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<br />Borrower and Lender covenant 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. 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 />i
<br />- -- —..r ,02865
<br />or if the Lender acquires the property otherwise after default, the
<br />Under shall apply, at the time of the commencement of such
<br />proceedings, or at the time the pruperty 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 roc' ' h
<br />IF uton as oat ft =Mmade• hefonbefore.
<br />and in default thereof the Lender may pay the same; and that the
<br />(a) A sum aqual to the ground rents, if any. next due, plus the. Borrower will promptly deliver the official receipts therefor to the:
<br />Premiums that will next became due and payable on policies of fire: [ eatdtr
<br />and other hazard insurance covering the property, plus tai nx and ,
<br />assessments next due on the
<br />tmopertY (oll as esrnrratel r, r-- !ar Leper -rj
<br />less all sums already paid therefor divided by the nur� of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deliquent, such
<br />sums to be held by Lender in trust to pay said gmuari. rents,
<br />premiums, taxes and special assessments. and
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragraph and all payments to be made wader the note secured
<br />hereby shall be added together, and the awegate amount thereof
<br />Shall be paid by the Borro%v,- each month in a single payment to be
<br />applied by the Lender to the following iteets itt the csr�er set forth:
<br />(1) ground rents, taxes. assessments, tin: ufd ,01her hazard insur-
<br />ance premiums;
<br />(11) interest on the note sword hereby:
<br />"(111) amonization of the principal cl's note; and
<br />(IV) late charges.
<br />Any deficiency in the amntrnt of such aggregate montilly payment
<br />shall, unless made good by tite 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 />ants (49) for each dollar MI) of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involcred in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrowar, tinder.
<br />(a) of paragraph 2 preceding shall exctwj fire amount of payments.
<br />actually made by the lender fur ground tAus, 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, shall be credited by the
<br />Lender on subsequent payments to be msaie by the Borrower, or
<br />refunded to the Borrower. If, however, tile: monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taxes and assessments r,•r insurance
<br />Premiums. as the case may be, when the same shall become: due a,-,d
<br />payable, then the Borrower shall pay to the Lender 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 to
<br />the Lender, 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 ac zount of the Borrower any balance remaining in the
<br />funds accumulated under the provisions tf fa) 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 />5. 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. �r ttte debt secured hereby ( but
<br />only to the extent that such is not prohibited by law and only to ft
<br />extent that such will not make this loin usurious), but excluding any
<br />income tax. State or Fc.th el, imposed an Lender: and will file the
<br />official receipt showing inzf.It payment with the Lender. Upon
<br />violation of this undeaalvi!, qr if the Borrower is prohibited by any
<br />law now or hereaftereai�irittf.��tr fsayWg the whole or any pettiva
<br />of the afctresaid losers r,e i i4ri : centring of any court d=ce
<br />Prohibiting the paymggi:lS:Y: the borrower of any such taxes, or if
<br />such law or decree prdvi oi:that any amount so pa:,.i tai :he
<br />Borrower shall be credited on the debt, the Lender shalt have the
<br />right to give ninety days' written notice to the owner of the premLq_
<br />requiring the payment of the debt Ef v.:r_h notice be given, the s6d
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />ti. That. should the Born -juer fail to pay airy sum ar &ter a�.y
<br />covrnunt provided for in this instrument, then the Lender, at rls.
<br />optian,mnyt pay or perform the same, and all expenditures so nm;�,e
<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 />slit; note, until paid.
<br />7. That the Borrower hereby assigps, transfers and sets over to the
<br />Lender, to be applied toward the pa,p,nrp t of the note and all sums
<br />secured hereby in case of a default ir_ t +;e performance of any of the
<br />terms and conditions of tAiu instrume, air ;l e said tr5f:e, all the rents,
<br />revenues and income to f5e .aerived during
<br />such time as the indebtedness shall r t:: •caFa w and the Lender
<br />shall have power to appoint any agent or agents it may desire for ±jt
<br />Purpose of repairing said premises and of renting the same and
<br />collecting the rents, revemm-'s and income, and it may pay out of said
<br />incomes all expenses cf 111pt6ring said premises and necessary
<br />commissions and expenst.�s ctcurred i c. rojting 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 Rorro%cr will keep the improvements, now existing or
<br />hereafter erected on th. p °openy, insured as may be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualties and catntir4tmncies in such amounts and for such periods as
<br />may be required by the Under and will pay promptly, when due,
<br />any premiums on such,imurance. prevision for payment of which
<br />has not been made herdabefore. All insurance shall be carried in
<br />companies approved by the Linder and the policies and renewals
<br />thereof shall be held by the Lender arty! have attached thereto loss
<br />Payable clauses in favor of and in f4wi;t acceptable to the Lender. In
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