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<br />Borrower aad Lender covenant and agree av fell .,��
<br />I. That Borrower will pity the indebtedness, as bereinbefore
<br />Provided. IhivikV is reserved to pay the debt in whok or in part on
<br />any installment due date.
<br />2. That, together with, and in addition to, the monthly payments
<br />of prie,cipal 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 rents, if any, next due, plus the
<br />premiums; that will next bec onve due and payable on policies of fire
<br />and other hazard insurance covering the property, plus taxes and
<br />assessments next due on the luvWrty (all as estimated by (he Lender)
<br />ka all sums already paid therefor divided by the number of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents. 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 assessmentR and
<br />(b) All payments mentioned in the preceding subsection 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 fallowing items in the order set forth:
<br />(1) trotted rents, taxes, assessmerim fire and other hazard insua,
<br />ance premiums;
<br />(11) interest on the note secured hereby;
<br />(111) amortization of the principal of said note; and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />sha% unkss made good by the Borrower prior to the due gate of the
<br />next such payment. constitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cants (40 for each doftar (S1) of each payment more than fifteen
<br />(15) days in arrears to cotvc the extra expense involved in handling
<br />delinquent payments.
<br />3. That iftlte 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 Lctnditr for ground rents, taxes and assessments
<br />or insurance premiums, as the case may be, such excess, if the loan is
<br />current, at the option of the Borrower. shall be credited by the
<br />Lender Oct. subsequent payments to be 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 groun4,yents, taxes and assessments or insurance
<br />premiums. as the case may be, when the same shall become due and
<br />playable. then the Borrower shall pay tb the Lender any amount
<br />necessary to make up the deficiency. am or before the date when
<br />payment of such ground rents, taxes, assessments, car izraurance
<br />premiums shall be due. If at any time the Borrower •sitali tender to
<br />the Lender, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby.
<br />the Leridersball. in computing the amount of such indebtedness.
<br />credit to th 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 hereby.
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<br />03901
<br />or if the Lender acquires 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 govemFnental or municipal charges. fines, or
<br />impositions, for which provision has not been made hereinbefore,
<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 />5. 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 tin fJtr: extent that such is not pmbibited by law and only to the
<br />ezteml that such will not make this loan usurious), but excluding any
<br />ihimme tax. State or, Federal, imposed on Lender, and will file the
<br />a(f(cial receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is prohibited by aay
<br />law n6w or hereafter existing from•payrng the whole or any poic&:rr
<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 />right tn,gNe ninety days' written notice to the owner of the premises,
<br />requ%tcitg the payment of the debt. If such notice be given, the said
<br />debt OW1'become due. 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 instrument. then the Lender, at its
<br />optiom may pay or perform the sane and all exnrnditnrm %n mir6
<br />shall be added to the principal sum owing on the said note, shalt
<br />be secured hereby, and shall bear interest at the rate set forth in the
<br />%aid nnte, until p!id
<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 case of a default 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 />incomes all expenses of repairing said premises and necessary
<br />commisaiaons and expenses incurred in renting and managing the
<br />same ;utd. of collecting rentals therefrom; the balance remaining, if
<br />any, io ize applied toward the discharge of said indebtedness.
<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 />time to time by the Lender 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, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has not been made bereinbefore. All insurance shall be carried in
<br />companu s approved by the Lender and the policies and renewals
<br />thereof shall be held by the Lender sad have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
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