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<br />8(l-. 103053
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<br />Borrower and Lender <<:o\lenanr and agret' as Follows:
<br />
<br />more than Iifteen (IS) days in arrears 10 cover the eXlra expense
<br />involved in handling delinquent payments.
<br />
<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved 10 pay Ihe debt in whole or in pan
<br />on any installment due date.
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<br />2. That, together with, and in addilion to, tbe monthly
<br />payments of principal and interest payable under thc Icrms of the
<br />notc secured hereby, the Borrower will pay to the Lender, on the
<br />first day of each month until the said note is fully paid, the
<br />following sums:
<br />
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<br />(a) _ A sum equal to the ground renlS, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the property, plus taxes
<br />and assessments n~xt due on the property (aU 85 csrimsu:d b)' rhe
<br />Lender) less all sums already paid Iherefor divided by Ihe number
<br />of months to elapse before one (I) month prior 10 Ihe dale when
<br />such ground rents, premiums, laxes and assessments will become
<br />delinquent, such sums to be held by Lender in trusI to pay said
<br />ground rents, premiums. taxes and special assessments; and
<br />
<br />(b) la/.1I payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to the following items in the
<br />order set fonh:
<br />
<br />~IIaqaKXDI~i.w.lh~KDc
<br />xWd~'
<br />
<br />*x
<br />
<br />(I) Ill) ground rents, taxes, assessments, lire and olher hazard
<br />insurance premiums;
<br />
<br />(II) _ interest on the note secured hereby;
<br />
<br />(III) .. amortization of the principal of said note; and
<br />
<br />(IV) .. late charges.
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<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the B-:mower prior to the due
<br />dale of the next such payment, constitute an event of default
<br />under this mongage. The Lender may collect a "late charge" not
<br />10 exceed four cenls (4e) for each dollar (51) of each paymenl
<br />
<br />), That if lite total of the payments made by lite Bcrrower
<br />under(a)of paragraph 2 preceding shall exceed tlte amounl of
<br />payments actually made by the Lender for ground rents, la"~s and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />cess, if lite loan is current, at the opliQn of lhe Borrower, shall be
<br />crediled b}' the Lender on subsequent paymenls to be made by Ihe
<br />Borrower, or refunded to the Borrower. If, however, the monthly
<br />paymenls made by the Borrower under (a)of paragraph 2
<br />preceding shall nol be sufficient to pay ground rents, taxes and
<br />assessments or" insurance premiums, as the case may be, when the
<br />same shall become due and payable, then Ihe Borrower shall pay
<br />to the Lender any amounl necessary to make up Ihe deliciency, on
<br />or before the date when payment of such ground renls, taxes,
<br />assessments, or insurance premiums shall be due. If at any lime
<br />the Borrower shall tender to the Lender,' in accordance with the
<br />provisions of the note secured hereby, full payment of the emil"e
<br />indebtedness represenled thereby, Ihe Lender shall, in computing
<br />the amount of such indebtedness, credil to Ihe account of the Por-
<br />rowerJl~~"J""-,;1'~i,o(
<br />~Aia:,.,t.,.,;.I~
<br />~~~_..._ any balance!t'-
<br />l11aining in the funds accumulalcd under the provisions or(a) of
<br />paragraph 2 hereof. If there shall be a defauh under any of the
<br />proviSIOns of this inslrumem resulting in a public sale of the
<br />premises covered hereby, or if Ihe Lender acquires the properlY
<br />other.....ise after default, the lender shall apply, at the time of th:
<br />commencemem of such proceedings, or at the time the propcny i5
<br />olherwise acquired, the balance then remaining in the funds ac-
<br />cumulat~d under (a)of paragraph 2 preceding, as a credit against
<br />the amoum of principal then remaining unpaid under yicl note._
<br />xootDatllqn .' " '
<br />XlI:IIlIiOUIl~
<br />
<br />4. That the Borrower will pay ground rents, taxes. assessments,
<br />waler rates, and other governmental or municipal charges, filles,
<br />or impositions, for which pro\'ision has not been made
<br />hereinbefore, and in defauh thereof the Lender ma~' pay Ihe same:
<br />and that Ihe Borrower will promptly ddi\'er the official receipts
<br />therefor to the lender.
<br />
<br />5. The Borrower will pay all taxes whIch ma}' be 11:\'100 upon
<br />Ihe Lender's interest in said real estale and impro\'ements. and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only 10 the extent that such is not prohibiled by law
<br />and only to the eXlent that such will nOI make this loan ur unous),
<br />but excluding any income tax, Slate or Federal. imposed on
<br />Lender, and will liIe the oflicial receipt showing such payment
<br />with the Lender. Upon violation of this undenaking, or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying the whole or any portion of the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiling the pa~1tlent by the
<br />Borrower of any such taxes. or if such law or decree pro\ides that
<br />any amount so paid b)' the Borrower shall ~ crediled on the debt.
<br />the Lender shall have the right 10 give ninelY days' written nOlice
<br />10 Ihe owner of the premises, requiring the- paymem of the debt.
<br />If such notice be given, the said debl shall become due. payable
<br />and colleclible at Ihe expiration of said ninety days.
<br />
<br />6. That should the Borrower fail to pa)' an)' sum or keel' an~
<br />covenant provided for in this inslrumem, !hen the Lender, al its
<br />option, may payor perform the same, and all e,pendilurelo so
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