|
<br />88 t-6tfl-5
<br />
<br />morc I han fi fteen (15) days in arrcars 10 cover Ihe cXlra expcnse
<br />in\'oln-d in handling delinqucnl paymcnts,
<br />
<br />Horrower and tender cm'enanl and lI~r('\' liS follows:
<br />
<br />I. ThaI Borrower will pay the indebledness, as hl'reinhefore
<br />provided. Privilege is rescrved to pay the dcbt in who'" or in pan
<br />on any installmel\l due date.
<br />
<br />2. That, together with. and in addition to, the 11Ionthly
<br />payments of principal and interest payahle under the terms of I he
<br />note secured hereby, the Borrower will pay 10 Ihl' Lender, on Ihe
<br />first day of each month until the said notc is fully paid, lhe
<br />following sums:
<br />
<br />
<br />XXi i
<br />
<br />_ X
<br />xxx
<br />xxxxxxx
<br />X , ~ xxxxxxxxxxxxxx
<br />XXXXxxooxnX)f:g~~~xroXltt)OOl}lX~~:OO:X~~XMmlX
<br />~x~~ttxttXXJrlX<<xmmlDXWmwxulfX~lf.OO1X~xxmxxx
<br />XM~)lI;OO(Xl*X<<MQ~Mx~:0:m9!~XJlXIl~Kl(>>X~~MXk
<br />:tl(~mM~:(ItXallXl(mMmum:~klXXt1Xmxxx
<br />:tMit "loo:~mx:oo:xx
<br />xm~XUXmm1OO:~)(~UmDxKWXllXK"lfXMx~IWmmxlxmxxx
<br />~xxx
<br />
<br />,/J>) A sum cqual 10 the ground ren!~. If .Ill\'. [1I."xl due. plus I he
<br />(alpMniums thaI will nexl become due and pa~ able on poli,-ies l)1
<br />fire and other hazard insurance covering. the propert~. plus l;Ixes
<br />and assessmenlS next due on Ihe property (i1il ib <"Iimated IH Iii,'
<br />Lender} less all sllms already paid thcr::lor d1\ided by the numb"'l
<br />of Illollths to elapse beforc one (I) mOlllh prior [0 the datc when
<br />such ground rents. premiums, taxes and assessmellts \\ III become
<br />delinquelll, such sums 10 be held by lelllt.:r in trust to pay said
<br />ground rents, premiums. taxes and speCial assessmelllS; and
<br />
<br />(c) All payments mentioned in the t\\'o preceding sub~ectil)ns of
<br />(b>ttX~ paragraph and all payments \0 be made under thc notc
<br />secured hereby shall be added together. and the aggregate amOtlnl
<br />thereof shall be paid by lhe Borrower each month in a singk' ra\-
<br />ment to be applied by the lender \0 lhe following Items 11\ the
<br />order set forth:
<br />
<br />i~xnil' J!mmtxt~Xf_' ~1x~t):~~xX
<br />'I. ~t~~~tifm' ~~~~fiXxxxx
<br />. ~=X ~~lM(ftx~~x~~X~ X~~tM~~XX
<br />
<br />,ilL W) grOl~lId rents, laxes. assessments, lire and other hazard
<br />Hi'!. ran~t prenllum>;
<br />
<br />lIIl (1)3) interest 0:1 the note ~ecured hereby;
<br />
<br />(11) (kYl amOrli/illion of the principal of said nole; and
<br />
<br />l!V) killatc charges.
<br />
<br />Any deficiency in the amount of such aggregate monlhly pay-
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the nexI such payment, conslitUle an event of defauh
<br />under this mortgage. The Lender may collect a "Iate charge" not
<br />to exceed four cems (4;;) for each dollar ($1) of each payment
<br />
<br />3, That if the lolal of the payments made by the Borrower
<br />under >!~~ \,1' paragraph;; preceding shall excecd thc amount of
<br />paYlllclflsa,ktually made by Ihe Lender for ground renls, laxes and
<br />assessments or insurance premiums, as the case may be. stich ex-
<br />ccss, if Ihe loan is \:urrenl, at the option of Ihe Borrower, shall be
<br />,'redill'd by Ihe Lender on subsequent pa~ ment~ to be made by the
<br />Bonower, or refunded to the Borrower. If, however, the molllhly
<br />paymel1ls made by lhe Borrower under X*l~a~f paragraph 2
<br />preceding shall not be sufficient ! 0 pay ground rents, I<1xes and
<br />as~esslllents or insurance premiums, as the case may be, when the
<br />same shall become due and payable, lhen Ihc Borrower shall pay
<br />[0 Ihe Lender any amount necessary \0 make up the deficicnc~', on
<br />or before the date when payment of sljch ground rents, laxes,
<br />asscssllletllS, or insurance premiums shall be duc. I I' al any time
<br />Ihc Borrower shall tcndcr (0 the Lcnd....-. iu accordance with the
<br />prodsions of the nOle secured hereby. full payment of the cntlre
<br />indebtedness rcpresented thereby, (he Lender shall, in computing
<br />the amount of such indebtedness, crcdil 10 the account of the Bor-
<br />
<br />~ower Bl
<br />
<br />ns or ,(\1) or
<br />paragr~ph 2 hereof. If thcre shall bc a default under any l?f-the (01)
<br />prO\ i~ions of Ihis instrulllelll rcsuhing in a public sale of Illl'
<br />premiscs covcred hereb~. or if Ihc Lender acquires the properly
<br />l)lhcr"isc aft....- default. the lender shall apply. at Ihe lime of Ill,'
<br />-:l)lllmCncemCnl of such procceding.s. llr at Ihe lill1l' the properly is
<br />oth....-wi.,e acquired. the balance lhl'n remaining ill thc funds ac-
<br />cUIllUlall'd under O~) of paragraph 2 prcccding, as a credit against
<br />Ihe amount of prMt~~ltl then remaining unpaid IInder said notc,
<br />
<br />X~~xX~~Vt1~~~i~~" 'u t a\l\#roxx~XXX\~~~'xj~~~IX~~~x~j~~xxxx
<br />XX~XX)~m~~m X X h yxlJ.
<br />
<br />
<br />4. ThaI lhe BOrH)\\er "Ill pay ground r...nts. laxcs. asseSSIl1l'nts.
<br />\\ ater r~Hes. and othcl gOlernm...nlal llr muuicipal ,'harges. fincs.
<br />or impositions, for \\ hidl provision has not heen mad.'
<br />hereinbefore, and in detault thcr.'of [hc Lendcr Illay pay Ihe same;
<br />and that lhe Borro\\cr \\ III pl'lll1lptl~ deli\Cf Ihe official rl'ceipts
<br />theretor 10 the lendcr.
<br />
<br />:\. The Borrowcr \\ ill pa~ all taxe.' \\ hidl may he Ie\ied upon
<br />lh... lxnder's Intcrest in said real cstate ,md improwll1ellls. and
<br />\\ ludl may be levied upon lhis inslrulllclll or the debt securcd
<br />hcreby (hut onl~ to thc ....\Ient that such j, not prohibited by law
<br />and only Il) lhe exten! that slIch will not make this loan usurious),
<br />but exdudmg any incmne la". Slalc or Federal, imposed on
<br />I.ender. and will file Ihe offiCial n~,eipt showing such payment
<br />Wllh Ihe Lcnder. Upon l'Ioblion of lhis undcnaking, or if Ihe
<br />Borrower is prohibited by all~ law now or hereafter exisring from
<br />paying thc \\ hole or any portion of the afore~aid laxes, or upon
<br />the rendering ,It an~ <:oun decree prohibiting thc paymcnt by Ihe
<br />Borrower of any such taws, or if such law or decree provides that
<br />any amount so paid by Ihe Borrower shall be credited on the debt,
<br />the Lender ,hall ha\e thc nglH to gi\'c ninety day,' wrinen not..-e
<br />to Ihc ()wncr "I' the premisl's. requiring the paymelll of Ihe debt.
<br />If wch notice be gl\ell. Ihc said debt shall bccome duc. payable
<br />and collectible al 111<' C\plr.1l10n of ,aid ninety days.
<br />
<br />6, That ,hould thc Bono\\ er fail 10 pay all): sum or keep any
<br />covenant pro\'ided for III lhi, imlrument. then thc Lcnder. ,II II'
<br />option. lllay payor perform thc same. and all exp...nditUfes so
<br />
<br />Page 2 of 5
<br />
<br />r t'1~~~
<br />
<br />L
<br />
<br />.--.J
<br />
<br />L
<br />
|