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<br />89--w 103703
<br />Borrower and Lender covenant anti agree aI follows:
<br />I. That Borrower will pay the indeMeditm. as hereintvforc
<br />provided. Privilege is reserved to r4y the debt in whole or in part on
<br />any irmalbnrnt due date
<br />2. That, together with, and in additkm to, the tttunthly payments
<br />of principal and inkmM payable under the terms of the note secured
<br />hereby. the llommer will pay to the Lemkr, on the first day of each
<br />month until the said note is fWly 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 />eatesaments next due on the property (*N at evinraaed by the Lender)
<br />lean all sums already paid therefor divided by the notmber of months
<br />to e:kW before one (I ) month prior to the date when such ground
<br />rent% premiums, taxes and assessments will become deliquent, such
<br />sums to be held by Lender in trust to pay said ground rents,
<br />premiums, taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsMion of this
<br />paryrapi 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 the following items in the order set forth:
<br />(1) gffmad rents, taxes, assessments, fire and other hazard insur.-
<br />at= preivt4ums:
<br />(11) interest on the note secured hereby;
<br />(111).ttranrtuation of the peincipat.of said mote; and
<br />(IV) fate charges.
<br />Any deficiency ire lk- 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 />. nvwssap �- The 1 , t.va w r`ac'"4 fine
<br />ants (44) for each dollar (SI) of each payment more than fifteen
<br />(15) days in arrests to cover the extra expense involved in handling
<br />delinquent payments.
<br />3. Thhat if the total of the payments, made by the Borrower Bader
<br />(a) of peragraph 2 preceding shall exceed the amount of payments
<br />rwtwalfy� made by thcLender for ground rents, taxes and assessments
<br />or insurance premium % as the case may be, such. excess, if the loan is
<br />cutfcnG'at the option of the Borrower, shall be cre%lited by the
<br />Lender on subsequent payments to be made by the Borrower;.(u
<br />refunded to the Borrower. If. however, the monthly paymeges, made
<br />by the Borrower under (a) of paragraph 2 preceding shall nwx b.c
<br />sufficient to pay around 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 />necetptsiy-to snake 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. M payment of the entire indebtedness represented thereby,
<br />the Lender shall, in computing the amount 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 hereof.
<br />If there shall be a default under any of the provisions of this
<br />insannuent resulting in a puNic sale of the premises co-.ered hereby.
<br />or if the Lender acquires the property ntherwise after default, the
<br />I.endc-r %hall apply, at the time of the commencement of such
<br />proceedings, Of at the time the property is otherwise acquired, the
<br />tmlancr then remaining ire the fuds wcumulatrd under fah of
<br />paragraph 2 preceding, as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />4. That the &urower will pay ground rents, taxes, assessments,
<br />water false, and other governmental or municipal charges, Mm or
<br />impacitkW% for which provision has not been trade hereinbefore,
<br />and in default thereof the Lender may ay the same; and that the
<br />Bomilwer will promptly deliver the official receipts therefor to the
<br />Lender.
<br />5. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and lmI"vemenis, 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 Federal, imposed on Lender, and will file the
<br />official raMil.t 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 whok or say portion
<br />of ft. aforesaid taxes, or upon the rendering of any court decree
<br />Pi0hibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender 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 acid
<br />debt shall become dote, payable and collectible at the expiration of
<br />said ninety days. • .
<br />6, That should the Borrower fail to pay any sum or keep any
<br />coVenivit provided for in this instrument, then the Lender, at its
<br />opticm. 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 as tlt-- 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 cash of a default in the performame, of any of the
<br />terms and condi6(m:s of this instrument or the, sW MX&& . all the rents,
<br />revenues and income to be derived from the said prep dtiring
<br />such time as the indebtedness shall rcmain unpaid, and thet:edider
<br />shall have power to appoint aor agelz(t dx agents it may desire for the
<br />purpose of repairing said premises jind0trenfing 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 cdkctiRS rentals therefrotm the balance remaining, if
<br />any, to be applied toward the discharge of said indebtedness.
<br />8. That the Barre vtr 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 hawds,
<br />casualties and contingencies in such amounts amt. for such periods as
<br />may be required by the Lender and will pay promptly, when dote,
<br />any premiums on such insurance, provisiow lnc.rsyneat of Wbkb
<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 Ions
<br />p:y-ablc clauses in €avor of and in form acceptable to the Lender. In
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