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<br />Borrower and Lender eon'nanl llnd agree as rollows:
<br />
<br />88-1fi1647
<br />
<br />L That Borrower will pa}' the indebledness, as hereinbefore
<br />provided. PriYilege is rcscn'ed 10 pay lhc debl in wholc or in parI
<br />on any installment due date.
<br />
<br />2. Thai, together Wilh, and in addition 10, the monthly
<br />payments of principal and interesl payable under lhe teTlllS of lhe
<br />nole secured hereby, the Borrower will pay 10 Ihe Ll'nder, on lhe
<br />first day of each lllol1lh ulllilthe said note is fully paid, Ihe
<br />fOllowing sums;
<br />
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<br />
<br />
<br />ia) *~) A sum equal 10 the ground relllS, if any, nnt Jue, plus (he
<br />premiums that will neXI becollle due and payable on poli(ies of
<br />fire and other hazard insurance covering lhe property, pill' (axes
<br />and assessmems Hext due on the property (aI/ ,IS ,'slimaled b,I' rile
<br />Lender) less all sums already paid therefor divided by Ihe number
<br />of months [0 elapse before one (I) month prior 10 the dare when
<br />such ground rellls. premiums. taxes and asst'ssmenis II ill become
<br />delinquent, such sums to be held by Lender in trml 10 pay ~aid
<br />ground rellts. premiums, taxes and special assessmenh; and
<br />
<br />(bl 'If) All payments mentioned in rhe lWO pre.:eding ,ubs.:<:tions of
<br />hrt'paragraph and all paymellls 10 b.: made under the note
<br />secured hereby shall be added together, and the aggregaw amounl
<br />thereof shall be paid by the Borrower ca(h ll10mh in a ~in!!le pay.
<br />ment to be applied by the Lender to the following items in : :11:
<br />order set forth:
<br />
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<br />nlll~*UXXX.X~))>>X~Uk1;(.MX~~~)>X\IIICIIX;(XX:Om,"),I;(Ie-XXXJ..X
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<br />UllCX
<br />
<br />(I) ttt) ground rents, taxes, assessmCIlIS, fire and other hazard
<br />insurance premiums;
<br />
<br /><II) (M) interest on the note secured hereb~;
<br />
<br />(1I1)(\~) amortization of Ihe principal of said note; allll
<br />
<br />I IV) Ilf) late charges,
<br />
<br />Any deficiency in the amount of SIKh aggregalc mOlllhly pay-
<br />melll shall, unless made good by lhe Borrower prior to the duc
<br />date of the next sllch paymelll, conslilUle an event of default
<br />. under this mortgage. The lender ilia}' co lice! a "late charge" not
<br />to exceed four cents (4~) fOf each dollar ($ II of each paymelll
<br />
<br />morc lhan fiftccn (15) days in arrears 10 cover Ihe l'Xlra expcnse
<br />involved in handlin!l dl'linqlll'nt payments.
<br />
<br />J. ThaI if lhl' llllal or Ihe pa}'mcnls made by llle Borrower
<br />under ~~.t)r paragraph 2 Ilrceeding shall excecd Ihe ;\IllOunt of
<br />paymenls actually madl.' lIy lhc Lender for ground rents. laxes and
<br />asscssmcnls lH imunlun' premiums, as lhe l'ase may be, such cx-
<br />cess, if the loan i, l'\lncllt, at 1Ill' oplion of Ihe BOIrower. shall be
<br />,'fl'dill'd by I h.: lemkt l\11 ,UbSl'qUCIll payments 10 be made by thc
<br />Borrowcr, III rl'l\Lnlk'd 10 Ihc Borrowcr. If, howcver, lhl' monthly
<br />paymenls madl' by Ihl' Burrower under k'\H.nf paragraph 2
<br />preceding shall nOI he ,sufTi.:iclll to pay ground rcnts, taxes and
<br />assessmClIls or insuran...e pr.:millllls, as till' case may bc, when Ihe
<br />same shall bccome dlle ami payabI.:, lh.:n lhl' Borrowcr shall pay
<br />to the L.cnder any amounl neCl.'SSarY to make up the defidcnl'y, on
<br />or before th.: dale wilen paymcnt of su...h ground renls. (axes,
<br />assessmelllS, or insurallce premiums shall be dUl'. If al any lime
<br />the Borro\\w shall lender to lhe Lcndcr, in ac...ordance Wilh Ihe
<br />provisions or the note secured hereby, full payment or the elllw-e
<br />indebtedness represellled thereby, lhe Lender shall, in computing
<br />thc amoull! of sllch indebtedncss. ...redit 10 the ac",ouill or the Bor-
<br />
<br />rower riX_~~~ld~~~~~~X~~B'~(tX~x~~
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<br />~~~'X .J ~~ X)!~~ ): ~. X~ ~ny ~ance ~-e-
<br />"'0"''''' "'~" nn~ ",,",,,n " j,Rp'n""on< 0' lhl n' ( )
<br />paragraph 2 hereof. I f there ,hall bl' a default under any o'rlhe a
<br />prlwi,inllS of this instrumenl resuhlllg in a public sale of the
<br />pr.:mises ...overed her...by, or if the Lellder acquires Ihc properlY
<br />lllhenli,c after default, lh.: L...nd...r ~hall apply, at the lime of the
<br />,'l'mmelh'l'ment of ,u,h proe,:<'dinp, or al tht: llml' thl: property is
<br />olll<.'twise acquired, the balance then r.:maining in thc fund!i iK-
<br />dlmulated under (W loll' paragraph ~ pre...t:ding, ;IS a ,'[edil against
<br />tht: amo!llll of prifi~II~&1 lhell '...maining unpilld under ,aid 1101\',
<br />
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<br />~~~ffx~ffi%:~1n)!x~iH~K1~Rxxx
<br />
<br />4. Thill the Borrowcr will pay ground rents. taxes, assessmenh.
<br />water rates, and other gO\ernml'nlal or mtlJ1ieipal dlarges, fines.
<br />or impusitions, for which provision has 1101 b..'en malle
<br />hen'inbcfore. and in defaulllhereof IlK' I.ender may pay thl' sallll';
<br />and thill the Bonowl'r will promptly ddi\n thl' official rCl'ciplS
<br />th.:ref\)[ 10 thl' Ll'nder.
<br />
<br />), The Burro\\.:r will pav all laxes which lI1a~ Ill' Ieviell upon
<br />the l.l'l1uer's intercsl in said rl'al cstale and improvem.:nls, and
<br />whkh may be levied upon this instrument or the debt ,.:<:ur.:d
<br />hereby (but ollly 10 the ...xtent thaI ;,ueh i, nOl prohibitcd by la\\
<br />and only to th.: eXlel1l lhat such will nol mak.: lhis loan usurious).
<br />but e,xeluding any income tax. Slall' or Federal, illlposed on
<br />Lender, and will file Ihe official rl....eipt showing ~uch payment
<br />\lith Ih.: Lend<:r. Upon violalion of this 11l1d.:rta~ing. or if Ihe
<br />Borrown is prohibited by any law now or hereaftCl exisling from
<br />paying the whole or any portion of the "foresaid taxe,. or upon
<br />lhe rendering of any courl denec prohibiling the pa~'ment by lhe
<br />Borrower of any such taxes, or if such law or de'-Tel' provides Iha:
<br />any amoulll so paid by Ihe Borrower shall be nedned on lhe d...bl,
<br />the Leuder shall halT Ihe right 10 gin~ ninety da~,' \\lill\'n noti..-e
<br />to th... o\\ncr of th(' premises, rcquiring lh.: payment of the debt.
<br />If such nOliee be gi\cn. the ,:lid debl ,hall become dLl':. payable
<br />and collectible at the expiration of ,aLd nmety da\s,
<br />
<br />6. That should the Borrower faLl [0 pay any sum or k...ep any
<br />co\enam pro\'ided for in [his instrulllenl. (hen the L('nder. at ilS
<br />oplioll, may payor perform the ,ame, illld alle~pel1dilUre.. so
<br />
<br />Page 2 of 5
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