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sorrotver and Lender covenant and agree a,% follows:
<br />1 I. That Borrower will pav 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 />and other hazard insurance covering the property, plus taxes and
<br />assessments next due on the property (afl as estiemred by the Le)tder}
<br />IM all sums already paid therefor divided by the number of months
<br />to elapse before one (l) month prior to the date when such ground
<br />rec.'s, premiLm. taxes and assessments will become deliquena. such
<br />i illiic lrpi by Lender in trust to pay said ground rents,.,.
<br />' =MS',,%uN,4 and special assessments: and
<br />(b) All ektmi ints 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 pa yment to be
<br />applied by the Lender to the faRc)wing items in the order set forth:
<br />(1) ground rents, taxes, asap-arnents, fire and other hazard-insur-
<br />gzme premiums;
<br />`F17) interest on the note secured hereby;
<br />(111) amortiztion of the principal of said note; and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate mornMv payment
<br />sl.WJ, 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 (4t:) for each dollar ($1) of each payment more than fifteen
<br />rG5) days in arrears to cover the extra expense involved in handling
<br />dieia Tq; ent payments.
<br />.i: That if tte total of the payments made by the Borrower under
<br />(a) of paragrap ?t 2 preceding shall exceed- r1Te amount of payments
<br />actually made by the Lender for ground re-s, 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 Borrower. sha'_t be credited by the
<br />Lender on subsequent payments to be m: &. by the Borrower, or
<br />refunded to the Borrower. If, however, (lit monthly payments made
<br />by the Borrower under (a) of paragraph ,T, t:reseding shall not be
<br />MISfiicient to pay ground renL,, Mr cs ar6 ca ;nents or insurance
<br />:l (Mmiums, as the case may ire, when tha s ..,t slla.'i bea_me due and
<br />Oa, able, then the Borrower shall pay to r.h t, r•.drdcr ant amount
<br />necessary to make up the deficiency, on o'r I,(brwe the dale when
<br />ps ;` r icnt of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due. If at any time the Borrower sha'l- tender to
<br />the•Lander. 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 />` r�.
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<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 ren taining.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 go; remmental or municipal charges, fines, or
<br />impositions, for which p"Aiion has•rat been made hereinbefore,
<br />and in default thereof the [atnder may pay the same; and that the
<br />Borrower will promptly delWO the official receipts therefor to the
<br />Lender.
<br />5. The Borrower Vl'16 'pay alb taxes which may be levied upon the
<br />Lender's interest inrJ� ri aI estate and improvements, and which
<br />may be levied upon stir 'iii zcnisant or the debt secured hereby (but
<br />only to the extent this ::,;rs is nit prohibited by law and only to the
<br />extent that such will T. AtCtm loan usurious), but excluding any
<br />income tax, State or Up on Lender, and will file the
<br />official receipt showing nn& payment with the Lender. Upon
<br />-violation of this undertal ing or, if, the Borrower is prohibited by any
<br />law now or hereafter existing frd^t paying the whole or any portion
<br />of the aforesaid taxes, or upon CU. rendering of any court decree
<br />prohibiting the payment by the %rower of any such taxes, or if
<br />such law or decree provides that any amount so paidby the-.
<br />Borrower shall be creditedieq.tti, debt, the Lender suit, i~aie ebe
<br />right to give ninety days wt; =rte no�� . o the owr. "Ttim Ar_Mt ses,
<br />requiring, 117.e payment of the, aL _ Iff, t;;-h notice be g :. iii, tiie srf;
<br />debt shall. tome due, payablddad:d. od.:ih=rlrle at the expisz'xi r, cif
<br />said ninety :tats.
<br />6. That should the Bosrnv;er:tail to pay any sum or keep any
<br />covenant provided for in this inslgurre,rr, then the Lender, at its
<br />option, may pay or perform etc same, and all expenditures so maw,
<br />shall be added to the p ^¢eipal:tutm owing on the said note, shall
<br />be secured hereby, and fLiall bear !interest at the rate set forth in the
<br />said note, until paid
<br />7. That the 8c7rowlcr hereby astigrra, rxvnsfers and sets over to the
<br />Lender, to be applied toward tlerpayment of the note and all sums
<br />secured hereby in case of a defaclo in the performance of any of the
<br />terms and conditions of this instalment or the said -file. all the rents,
<br />revenues and income to be dmtivvd fro.- the said premises during
<br />such time as the indebtedness stafb'rern- i o unpaid, and the Lender
<br />shall have power to appoint $r•.y,sgeae cragents it may desire for t.`se
<br />Purpose of repairing said promises ardl rJ3 renting the Mme and
<br />collecting the rents, revenues and :ra t mr i and it rnz pal .- out of said
<br />incomes all expenses of r. pain g. said pi- r- s:ises and dr=1ssary
<br />commissionh and expenses incurred in ri =nniag and managing the
<br />same and of, collecting rentals ddrefram,.lire balancs:emaining, if
<br />any. to be applied toward ch.- dJeharge a. said ind- hrudness.
<br />8. That the Borrower will kwpdthe improvements now existing or
<br />hereafter erected on the properyj'insured• as may be required from
<br />time to time by the Lender agaii a loss by lire and other hazards,
<br />casualties and contingencies inlrucih amounts and for such periods as
<br />may be required by the Lender and will pay promptly. when due,
<br />any premiums on such inuurtrce. provision for payment of which
<br />has not been made hereinl;efcsa+ All) insurance shall be carried in
<br />companies approved by the Linder and the policies and renewals
<br />thereof shall be held by the U.-nder and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
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