|
M tt
<br />;I
<br />Borrower and Lencer'coveiias3 sM agree as follows:
<br />1.. That Borrower it,D lay the indebtedness, as hereinbefore
<br />provide& Privilege Lstas tved to. Lmy the debt in whole or in part an
<br />any r2MR:nent due date.
<br />2. That together with, and in ad&;'Pa (o, ft ;duly payments
<br />of principal and interest payable under the . tsc�tshe 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 (all as estimated by the Lender)
<br />less all sums already paid therefor divided by the number of months
<br />to elapse before one 0 ) 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 />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 a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(i) ground rents. taxes. assesstt mm.fiire and other hazard insur-
<br />ance premiums;
<br />(11) interest an the note secured Mr.-by.
<br />(II1) 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 tlhY Borrower prior to the due date of the
<br />next such payment. constitu'w �s event nt of default under this
<br />mortgage. The Lender may iidie:.x a'. "late charge' not to exceed four
<br />cents (44) for each dollar ($I) ufvadn- paymect more than fifteen
<br />(IS) days in arrears to cover the etc:ra ex;i.enfx %-volved in handling
<br />delinquent payments.
<br />3. Tlizat if the total of the parareots made by the Borrower under
<br />(a) of paragraph 2 preceding ska,I 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 loan is
<br />current, at the option of the Brjrxv,�er, shall be credited by the
<br />Lender on subsequent paymer::• tc. !te made by the Borrower, or
<br />refunded to the Borrower. If, the monthly payments made
<br />by the Borrower under (a) of pig, ph 2 preceding shall not be
<br />sufficient to pay ground rents, t2;:es and assessments or insurance
<br />premiums, as the case may be. w•lvm the same shall become due and
<br />payable. then the Borrower sWI) (say to the Lender any amount
<br />necessary to make up the de iciency, 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 Lender. 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 sate of the premises covered hereby.
<br />t
<br />or if the Lender acquires the property otkerw<ise OL-r default. the
<br />Lender shall; apply.. at tltt me of the vaen pa; t of such.:.:. .
<br />pttxieedrlrg�, or. at tste i`fi" a *e-T¢'OO k .65 C �lklae. gillti"tl� IhC'
<br />balance then. rvLati�rr " ti slice ftsaccarnli3ed tai tai cif
<br />Paragraph 2 prey ; ;, s a credit against the ii6aint of principal
<br />then remaininit unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes, assessments.
<br />water rates. and otter governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore.
<br />and in default thercofthe Lender may pay the same, and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5. The Borrower wily pay all taxes which may be levied upon the
<br />tender's 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 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.undem%king, or if the Borrower is prohibited by any
<br />law now or hereafter existing from paying the whole 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 drz-=� provides that any amount so paid by the
<br />Borrower shaft: b :edited on the debt, the Lender shall have the
<br />right to give niaeiy;days written notice to the owner of the premises.
<br />requiring the payment of the debt. if such notice be given, the said
<br />debt shall become due, payab:: and collectible at the expiration of
<br />said ninety days.
<br />6. That should the Borrower fail to pap arv*sum or keep any
<br />cav,eaant provided for in this wwrument, then the Lender, at its
<br />opt on, may pay or perform ii he 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 />said note, until paid.'
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender. to be applied toward the payment of the note and all sums
<br />secured 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 he 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 promises and of renting the same and
<br />collecting the menus„ revenues and income. and it may pay out of said
<br />incomes all expens%orrepairing said promises and necessary
<br />commissions and eicremes incurred in renting and managing the
<br />same and of coliecting rentals therefrom; the balance remaining, if
<br />any, to be appis, c-oward the discharge ofsaid indebtedness.
<br />S. That the Borrower wilt k,:ep the impr•avements now existing or
<br />hereafter erected on the propery. r, inured as may he 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
<br />Page 2 of 5
<br />J Hula - W1OMT -1
<br />�J
<br />i
<br />i�
<br />annrr
<br />s
<br />
|