|
A
<br />50rrAwer 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 rat part an
<br />any +n.5tallment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of principaa and interest MAW 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 f'euity 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 property, plus taxes and
<br />attMments next due on the property (an as tsrinnared by rAe Lenddr)
<br />lta all sums already paid therefor divided by the number of worths
<br />to elapse before one (I I month prier to the dale when such ground
<br />rents, premiums, taxes and assessments will become deliquent, such
<br />sutras to aid be held by lender in trust to pay s ground rents.
<br />premiums, taxes and special assessment-.; and
<br />{tS)- Ad: payments mentioned in the preceding su;+sectti,rac *f this
<br />pormoaph and all payments to be made under the We,.WDied
<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 be
<br />applied by the I.M&r to the following items it the order set forth:
<br />(IA ground rents, taxes. asessments, fire and other hazarh Iet'sur-
<br />ance premiums;
<br />(11) interest on the note secured hereby,
<br />(111) 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 good 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 exceed four
<br />cents (4e) for each dollar (it) 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 />(a) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the Lender for ground ants, 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 made by the Borrower, or
<br />refunded to the Borrower. If, however, the 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 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, in accordance with the provistons 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 />a did 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 />iaatrumeM resulting in a public sale of the premises covered herebv.
<br />89- 143064
<br />or if the Lender ncquires the property "llselw1w after defauU, the
<br />I.entkr %hall uppty. 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, 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 />Ztcr rates, and other governmental or municipal charges. fines, or
<br />imposition.% 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 be levied upon the
<br />Lenders 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, State or FednW,,, imposed on lender, and will file the
<br />official receipt showing stir payment with the Lender. Upon
<br />violation of this undettakingi or if the. Borrower is prohibited by any
<br />law now or hereafter e:tist DS from paying the whole os any portion
<br />of the afortsaid.tax!m. ar upset the rendering of any cam decree
<br />prohibiting the payment bye the Borrower oT any sib* taxes, or if
<br />such law W decree pro%ides that any amet nt so paid by the
<br />Borrower shall be credited on the debt« ft Lender $hall have the
<br />right to give ninety days' written notice tD the owner of the premises,
<br />requiring the payment of the de>u. Ifsotch notice be given, the said
<br />debt shall become due, pt W. le and c�16� ible at the expiration of
<br />said ninety days.
<br />6. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender. at its
<br />option, may pay or perform the same, and all expenditures so made
<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 />a4d n,-x- untA Arid,
<br />7. That the Bonouer hereby assigns, transfers and sets over to the
<br />Lender, to be applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said note. all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power 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 the rents, revenues and income, and it may pay out of said
<br />incomes all 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 tha: Borrower 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 required 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 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
<br />MUD- 92147DT -1
<br />--I
<br />r•
<br />s
<br />i
<br />I
<br />
|