|
s
<br />harrower and LeMec t:oveaeat stall spree as follows:
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />providtd. Privilege is reserved to pay the debt in whole or in part on
<br />any iastaltment due date.
<br />2. 'that, together with, and in addition tm 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 />moatk until the said note is faiiy paid. the following sums:
<br />(a) A sum equal to flan ground renm tl try next due, plus the
<br />prenjusits that will neat; become due still OajAbie oa"Okies of fire
<br />snail other itW[d inwraitoe covering t1Mte, v; :f:.hxes and
<br />Messmesi tt digit due oa the propertk`trp�csnilr ileiF'r5y slFe Lei Y,4
<br />IM all swrss`siitady paid therefor di% by the 000-�W of rttiviAbc, ::
<br />to ehtgtae before one (l,!.Ambmh prior to the date w �. tich grouix3
<br />rents. premium taxes assessments will beconteol,5etiquent. such
<br />sums to be held by I r a: f u; pay said ground rents,
<br />premiums. taxes and sp, - art . *ts: and
<br />(b) All payments r!at preceding subsection of
<br />perag+yaplt asd all payttphirlca,ta be i4side under the am secured
<br />hereby shall be added ***r. and the aggregate amount thereof
<br />shall be paid by the Ilci r ser each month in a single payment to be
<br />applied by the Lender to the following alms in the order set forth"
<br />(1) ground rents. taxes, assessment i -hin and other hazard itwxrr--
<br />Alice premiums:
<br />(11) interest on the note secured hereby.
<br />(ill) ainnutribstion of the principal of said note. and
<br />(IV) Iatc charges.
<br />Any deficiency in the amount of such aggregate monthly payment
<br />shall. unless made good by the Borrower prior to the due date of ilia
<br />next such payment, constitute an c%cne of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed Ihi; r:
<br />cents (49) for each dollar 4111 ) of each payment more than fifteen;
<br />(15) days in arrears to cover the extra expense involved in handling
<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 pa)mcab,
<br />actually made by the Lender 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 on subsequent payments to be made by the Borrower. or
<br />refunded to the Borrower. It however, the monthly payment~ nWr:
<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%, ac the rase may fir, when the time shall hemme due a id
<br />payabk; then the Borrower shall pay to the Lender any amour_i,
<br />necesaryi lid make up the deficiency. on or before the date when
<br />payment oaf such ground rents. taxes, assessments. or insurance;
<br />premiums shall be duce.. ff at any time the Borrower %hall tender zu
<br />the Leader. in accordam:c with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented therYdry.
<br />the Letaiihr ,!tall. in computing the amount of such indebtedm ; ,
<br />credit its. tb;e account of the Borrower any balance remainirg in. M!
<br />funds accumulated under the provisions of (a) of parap9ph 2 itereof.
<br />If there shall be a defAti t. under any of the provisions of this
<br />instrument resulting in a public sate of the premises i:ixered hereby.
<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 aicquirted. 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 awnicipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />Odin default thereof the leader may pay the same aaad out the
<br />$mower will promptly deliver the official receipts therefor to the
<br />if.:. «tau•.
<br />5. The Borrower will pay all taxes which may betevied upon the
<br />Lender's interest in said real estate and intpro•mwasi :and which
<br />may be levied upon this instrument or the debt •si; -gad hereby (but
<br />only to the extent that such is not pc4Aibhcd by law and only to the
<br />extent that such will not make the loan usurious?, but excluding any
<br />income tax, State or Federal, imposed on Lender end will file the
<br />official receipt showing such payment with did Iktsrr3tr. Upon
<br />violati4s,of this undertaking, or if the Borrow: is probibited by any
<br />law hilt# yr hereafter existing frog pitying the i thole or any portion
<br />of,AC i .resaid taxes. or upon the isiMOtring of any court doom
<br />pirda,, gtdrg the payment by the Bazrqs w cif ac 'sach taxes, or if
<br />suciY,iaK or decree provides that say aittgttarca d by the
<br />Bo66* r shall be credited on the ¢chi, lhd txt shall have the
<br />rigb+ (i.agpve ninety days' written tr ace to thc'+awner of the premises,
<br />re:44 the payment of the debt: rfsuch notice be given, the said
<br />delta's Y! become due, payable and collectible riot. the expiratio» of
<br />saia�ttty days
<br />6: 7iiria should the Borrower hail to pay anri: aartr r keep"!'
<br />cci!Ei t .'yrovided for in this instrument, the; ii i endee.. u; its
<br />optr3.ts:.tray pay or perform tha'sut�, and saltzx4tditure a:;tnade
<br />shall be added to the principal svgs, 41wing or;fh.r%iid sole, shill
<br />be secured hereby, and shall beat interest at tk. rams set forth in the
<br />said note, until paid.
<br />7. That the Borrower hereby assigns, transfers and sets aver 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 tttb
<br />terms and conditions of this instrument or the said note, All lisp rmitl; • .
<br />revenues and income to be derived from the saittpremites during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall htve power to appoint any agent or agents it may deNiru (Ur the
<br />purpuoe of repairing said premiers and of renting the same and
<br />collecting the rents,. revenues and income, and it may pay out of said
<br />incutro; Yl �ttx nu-,s of repairing said premiums and necessary
<br />coMrisuaiima.atrd' eiipenses incurad inauntiag and managing the
<br />sar•.c.tri4 of collecting rentals therefrom; the balance remaining, if
<br />to be applic,d, toward the discharge of s :id, indebtedness.
<br />H. That the Botniwer will keep the improvararcnts now existing or
<br />aawiter erected on the property. insured as rray be required from
<br />arc iiF 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 dint,
<br />any premiums on such insurance, provision for payment of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the l miltr and the policies and renewals
<br />thereof shall be held by the i.extder and have attached thereto loss
<br />payable clauses in favor of arnf in form acceptable to the tender. In
<br />Page 2 o15
<br />L
<br />IHUD- 12143OT•1
<br />• �t
<br />W
<br />J
<br />061
<br />06
<br />w
<br />1
<br />
|