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Borrower and Lender cov servant and agree as fi &' Wvs:•
<br />1 I- That Borrower will pay the indebtedness, as hereinhefare .
<br />provided. Privilege is reserved to pay the debt in, whole or in pit.
<br />any installment due date.
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<br />2. That. together with. and in addition to, fhe mombl!r pa mentu
<br />of principal and interest payable under the tew..� of the nott: secured
<br />hereby, the Borrower will pay to the Lender, as: tho firr:t day of each
<br />month until the said note is fully paid. ttte (ollgwing sums
<br />(a) A sum equal to the ground rents, ifany. :next due, plus the
<br />premiums that w:ll next become due and payAblu an policies of fire
<br />and other hazard insurance covering the property :..plus taxes and
<br />assessments next due onthe property tall areaftared by the Lender)
<br />lea 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, premium4 (axes and assessments will become deliquent. such
<br />sums to be hd& -bit Linder in trust to, paysaid,ground rents,
<br />premiums, 4wis a{ttl special assessments; and.
<br />p31 -. All twiments mention& imthe preceding subsection of th s
<br />paragraph and all.paymentn to be made under the note secured
<br />hereby shall: be ilddedaagether, and the aggregate amount thereof
<br />shall;be paid by. tfibRurrower each month in a single payment to be
<br />applied by the lender to the following items in the order set forth:
<br />(4gmund rents. taxes. assessments, fire and other hazard insur-
<br />ance pmmiums;
<br />,(11) interest on the note secured hereby;
<br />(111) amortization of the principal of said note; and
<br />(IV) Isle charges.
<br />Any deficiency iii th.- amount of such aggregate monthly payment
<br />shall, unless made @+asp by the Borrower prior to the due date of the
<br />next such payment Qznstitute an event of default under this
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents (419) for each dollar ($1) of each payment more than fifteen
<br />(15) days in arrears rn cover the extra expense involved in handling
<br />delinquent payn:cm —,+ .
<br />3. That if the to:d,i of the paynmtts matte ti y re Borrower under
<br />(a) of paragraph 2 preceding sh2fl! exr- -ced the amount of pa_-rxncrts
<br />actually made by t`e lender for rents, taxes and asw-m-smsnts
<br />or insurance prom, urr,.s. as the case may be, ,Wn excess. if the loan is
<br />current. at the oy;it(:rz 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 paymerr�; shade
<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 />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, tzxes. assessments, or insurance
<br />premiums shall be due. if at any Time the Borrower shall tender to
<br />the lender. in accordance with the provisicne;, of the note secured
<br />hereby, full payment of the entire indebtednmy represented thereby.
<br />the lender shall, in computing the amount of such indebtedness,
<br />credit to the account of the Borrows :r any balance remarmnf, iT the
<br />funds accumulated under the pvl,-; isions of (a) of paragrapft..2 i creof.
<br />If there shall be a default under any of the provisions of thrs
<br />instrument resulting in a public sale of the premises covered hereby.
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<br />or if the Lender ttsquires the property otherwise after default, the
<br />_ Lender shall apply, at the time of the commencement of such
<br />ptaccedings. or at the time the property is otherwise acquired, the
<br />: btd6nce 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 gowmmental or municipal charges, fines. or
<br />impositions, for which provision has not been made hereinpefore.
<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 to the extent that such is cyst prohibited by law and only to tt -.
<br />extent that such will not mke rNs loan usurious), but exelt:4--.2g any. : .
<br />icc*me tax. State or.Federsk imposed on Lender. and wM .Fm : rte.
<br />cMcial receipt shawing such payment with the Lender. Upud '.
<br />violation of M-s. atdertaking, or if the Borrower is prohibiv= h� acv
<br />law now or hereafter existing from paying the whole or acv poraim.
<br />c tka aforesaid taxes, or upon the rendering of any court doc w
<br />p- ahibiting the payment by the Borrower of any such taxes: =o: if
<br />such law or decree provides that any amount so paid by i' ye
<br />Borrower shall be credited on the debt, the tender shall hav-.. ;he
<br />right to give ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given,Iff-a said
<br />e&t shall become due, paymNSt and collectible at the ex fr." =si,n of
<br />said ninety days.
<br />6. That shc,.05 the Borrower fail to pay any sum or keep any
<br />covenant prov0m§ for in ibis instrument, then the Lender, at its
<br />option, may pay or perform the same, and all expendiiiirm so made
<br />shalt be added to the principal sum owing on the said .n: a, shall
<br />be secured hereby, and shall bezr interest at the rate set forth in the
<br />said -note. unfl gait
<br />7. That the Borrower hereb-• sss , Ler_sfers and sets over to the
<br />Lender. to be applied toward tb—, yay:irent of the note LTeo all sums
<br />secured hereby in case of a c cult in the performance a5 any of the
<br />terms and condftions of this instrument or the said note, all the rents,
<br />revenues and i ;.game to be derived from the said premises during
<br />s.a:h time as zh. "Webtedness shall remain unpaid. and the Lender
<br />have power to appoint any agent or agents it may wire for the
<br />p; :pose of repairing said premises and of renting the ss2re and
<br />collecting the rents, revenues and income, and it may pay out of said
<br />incomes all expenses of repairing said preniws and necessary
<br />commissions and expenses incurred in renting and managing the
<br />sa..ne and of collecting rentals therefrom; the balance remaining, if
<br />at.). to be applied toward t7.e discharge of said indebtedness.
<br />8. That the E= _mower will keep the improvements now existing or
<br />hereafter Beets; d• =7 t the property. insured as may be required from
<br />time to time t) :'.:e Lender against loss by fire and other hazards,
<br />ew Lalties and contingencies in such amounts and for suds periods as
<br />ymw be required by the Lender and will pay promptly, wis to due,
<br />z::y premiums v❑ such insurance. provision !or payment of which
<br />has not been nruLe hereinbefore. All insurance shall be carried in
<br />cot - panics appr:)ved by the Lender and Ute 4olicics and renewals
<br />dlu:reof shall be held by the Lender and have attached thereto loss
<br />payable cl=ws in favor of and in form acceptable to tt-e Lender. In
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