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<br />Borrower and Lender eovemm MM agree as foMawx;
<br />1. 'Chat wfrowcr will pay the indebtedness. as herciabefore
<br />provided. privilege is reserved to pay the debt in whole or in part on
<br />any imtsiimem clue date
<br />2. That, together with, aid in addition to, the monthly payments
<br />of prifeips) god interest payehle alder the term of the nee secured
<br />hereby, the Borrower will pay to the tender. tin the first day of each
<br />month until the said fume is (ally paid, the following sums:
<br />(a) A sum W+d to the grc►attd rents, if any, next due, plus thu
<br />premiums that will next become due and payable on policiat of fire
<br />aced outer Mutd insurance covering the property. plus axes and
<br />raw wttettts next due on the property (alt as estimeW by ilia Lender)
<br />lea aN sow already paid therefor divided by the nvmba of months
<br />to CI&W before one (1) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become deliquenl, such
<br />stint to be held by tender in trim to pay said ground rents.
<br />premiums, taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragryit aM 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 !.ender to the following items in the order set forth:
<br />(1) ground rents. taxes. atssments. fire and other hazard irtsur-
<br />ce premium;
<br />(Il) interest art the note secured hereby;
<br />(ltt) itm rotation of the principal of said note; and
<br />(IV) We cht 4p-
<br />-Any deficieta:w in. the amount of such aggregate monthly payment
<br />sli&U� unless made good by the Borrower prior to the due date of the
<br />am Pict payateft, cvofstitute an event of default under this
<br />mortsate. The locrider may collect a "late charge" not to exceed four
<br />cerits (jt) for each dollar (SI ) of each payment more than fifteen
<br />(I5) days in attests to cover the extra expense involved in htmdling
<br />ddirdluent. cayments.
<br />3.. That if the total of the payments made by the Bormr aer under
<br />(at of paragraph 2 preceding shall exceed the amount of payments
<br />ritually mate by the Lender for ground teats. taxes and assessments
<br />or insurance premiunm as the case may be.; uwb excess, if the loan is
<br />cwtent. at the option of the Borrower. sh&V;be credited b ..*
<br />Leader on subsequent paymerrxs;ko be made by the BarawY,nt. or
<br />'refunded to the Borrower. If, however. the monthly payiftent+ 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 die swrat shall became due and
<br />j e61,ttbke, then the Borrower shall Aa'.L to tic tender any itimunt
<br />anoury to make up the deEixiencv. on Of before the ofxttt: when
<br />�At merit of such ground rents. taxes, assessrrrersts. or tw4r2nee
<br />premiums shall be dux. If at any time the &,err wer shall tender to
<br />the Leader. in accodarim with the proveutat +.of the note secured
<br />hetcby, full payment of the entire indebtedness represented thereby.
<br />tome (tender shall, in computing the amount of such dndthAainess.
<br />=edit to the account of the Borrower any balance renigihing in the
<br />funds amumuiated wider the provisions of (a) of paragraph 2 hereof.
<br />If there she ;W,a default under any of the.pnrvimoris of this
<br />irbtttttttent residl t if a public sale of the grnmtses eosered hereby.
<br />IN
<br />or if the Lender acquires the Pt petty 011 t ag, the
<br />Lender shall apply, at the torte of the commencement of such
<br />proceedings, or at the titnn thp property is otherwise acquired, the
<br />balance then rttinainin# in ilia funds accumulated under (a) of
<br />paragraph 2 pttcTilirrx, 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 rata, and other governmental at municipal charges, fees. or
<br />impositions. for which provWort 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 />ttrider's interest in said rest estate and improvements, and which
<br />may be levied upon this instrument or toga debt secured hereby 4but
<br />only to the extent that such is out !tor brit tel by law and only to the
<br />extent that such will not make rt s (oral usurious), but excluding any
<br />income tax. State or Federal. imposjd ore Under, and will file the
<br />offtcial 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 whoke-orany portion
<br />of the afixesaid taxm or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such woes, of if
<br />such law or &vree provides that any amount so paid by the
<br />Borrower shall be ctcdiu)d on the debt, the Lender shall have the
<br />right to give ninety days' written notice to the owner of the premise%
<br />requiring the payment of the debt. If such notice be given. the said
<br />debt shalt became due, payable and collectible at the expiration of
<br />said ninety days.
<br />6. That sAwAd the Borrower fail to pay any sum Or kt ep any
<br />covenant provided for in this instrument, then the Lembm.itn its
<br />option, may pay or perform the sane. and all expenditurot.so trade
<br />shall be added to the principal sum owing on the said 'rote, shall
<br />be secured hereby, and "I bar interest at the rate set forth in the
<br />said note, until paid.
<br />7. That the Borrower 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 o[ 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 Of agents it flax' dtesire 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 sa.0
<br />incomes all expenses of repairing said premises and necessary
<br />commusidos 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 viii Borrower will keep the uhpmvements now existing br
<br />hereafti~r rremed on the property, insured p may be required from
<br />ntre to 11.Miby the Lender against Im by fire aced ndh{ar hitutds.
<br />casualties aai4 contingencies in such mmatwtts 4ad ii3r such periods as
<br />may be rc gW-,zd by the Lender and wdl.pit�, promptly. when due.
<br />any premiums on such insurance. proVisim fox payment of which
<br />bas not been made hereonbefore. All insurance shall be carried in
<br />companies approved by the Lender and ib. 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 ace"IkU the Lgpder. In
<br />Page 2 of 5 NW-92143DI -I
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