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<br />DW1 wet and t etttltr covenant and agree as fltltows.
<br />I. That &Wmwer will p►y the i*kbkdaexa, as heainbefi►ru
<br />provided, hivilege is reserved to pay the debt in whole or in part on
<br />aav installment due date.
<br />2. That, together with. and in addition to, the monthly payments
<br />of principal sad int rea payable tinder the terms of the note secured
<br />hereby, the Yorrower will pay to the tmkr. on the first day of each
<br />mMb wail the mad note is fully paid, the followings sums:
<br />(a) A sum equal to the ground rents, if any. next due, plus the
<br />premiums that wiH next become due and payable on policies of fire
<br />and other hazard insurance covering the property, plus taxes and
<br />aasemomits next Acre on the property (ant is esAxwMd by lAw Lender)
<br />ten all sums already paid therefor divided by the number of months
<br />to ehapae bellore one (1) month prior to the date when such ground
<br />rents, premiums, taxes and asussrnents will become deliquent, such
<br />awns to be held by Lender in trust to pay said ground rents,
<br />premium& tares and special assessments; and
<br />(b) AN payments mentioned in the preceding subsection of this
<br />paragraph and all payments to be made under the ewte 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) gtrrtta4 teats, taxes, assessments. fire and other hazard insur-
<br />am pttata4ttt w
<br />(1(1 kemsi'on the rime secured herehu:
<br />(111karnortization of the principal of said note.aW.
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate irmrahly payment
<br />shall, unless made stood by the Borrower prior to the_ due date of the
<br />next suck paynii: t, constitute an event of default under this
<br />mortgage. ' m- Lender may collect a "late charge' not to exceed four
<br />center (4e) for each dollar (f I) of each payment more than fifteen
<br />(15) days in arreArs to cetmr the e.St!z expew—e inu in hrndl! ^a
<br />delinquent payments.
<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount.of payments
<br />actually made by the Lender for ground rents, taxes•awl assessments
<br />or insumaee premiums, as the case may be. such exwrs ., if the loan is
<br />current, at the option of the Borrower. shall be credited by the
<br />Larder oei subaoquent payments to be made by the Borrower, or
<br />refunded to the Borrower. If, however, the monthly payments ms*
<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 become due and
<br />payable, then the Borrower shall pay to the Lender any amount
<br />necessary to make up the deficiency, on or before the date when
<br />paymeat 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 cadre indehoednest: represented thereby,
<br />the Lender shall, in computing the amount of such indebtedness.'.
<br />credit ta'thetaccount of the Borrower any ba lance remaining in the
<br />funds accumulated umler the provisions of (a) of paragraph 2 herelE
<br />If there shaft be a default under any of the provisions of this
<br />instrument resulting in err Dubuc sale of the premises covered bereby."
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<br />or if the Lender acyuirVhe property otherwise after default, the
<br />Lender shall apply, at ilk, time of the commencement of such
<br />pa'►eeedings, or at the time the property is otherwise acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />para+.grnph 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 tents, taxe,% assessments,
<br />water rates, and other govemmenial or municipal charges, fines, or
<br />impositioac, Poor which prgvision has not been mate heteinbefore,
<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 />Lender's interest in said real estate and improvements, 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 receipt showing such payment with the Lender. Upon
<br />violation of this underUking, 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 Rf any court decree
<br />prohibiting 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 said
<br />deb shall become dire, 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 />covenant provided for in this instrunneaL then the Lender, at its
<br />option, may pay or perform the sans and all expenditures so mantle
<br />atilt: v: r r ai Saw in:sy'is atilt vwi'us %o SAW 35M nuwt ska
<br />be secured hereby, and shall bear interest at the rats: set forth in the
<br />said note, until paid.
<br />i. That the Borrower hereby amij:ns, transicrs and scts,over tar the
<br />Lender. to be applied toward the payment of the note amtoll'suuts
<br />secured hereby in case ata default in the performaitr-v&-& sy cf the
<br />terms and conditions at otitis instrument or the said &lee. all the rents.
<br />revenues and income 16 be derived from the said premises during
<br />such time as the indebtedness shatoamain unpaid. and the lender
<br />shall have power to appoint any mew or agents it may desire for the
<br />purpose of repairing said premises acid of renting the same and
<br />collecting the rents. revenues and income, and it xtay pay out of said
<br />incomes all expenses of repairing said premises card, necessary
<br />commissions and expenses incurred in; renting snst•.managing the
<br />same aid, d.*c oMotng rentals theittfratn,- the kale remaining, if
<br />any. to be appUd toward the discharge of said ip"edness.
<br />8. That the Borro wcrwill keep the improvements now existing or
<br />hereafter erected on tlhe property,. insw d as may be required from
<br />time to time by the Lender against 1(x-5 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 1romptly, when due.
<br />any premiums on such ,casurance, provision for payment of which
<br />has not been made hereinbefore. All insurance'shall be carried in
<br />compprucs approved by the Lender and the policies and renewals
<br />thereofshall be held by the Lender avid- have attached thereto loss
<br />payable clauses in fa+or.af and inrCrYct>3i acceptable tai ehte (,ender, in
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