|
r
<br />0
<br />i'
<br />f
<br />Borrower and !.ender coveaanl and agree as follows:
<br />1. 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. Thai. 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 elfin
<br />and other hazard insurance covering the property. plrrs.taxes and
<br />assessments next due on the property (all asesdwaie�byche tender)
<br />less all sums already paid therefor divided by the number ofrrrvrtths
<br />to elapse before one (1) month prior to the date when such gmum!.
<br />rents, premiums, taxes and assessments will become deliquent,'ynrdt'
<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 tine preceding subsection 44 Air: ;
<br />paragraph and all payments to be main: under the note secures.:
<br />hereby shall be added together. and tfie aggregate, amount theM_ .
<br />shall be paid by the Borrower each month in atiia c ;puyMe:� ;r1�i be
<br />applied by the Lender to the following items im IN- th*r set fgrt{3-
<br />(1) ground rents, taxes, assesuner. -, fire and other hazard itisir
<br />once premiums;
<br />(11) interest on the wwr iawrj6i- lhi:%tby;
<br />(111) amortization -i f said note; and
<br />(IV) (ate charges.
<br />Any deficiency in the amount of such aggregu; minnthiy Fi n;iatit
<br />shall, unless made good by the Borrower prior toAte due date o! sate •
<br />next such payment, constitute an event of default under this
<br />mortggge. The Lender may collect a "late charge" r-iat to exceed four
<br />cents f4) for each dollar ($I) of each payment more than fifteen
<br />0 S) 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 payment,-,
<br />actually made by the lender for ground rents, taxes and as cKummt's
<br />or insurance premiums, as the case may be, such cxu°ss. if tNite.limruts
<br />current, at the option of the Borrower. shall he ra ulitt3f by ate '
<br />Lender on subsequent payments to be made by Me llbrrotoer•,: ur
<br />refunded to the Borrower. If, however. the monthly,puymcv.l s mate
<br />by the Borrower under (a) of paragraph 2 preceding shall nor: he
<br />sufficient to pay ground rents, taxes and assessments or insura:tu:
<br />premiums, as the case t -nay be, when the same shall become due and
<br />payable. then the Sk"iwer shall pay to the !.ender any amount
<br />necessary to make up the deficiency, 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 if i
<br />the Il.ender, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness feltrt;ented thereby.
<br />the Lender shall, in computing the amount of such indebtedness.
<br />credit to the account of the Borrower any balance remaining in ilte
<br />funds accumulated under the provisions of (a) of paragraph 2'hr. omf.
<br />If there %hull be a default under any of the provisions of this
<br />instrument resulting in a public safe of the premisig covered hereby.
<br />J
<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 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 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 />only, ts► the extent that such is not prohibited by law and omly to the
<br />tf;�r1
<br />ex 4tat such will not make this loan usurious), but excluding any
<br />incamt--tax, State or Federal, imposed on Lender, and will file the
<br />ofiiraaV 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 tbe rendering of any court decree
<br />prohibiting the payment by the 3wrower of any such taxes, or if
<br />such law or decree provides ths.Lany 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 paymeum of the debt. if such notice be given, the said
<br />debt shalt becorad dine: payable and collectible at the expiration of
<br />said, 6irety days:
<br />7,7iat should ft Borrower fail to pay any sum or keep any
<br />cvirrant 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 />T. That the Borrower hereby assigns, transfers and sets over to the
<br />Leader, to be applied toward the payment of the note and all surns
<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 incatre to be derived from the said premises during
<br />such time as the inddntt dews shall remain unpaid, and the Lender
<br />shall, haia power _1..i 4j=noint an- agent or agents it may desire for the
<br />purpw i.-.f repairing said premises and of renting the same and
<br />collect;a9 die rents. revenues and income. and it may pay out of said
<br />incoria J.1 expeakes of repairing said premises and necessary
<br />WrrmMsions and expenses incurred in renting and managing the
<br />sarttl'-wid of collecting rentals therefrom; the balance remaining, if
<br />any, tis Ix applied toward the discharge of said indebtedness.
<br />H. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />time to time by the Lender against loss by fire and other hazards.
<br />casualvxs and contingencies in -,=h 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 hereinbefere. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />therc°of 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 S
<br />L
<br />NLID- 92143OT -1
<br />r'
<br />P�
<br />i
<br />'a
<br />
|