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<br />1lttrrawrr acct! Lettder coven em and agree as follows:
<br />1. That Burrower will pay the indebtedness, as hereinbeftwe
<br />pmvided. privikge is reserved to pay the debt in whole or in Plitt it"
<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 note secured
<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 rent, if any, next due. plus the
<br />premiums that %ell next become due and payable on policies of fire
<br />and other hazard insurance covering the property. plus taxes and
<br />asstrss wts next due on the pmpmy (all as esriirsowd by (he Lender)
<br />kt6- all sums already paid there&m divided by the number of months
<br />to t iapae before one (1) month prior to the date when such ground
<br />StmLs, premiums, taxes and assessments will become deliquent, such
<br />to be held by Lender in tmt to pay said ground renm
<br />pt+ miums, taxes and special assessmenM and
<br />(b) All payments mentioned in the preceding subsecticm,of this
<br />paragraph 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) ground rents. taxes, assessments, fire arA other hazard incur-
<br />an= premiums
<br />(n) interest on the note secured hereby;
<br />(111) amortization of the principal of said note: and
<br />(IV) late charges.
<br />Any deficlencv in the amount of such aggregate r►suu'u` ►ly P'Yr "' ,t:
<br />shall, unless made good by the Borrower prior to the due date of the
<br />next such paymeaL constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge' not to exceed four
<br />cents (41t) for each dollar ($0 of each payment more their, 5ftcrz
<br />(IS) days in arrears to cover the extra ex(re involved in handling
<br />delinquent payments.
<br />1 That if the total 0111W prtt:nts made by the Borrower under
<br />(a) of paragraplt.2 pteredtir$ s& exceed.the amount of payments
<br />actually made by- Linder for ground :rents. taxes and assessment. -
<br />or insurance pre;, tiiums, �5rtf ew may be such excess, if the loan is
<br />current, at the option of itie harrower, shall be credited by the
<br />tender on subsequent payrntttts to he 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 gay ground rents, taxes and atiats.:sments or insurance
<br />(►remiums, as the case maybe. 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 ddicieacy. on or before the date when
<br />payment of such ground; rents: taxes, tsse%ments, or insurance
<br />premiums shall be due, ff at zany time, the Borrower shall tender to
<br />the Lender. in accordanw,with the provisions of the note secured
<br />hereby, full payment of Root" indebtedness represented thereby.
<br />the Lender shall. in computing, iiC :amount of such indebtedness.
<br />credit to the account of the 86rMwer any Wance remairung to the
<br />funds accumulated under the prosisibrts of (a) of paragraph 2 hereof.
<br />If there shall be a default under any of the provisions of this
<br />itstrwnent resulting in a public vle of the premises covered hereby.
<br />F
<br />or if the Lender geguttec the property otherwise after default. the
<br />Lender shall apply, at the time of the commencement of such
<br />prt"ediags, or at the time the property n 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 retraining unpaid under said note.
<br />4. That the Borrower will pay ground rents, taxes. assessments,
<br />water rates, and other govemmental or municipal charge% fines, or
<br />impositions, for which provision has not been mark heminbeftwe,
<br />and in default thereof the Leader may pay the same: and tW the
<br />Borrower will promptly deliver the officio( receipts th mhw to the
<br />Lender.
<br />5. The Borrower will pay all taxes whkh may be levied Mort the
<br />Lender's interest in said real estate and iutprovements, gad which
<br />may be levied upon this instrument or the debt securedf keeby (but.,
<br />only to the extent that such is not prohibited by law W UCOY to the
<br />extent that such will not make this loan usurious), but excluding MY
<br />income tax, State or Federal. imposed on !.ender. and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is probibited 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 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 />fight to give ninety days' written notice to the owner of the premises,
<br />ra:quiring the payment of the debt. If such notice be. given, the said
<br />debt shall become due, payable and collectible tit the expiration of
<br />said ninety days.
<br />b. 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 />option, may pay or perform ikK ,fief iii cii�r..,ditL':w 3:t :r..w
<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 forth in the
<br />said note. until paid.
<br />7. That the Borrower herby 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 case of a default in the performance of any of the
<br />terms and coditions of this instrumen4 op the "said note. all the rents.
<br />revenues and income to be derived front' The said premises during
<br />such time as the indebtedness shall remain unpaid. and the Lender
<br />shall have power to ap¢►aina any agent or agents it may desire for the
<br />purpose of tepafrifiW,s ire''-
<br />pre
<br />miles and oUrenting the same and
<br />collecting the rents, re canes and inedaw.and it may pay out of said
<br />incomes all expenses of rep*ring said oreinism and necessary
<br />commissions and expnn - s•incurred in renting and managing the
<br />same and of collecting 'renlab therefrom: the balaece rertaaiaing, if
<br />any, to be applied toward the dischargtof said indebtedness.
<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 Lender against toss 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 insurance, provision for payateat of W"
<br />has not been made hereinbefore. All ucwranoe 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 kiss
<br />payable clauses in favor of and in form accep�alo 64 the ttWUcr. In
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