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<br /> _ 89-- i 059'78
<br /> 8orrowr�a�l.eede�cove�anl s�nd saree�ts tolbws: ur i!the L.�nJc��cyu�res thc prn�xrtv�►therwr,c after defu��l�,�he
<br /> Lendc�shall apply,at thc Umc of the cammesceme��i�f wch
<br /> : 1. i'hat Bnrrowtr will pay the indebtedncss,as hercinbcfore praceedings,ar nt Ihe timc the praperty is uthrrwi,��cquircd,lhe
<br /> 1 ' provided.Privilege is r�served tu pay thc debt in whalc ar in pa�t c�n balance then remaining in Ihe funds aa:umul�ted undc►lel of
<br /> , say instalfmc�t duc datc. parag�aph 2 preceding,�s a credit�ga��s�the Hmaun�uf prmc�p�l
<br /> then remaining uapaid undcr said notc.
<br /> 2. That.tagether with,��d in addilio�ta,lhe mantAly payments
<br /> . ai principal and interest payable under the tarms�if the nate secured A. That the 6k��rawer will pay ground renG.,taxes,a�.cetisment�,
<br /> hereby.the Bc►rrawer wil)psy ta the l.ender.on the first day uf each wstec tates,aad ather gavzromental ur municipat charges,fin�s,or
<br /> month until the ssid nate is fully p�id.the fallawing si,ms: impositions,for which pro��isian has na�been madc hcrcinbefore,
<br /> and in dztault thereof the Lender n�ay psy the wm�;and that�hc
<br /> (a)A sum cqwl to tAe 6raund�e�is,if any,�ex�due,plu�the Bottowe�will promptly de0ver�he offi�:ial reccipu therefor�o thc
<br /> premiums ti�at w-iii neat iiecc�me aue ana pay�oie on poiicirs vi nre Lender.
<br /> snd other ha7a�d insurAnce caveriog the pro�xrty,plus tsxes a�d
<br /> assessments next due on iA�propeny IQtI as esrin,a�rd by rhe I.exde�l S. The Bora�wer will pay all texes which may be Icvied upon the
<br /> (ess sll sums already paid lherefar dividcd by the number of monlhs 1.endet's interett in said r�nl estato And impravements,aod which
<br /> ta eiapee befarc o�e(I)month pric►r ta the d�te whe�such grouncd may be levird upon this instrument ar the d�bt sccured hereby tbut
<br /> re�u.premiums,taxes and acscssments will become dcliyucnt.suc:h anly to the exte�t that such is nut prohibitecf by law and only ta thc
<br /> sums ta be held by l.ender in ttust to pay sa�d g�ound rent�c, extent that such will not make this loan ucurim�c),bu�exclud+ng nny
<br /> premiums,taxca and spa:ial asx�men��:And income tax.State or Federal,imposed on Ixnder,and will file the
<br /> (b)All p�ymenu mentianed in the prcceding subsection ai thi� official receipt showing such payment with the l.ender.Upon
<br /> p�r�g�aph and il)payments to be made uader the note secured violation of this undertaking,or if the Borrower is prohibiced by eny
<br /> hereby shatl be addcd together.and the aggregate amount thercuf ��w now on c�reafter existing fram paying the whole or any ponion
<br /> shaU bc paid by the BorraNer each mo�oth in a single payment to bc °��he aforesaid tsxes,or upon the rendering of any caari dr.cree
<br /> applied by the l.ender to the following items in the ordcr set forth: Prohibiting the payment by thc Bortawer of any such taxes,or if
<br /> such law�or decree provides that any amoum so paid by the
<br /> (1)Eround rents.laxe.c.assessments,fi�e and other haaard insur- �rr��wer shall be credited on the debt.the Lender sh�U hsve the
<br /> ance prcmiums; right ta�ive�inety dsys'written�otice to the owner oi the premises,
<br /> requiring the payment of'the debt. Itsuch notice be given,thc s�id
<br /> (II)interest on the note securcYi hereby; debt shall become due,payable and oollectible at the eapiration of
<br /> (!U}amoni�tion uf zl�c principa::�f sai�f note;aad �+����netv c4ays.
<br /> (IY�Iate charges. 6. TA3e shoutd the Botrower fail to pay any sum or kcep any �
<br /> covenant provided For in this instrumcnt,then the Ixnder,at its '
<br /> Any deficiency in the amount of such aggregatc monthly payment �piian,may pay or perform the same,and aU expe�ditures so made i--�`
<br /> s6aii,unjcss mauc�x�u oy inc$urruwcr przor tu inr Jur duic uf ii�r shall be added to the prenci�+al sum owing on the said note,shil! � ,
<br /> next sucb p�yment,constitutc an event of default u�der this �secured hereby,and shsll bear interest at the rate set forth in the ;_
<br /> mongsge.Thc l.ender m�y a�llect a"late charge"not to exceed four ��d note,until paid -
<br /> ants(4¢)for each dollar ISI 1 of each paymem more than fifteen
<br /> (15)day�in arrears to caver the extra expense involved in handl�ng 7. '�'hat the Bnrrower hereby assigns,uansfers and sets over to the .
<br /> delinquent payments. Lender,t�be a lied toward the •
<br /> pp payment of the note and all sums
<br /> 3. That if the total of the payments m�de by the Borrowec under �ureJ Aereby in case of a default in the performance of any of the
<br /> tcrms and cvndi�ions of this instrument ar the said note,all the rentc,
<br /> (a)of paragraph 2 precedmg shall exceed the amount of p��yments revenues and income to be derived from the said premises during
<br /> actwQy made by the l.ender for ground rtnu,taxes and a�.sessments such t�me as the indebtedness shaU remain unpaid,and the l.ender
<br /> � or insurance premiums,u the case may be,such excess,if the luan i� shall have power to appoint any agent or agenu it may desire for the
<br /> current,at the option oi tAe 8orrower,shall 6e credited by the purpose of repairing said premises and of renting the same and
<br /> l.ende�on subsequent p�ymrnu ta tx made by the&�rrower,or ���ectmg the reaa,re�•enues and incame,and it may pay out of said `
<br /> refunded to the Borrower.li howecer,the monthly paymenu made ;ncomec all expense.t oi repai.*ing said premises and necessary =
<br /> by the Borrawer unde�(a)of paragraph 2 preading shaU not be cnmmi�s�ons and expeosc�s incurred in renting and managing the
<br /> . suf�icient to pay ground rents,t�xes arod assessments or insurance �me and of collecting rentals therefrom;the balanee remaining,if �
<br /> prcmiums,as the case may be,when the same shall become due and �ny,w be applied toward the discharge of said indebtedness. -
<br /> psyable,then the Borrower shall pay to the Lender any amount ' —
<br /> neoessary to mtke up the deficieecy.on or before tE�e date when g. That the&�rrow�cr will keep thc improvements now existing or �
<br /> payment af such ground rents,taxes.assessments,ur msurance hereafter erected on ti�e property�,insured as may be required from
<br /> premiums shall be due.If at any time t[te Borrower shall tender tc• ume ta 6me by the Lender against loss by fire and other hazards,
<br /> the Lender.ia xecordance wilh the provisions of che notr secured �ualties and contingencies in such amoants and tor such periods as
<br /> hereby.fnll paymenQ of the ennre indebtedness represeoted thereby, may be required by the Lender and will p�y promptly,when due,
<br /> the Lender shill,in computmg the amount of such indebtedness, any premiums on such insurance,provision for payment of which
<br /> credit to the account oi the Borrower any balance remaining in the has not been made hereinbefore. Alf insurance shall be cartied in
<br /> funcic accumula[ed under the provic�,n�of ta}of paragraph 2 tirreal. Wmpanies approved by thr Lrnder anJ the paficiea and renewai�
<br /> If therc shall be a default under anr af ihe provisians of this thereof shall be heid by the Lender and have attached thereto loss
<br /> inttrumeot resuitina in a public sale ot tfie premisa cocered hereby, payabte clauses in favor of and in form acceptable to the Lendet. In
<br /> Page?ot 5 MUD-92113DT•1
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