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<br />Borrower and tender covenant and agree as follows:
<br />I' 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 installment 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 />aced olhcr hazard immsumance ouVeriag t fte psaperty, plus taxes and
<br />assessments next due on the property QaPl = e aterf by Ac f4ertder)
<br />less all sums already paid therefor dkwfd�d by tl3r! m'ursber of months
<br />to elapse befam ow (1) month, prior IGi���rrt it <IZC'rr s��� Around
<br />rents, premiutmt tar and rise risr ii :�; s, i }such
<br />' in.
<br />suers to be held G;,: Lender in m- -j,'ti;, � � 3P
<br />Premiums, taxes Ort OcCial ass�c4- ,fits; acid
<br />: (b) All paymeci�m -.,. -ioned in the pmeo<Aji t�ssecti0' .his
<br />Paragraph and cell r�z.r-nts to be made amr.;D� ice note si is
<br />hereby shall be added together_ aml the agFa&:'w amoy r ; ° :til.i? of
<br />�[taJ7 Le paid by the Borrower ear�li.-164r ;R.a,sijgie gra;i �r4i1 s ;lox
<br />II),► by the Lender to the foiy imrd dart , r.rrir rrt c: li y 'm:
<br />r .ground, rents. taxes, asse<smmienm iu�ii 1,t3jfsr�-Tiai t+i,ii~,sur-
<br />rrsn� premiums;
<br />i .. dE- 0iinterest on the note secured hereby;
<br />4111) 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 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 MC) for each dollar ($0 of each payment more than fifteen
<br />(IS) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
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<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 loan is
<br />current, at the o ft ca of the Borrower, shall be credited by the
<br />Lender on subserw= payments to be made by the Borrower. or
<br />refunded to the :nra xer. If, however, the monthly payments made
<br />by the Borrower rµf3br (a) of paragraph 2 preceding shall not be
<br />suff6ent to pay ground rents, taxes and assessments or insurance
<br />premiums. as the case may be, when the same shall become due and
<br />payable, then the Borrower shall pay to the Le-,*r any amount
<br />necessary to make up Ripe deficiency. on or before the date when
<br />payment of such gnsu•.3 ants, taxes, assessments, or insuranr.".
<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 sale of the premises covered hereby.
<br />` 89-"-10144-4
<br />or if the Lender acquires the property otherwise after default, the
<br />UA- er shall apply, at the time of the commencement of such
<br />proceedin,:s, 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 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 that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />S. The Borrower will pay all taxes which may be levied upon tf�e
<br />Lmdees interest in said real estate and improvements, and which
<br />may fie levied upon this instrument or the debt secured hereby (but
<br />only to dire extrimr: that such is not prohibited by law and caly to el,e
<br />extent that s rrfti 1; 9. MY,!rrzk this loan usuriousy, but exc[udi-agpi4k .
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<br />income tax, ,e,� )F i lili ti rposed on Lender, and i r7, 437, em l
<br />official recei . r
<br />,*C iiursiiiq;t�yment with the Lertde.:
<br />t
<br />violation 0 UDIE � lie ���� r � if the Boq rxer is
<br />law now l; ; .tr er existr -.Yw Trom payiuiil*'. whole or
<br />of cite afbn!F.uil MUs. or open •the
<br />rend,61i;g i;f any courfWA N
<br />prah r1�rvment by, a $orrc�a+:i rf, ut Furl; f,, �r' A.
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<br />aadl-taw or-4, provr4�r9rf3 :.2ri "y,z:?rfslurri :� :,�aai
<br />i3orrowersF,atL+��;��i�f�,ysiyin m�t�n rlp fug ;.m#ers,�f'Ihtv...tlie•,� :'•.
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<br />right to grove 2irrra j, rays` Knii74 s tl %itij�7. trm tiiie.acvner of thr''pre mm5cs,
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<br />requiring IfT l7can,r44-1 Gl :tfr: iiFa`1� It 'Way mu�tii a be given, the said
<br />debt shall tiWW Auei`Mf, -;lie i6d collectible at the expiration of
<br />said ninety ckys.
<br />6_ 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 />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 immome 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 managing the
<br />same and of ce;N-ecting rentals therefrom; the hulance remaining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />E. That the Bcrower will keep the improvements now existing or
<br />he::alter ,esY an the property. insured as may be required from
<br />,csrme co rime Is) the Lender against loss by fire and other hazards.
<br />Casualties and contingencies in such amounts and for such periods as
<br />mmv 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 hereinbefure. 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 fender. In
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