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$g-" 101538
<br />(Borrower and Lender covenant and agree is follow~_ or it the Lender acquires the property o1hen4ne after default, the
<br />Lender .hall apply. at the time of the commemement of such
<br />L. That Borrower will par the indebtedness, as herembefore prociredtn(,M1, or at the time the property is otherwise acquired, the
<br />provided. Privilege is reserved to pay the debt in whole or in part on balance then remaining in the fundi, accumulated under (a) of
<br />any installment due date paragraph 2 preceding, as a credit against the amount of principal
<br />then remamine unnattt under gird nnti-
<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 true and payable on policies of fire
<br />and other hazard insurance cuyering the property. plus taxes and
<br />assessments next due on the property (all as estimated by the Lerrderl
<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 sueh ground
<br />rents, premiums, taxes and assessments will become deliquent- such
<br />sums to be held by Lender in trss•-c ro pay said ground rents.
<br />premiums. taxes and Speciat assessments. and
<br />(b) All payments tnetmoned in t1Tc preceding subsection of this
<br />paragraph and all payment: to be rude under the ante secured
<br />hereby shall be added together, and the 2egrega ri. a t.rant them -of
<br />shall be paid by the Borrower each m'cintlt in a stria a payment o, be
<br />applied by the Lender to the folloving items in the order set 51 .rah.
<br />. (i) ground rents, tares, assessments, fire and other hazard insur-
<br />ance premiums;
<br />(11) interest on the note secured lrcrtd.y;
<br />(111) amortization of the principal,of zid note; and
<br />(IV) late charges.
<br />Any defiuency in dw.amount of such aggregate monthly payment
<br />shall, unl+.�i- made good by the Burrower prior to the due date of I ie
<br />next such payment. constitute an t%ixt of default under this
<br />mortgage. The Lender may collect 3 "late charge" not to exceed four
<br />cents (4C) for each dollar ($11 of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense 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 r_rts. to =; - ilrj assessments
<br />or insurance premiums. as the case rive; i`e. ,� :� t..',;ess, if the is
<br />current, Ea the option ef the Borrms ix. lr�t_'. he credited by tCe
<br />Lender o-. .�ubscquent payments to h.- -nade by the Borrower, -)-
<br />refunded to the Borrw.uNr. If, howcser, the monthly payments made
<br />by the Borrower und-• r a) of paragraph 2 preceding shall not be
<br />sufficient to pay groun+i rents, taxes and assessments or insurance
<br />premiums. as the ca-w may be, when "te same shall become due and
<br />payable, then the Borrower shall pay ti) the Lender any amount
<br />necessary to make up the deficiency. on or before the date when
<br />payment of such aroc.°A rents, taxes, assessments, or insurance
<br />premiums shall be doe If at anytime the Bono•. ~hall tender to
<br />the Lender, in ac(x.r.iv':ce with the provisions of the note secu.ej
<br />hereby, 11111-ra, -, :r; cf the entire indebtedness represcr. :rd t!'.lad)y.
<br />the Lem :e.r hi a_ i, O' Mrputing the amount of such indebtedne� :'.
<br />credit to the au ,c-m AL t;le Borrower any balance remaining t+^ f:n::
<br />funds accumulated ati&-r the firm mom of (a) of paragraph 2 Nteot
<br />If there shall ix a defaaTt under any of the provisions of this
<br />instrument resulting in a public sale of the premises covered herct•.,,.
<br />4. That the Borrower will pay ground rents, taxes, assessments,
<br />water rates. and Other governmental or municipal charge, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and to 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 />5. The Borrower will pay all taxes which may be lured upon the
<br />Lender; interest to said real estate and improvements, and which
<br />may he levied upon this instrument or the debt ,ec:urcd hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such %ill 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 undertaking. 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 decree provides that any amount so paid by the
<br />Burrower shall be credited on the debt, the Lender shall have the
<br />right to give ninety 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. payable and collecubleai: the expiration of
<br />said ninety days.
<br />6. That should the fiorrowerlarl to pay any sum or keep any
<br />covenant provtdc¢.fitr in this instrument, their the Ixnder, at its
<br />Option. may pay or r- -rform the same, and all expenditures so made
<br />shall be added to thf. principal sum owing on Itte said note, shall
<br />he secured (ten r, . and shall bear interest at tihz nue set forth in the
<br />said rote, unlit paid.
<br />7. Mat the Borrower hereby assigns, 1rans;a5 :•and set~ dscr to the
<br />l.c� Sur, to he applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of arty of the
<br />ter.. ~%. and condition% of this instrument or the said note, all the rents..
<br />and income to he denvoi f-om the said premises ,lain i
<br />- : :me as the indebtedness S, t "l -.main unpaid, and the Lender
<br />have power to appoint any agent or agents it may desire for the
<br />P `- use 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 />in_.- all expenses of repairing said premises and necessary
<br />cc.- , >,Ons and expenses incurred to renting and managing the
<br />Gsd of collecting rentals therefrom; the balance remaining, if
<br />he as-, -. ;a.: 1,-,ward the discharge of said indebtedness.
<br />1 +'1t the Burrower will keel the improvements now or
<br />f:tTcV ' r erected on the prope,-r,. c!•ared as may he requirv�j from
<br />time to ttme by the ),hider a a h by fre and other hazards.
<br />casualties and ec.r:!• ^cte: IL• imo— z,:,1, for such porn�d, a -
<br />milli be required b, t+-,: Lenderard will pay promptly, wher. d_e.
<br />any premiums or s�,,: n insurarux. provision for payment of vi -1 v,-h
<br />has ill it been made hereinbefore rill insurance shall he carmd t:^
<br />comparics approved by the Lender and the policies and
<br />thereof shall he held by the Lender and have attached there;, ioa
<br />payable clam,., :n favor of and to form at;ceptable to the Lender
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