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<br />Borrower and Lender covenant and agree ac fuftttw�:
<br />I That U(Irrosvei will pay the indebtcdness, as hereinhel� ire
<br />Prot idcd. Privilege n fc%vtvcd to pav the debt in whiole or m part on
<br />arty installment due date
<br />2. That, together with, and in addtLon to, the monthly payments
<br />Of principal and interest payable under the terms of the note secured
<br />herehy, 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, plug the
<br />premiums that will next become due and payable on policic.% of firr
<br />and other hazard insurance covering the property, plus taxer and
<br />assessments next due on the property (all as estimated hi, ttw /'under)
<br />lit: all sums already paid there
<br />fur divided by the number of, months
<br />to etapese before one 1 I 1 me+Rc(k prior to the date when such ground
<br />rents, premiums, taxes and acs<cssrtrents will become deliquent, such
<br />.sums to be held. by Lender ttt tc=l t,* pay sate! ground rentf,
<br />premiums, taxes acrd! special a%ws. rtents; and
<br />(b) All payments mentioned itr the Preceding subsection of Ct.p,
<br />paragraph and all payments to be made under the note sectiEvo
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to he
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taxes, assessment~, fire and other hazard insur-
<br />ance premiums;
<br />(11) interest on t.ttL ante secured hereby:
<br />(fill amonizatib-'v, s'f; the pr,Jyi;tpal of said little, and
<br />(IVI late charge's. .
<br />Any defictencv 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 payment, constitute an event of default under this
<br />Mii0iigage. The Lender may collect a "late charge" not to exceed four
<br />cents (4e 1 for each dollar r $11 of each pavment more than fifteen
<br />(15ji days in arrt,ars to cv.:rr the extrs expense irsvclyrd in handling
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower tinder
<br />(a) of paragraph 2 Preceding shall exceed the amount of payments
<br />actually made by tiro Lender for ground rents, taxes and assessments
<br />or insurance preirrrums, as the case may be, such excess, if the loan is
<br />current, at the option of the Borrower, shall he credited by the
<br />Lender on subsequent payments to he made by the Borrower, ar.
<br />refunded to the Borrower If, howet,cr. the monthly payment,. made
<br />by the Borrower under (al of paragraph 2 preceding shalt nort l:c.
<br />sufficient to pay ground rents, taxes and aswsscrtents or insurance
<br />Premiums. as the case maybe, when the same shall become d';r :ad
<br />Payable. then the Borrower shall pay to the Lender any am,D�a4i;
<br />net: ry to make up the deficiency. on or before the date when
<br />payment of such ground rents, taxes, assessment.., or insurance
<br />Premiums shall htdue. If at any time the Horrore.er shall tender di
<br />the Lender, in am3rdance with the pro>.isions 4 the note secured
<br />hcrebv, full payment of the entire indebtedness represented therebv.
<br />the [.Ender shall, in computing the amount of such indebtednes,.
<br />ereiitito the account of the Borrower anio balance remainrrg.in the
<br />funds accumulated under the Provisions of (a) lit 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 herchy.
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<br />89-00' "2838
<br />or if the Lender acquires the property otherwise after default, the
<br />Lender %hall apple, at the ,me of the commencement of such
<br />pr4xrcdings, or at the "me the property is otherwise acquitril, the
<br />balance then remaining in the funds accumulated under la) of
<br />Paragraph 2 preceding, ac a credit against the amount of principatl
<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 />Nfrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5 The Borrower will pay all tares which may be levied upon the
<br />Lender's interest in said teat estate and imgnovements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />ervly to the extent that such is mat prohibited by law and only to the
<br />ent:nt that such will not make this 1;►an usurious), but excluding any
<br />i!^.cvrtte tax, S;a;, or Federal, imposed on Lender, and will file the
<br />`TIcial recetN, .howing such payment with the Lender. Upon
<br />tiiolatton of this undertaking, or if the Borrower is prohibited by any
<br />„svv now or hereafter existing from paying the whole or any portion
<br />the aforesaid taxes, or upon the rendering of any court decree
<br />-prohibiting the payment by the Borrower of any such taxes, or if
<br />.such law or decree provides that any amount so paid by the
<br />13orr►wcr shall be credited on the debt, the Lender shall have the
<br />*Vhl ttt give ninety days' writteat nQtiec to be owner of the .premises,
<br />mquiring the payment of the dthlt If such ttelice be goven. ¢he said
<br />debt shall become due, payable and co9SectaEtle at the expiration of
<br />said ninety days.
<br />ti That should the Borrower fad to pay any sum or keep any
<br />cvwcnant provided for in this instrument, then the Lender, at its
<br />option. may Pav to perform the same, and all expenditures so made
<br />shall he added to the principal sum owintt on the said not., wh:lp
<br />or secured hereby, and shall bear interest at the rate set forth in the
<br />said note, unit paid
<br />7 That the Borreow er herefry assign,, transfers and sets over to the
<br />Lender, to be appl�:+d toward the payment of the note and all sums
<br />secured hereby in •case itif a d:fault in the performance of any of the
<br />terms and coit&tons of this instrument ors *c said note, all the rents,
<br />revenues and tncoms to be grayed from thh said premises during
<br />such time as the indebtedness shall remain unpaid. and the Lender
<br />shall have power it) appoint aix7 agent or agents it rimy desire for the
<br />Purpose of rep ailing said premises and of renting t hc'.samcand
<br />collecting the tea i, revenues and income, andai matt• payoul of said
<br />incomes all exgieatses of regazaang said premises and necessiiy
<br />ty-mriissiory 41-14 expenses: irlr-ur red in renting and marag- 4 the
<br />sa.,:.e`and of cbdecung FOOM N therefrom; the balance renaming, if
<br />ari ,.: icy be ap [PLnetk towards C> v.discharge of said indebtedness.
<br />S That the. &rrower wz ^t kwp the improvements now existing or
<br />henzafter erected on the prcpery. insured as may be required from
<br />time to time to tN Lerderage5ast loss by fire and other hazards.
<br />casualties and coatragensyes iii such amounts and for such penods as
<br />may be required hw. the tender and will pay promptly, when due,
<br />anv premiums dr; such insurance, provision for payment of which
<br />has not been made hercinbefrhe. All insurance shall be carried in
<br />companies approved by the. Er-ader and the policies and renewals
<br />thereof shall fie held by tke.G rifer and have attached thereto loss
<br />payable clauses m fao,i11- Of-A,124 in form acceptable to the Lender. In
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