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'Pr.R'T X10 .3411
<br />oerrrower acrd herder coveom read liwe a as f(AGWs:
<br />1. That Borrower will pay the rndebtednas, as hercinhefcwe
<br />provided. Privilege is rM1Vf4 to pay the oleo to whole Of in pats ore
<br />any installment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of principal Sad internal payable under the terms of the now secured
<br />hereby. the Sormwet will pay to the Leader, on the first day of each
<br />mouth until the said note is folly paid, the following sums:
<br />(a) A sure egoal to the gtouad teats. if any, next due, plus the
<br />preraioata that will text become doe and payable on policies of fire
<br />gad ether haaard iawnace covering the property, plus taxes and
<br />area mmems am dhte on the poperty (IN a r rsrimiWif !P toe l emdrr)
<br />IM as wan already paid therefor divided by the number of months
<br />to elopae refers orte (1) month pior io the dote when swh gm"A
<br />teft premiums, taxes and assessment will become deliquent, such
<br />saga so be held by Lendet in tent to pay said ground rent.%.
<br />premiums, taxes and special assessments; and
<br />(b) All payments aKoboned in the preceding subsection of this
<br />lisfop rpla sad &A pa wAats to be aerie wader the mote secured
<br />htYCbg *-$A! Abe added together, reed ;;aggregate amount thercmf,
<br />SMN tK by the Borrower M-b a earth in a single payment ca be
<br />applied by'the Lender to the following items in the efder set forth:
<br />(1) grawnd rent%. taxes, &swssments, fire and tWw hazard insur-
<br />ance premkims;
<br />(li) interest on the note secured hereby.
<br />(Ill) aasortuatiuu at the principal of wed aaua- and
<br />(IV) late charges.
<br />Any deficiency in the amount of, sash aggregate monthly paymeat
<br />shill, unless made good by the lkifniwer prior to the due date of the
<br />MW .. a muto !! rnwsritute an event of defaW6under this
<br />mortgage. The Lender may caylleo a "late charge" not to exceed four
<br />ants (49) for each dollar WIaif.e;,ch payment more than fifteen
<br />li' Aivg .n afrean ls� cnV! r ter ry rhs e:Mgun mvntvrd in handling
<br />delinquent payments.
<br />3. That if the total of'the payments made by the Borrower under
<br />(a) of paragraph 2 pnN -Ring shall exceed the amount of payments
<br />actually made by the T,crttikt for ground rents, tetes and assessments
<br />or inwrnaoe premiums. as the caw may be. %u0 excess. It the: low is
<br />curxen7..dt the option of the Borro Acr. shall be anxitted by il* .
<br />Leader on subsequent payments to be nu& by terra Borrower. Of
<br />refunded to the Borrower. If, however, the monthly payment made
<br />by the Borrower under (a) of paragraph 2 precodrttg shall not he
<br />svI icient to fey ground rents, taxes tad assessmnts of insurance
<br />premiums, as the age nuy be, when the same shall become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />neottaary to make up, the deficiency. on or before the date when
<br />payment of such around rents. taxes, assessments. or inwranrp
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the leader. in accordam-c with the provisions of the note se%nrctd
<br />hereby, fWI payment of the enure indebtedness represented thmvby.
<br />the Lender shah. is cornputial the &mount of such indebtedness.
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 herasf.
<br />if there shaft be a def ult under any of the proveAms of this
<br />itatrumeM iasuiting in a public s)e of lire premi%cs cuvcrcd hereby.
<br />i
<br />89•. - 4.-a90-7
<br />or if the Lender acquires the property otherwise after default, the
<br />Lender shall apply, at the tinne of the commencement of such
<br />proceedirlls. or at the time the property is otherwise aequircd, the
<br />balance then reataiaiag in the Wads accumulated uncles (a) of
<br />paragraph 2 precedir4, as a credit against the amount of principal
<br />them retraining unpaid under said note.
<br />4. That the Borrower will pay ground rents, lazes. S.v%%smcnt%
<br />water roles, sad other gowrnrttental or municipal charges, Gag, or
<br />impositions, for which provitioo ha not been made hereinbe fore,
<br />sad in default thereof the Leader may pay the tame; and that the
<br />Borrower will promptly deliver the official roaipb therefor to the
<br />lender.
<br />5. The fl rrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or tbe.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 Federal, imposed on Lender, and will file the
<br />official. receipt showing such payment with the Lender. Upom
<br />vk"tinm 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 &sty court decree
<br />prohibiting the paymcnt by the B mower of area such tames, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be cmXW vt the debt, the Lender shall have the
<br />right to give ninety days" written notice to the owner of the premises.
<br />requiring the psyme+rt of the deb. If such notice be given, the said
<br />debt shall become due. payable and oolectibe at the expiration of
<br />said. ninety days.
<br />G. 'MAt should the Borrower fail to pay any sum or keep any
<br />cGv,t=nt provided for in this instrument. then the Lender. at its
<br />option., may Pay or perform the saute, and all expenditures so made
<br />shall be added to the principal sum owing ore dwsaid ante, shall
<br />tw ..+sued herehv. and shall bear interest at the rate set forth in the
<br />said mote, until paid.
<br />?. T!.—*s t!x l�tzower hereby ,icio.f5 carolers 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 instnimclit or the said note, all'the rents,
<br />revenues and income to be derived from the said pretiisin dwing
<br />such time as the indebtedness shall remain uap x4.and•the Lender
<br />Shall have power to appoint any agent or awls: It may desire for the
<br />pwliose of repairing said premises and of rrptimo the same w d
<br />couvaing the rents, revenues and income. aiii it may pay out of said
<br />ift,6meis all expenses of rcpairiag%W premises and necessary
<br />commissions and expenses incurnvd in renting and managing the
<br />saute and of colkcung rentals therefrom. the balance remaining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />8.. That the 1breower will keep the improvements now existing or
<br />b,c-.:- fter 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 iasurtuu a, provision for payment of wiicb
<br />has not been made hereiabdo m -All insurance shall be earned 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 fofrri acceptable to the Lender. In
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