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<br />$9~� 102856
<br />Borrower and Lender covenant and agree as faliowc:
<br />1 That Borrower will pay the indebtedness, as hereinbefore
<br />proWed Pnyilege is reserved to pay the debt in whole Of v part on
<br />am installment due date
<br />2 That. together with. and in addetitin to, the mtinthly pasmenis
<br />of principal and Interest payable under the terms of the note secured
<br />hereby. the Boorrower will pay to the Lender, on the first day cif each
<br />month until the said note is fully paid, the talluwing sums
<br />(a) A sum equal to the ground rents. if am, next due. plus the
<br />Premiums that well next become due and payable on pt,licces of fire
<br />and other hazard insurance cohering the property. Plus taxes and
<br />assessments next due ca ruble ptoperty fall as estimated by the Lcnderi
<br />less all sums Already, pasd'therefor disided by the number of months
<br />to elapse before e119 (1) month pnor to the date when such ground
<br />rents. premiums, taxes ai.., assessments will become deliquent. such
<br />sums to be held by Lender in trust tr pay said ground rent.
<br />premiums. taxes and special assessments. and
<br />(b) All payments mentioned in the preceding subsection tit this
<br />Paragraph and all Payments to be made under the note secured
<br />hereby shall be added together. and the aggregate ameunr thereof
<br />shall be paid by the Borrower, each month in a single Payment to be
<br />applied by the Lender to the F011orw;n# items in the order set forth
<br />(1) ground rents. taxes, assessments. fire a,rrd other hazard incur,
<br />ante premiums; .
<br />/11) interest ore the note secured hereby.
<br />t1 ") amortirairon of the principal of said note, and
<br />(IV) late charges
<br />Any deficiency in the amount of such aggregate mnnthl'i pay seem
<br />shall, unless made goad by the Borrower pram to the due dAX of the
<br />next such Payment, eonsatute an event of default under this
<br />T``'rlW+ I" ° *may collect a "late Coup- not in exceed four
<br />ants (40 for each dollar (SB I of each payment more than fifteen
<br />(IS) 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 />W ¢f Paragraph 2 preceding shall excec. -he amount of pacrnent•
<br />actualiv made by the Lender for grouna ,,.,its, taxes and assexs nines
<br />or irsttrance PMM'UM as the case ma% be. such excess. 1,9, [Luc tOan
<br />carient, at the opitpn of the &avower, shall be credited b►''64!
<br />Lender on subsequent Iayments to be made by the Borrower. or
<br />refunded to the Borrower if.. however, the monthly payments made
<br />by the Borrower tinder is ► of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents• taxes and assessments or insurance
<br />Premium as the case may be, when the same shall becomme due and
<br />0 ble. then the Borrower shall pay to the Lender any amount
<br />natxssan:.:0. 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 an-, v time the Borrower shall tender to,
<br />the Bender, in accordance with the provisions of the note secured
<br />hereby,• full Payment of the enure indebtedness represented thereby,
<br />the (under shall, in computing ('be amount of such indebtedness.
<br />credit to the account of the Borrower any bttance remaining to the
<br />•Pates accumulated under the prmistons of (a t of Paragraph 2 hereof
<br />If there shall be a default under any of the provisions df rhea
<br />instrament resulting in a public sale of the Premises co:rred:hereb%.
<br />of if tht: Lender aoyurres the Proper 1% otherwise after defauh. the
<br />Lender ,haft upph. at the time of the commencement of such
<br />prcweedmps, or at the time the property is otherwise acquired, the
<br />balitncr them remaining in the funds accumulated under tat of
<br />Paragraph 2 prc,cdeng, as a credit against the amount of principal
<br />then rem.tirtinr anp,atd under said note
<br />4 Thai ►tic H „rn,wcr %Ql pay ground tent%. taxes. assessments,
<br />water rates and , ther go%ctnmcntal or municipal charges. fines. or
<br />imp. „u„on, ►,,r mMth pnyviston has not been made heretnneture.
<br />and in detauft thrre„r the Lender may pay
<br />Lender the same, and that the
<br />&rto%4vr -H r -111 fly deloer the affictal receipts therefor to the
<br />5 The mill- payall taxes which may be leyted upon the
<br />Lender', intetv,i in ,ild.real estate and Improvements, and which
<br />may he Icsied upon ihrs instrument or the debt secured hereby (but
<br />onl% to the extent that such is not prohibited by law and only to the
<br />extent that such mill not make this loan usunousl, but excluding any
<br />income tax. State or Federal, imposed on Lender, and will file the
<br />offioal recap: ,homing such payment with the Lender. Upon
<br />violation of this undertaking, or If the Borrower is prohibited b% any
<br />taw nf)4 ter hereafter existing from paving the whole or any ponton
<br />of the afu %yard taxes. or upon the rendering of any court decree
<br />prohibitigg the payment b% the Horrtimr• cif any such taxes, or if
<br />such low kv decree provides that any amount so paid by the
<br />Barrcwcr shall be credited on the debt. the Lender shaft have the
<br />right to *goye ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt If %uch notice be given, the said
<br />debt shall become due. payable and collectible at the expiration of
<br />said ninety day,
<br />6 That should the Burrower fail 1( pay any sum or keep any
<br />o: Acnaat pros tded for in this instrument. then the lender. at its
<br />opt'i'r•. rrea” pas or pertorm the same. and alt expenditures so made
<br />shall be act :Jett to the principal sum o%%Ing on the said note. shall
<br />In s curcd ire ='mt. and shaii bear interest at the rate set forth in the
<br />said note. until Mid
<br />7 That the Horrower hereby assigns, transfers and sets over to the
<br />Lender, a+ be applied toward the PaYenetit of the note and all sums
<br />secured herehy in case of a default in tfte Performance of any of the
<br />terms end condmom of this instrument or the said note. all the rents,
<br />te%enue, and in ome to be d'enved from the said premises during
<br />such time a, the indehtedr ess shall rett•.arn unpaid, and the Lender
<br />shall hase pr,mer ti, appoint any agerie b, agents n may desire for the
<br />purpose of repsoing said premises acAt of renting the same and
<br />collecting the read. revenues and income, and it may pay out of said
<br />incomes all e%ren c- of repairing said premises and necessary
<br />commission, afi,4, ei(tenses incurred in renting and managing the
<br />same and of colecting rentals therefrom: the balance remaining, if
<br />any. to he apolmd toward the discharge of said indebtedness.
<br />8 That the Horromer 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 />casualties and contingencies in such amounts and for such periods as
<br />may be requtred 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 herernbefore. All insurance shall be arned in
<br />companies approved by the Lerider and the Policies and renewals
<br />thereof shaft: he held by the Lender and hate attached thereto loss
<br />payable clau e- to favor of and in form acceptable to the Lender In
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