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Rorrower and Leader totmwaaal and evve as Nk wx or if the Lender acquires the property otherwise after default, the
<br />Lender shall apps the 1 f
<br />1. That Bmmutr win pay the indebtedaear. 4s heternbefnre
<br />provided. Privik=e 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 hate smeared
<br />hereby. the Borrower will pay till the Lender, QM the fins day of each
<br />month wail the said rote is fully paid, the fdillowing sums.
<br />(a) A sum equalto time grounst frpL% if any. next due, plus the
<br />prernivatx that will neat i+e_aae dill. and payable on policies of fire
<br />and oiler hwrd incur dacvering the prmpeny. plus taxes and
<br />asseumen s next doe r14: the p uWrty fall at cttiab wid by rig Ltirder)
<br />IM all sums already paid therefor divided bg thc'number of months
<br />to elapse before ow t 1) Montt Pmr to the date when such ground
<br />rents„ Mmiums. taxes and assrwntratts will beware delsquent. such
<br />shaneast+abe held by Lender in tr:isi to pay said around rents.
<br />�riratls, faxes and 4pecial assessments. and
<br />ibs All paymc --p, Pumioned In the preceding subsection of this
<br />paragtiq�t and 60 payments to he snack under the note wcured
<br />bercihry drill he added together, and the aggregate amount thereof
<br />shall. llePhil by the borrower each month in a single payment tc- i+e
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taxes, asxssmeit:s, fire arid c1her harard insur-
<br />saw premiums.
<br />I sal► ntetest on the note secured hereby.
<br />(Itlt amurtuatta)n of the principal of said note, and
<br />Iry late charges, t
<br />/ %M4 deficiency in the amount of such aggregate ►rr(►nthly �.Qg sKrht
<br />shall. unless made Smid by the Harrower prior to the due date of the
<br />next such payment, constitute an event of default under this
<br />mortgage. The lender may silted 3 "late charge" not to exceed four
<br />cents 144) for each dollar IS1) of each payment more than fifteen
<br />( IS► dayv m arrears to corer the mvr7 expense involved in handling
<br />delinquent payments
<br />3 That if the t�rttitif'? :5e Ayments made by the Borrower under
<br />W of paragraph a Is%ss using shall exceed the amount of payments
<br />actually made by .he ! ender fur ground sent+, taxes and asst-&-criv.
<br />or i¢N kutnee premium}: as the case may be. such excess. It the h:,ap. w
<br />current at the optioal of the Burrower, shall he uedned by the
<br />!,ender on sub5equesr -b aryments to be made hl. otc Horrower, or
<br />refunckd to the Boiuower If, h , l ^ver, the me t:i:;y payrnj:ot, made
<br />by the Horrower under tai Ir: tar,tgfaph 2 preceding shall not he
<br />sufficient to pay ground rent+. )axsa� and usessments or insurance
<br />premiums, as the case may be, when the same shall become due and
<br />payable, then the f rl ower shall pay to the Lender any amount
<br />necessary to make lap the deficiency. on or txefore the date when
<br />paymero at such gri,%nd rents. axes, assessments, or Insurance
<br />premiums shall he due If at anv lime the Horruwer %hall (ends• t
<br />the Lender. in accordance with the pros)suons of the note secured
<br />hereby, full payment M the entire hndkbtedrims represented thereby.
<br />the I.o,nder shall, in cornputang the amount of stith indebtedness.
<br />ovstdht to the accswnt of the Hom,wer any balsnYarrcmarnhFIB in the
<br />funds A"umulated utukr the pnntspons of la) (A paragraph 2 hereof
<br />If there shall t+e a default under any of the provrcn►ns of this
<br />itntrame" resulting in a public sale of the premises cutiercd bertha.
<br />Y. a t t tree o the commencement of such
<br />proceedings, or at the tithe the property is otherwise acquired. the
<br />balance then reinainhng in the funds accumulated under (a) of
<br />pan4pph 2 prmccling, 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, tad other governmental or municipal charges, fines, or
<br />imps; 2isKh trsr � ;Wh provb4d has net been malt hcreir.before, .
<br />And in ckfauit thereof the Ruder may pay the same; and that the
<br />80m'wer will promptly deliver the official reipts therefor to the
<br />Lender.
<br />S. The Burrower will pay all taxes which may. be l61W upon. the
<br />Lender: a inferast.in said real estate and impcovIlments, shill which
<br />may.. he Itvfd upon this instrument or the deb- -=ured hereby (but
<br />.=obi}) tu•ffli' extent that such is not prohibited by law and only to the
<br />such n; liar such will not make this loan usurious), but ciduding any
<br />taCafee tax. State or Federal, imposed on Lender. and wig-file the
<br />8fficial receipt showing such payment with the Lender. Up* on
<br />violation of this undertaking, or If the Borrower is prohibited by nay
<br />law. now or hereafter existing from paying the whole or any portion
<br />of the afarm d taxes, or upon the rendering of any court dwree
<br />pat kbiting the payment by the Borrower of any such tarrcs, at if
<br />.Swk Istw ar decree provides that: any amount so paid by disc_
<br />Swma per shall be credited on the debt, the Lender shall arise the
<br />e0t to give ninety days written notice to the owner of the fa 'ledse%
<br />requiring the payment of the debt. If such notice be given, : ►lee said
<br />de.bz shall become due. payable and colleiaibte at the expirs3inn of
<br />5a.4pinety days.
<br />6 That should the Horrower fad to pay any svlm at keep any
<br />covenant provtded for in this instrument, ftr d e Lender, at its
<br />c►ptaon, may pay or perform the same, aces e. expenditures so mark
<br />shall he added to the principal sum t;wi ;g on the said nett,;, ,hail
<br />be Ymured hereby, and shall beas interest at the rate set fc:tj�Dj.`n the
<br />said note, until paid.'
<br />7 That the &&rower hereby assigns, transfers and sttq ouer to the
<br />I- ender, to he applied toward the payment of the MCC atxf) Bahl farms
<br />utettrut hereby In case of a default in the performance cf ar.t of! the
<br />Mum and conditions of this Instrument or the saidn te. 811AC rents,
<br />rennin% and ntcome to he derived from the ;W premises during
<br />s,rrls time as the Indebtedness shall remain unpaid, and the Lender
<br />di,tli, FA-de 14 1wer to appoint any agent or agents it may desire for the
<br />Ptly rri. of repairing saki prem,s.es and of renting the same acid
<br />colhiimirg the rents. revenues :1mi income, and it may psy out of said
<br />Iacamrs all cxpa:nws of repahnrg said premises and necessary
<br />commism ms and expenses Incurted In renting and managing the
<br />same and of collecting rentals therefrom. the balance remaining. if
<br />an% . to he applied toward the discharge of said indebtedness.
<br />f; That the Borrower will keep the improvements now existing or
<br />fSUCAfter erected on the property, Insured as n-ay be required from
<br />time to time Ely the Lender against lost, by fim and tither hazards,
<br />ca!ualt)cs, and conthngencaes In such amounts send for such kietiods as
<br />may he required by the Lender and will pay promptly. Wkwdue,
<br />artg premiums on such insuratim provision for ayrom rr8,whieh
<br />has ; -tilt been made herembefore. All insurance shall be carried In
<br />Lompamcs appra►ved by the Lender and the policies and renewals
<br />therer►f shall he held by the Lender and have attached thereto toss
<br />payable clauses In facer a►f and in form acceptable to the Le1111Gr. In
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