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<br />6onower mW Lester covenant and agree as follows: or if the tender acquires the property othetwise after default, the
<br />Lender shalt apply, at the time of the commencement of such
<br />1. That Borrower will pay the indebtedness, as hereinbefore proceedings, or at the time the property is otherwise acquhicd: the
<br />provided. PriviltV is reserved to pay the debt in whole or in part on balance then remaining in the funds accumulated under (a) of
<br />any installment due date. paragraph 2 preceding, as a credit against the amount of principal
<br />1 'That. together with. and in addition to, the monthly payments
<br />of principal and interest payable tinder the terms of the now 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 hmrd insurance covering the property, plus taxes and
<br />assessments next due on the property (alias esdmaled by A-- ILcm*ry
<br />less all sums already paid therefor divided by the number cd months
<br />to elapse before one (1) month prior to the date when such gm? -d
<br />rents, premiums, taxes and assessments will b=otme detigLen2 si:;
<br />sums to be held by Lender in trust to pay sair,$,Ond rra*--,
<br />VOS,ttiums, taxes and special assessr-*= -. w }s .
<br />(b) All payments mentioned tz 6
<br />paragraph and all W,.vnents to be irvk iur5a; tic;-: i i uy
<br />hereby shall he at�,fiad' ogether, and the agg#rl .-ar fount thereof
<br />shall be paid by.tfii; R0rrower cub month ma payment to be
<br />applied by the Le! ' ;o the fe-lta wing items iii the order set forth:
<br />(1) ground and other hm -ard insur-
<br />ance premiums ; :...
<br />(11) interest rn1i3uv`�cte sec,✓illar�'t ,
<br />(Ill) amonizair aaft the m,P . d
<br />(IV) late char
<br />Any deficiency niche amount of such aggreg -ze 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 (40 for each dollar 151) of each payment more than fifteen
<br />(1 5) 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) cif paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the lender for ground rents, taxes and assessments
<br />or insurance premium as the case may be, such excess, if the loan is
<br />current, at the option of the Roraima. shall Ire credited by the
<br />Lender an subsequent payments to be made by the Borrower, or
<br />refunded to the Borrower. If, however. the monthly payments made
<br />by the Borrower under (a) of paragraph 2 pt(lx ding shall not he
<br />sufficient to pay ground rents, taxes and aswsstpents or insurance
<br />premiums, as the may be. when the same drill becii►ne due and
<br />payable, then the 13cirrower shall pay to the Lender any amount
<br />mount
<br />necessary to make ap the deficiency, on or before the date when
<br />payment of such ground rents, taxes, assessmG L.s, or insurance
<br />premiums shall Nt due If at any lime the W - waar shall tender to
<br />the Lender, in ac.- wrdance with the pnwruc;^ :C i. c note secured
<br />hereby, full paytrknt of the erzcr: tm3 *tedprs� feptesented thereby,
<br />the Lender shall, in cbmputsng t3,e iaa'?unr_ �6 -,:1ch mdehtc- Aness.
<br />credit to the account of the Rorrisuet an,; vau vr. remaisuno in the
<br />funds acx:umulaw,d cinder the proviscons cocas d, paragraph 2 hereof
<br />if there shall be a- Aefault under any of the pri- w,atom of ths:,
<br />instrument resulting in a public sate of the premises covered hereby.
<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, finmM or
<br />impositions, for which provision has not been made hercinbefore,
<br />and in default thereof the Lender may pay the same; and thit the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />G. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />ocify to the extent that such is not prohibited by law and only to the
<br />extent that such will not make tivs loan usurious), but excluding any
<br />income tax, State or Federal, imposed on Lender, and will file the
<br />official receipt showing such pay=nt u its the Lender. Upon
<br />violation of this undertaking.. m;. the 1E,c%rrower is prohibited by any
<br />i asi row or hereafter existing i`r„xi-: *-Fog the whole or any portion
<br />ij 00e - aforesaid taxes, or upory t&ec rendering of any comet dmree
<br />0.�Atbiting the pavment by Om Borrower of any such taxes,.-or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower 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 became due, ps3i IF'z and collectible at the expiration of
<br />said ninety days,
<br />6. That should the Bor..a•aer fail to pay any sum or keep any
<br />W; r,nant provided for in tUos 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 beat interest at the rate set fortis 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 avy of the
<br />terms and conditions of this instrument or the said note, all'the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtednLs shall remain unpaid, and the lender
<br />shall have power to apponz ta.y agent or agents it mays desire for the
<br />purpose of repai&. qz rs s c4 raises and of renting the s2[r,: ^c and
<br />c4.1llecting the ner. ux, re�c=x rtes and income, and it may pay out of said
<br />i ncomes all said premises and necessary
<br />tAtmmmscons ani es:l;enses x- a.Lreed in renting and managing the
<br />sure and of .ccrtecttng renuv1silierefrom; the balance remaining, if
<br />uny, to he apuircd cuward tt'c: &scharge of said indebtedness.
<br />8. That the 4lsrsrower will, keep the improvements no `,v existing or
<br />hereafter erected on the insured as may be regaired from
<br />tta;t to time by the Lender agai nst toss by fire and oe ,4A — hazards.
<br />casualties and contingencies in such amounts and for -.-Awlt periods as
<br />may be requrtuf Ity the Lender and will pa.y promptly, when due.
<br />any premiums oss ,uch insurance, provision for payment of which
<br />bts not been made hereinb -Aore. All insurance shall be carried in
<br />cx)mpanies approved by the b nder and the policies and renewals
<br />thereof shall be held by the Lender and have attached thereto loss
<br />payable clauses in faoor of and to form acceptable to the Lender. In
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