|
;�� _
<br /> =�
<br /> - - � �
<br /> T �g-- i 4690�
<br /> (u) A sum cyual to the ground renrc, if any, rtext due, plus the premiums tht�t will next become duc and payuble an
<br /> : Exilirirs c:f fire and athe�hazurd ic►sur�ncr r��vcring the propany, plus taxes And assessmentc ncxt duc nn the praperty (nU
<br /> u.c es�inu�red hr rhe•Le�id.r) less all sums alreAdy paid the�efor divided by the number of months ta elupse tmfore onc (1)
<br /> . month prio�to the date when such grau�d rents, premiums. tuxes and u.tisessments will t+ecome delin�uent, such sums ta
<br /> he held hy t.��uies in snsst tc��y said gre��� renis. pRem'sums, taxcs�d spzeiai assessments; und
<br /> 1 '
<br /> • (b) All payments mentioned in the precediog subsection of this parag�aph and ull payments ta be made under the note
<br /> secured hereby shall bo added together. t►nd the aggregate:unount therzof sha116e paid by the Borrawer each month in a
<br /> singtc p;iyment ta be ap�liad by the Lender to th� fultowing items in the order set forth:
<br /> � Q) ground rents, taxes. ass�ssments, fi�e and ather hazard insurance premiums;
<br /> �: i
<br /> . (II) interest on the note secured hereby;and
<br /> �.
<br /> i (Ill) amortization of the principal of said note.
<br /> i
<br /> �� Any deficiency in the amount of such agSregate monthly payment shall, unless made good by the Borrower pr6or to
<br /> the due date of the next such payment.constitute an event of default under this mortgage. The Lender may collect�"late
<br /> � ct�arge"not to exceed four cents(4C)fos each dollar($1)of each payment more than fifteen(15) days ir.arrears W covor
<br /> ± the extra expense invohed ia handlinR delinQuent vav�ents.
<br /> _ {
<br /> ' 3. That if t�e total of the payments made by the Bonower under(a)of paragraph 2 preceding shall excad the amount
<br /> i of payments actually made by tha Lender for ground rents. taxes and assessments or insurance premiums. as the case may
<br /> � be.such excess. if the loan is current.at the option of the Borrower.shall be credited by the Lender on subsequent payments
<br /> � to be made by the Borrower.or refunded to the Borrawer.If. however.the monthly payments made by the Borrower under
<br /> � f (a)of paragrr�ph 2 preceding shaU not be sufficient to pay groand renu. taxes and assessments or insurance premiums. as
<br /> the case may be. when the same shall becomc due and payable.then the Bqrrower shall pay to the Lender any amount noa;ssary
<br /> to make up the deficiency,on or before the date when payment of such ground rents,taxes.assessments.or insurance premiums
<br /> � shall be due. If at any time the Burrawer shall tender ta the Lender, in accordPnce wlth the pravisions of the note sacured
<br /> � hereby, full payment af the entire indebtedness represented thcreby.the Lender shall,in computing the amount of sush in-
<br /> ' debtedness.crcdit to the accaunt of the Borrower any balance remaining in the funds accumulated under the provisions of
<br /> ! (a)of paragraph 2 hereof. If[here shall be a default under any of the provisions of this instrument resulting in a public sale
<br /> of the premises covered lxreby. or if the ixnder acquires the properry otherwise a$er default.the Lender shaU apply, at
<br /> � E the time of the commencement of such proceedings. or at the time the property is otherwise acquired, the balance shen re- '
<br /> � maining in tiu funds accumutated under(a)of paragraph Z preceding,as a credit against the amount of principat then remain-
<br /> � � ing unpaid under said note. ,
<br /> �
<br /> ' --
<br /> 4. That the Borrower will pay ground rents,taxes.assessments,water rates.and other govemmental or municipal charges. �
<br /> � fines, or impositions, for which provision has not been made hereinbefore.and in default thereof the I.ender may pay the ..„�_
<br /> f same: and that the Borrawer will promptly deliver the o�cial receipts therefor to the Lender. ';�
<br /> � j
<br /> � 5. The Borrower wiU pay all taxes which may be levied upon the Lender's interest in said rea!estate and improvements. �
<br /> � and which may be levied upon this instrument or the debt secured hereby(but only to the extent that such is not prohibited
<br /> by law and only to the extent that such will not make this loan usurious). but excluding any income tax.State or Federal,
<br /> rimposed on Lender,and will file the official receipt showing such payment with the L.ender. Upon violation of this undertak-
<br /> i ing.or if the Borrower is prohibited by any law now or hereafter existing from paying the v✓hole or any porteon of the aforesaid '
<br /> taxes,or upon the rendering of any court decree prohibiting the payment by the Barrower of any such taxes,or is such law ,�'4
<br /> ' or decree provides that any amount so paid by the Bonower shall be credited on the debt, the Lender shall have the right ��+'
<br /> to give ninery days'written notice to the owner of the premises,requiring the payment of the debt. If such notice be given, � '�
<br /> the said debt shall become due, payable and collectible at the expriation of said ninery days. :
<br /> 6. That should the Bonower fail to pay any sum or keep any covenant provided for in this inswment,thea the Lender.
<br /> at its option, may pay or perform the same,and all expenditures sa made shall be added to the principal sum owing on the
<br /> above note, shall be secured hereby, and shall bear interest at the rate set forth in the said note. until paid.
<br /> 7. That the Borrower hereby assigns, vansfers and sets over to thc Lender,to be applied toward t8e payment of the
<br /> � note and afi sums secured hereby in case of a default in the performance of any of the tertns and conditions of this instrument
<br /> or thc said note,all the renu,revenues and income to be derived from the said premises during such time as the indebtedness
<br /> shall rcmain unpaid.and the Lender shall have power to appoint any agent or agents it may desire far the purpose af repairing
<br /> said premises and of rendng the same and collecting the rents, revenues and income,and it may pay out of said incomes
<br /> all expenses of repairing said premises and necessary commissions and expenses incunod in renting and managing the same
<br /> and of collecting rentals therefrom;the balarice remaining. if any,to be applied toward the discharge of said indebtedness.
<br /> 8. That the Borrower will keep the improvements now exissing or hereafter crected oro the property, insured as may ,
<br /> be required from tirr�to time by the I.ender against loss by fire and other hazards, casualties and coatingencies in such
<br /> amounts and for such periads as may be required by the Lender and will pay promptly, when due, any premiums on such
<br /> insurance provision for payment of v�hieh has not been made hereinbefore. All insurance shall be carried in companies ap- '
<br /> I proved by tht L.ender and the policies and renewals thereof shall be h�ld by the l,ender and have attached thereto loss payable t
<br /> � clauses in favor of and in form acceptable to the L.ender. In event of loss Borrower will give immediate notice by mail to �
<br /> tltt Lencier,who may make proc�f of loss if not made promptly by Borrower,and each insurance company cc�ncerned is hereby �C
<br /> . authorized and directed to ma�e payment for such loss directly to the Lender instead of to the Borrower and the Lender �
<br /> ' jointly. and the insurance prviceecis,or any part thereof,may be applieci by the L.ender at its option eithcr t�thc reduction ��
<br /> ' of the indebtedness hereby securesi or tn thc restoration or repair of thc �roperty dama�cd. ln event of forcrlotiurc of this ,�tt��
<br /> k
<br /> —�����. instrument c�r othcr tran.rfer�f liUe tu thc mortgaged propeny in cxanguitihment of the indehtulncss tccurc�i hcrchy,all right. � ' �Yr
<br /> �, title and inierest uf the Bortower in und t�� any in�urance policies then in f��rce shall patis te�the purch�isrr ��r gr�ntee ''
<br /> _ _'�,
<br /> v��' y Th�t .�ti additu��tal and c�dlatcr�l .cc�unty fur �1ic pa}•mcm�,f thc nntc dc�t,nhcd,and ali �umti t�, t�c�cnnrc dur undrr
<br /> . ����� thi� �n4trumcnt, thc Finrr��ucn c�rchy atitiikn�tu thc l,cndcr �ill prnfilti, tc�cnur�, ruy:dhr., r��;htti�in�l hcnc(i1� .��.��iin�, r+�
<br /> 1`t�cs, tttir I�s,rrn»cr unc2i_r ar�y :iy�d all���1 and �a� Ica�cs ��n�,ud ��rrinitic�. with thr nt�ht t�, rc�s�iti4 �ind r�•c�•ipt f„i ihr �.,m,• ,uuf �
<br /> X1��+,�,i
<br /> ,r 'y•�
<br /> ;' ��; j'Ut;A?�1 4
<br /> _��
<br /> :r • t�nn IlUO-92143 OT ►1�•, ,'•�;N �.I 1•�
<br />
|