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<br />Borrower aced La odor covenant and mm as follows:
<br />1.71utt Bexrower will pay the mdet+tedness, a4 hereintmfore
<br />provided. Pritiiiege is famed to pay the debt in w1t(t!e or in pan on
<br />any installment doe date.
<br />2. TMs, together with, and in addition to. the monthly payments
<br />of ptiociptd and irtterat payable tender the tome of tine note iecumd
<br />hereby. the Bcirrt suer will pay to the Leader. its the fiat day of ach
<br />month until the said we is fully psid, the bellowing sums:
<br />(a) A sun equal to the ground rents. if any. next due. plus the
<br />premiums that will acxt become due and payable on policies of fire
<br />and other haaard insurance covering the property. plus taxes and
<br />atreaammrts next doe or the property (Mss iseiaWei>t O rents tender)
<br />Ieaa aq sums already paid therefor divided by the number of months
<br />to elapa Wore one (1) ttronth pace to the date when such gttiwad
<br />rents, premium taxes find assessments will beamue deliquent, such
<br />sums to be held by tender in trust to pay said ground rents,
<br />premiums, taxes and specWt assasments; and
<br />(b) All payments meneii wed in the preceding subsection of this
<br />paragraph and all payfat ob to . be made under the able secured
<br />hereby shall he added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />spplied by the !.ender to the fo>ttowing items in the order set forth:
<br />(1) ground rents. taxes. amessme der. fire and other hanrd insur-
<br />ance Pemieran;
<br />01) interest on tho note secured hereby;
<br />(Ill) amortization of the pfinapld 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 tcx the due date of the
<br />WU welt 00-YO tit. avnatitute ere avert of default tifrder this
<br />mortgage. The lender may collect i "late charge° not to exceed four
<br />ants (40 for each dollar (SI) of om-h paymeae more than fifteen
<br />(iS►dayv in afrears to cover the extra expertse involved in handling
<br />delinquent payments.
<br />1 That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 pm%4*ag shall exceed the amount of payments
<br />admtgy made by the Lender for ground rents, taxes and assessments
<br />or insurance premiums, as the case may be, such excess, if the loan is
<br />curreft at tike opWa..of the Borrower, shall be credited by the
<br />Lead&,, on submquent payments to be made by the Borrower, or
<br />Mfg1c9md to the Borrower. If. Wimer, the monthly paymeaft made
<br />by ihb Borrower under (a) of �xr.Wsph 2 prckr4n ft shall ow(—be'
<br />sufficient to pay gromw rents, raxss and asset- ini:nis:ar insurance
<br />premiums, as the 4XX may bee *ben the same shatf become due and
<br />payable, then the Borrower shat'!': pay to the i t Mkr any amount
<br />nec6 try to make up the del tuj% on or before the date when
<br />payment of such ground reau .ta.:(tes. assessments, or ensuranct
<br />premiums shall he due. If at any time the Borrower shall tender to
<br />the Lander, in acc nhnce with the provisions of the note secured
<br />hereby. full psymcni of the entire indebtedness represented thereby.
<br />the !leader shall. in computing ffic amount of such indebtedness.
<br />credit iii the account of the Borrower any balance remaining.in the
<br />ftm& ac ;umulated under the provistons of (a) of paragropk 2 hereof.
<br />If there shall he a default under any of the provisions of this
<br />,Wrwnea muliitg in a public sale of the premises covered hereby.
<br />t
<br />89--103497'
<br />or d the I.enth't acquires the property olhcrwiso 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 aatuimd, the
<br />bala then remainins in the funds amumutated under (a) of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remainiag unpaid under said note.
<br />d. That the Borrower will pay ground rent% taxes. atsessmittc,
<br />water tales. and other governmental or mimicipal charges, Mitts, or
<br />impositions. fa whitdr provision has riot been made haeiabekre.
<br />and in defsuk thereof the Lewder 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 />Lender's interest in said real estate and impro oemehas and which
<br />may be levied upon this instrument or the debt seeaued 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 ow benda. sad 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 Borrower of any such taxes, or if
<br />such taw or dame provides that any amount sq paid by the
<br />Borrower shaU be Credited on the debt, the Ldetrder shall have the
<br />right to give ninety days' written notice to the owner of the premises,
<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 />sad 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 />covo- may pay or perform the same, and all expenditures so made
<br />shape be added to the princW sm owing on the said am, shall
<br />be secured hereby. and shall dear interest at the rate set forth in the
<br />said note, until paid.
<br />7._ That t the Wmti%y —_ _ P-4-hy Ass nc, transfers and sets over to the
<br />lezfsifcr, to be applies toward the payment of the note and all sums
<br />Waredi thereby in case of a default in the performance of any of the
<br />terms and imWitiions of this instrument or the said note. all the rents.
<br />revenues and inn mte to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid. and the Lender
<br />tka11 have power to appoint any agent or agents it may desire for the
<br />piapose of repairing said prernkwsand of renting the same and
<br />collecting the rents, revenues and inauttii; fiend it may pay out of said
<br />incomes all expenses of repairing said prdnires and necessary
<br />commissions and expenses incurred in rextin g and managing the
<br />same and of collecting rentals therefrom-, the balance remaining, if
<br />any, to be applied toward the: discharge of same` indebtediiess,
<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 Leader 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. vihen due.
<br />any premiums on such insurance, provisaom. for paysam of which
<br />has not been made hereinbefore. AU insivaence• shall be carried in
<br />companies approved by the Lender and 1M policies and renewals ;
<br />thereof shall be held by the Linder and have attached thereto loss :
<br />payable clauses in favor of artd,in fvrtH acceptali3e te)tlie.` Lertdet. lr.
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