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<br />89-" 103773
<br />Borrower and lender covenant and agree as follows:
<br />I. That Borrower will pay the indebtedness, as hercinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part on
<br />any installment due date.
<br />2. That, together with. and in addition to, the monthly payments
<br />of principal and interest payable under the terms of the wo secutid
<br />hereby. the Borrower will pay to the lender, on the first day of each
<br />month until the said note is fully paid, the following sums:
<br />(a) A sum equal to the ground renm if any, next due, plus the
<br />premiums that will next become due and payable on polick* of fire,
<br />and other haard insurance covering the property. plus taxes and
<br />anemwmb next due on the property (aN as estimWed by the l e+rdvrl
<br />km aN gums already paid therefor divided by they number, of months
<br />to elapse before one 41:1 month prior to the date w1ma such ground
<br />rents. premiums. taxes and assessments will become deliquent. sub
<br />sams,ta be. held by Lender in trust to pay said ground rents,
<br />premitkj,iN,taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subsection of this
<br />paragraph and alb 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 eactr month in a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents. taxes. assessments, fire and ollit t hazard insur-
<br />aace premiums;
<br />(11) interest on the note secured hweby;
<br />(1111 amortization of the principal of said note;. and
<br />O ), late charges.
<br />Any :ititficiency in the amount of such aggregate monthly. psymmu
<br />shall, unless made good by the Borrower prior to the due dite. of tht,
<br />next such payrneat, constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge' not to cx=d four.
<br />CcBi5 (-'"0 f3G Cad 11,"'I&i 1130, i ) 3f Ca Ch pay i,C.ra »rind ,hair fiftZCTO-
<br />(1 S) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />3. That if the toW of the payments made by the Borrow•or under.
<br />(a) of paragraph 2 preceding; shall exceed the :unount of paymmis
<br />actually made by the !.ender for ground rent.. taxes and assessments
<br />or insurance premiums, as the case may tie: such excess, if-flit loan id
<br />current, at the option of the Borrower, shall be credited by'itte, ,
<br />Lender on subsequent payments to tae made by the Borrower, or
<br />refunded to the Borrower. if, however, the monthly payments 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 />premium as the case may be, when the same shall become due and
<br />psy&N4r then the Borrower shall pay to the Lender any amount:
<br />neoesesgry"to make up-ft deficiency. on or before the date when
<br />payment of such grca4nd rents, taxes, assessments, or insurance
<br />premiums shall he due. if at any time the Borrower shall tender tar.
<br />the Leader, in accordance with the provisions of the note scoured;
<br />hereby. full payment of the entire indebtedness represented thereby,
<br />the Lender shall, in computing the amount of su<'h 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 />instrument resulting in a public sale of the premises covered fwmb },
<br />or if the Lender scquues the property otherwise 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 acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 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 rents, taxes, assessments.
<br />water rates, and other governmental or municipal charges. Hires, or
<br />irnpmitions, for which provision has not been mark hereinbefore,
<br />aw.tin 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 twee wbkh may be levied upon the
<br />Lertd&s interest in said real estate, and improvements, and !ditch
<br />m yr far: 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 usuriQ asX.but excluding any
<br />income tax. State or Federal, imposed on Lender. and wild file the
<br />uf' cal 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 airy court decree
<br />prohibiting the payment by the Borrower of au . Such taxes, or if
<br />such law or decitn: p mvides that any amount so paid by the
<br />Borrower shall be 'credited on the debt, the Lender shall have the
<br />righbto 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 />said ninety days. ,
<br />6, 'lint should the Borrower fail to pay any sum or keep araV
<br />covenant provided for in this instrument. then the Lender, at its
<br />option. 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 at the rate set Beth: 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 thamote and all sums
<br />enured hereby iR rAse of s defwult in the performance of 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 or agents it may desire 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 said
<br />indw.mes all expenses of repairing said premises and necessary
<br />commissions and expenses incurrexf. Ca renting and managing the
<br />same and of collecting rentals therCfiu= tbtebslanee remainin& if
<br />any, to be applied toward the dischaW,..Oiaid.iedebteddness.
<br />g. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />dine to time by the Lender against loss by firc and other hazards,
<br />casualties and contingencies in such amounts curd for such periods as
<br />may be required by the Lender and will pay promptly. when due.
<br />any premiums on such insurance, provision for payment of which
<br />his 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 loss
<br />payable clauses to favor of and in form acceptable to the Lender. In
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