<br />f ) amarttzatton a t e pnnctpa cj sa, note. arz
<br />(IV)_ 4ite charges.
<br />Any.-deficiency in the amount of suzb aggregate month!ypaymert
<br />shall, unless made good by the Borrower prior to the due date of the
<br />next such payment, consti ae an event of default ur -r this
<br />mortgege. The Lender rray oc.tlect a "late charge' rb3g to exceed four
<br />cents (0) for each dollar ( $ I) of each. 1p .!y rent rsx re than fifteen
<br />(15) days in arrears to cover the extra a <� -se involved in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the Lender for ground rents, taxes and assessments
<br />or insurance premiums, as the case may be, such excess, if the lawn is
<br />currents at the option of the Borrower, shall be credited by the
<br />Under, on subsequent payments to be made by that Borrower, or
<br />refundtd to the Borrower. If, however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 precedir•.2 shall not he
<br />sufficient to pay ground rents, taxes wtd, assessme, :s or insurance
<br />premiums. as the case may be, %hers d +e; %a. =n �!,; ;'i txcome due and
<br />payablt, then the Borrower shall pap d� rfie fir, r ,.r ar•,y amount
<br />necessary to make up the deficiency. o.. i,e`��t t e date when
<br />payment of such ground rents, taxes. assers.-psis. eY iasuranee
<br />premiums shall be due. If at any time i.he &4-M ;M s:aa11 tender to
<br />the Lender, in accordance with the ptor esions of lhb rote secured
<br />hereby, full payment of the entire indebtedness represented thtreby,
<br />the Lender-shall. in computing the amount of such indebtednm.
<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 />89- :101328
<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 prxapet *s othtrwise acquired, the
<br />balance then remaining in the fz���4 : =.:slated under (a) of
<br />ptnrap! 12 preceding, as a cremvzkg, . the amount of principal
<br />tker remaining unpaid under said nave.
<br />4. 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 hertinbefore,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrowet 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'', 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 extent that such is not prohibited by law and only to the
<br />extent that such will not make this loan usurious), but excluding any
<br />income i tax, State or Federal. imposed on lender, and will file the
<br />official: 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 (+aging the whole or any portion
<br />of are aforesaid: taxes, or upon the ry Gering of any court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such I�w or decree provides that any amount so paid by the
<br />Borrower shall be credited on the ddEG the Lender shall have the
<br />right tv give ninety days' written : d ix to the owner of the pr=ises,
<br />'requiring the payment ci the deb s �_h notice be given, the said
<br />debt shall become dire: l 3-sT�,. an V .zz �ctible at the expiration of
<br />said ninety days.
<br />G. That should the Borrower La pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, may pay or perform One same, and all expenditures so made
<br />shall be added to the pri =ipaa s.:sn owing on the said note, shat1
<br />be secured hereby, and simi: near "serest at the rate set forth in uh-_
<br />said note, until paid.
<br />y. That the Borrow--r assigns, transfers and sets over to the
<br />Lcnder. to be applic6 :,ova the payment of the note and all sums
<br />secured hereby in case =It- d4 .Iii in the performance of any of the
<br />terms and conditions of :'•as vrr,977 anent or the said note, all the rents,
<br />revenues and income to be derivad from the said premises during
<br />such time as the indebi,.Lress shall remain unpaid, and the lender
<br />shall have power to ep.Nml any agent or agents it may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collectirg the rents, revenues anal inwine, and it may pay out cA'se d
<br />incomes P.1i expenses of repairong said premises and necessary
<br />commissions and er.�,,Dn—: s in"rred in renting and managing the
<br />same and of co.-=, �!!r p rentals therefrom; the balance remaining, if
<br />any, to be mward the d:50karge of said indebtedness.
<br />8. That a,. 11:.r c war will ke:,p the improvements now existing c.
<br />hereafter e: s rid on one property. insured as may be required frcm.
<br />time to tarn: tY rN, i!crx:er against loss by fire and other hazards,
<br />casualties 2 iJ contingencies in such amounts and for such periods as
<br />may be r-:.juired 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 hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall he 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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