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<br />111100rower am Ilk"" covenant:and agrAzaa follows:
<br />I. That borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege 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 prittscipd rind interest payable under the terms of the note secured
<br />hereby. the Borrower will pay to the Lendm 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 become due and payable on policies of fire
<br />and other hazard insurance covering the property, plus taxes and
<br />assess M% next due on the property toll as estimated by Ike Lender)
<br />kss all sums already paid therefor div :ded by the number of months
<br />to elapse before one (1) month prior to the date when such ground
<br />rents, pmmiurn , pmrwand assessments will become deliquent, such
<br />sums to be held by [:ruder in trust to pay said ground rents,
<br />premiums, ."es and special assessments; and
<br />(b), All.payments mentioned in the preceding subsevion of this
<br />paragtaph 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 Bormwer each month in a single payment its be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents. Wes, 49gssments, fire and other hoard incur.
<br />ance premiums;
<br />(11) interest on the note securer! Itrreby;
<br />(IiI) tinortiution of the princiPtf,irf tsid note.-and
<br />(iV) late charges.
<br />Any deficiency in the amount of suers itggrvWx monthly payment
<br />shall. unless made good by the Borroma prior to the due date of the
<br />next such payment, constitute an event of default under this
<br />mortgage. The Lender may collect aL "late charge' not to exceed four
<br />ants (4t) for each dollar ($I) of cacti payment more than fifteen
<br />(IS) 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 veld"
<br />(a) of paragraph 2 preceding shall exceed the amount of payment:;
<br />actually made by the Lender for ground rents, tarm and assessments
<br />or insurance premiums. as the case may be, such ex-ss, 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. If, however, the monthly payments made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay grornid rents, taxes and assessments. or insurance
<br />premiums, as the case may be, 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 deficiency. on or before the date when
<br />payment of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due if at any time the Borrower shall tender to
<br />the Letider. in accordance with the provisions of the note secured
<br />hereby. full payment of the entire indebtedness represented thereby,
<br />the Leader shall, in computing the amount of such indebtednc%.
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereof
<br />It there shall he a default under any of the provisions of this
<br />intrument resulting in a public sale of the premise; LAncred hereby.
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<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 governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore.
<br />and in default tbereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />S. The Burrower will pay all taxes which may be levied upon the
<br />Lender c interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is pot prohibited by law and only to the
<br />extent that such will not make this loan usurious), but excluding any
<br />income tax. State or Federal, imposed on Lender-; end will Re the
<br />official receipt showing such payment with the Ltinder. Upon
<br />violation of this undertaking, or if the Borrower L prohibited. by any
<br />law now or hereafter existing from paying the trhole 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 taw or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall havetlse
<br />right. to give ninety days' written, nritice to the owner of the jrifnises,
<br />requiting the payment of the &: if such notice be given, th's`ad
<br />debt, sfaQ becor, edue, payable and collectible at the expiration of
<br />said ninety dayq.;.'
<br />6. That should the Borrower fzA to pay an) '?t tt or (seep any
<br />covenant provided for in this instrument, then the Lender, 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 tie said note, shall
<br />be secured hereby, and shall bear interest at ft rate set forth in the
<br />said note, until paid.
<br />9. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender, to be applied toward the payment cf rbe note and all sums
<br />secured hereby in case of a default in the perlr;na ince of any of the
<br />terms and conditions of this instrument or cKe tx£ri note, all the rents. .
<br />revenues and income to he 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 />cummi.sr ions and expenses incurred in renting and managngthe
<br />sae Aw,ad of collecting rentals therefrom; the balance remaining, if
<br />any. to be applied toward the discharge of said indebtedness.
<br />A. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, ineureA as tray be required from
<br />time to time by the I.ender against H.-sS by fire and other hoards.
<br />casualties and contingencies in such amounts and for such periods as
<br />may be required by the Lender and will pay pits-mptly, when due.
<br />any premiums on such insurance, piovision for. paymnet of which
<br />has not been made heicinbefore. All insurance 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 loss
<br />payable clauses to favor of and in form acceptable to the Lender. In
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