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<br />Borrower and Lendtr covenant tnd agree atr follows:
<br />1. That Borrower wiil1paythir i01ebledness, 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. rbr.Sorrower will pay to the Lender, on the first day of each
<br />mont'r: uNA. ►ate said note is fully paid, the following sums:
<br />f r;3,4 sum equal to thr ground rents. if any. next due, plus the
<br />p = -ms that will n:xt biome due and payable on policies of fire
<br />v*!Yi trh,*r hazard insuranx covering the property, plus taxes and
<br />cents next due on the prrpdty (OU as estimated by Me Leader)
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<br />lei sums already paid-there6r.3;vided by the number of months
<br />to elapse before ore.( ?),month prier to the date when such ground
<br />rents, premiums, ttrlt -tH sssestments will become deliquent, such
<br />sums to br h ;10 by Water in tnin to pay said ground rents.
<br />premiums, taxes and special 'MMMents; and
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragrapb W All payments to be made under the note secured
<br />hereby shall be sddtd together. and the aggregate amount thereof
<br />shall b: paid by the Borrower each month in a single payment to be
<br />ap, W by the Lender to the following items in the order set coral:
<br />(I)- r-nund rents, taxes, assessments, fire and other hazard
<br />tnw rvniums;
<br />(fl) Interest on the note secured hereby;
<br />(iII) amortization of the principal of said note; and
<br />O.V) late chsrgce.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless made good by the Borrower prior m t1te due date of the
<br />next such payment, constitute an m-ent of default .r::er. this
<br />moripge. The Lender may collea: a "late charge" n,�r as caee! four
<br />cents (4c) for each d::f'ar (Sl; efucli :t:an fifteen
<br />(I5) days in arrears ca ©m er ;TMe extra expense i.r•, volved in handling
<br />delinquent payments.
<br />3. That if the total of the pe5•ments 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 rents, 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 paymenivo be made by the Borrower, or
<br />refunded to the Borrower. If. however. the monthly paymeaa made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay around rents, taxes and assessmtnts or insurance
<br />premiums. as the use may be. when the same shall become dst and
<br />payable, than the Borrower shall pay to the Lender any amrsrt
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground tents, 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 account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) 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 htreby.
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<br />89- 102464
<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, a: a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />4. That the Borrower will pay ground rents. taxes, ass=ments,
<br />water rates, and other governmental or municipal charges, tints, at
<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 />Leader.
<br />S.7he Borrower will pay all taxes which may be levied upon the
<br />ir_p en's interest in said real estate and improvemen% am-d which
<br />rrvtr be levied upon this instrument or the debt sertt.rA, Ii.reby (but
<br />o !; to the extent that such is not prohibited by law sera only to the
<br />extem. that such will not make this loan usurious), but "eluding any
<br />income tax, State or Federal, imposed on Lender, and will Fite the
<br />official receipt showing such payment with the Lender. Upon
<br />sida.1sn of this undertaking, or if the Borrower is prohibited by any
<br />h1w r.. cwr or hereafter existing tram paying the whole or any portion
<br />ei LT,/-- aforesaid taxes, or up= Ole rendering of any court decree
<br />prohibiting the payment by tb; grower orrwy such taxes, or if
<br />such law or decree provides that any amemim w paid by the
<br />Borrower shall be credited on * e debt, iPr r=4rr s4a11'save the
<br />r.igt1 :o Five ninety days w•ri`lgn notice. to the owner of Jre premises,
<br />re;:. -it$ the payment of the 1 111. If such notice be giiw the said
<br />debt shall btcor�a due, payable and collectible at the expiration of
<br />said ninety da y K.
<br />6. TtT t: ;he Sorrow mr fail to pay any sum or keep any
<br />corer,n.:, for in Wt 'rstcument, then the Lender. at its
<br />option, rrt, (tap or perform "h:�ame, and all expenditures so made
<br />shalt be adfW 'o :he principal sum owirL on the said note, shall
<br />be secured her el:y, and shall bear interest at the rate set fcrh in the
<br />sail :tote, until paid.
<br />I. That the Borrower hw*by "signs, transfers and sets over to the
<br />Lenderi to be eal;Ned toverd J-e payment of the note and all sums
<br />secured hereby ir, cage of a default in the performance of any of the
<br />foram# and eandniens of s{,io zauauw►sns er sh* *&.a note, aft the u.n1o.
<br />revenues and income to be deero ed from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power to appoint Rey agent or agents it may desire for the
<br />purpose 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 />incomes ail expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and mar;;gjng the
<br />same and of collecting rentals therefrom; the balance re? "sining, if
<br />any, to be applied toward the discharge of raid indebtetinas.
<br />8. That tre Urrower will keep the improvements raw 1xisting or
<br />hereafter erecgc3 on the property, Insured as may be required from
<br />time to time by the Lender aVimt loss by fire and ottrtr 11Rzards,
<br />casualties and contingencies in :,ach amounts and for such periods as
<br />may be required by the fender and will ray rromptly, when due,
<br />any premiums on such insurance, provisma for payment of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof 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
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