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<br />Wrrower will sender Covenant add agree as follows. or if the Lender acquires the praperik 040M V0 after default, the
<br />Lender shall apply, at tha time of the cnrnmenoement.of such
<br />1. That Borrower will pay the indebtedness. as hereinbefore
<br />provided. privilege is reserlerd to pay the debt in whole or in part on
<br />any imultment due date.
<br />2. That. together with, and in addition to. the monthly pays, is
<br />of principal and interest payable under the terms of the note secured
<br />hereby, Lbe Borrower win pay to the Lender. on the first day of each
<br />month until the said note is fully pa4 the following sums:
<br />proceedings. or at the umt: the prnpevty is otherwise acquired. the
<br />balance thest remaining in.the fund_ s accumulated under (a) of
<br />paragraph 2 ptaading, as a credit against the amount of principal
<br />then remaining unpaid under said note.
<br />4. That the Borrower will pttY gfound rents, taxes, assessments,
<br />water rates. and other govemmt nW.jtr.rrituaicipal charges, fines, or
<br />impositions. for which provision -bas, not•bren.ntade hminbefort.
<br />and in defaul! them of the I.tsnder traay ptlt. ?rte same: and that the
<br />(a) A suns equal to the ground rents. if any, next due. plus the
<br />premiums that will next be: ame- due and payable on policies of fire
<br />and other hazard insurance covering the property. phis taxes and
<br />aneSsments next due on the property (all as estimittexf-hit the Lender)
<br />kss all sums already paid therefor divided by the mimber• of months
<br />to c1W before one (I ) month prior W the daft:, whm such ground
<br />rents, premium taxes and assessments wlll:ljecanie.deliquent, such
<br />sutras to be held by Lend" in trust to pap iaid=gr'MWi d rent,
<br />premiums, taxes and special assessments. and :
<br />(b) Ali payments mentioned in the preceding sutnecunnof this
<br />Paragraph and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregate amount thereni
<br />shall be paid by the Borrower each month in a single payment to b:
<br />applied by the Lender to•tlie following items in the order set forth:
<br />(1) ground rents, taxes. assessments, fire and other hazard insur-
<br />ance premiums
<br />(11) interest on the note secured hereby;
<br />(III) amortization.of the principal of said note; and
<br />iiv) late chstges.
<br />Any defici=:r in the amount of such aggregate monthly payment
<br />Shall. unless made good by r '4e Borrower prior to the due date of the
<br />next such payment, cowAtf.tear an event of default under this
<br />mortgage. The Lender mat wilect a "late charge" not to exceed four
<br />cents (4e) for each dollar 1St) of each payment more than fifteen
<br />(i5) 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 />tea) of paragraph 2 preceding shall exceed the amount of payments
<br />actually mach: by the Lender for ground rents, taxes and assessments
<br />or insuraetc?e.lt winiums, as the case may be, such excess, if the loan v,
<br />current, at tire,, -ption of Ot Borrower, shall be credited by the
<br />Lender on subsequent ( ,; ;!nGnts to be made by the lluvrvx•.rr, or
<br />refunded to the Borrower, la;, however, the monthly paiyments, made
<br />by the Borrower Under (a) of paragraph 2 preceding shall not be
<br />sufficient to nay ground rents, taxes and.assessments or insurance
<br />premiuft1 -: &- the case may be, when the same shall become due and
<br />payable, (lign the Borrower shall pay to the Lender any amount
<br />, ecessary to make up the deficiency. on or before the date when
<br />t aymeni 0 such ground rents, taxes. assessments, or insurance
<br />premiums sit °all be due. If at any time the Borrower shall tender to
<br />the Lender. -m accordance with the provisions of the note secured
<br />Nereby, full payment of thr, entire indebtedness represented thereby.
<br />rrie Lender shall, in cvm+putiutg the amount of such indebtedness.
<br />credit to the account rf f lit.&mrower any balance remaining in the
<br />funds aaixi elated under _he provisions of (a) of paragraph 2 hereof
<br />if there sba+l9ti be a default under any c-,f ft provisions of this
<br />instrument resulting in a public We i -,f tm premises covered herclS.y;.
<br />Borrower will promptip delnses the Cultic IMerpts therefor to the
<br />Lender.
<br />5. The Borrower will past all Wa is Which may be levied upon the
<br />Lender's interest.in said real estate arid'improvements, and which
<br />may be le.•viod up9g4hWinstrument or the-debt secured hereby (but
<br />only to the exec ",ll4411111"'i ij6d is not prohibited by law and only to the
<br />extent that such wiII1vyt.liiaf:e this loan usurious), but excluding any
<br />income tax, State or FedeaL imposed on Lender, and will fife the
<br />official receipt showing such payment with the Lender. Upton
<br />violation of this undertaking, or. ifithr Borrower is prohibited by any
<br />law now or hereafter existing from plying the whole or any portion
<br />of the aforesaid taxes. or: the rendering of any.c curt decree
<br />Prohibiting the payment 6y.tht Borrower of any s4ditaxes. or if
<br />such tow or decree provides that any athount so paid by the
<br />Borros or emit) be credited on the debt, the Lender shall have the
<br />right to giv;4. ninety days written notice to the owner of the premises,
<br />requiring ftr payment of the debt. if such notice begfsen, the said
<br />debt shall titxxme dui:. payable and collectible at the expiration of
<br />said ninety if I ys.
<br />6. That should the Borrower fail to psy any sum or keep any
<br />covenant provided for in this instrument, then the tender, 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 sccum hereby, and shall bear interest at the rate set forth in the
<br />said note. Latil paid.
<br />7. That the Borrower big eby assigns, transfers and sets over to the
<br />Lender. to be applied t,:�� sni the payment of the note and all sums
<br />secured hereby in case of c deault in fhe performance of any of the
<br />terms and conditions of this intwunierit,oir the said note, all the rents,
<br />revenues and income to be denvel C�art•the said premises during
<br />such time as the indebtedness shall its: ttra unpaid. aad the Lender
<br />shall have power to appoint any agent or agents it tmku desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collectint. th-. rents. revenues and in>yime, and it may pay out of acid
<br />fncomFs, i0i expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />time and of collecting t•wttals therefrom. the btlxnce remaining, if
<br />any. a) be applied tota;avii, t1w discharge of said indebtedness.
<br />ft. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, ima.red 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, f:xf ±vkion for payment of which
<br />has, not been made here►nbefore. All, murance shall be carried in
<br />companies approved hyrthe Lender and the policies and renewals
<br />thereof shall be held by the Lender and have attached thereto loss
<br />payable clauses in favc,v of and in form acceptable to the Lender. In
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