|
89, 102971
<br />Bar rower and lender covenant and agree as• follows:
<br />I That frrower will pay the indebtedness, as herctnbefore
<br />provided. 11rivlegc is rescrscd to pay the debt in %hula ot. in part on
<br />any installment due date
<br />2. That. together %tth, and to addition lit, the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, the Borrower wtli pay to the Lender, an 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, plus the
<br />premiums that will next become due and payable on policies of fire
<br />and other hazard insurance covering the propeny, plus taxes and
<br />msessments nett due on the property fall as csrirwred by the Leaded
<br />lc% all sums already paid therefor divided by the number eh months
<br />to elapse before one (I 1 month prior to the date when sv:1:h ground
<br />rents, premiums, taxes and assessments will become deltyuent, such
<br />sums to be held by lender in trust to pay said ground rents.
<br />pt.vmiums, taxes and special assessments; and
<br />jb) All payments mentioned to the preceding suhsecttcym(,sf this
<br />paragraph and all payments to be nude under the note so;accsd
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single pa►ment to be
<br />applied by the Lender to the following items in the older set forth:
<br />(1) ground rents, taxes, assessments, fire and other hacatd incur-
<br />once premiums;
<br />f11) interest on the note secured hereby,
<br />fill) amortization of the principal of said note, and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall, unless made gotxf by the 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 excceed four
<br />rents (49) for Lath dollar It 14 em.11 naytngnt r f'ftrPn
<br />(15) days to arrear% to coact the extra expense involved in handling
<br />delinqueolt payments
<br />3. That if the total of the payments 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, su h excess, if the loan r,
<br />current, at the option of the Borrower, shalt be credited by the
<br />Lender on subsequent pay mcm% to be made by the Borrower, or
<br />refunded to the Borrower If, however, the monthly payments made
<br />by the Borrower under (a) cif paragraph 2 presiding shall not he
<br />sufficient to pay ground rents, taxes and assessments or insurance
<br />premiums, as the case may be, when the same shall become due and
<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, to accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby.
<br />the Lender shall, to 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 la) of paragraph 2 hereof
<br />If there shalt be a default under any of tlieprmimons. of this
<br />instrument resulting in a public sale oftbc.psemrses cosered hereby.
<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 fa) of
<br />paragraph 2 preceding, as a credit against the amount tit principal
<br />then remaining unpaid under said note
<br />4. That the Btrrimer 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 />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />S. 'The Borrower will pay all taxes which may he levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make this loan usurious). but excluding any
<br />income tax. Mate or Federal, imposed on Lender, and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the (Borrower is prohibited by any
<br />law now or hereafter existing from payin the whole or any portion
<br />of the aforesaid taxes, or upon the rcn& --, ',V of any court decree
<br />prohibiting the payment by the Ilorro%er of any such taxes, or if
<br />such law of decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give rimety day. written notice to the owner of the premise;
<br />requiring the payment of the debt. If such notice be given, the said
<br />debt shall become due, payable and collectible at the expiration of
<br />said ninety days.
<br />6 'That should the Borrower fad to Fay any sum or keep any
<br />covenant prouded for to this instrument, then the Lender, at its
<br />option, may pay of perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the sacit nose, shalt
<br />he securest hereby, and shall bear interest at the rate set funh in Oe
<br />said note, until paid.
<br />7 That the Borro %er hereby assigns, transfers and sows over to the
<br />Lender, to he appitcd toavacai the payment of the now azsf all sums .
<br />secured hereby to case of a default in the performancc of any of th.c.',
<br />terms and conditions of this instrument or the said nose. all the renisti
<br />revenues and income to be derived from the said premsees during
<br />such time as the indebtedness shall remain unpaid. and the Lender
<br />shall have Ix►w•er to appoint any agent or agents it may: desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collecting: 6e 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 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: rNe Borrower will keep the.'improvements now existing or
<br />hereafter created on the property. insured as may be required from
<br />time it, time by the Lendcr against loss by fire and other hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />may be required by the Lender and will pay promptly. when due, .
<br />any prernlutns on such insurance, pmwision for payment of which!
<br />has not been made herernbefore. 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 to fasor of and to form acceptable to the Lender. In
<br />Page 2 or 5
<br />HUO.92 113OT•1
<br />Li
<br />J
<br />
|