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<br />89 ,+ __ 1041 r 94 RE RECORDED
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<br />Bornfotarr and lender corenm ow agree as foftnevs: or if`tfi c Lender acquires the property otherwise after default, the
<br />Gender shall apply at the time of the commettcement of such
<br />1. That Borrower will pay the indebtedness as hereiribefore
<br />Provided- Privilege is reserved to pay the debt in whole or in par* on
<br />any installment due date.
<br />2. That, together with. and in addition to, the monthly pavments
<br />of principal and interest payable under the terms of the now seeui rd
<br />hereby, the Borrower will pay to the Lender, 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 taxs and
<br />as wssrnettts next due on the property (all as estimated bio the Leader)
<br />less 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, premiums, taxes and assessments will become deliquertt, spch
<br />sums to be held by Lender in trust to pay said ground rents,
<br />premiums, taxes and special assessments; and
<br />(b) All payments mentioned in the preceding subs lion of this
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregate amount iltGrgof
<br />shalk be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set forth:
<br />(1) ground rents, taxes, assessments, fire and ether houtrd insur-
<br />ance premiums;
<br />(11) interest on the note se6:sid hereby;
<br />(Ill) amortization of the principal of said note; and
<br />(IV) late chargm
<br />Any deficiency in the amount of such aggregate monthly payment
<br />sha!L unless made good by the Borrower prior to the due date of the
<br />next such payment, constitute an.evant:nf.default under this
<br />mortgage. The Lender may collect a "itito charge" not to exceed four
<br />cents (44) for each dollar (51) 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 payrifenu made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the drnount of payments
<br />act�a !y made by ;he Lender for, get: and rent, taxes and assessments
<br />or 7rpsuanee premiums, as the (ore may be, such excess, of tt� loan is
<br />currnnr, at the option of the Bctrmv,er, shall be credited by; it
<br />W4:r on subsea -went payments ro be made by the Borrower. or
<br />refunded to the 6,r,ower. If; however, the rim miAly payments made
<br />by the Borrower uvsdO (a) of ra,.:sgraph 2 pr=ding shall not be
<br />sufficient to pay g: e::nd rer.tti 't1Xws and assessments or insurance
<br />premiums. as the case may ie:,.:µlren the same shall become due and
<br />Payable. then the Borrower shift pay to the Lender any amount
<br />necessary to make, up the deficiency, on or before the date when
<br />payment of suet ground rents, taxes, assessments, or insurance
<br />Premiums shall be Sue. If at any time the Borrower shall tender to
<br />the Leader, in accordance with the provisions of the note secured
<br />heerhy,: full payment of the entire indebtedness represented thereby.
<br />the L'owkr shall, in, computing the amount of such indebtedness,
<br />crelit.+o-)• W era ;runt of the Borrower any balance remaining in the
<br />futttl1 wzcwnulaled under the pro, isions of (a) of paragraph 2 hereof.
<br />If ihdrO! shall be a•dti Cult und", any of the provisions of this'
<br />instcarnent resulting in a public. tale of the premises covered hereby.
<br />proceedings, or at the time the" "petty is otherwise acquired, tht
<br />balnnoe then remaining in the funds accumulated wxkr in) of
<br />pam3raph 2 preceding; as a credit against the amount of principal
<br />tiibn 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 />qnd in default thereof the Lender ma the same• and the- he
<br />Y 1—j t t
<br />Borrower will promptly deliver the official receipts therefor to the
<br />liender.
<br />5. The Boimv:r; will pay all taxes which may be levied upon the
<br />J Birder's intere,-M ia" said real estate and improvements, and which
<br />Priy be levied. wwn this instrument or the debt secured hereby (but
<br />only to the extern that such is not prohibited by law and only to rte,
<br />extent that sua will not make this loan usuriousL but excluding an)
<br />income tax, State or Federal, imposed on Lender, and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is prohitreo by any
<br />law now or hereafter existing from paying the whole 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 law or decree provides that any amount so paid by *1 tic
<br />Borrower shall be credited on the debt, the Lender sWt �h«.i4,'&It '
<br />right to give ninety days' written notice to the owner of a. pitr�iszs
<br />requiring the puyment of the debt. if such aWce be given. the said
<br />debt shall bca-.-u a due, payable and collectible at the expiratior of
<br />said ninety days.
<br />6. That stould the Botrov;,iLr rail to pay any sum or keep 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 the said note, shall
<br />be secured hereby, and shall bear interest at the rate set forth in the
<br />sadi note. until paid.
<br />7. That t* -: Ilrsrrower hereby assigns, transfers and sets over to the
<br />Lender. to be-, iir;.lied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this i.instrument or the said note, all the rents.
<br />revenues and income to be d_ rived from the W4, precrAim during
<br />such time as the indebtedness shall remain in ra:j: ar,, Ire Lender
<br />shall have power to appoint any agent or a;gants it rr ; ksire for the
<br />purpose of repairing said premises and of renting the Saraie and
<br />o3i'lecting the rents. revenues and income, and it may ps rout of said
<br />dicumes all expenses of repairing said premises and necessary
<br />corm sissions and expenses incurred in renting and managing the
<br />same and of oNv ;ecting rentals therefrom. the balance remaining, if
<br />any, to he a,f bed toward the discharge of said indebtedness.
<br />8. That the Borrower will keep the improvements nr,;► existing or
<br />h &reafter erected eon the property, insured as may be rey:ired from
<br />titre to time by the Lender against loss by fi,, a and other hazards.
<br />casualties and contingencies in such amouniss and for such periods as
<br />may be required by the Lender and will pay promptly, when due.
<br />a:oy Aremiums on such insurar.oce. provision for paymeac of, which
<br />NO n,.l : ')men made herembefore. All insurance shall be ciirird in
<br />compam s x fpiov-tsd by the Lender and the policies and ren>rwals
<br />thereof shall Ix hei,i by the Lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
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