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<br />Borrower 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 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, 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 a,ny . next due, plus the
<br />Premiums that will next become due and payable on policies fire
<br />and other hazard insurance covering the pto wM?.. Ox .s taxes and
<br />assessments next due on the property (afit ds rstrt crxit 8v the Le rdtr.1t
<br />less all sums already paid therefor divided by the str:nber of moaUa
<br />to elapse before one (1) month prior 4o tt date when such ground
<br />rents, premiums, taxes and assessmen:x xiill become deSiquent, such
<br />sums to be held by Lender in trust td pay said groued rechts.
<br />Premiums, taxes and specnalassessments; and
<br />(b) All payments mentiohied in the preceding subsestioff of tW.
<br />Paragraph and all payments to be made under the note secured
<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 Lender to a& following items in the : order set forth:
<br />(1) ground rents. taxes, assessments, Eau and other hazard insur-
<br />ance premiums;
<br />(11) interest on the note secured hereby;
<br />(111) amiortTatiot>; of the principal of said note; acid
<br />103265
<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, 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 />water rates, and other governmental or municipal charge& fines, or
<br />impaSWOns. for which provision has not been made hereinbefore,
<br />and itt default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />S'>I'�he 9arrower will pay all taxes which may be levied upon1zha
<br />Lenders interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (bb .a
<br />only to the extent that such is not prohibited by law and only
<br />e to_the.
<br />extent'that such will not make this loan usurious), but excluding'accy
<br />intona tax, State 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 paying the whole or any portion
<br />Of the aforesaid taxes, or upon the rendering of any court decree
<br />prohibiting the payment by the harrower of any such taxes, or if
<br />such law ocilecree provides that *Ay amount so paid by the
<br />Borrower shall be ete0ited on the'debti.the Lender shall have the
<br />right to give ninety :dam written ncdOo to the Owner of the premises,
<br />requiring the paynient bf the debt. If such antic a be given, the said
<br />debt shall-become dut, payable and-abl2pctible at the expiration of
<br />said nittetye days..' "
<br />(iV) late charges. 6. That should the Borrower fail to
<br />Any deficiency in the amount .nf.c,3t go t . __ covenant. Provided fnr iQ mL : 1�Y arty sum .or keep any .
<br />wegs.e rncxtt..ly t,,,yincni - , P .n trumcnt,- tlte.i the Lender, at its
<br />shall, unless made good by the Borrower prior to the due date of the option, rosy pay or perform the same, and all expenditures sci made
<br />next such payment, constitute an event of default under this shaU'be ad&d to the principal sum owing on the said note, shall
<br />mortgage. The lender may colter! a "late charge" not to exceed four be secured hereby, and shall bear interest at the rate set forth in the
<br />ants (4t) for each dollar (S I) of each payment more than fifteen said note, until paid..
<br />(15) days in arrears to cover the extra expense involved in handling
<br />ddinqueat payments.
<br />3. That. if the total of the payments made by the 'Sorcower under
<br />(a) of paragraph 2 preceding shall exceed -the amount of payments
<br />actually made by the Lender for ground•rems, taxes and assessments
<br />or insurance premiums. as the case may be, such MM-Ef the loan is
<br />current, at the option of the Borrower, shall be crediiied by the
<br />Lender on subsequent payments to be made by the 13arrowei, 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 became due and
<br />: payablt, then the Borrower shall pay to the Lender any amount
<br />necessary to mike 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 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 t1►r, account of the Borrower any balance remaining in the
<br />fund; 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 hereby,
<br />7. That the BorrowCf thereby assigns transfers and sets over to the
<br />Lender. to be applied toward the payonent of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditietis of this instrument or the said note, all the rents.
<br />revenues and inconte.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 ofsaid;
<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 the 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 psynmt 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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