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<br />borrower and Lender erivrntanrand agree as follows:
<br />! 1. That Borrower will'pry the indebtedness. as hereinbefore
<br />provided. Privilege is reser Ad:tu pay the debt in whole or in part on
<br />any ittstallment diie dattz..
<br />2. That, togeltitx, withcand io.addition to, the monthly payments
<br />Of principal and iniMcpayable under the terms of the note secured •
<br />hereby. the Bon ivarwilltpay lathe Lender,.on the first dal' of each
<br />month until the saiMnma is fully, paid, the following sums:
<br />(a) A sum equal to thagroand'rents, if any. next duc plus the
<br />premiums that will ntait,he; omedue and payable on polities of fire
<br />and other hazard imurni im covering the property. plus taxes and
<br />assessments next ckte on'Aa property (aft as estimated by the LendrrA
<br />less all sums already puddherefoc divided by the number of months
<br />to rsapse before one (1) menus pdgr to the date when such ground
<br />ron'ts; premiums, taxes andlassessztri mn .wilt become deliquent, such
<br />sums to be held by L dler.in Inai- t6 .pa!{ SW ground rents,
<br />premiums. taxes ar4 sp tassmments; and
<br />(b) All payment asgatianed.in.the preceding subsection of this
<br />paragraph and all pi!invinti ttibt: made under the note secured
<br />hereby shall be ad&d cagmbe•:, and the aggregate amount thereof
<br />shall be paid by t>r-S.?rrot+wPaeh,month in a single payment to be
<br />applied by the to ihehill0wing items in the order set forth:
<br />(q ground rents, taxei, aw.sments, (ire and other hazard. insur-
<br />ance rmmiu=
<br />(lit) interest on the notescsured hereby;
<br />(111) amorti'AIW,n. of the printapal.of said note; and
<br />(1V) 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 paymtrL constitute ameveni of default under this
<br />mortgage. The Lender may collcct a "lute charge,, not to exceed four
<br />cents (49) for each dollar .(Sl ),of,each payment more than fifteen
<br />(15) days in arrears to arnrr the extras expense involved in handling
<br />delinquent payments.
<br />3. That ifthe tOtal ofithe payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall'ex(:wd the amount of payments.
<br />actually made by the Lender for ground rents, taxes anJ assessment;
<br />or insurance premiums „ds• the case may be, such excess, if the loan cs
<br />current. at the option- oGttie Burrower. shall be credited by the
<br />Lender on subsequeruipzyments to he made by the Borrower, or
<br />refunded to the Burrower Ill however. the monthly payments made
<br />by the Borrower undta N) of paragraph 2 preceding shah riot be
<br />su.�E dent to pay gtound:rents, taxes and assessments or insurance
<br />premiums, as the cute may.be.when the cz.rn:e shall become due and
<br />payable. then the Ilvrrouy•r,shall'pay to the. Under any amount
<br />atcessary to make up tlit, dtficierivy. an err before the date when
<br />p:+.i ^tent of such gtotucd rents, taxes, assessments, or insurance
<br />1 erniums shall 1w dut. Ifiat any Icme the Borrower shall tender to
<br />the Lender. in aoi.otdkuw Mlh tht provisions of the note secured
<br />hereby, full paymmi,of-the entire indebtedness represented thereby.
<br />the Lender s11911,in computing the amount of such indebtedness.
<br />credit to the AtraltnuolutJr "t",Pwcr any balance remaining in the
<br />fiaulrt accumulitod'uttJt the pare isiors of (a> of paragraph 2 hereof
<br />l'f,t'htye shall b: a dtlt,ultiuntf:r any of the previsions of tte&
<br />instrument resulfirij; in,a 0111H. "alt of the pit =.miser covered hereby,
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<br />or if the il.ender acquires the property otherwise after default, the
<br />Lender shall applyt 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 rats, and outer governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefow,
<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 lever upon the
<br />Lender's intemi in, said real estate and improvements, and which
<br />may be levied upatt this instrument or the debt secured hereby (Iris?
<br />only to the extent that such is not prohibited bylaw and mlr; 1AGn t&;-
<br />extent that such wilt not make this loan usurious), buc emn;•d,2;& any
<br />income tax, State or Federal imposed on Lender. and aka Tle the
<br />Official receipt. showing sudi payment with the Lender. Upon
<br />violation of this un."deitaking, or if the Borrower is prohibited by any
<br />law now o: bztalfer existing from paying the whole or any port --
<br />of the aforesaid tales, or upon the rendering of any court decree ”
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law ordecree provides that any amount so paid by the
<br />Borrower A-hail be Credited on the debt, tlae bender shall have the
<br />right to give 4it cty days' written notice eta tLe owner of the premises,.
<br />requiring th. im ment of the debt. If such notice be given, the said
<br />debt shall become flue, payable and collectible at the c&piration of
<br />said ninety days.
<br />b. That sl;nuld the Borrower fail to pay any sum or kav any
<br />covenant provided for in this instrument, then the Lender, at its
<br />siphon, may pay or perform the same, and all expendit ut' s so made
<br />!hail be added to the principal sum owing on the said'rsvat4 shall
<br />be secured hereby, and shall bear interest at the rate set; kjoiir in the
<br />said note. until paid.
<br />7. That the Burrower hereby assigns, transfers and sere, ..ar to t3^j-
<br />Lender, to be applied towadt the payment of the note aad all sums
<br />secured hereby in case of a:,ti:i�ult in the performance &A , ny of the '
<br />terms and conditions of this instrument or the said note, an the feat
<br />revenues and iron ,me to be derived from the said premises during .
<br />such time as chc: indebtedness shall remain unpaid, and t "e [.ender .
<br />shall have pa •r,:;r to appoint any agent or agents it may desire for the
<br />purpose of repairing said premises and of renting the sa,tte and
<br />oollecting the rents, revenues and income, and it may pay out of said
<br />incomes all erp arses of repairing said premises and necessary
<br />commissions amf expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if
<br />any. to be applied toward the discharge of said indebtedness.
<br />8. That the Borrower wilt keep the improvements now existing or
<br />f►:reafter crWzd on the property, insured as may be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualties r nd cr'r lingendes in such amounts and for suh periods as
<br />may he rcquacJ by the lender and will pay promptly, whim due.
<br />any premruirs on such insurance, provision for paymerrt of which
<br />tuts not been matte hereinbefore. All insurance shall be carried in
<br />companre3 aprruved by the Lender and the policies and renewals
<br />tb:rcof shalt b-- held by the Lender and have attached thereto loss
<br />fctvab!e clauses in favor of —1 ; to f bl 1
<br />ins aceepta a to t to Lender. In i
<br />Ragela'S _ -- MUD- 92143Dt -1
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