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<br />88- 103425
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<br />Borrower and Lender connanl and agree as follows:
<br />
<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in pan
<br />on any installment due date,
<br />
<br />2. That, together with, and in ...,:":ition to. rhe monthly
<br />payments of principal and interest payable under the terms of the
<br />note 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 />
<br />XXXX~
<br />
<br />
<br />~~umxxxxxxx
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<br />~lOO(mIIm
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<br />~~NV'lIllllV'1lII~iliuxap~&"n(lillV~I'l~~
<br />~1mBIIIIIi""'.W.~~JYrYiI
<br />~~~
<br />~~~IIWDllIXIDXX
<br />~w~mDMI..amXlXXXXXXX
<br />~'__'~~IlABtXllXXXXXXXXXXXXXX
<br />
<br />
<br />(01) XJ>) A sum equal to Ihe ground rems. if any. next due. plm [he
<br />premiums that will next become due and payable on policies of
<br />fife and other hazard insurance covering the properlY, plus taxes
<br />and assessments next due on the properlY (all as estimated by the
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one (] I month prior 10 the date when
<br />such ground rents. premiums, taxes and assessments will become
<br />delinquent, such sums to be held by Lender in trust to pay said
<br />ground rents, premiums, taxes and special assessments; and
<br />
<br /><II) Xf:) All pa)menl~ mentioned in the IWO preceding subsecrions of
<br />this paragraph and all pa}ments 10 be made under the note
<br />secured hereby shall be added together. and Ihe 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 [he following ilem~ in the
<br />order set forth:
<br />
<br />~
<br />
<br />Iii l(ln ground rents, ta\es, assessments, rirl' anu other halaru
<br />insurance premium~;
<br />(II) XX
<br />(HI) interest on the note se.:ured hereby.
<br />
<br />11}1) ANI amOrlil..lltion of the principal of said nOle; and
<br />
<br />(1\1) n'l late .:harges
<br />
<br />Any deficienq In the amounl 01 su.:h aggregate monthly pay.
<br />ment ~hall. unk" made good oy Ihe Borrowl'r prior to the due
<br />date or the nellt ~u.:h payment. .onstllule an event of default
<br />under Ihl~ mortgagc. The I ender may collect a "Iale ..har!!c" not
<br />10 exceed four celll~ l4C:1 for each dollar ($oIl of ell.:h payment
<br />
<br />more than fifteen (I S) days in arrears to cover rhe extra expense
<br />involved in handling delinquenl payments,
<br />
<br />J. That if the lotal 01 the payments made by the Borrower
<br />under~bf paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such ex-
<br />cess, if the loan is current, at the option of the Borrower, shall be
<br />credited by the Lender on subsequent payments to be made by the
<br />Borrower, or refunded 10 Ihe Borrower, If, however. the monthly
<br />payments made by the Borrower under~bf paragraph 2
<br />preceding shall 1I0t be sufficient to pay ground rents, laxes and
<br />assessments or insurance premiums, as the case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />to the Lender any amount necessary to, make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes.
<br />assessments, or insurance premiums shall be due. If at any time
<br />the Borrower shall tender to the Lender. in accordance with the
<br />provisions of the note secured hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall. in computing
<br />the amount of such indebtedness, credit to the account of the Bor-
<br />rowerXDX~~~
<br />.
<br />~~nYbalancere-
<br />maining in Ihe funds accumulated under the provisions of)(>>) of I~)
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />provisions of this inslrument resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the property
<br />otherwise after default. the Lender shall apply, at the time of the
<br />commencement of such proceedings, or at Ihe time the property is
<br />otherwise acquired, the balance then remaining in the funds ac-
<br />cumulated under IIIX&)f paragraph 2 preceding. as a credit against
<br />the amount of principallhen remaining unpaid under said nOle. .
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<br />~
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<br />4. That the Borrower will pay ground rents, taxes. assessmems.
<br />water rates. and other governmental or municipal charges. fines.
<br />or impositions, for which prm;sion has not been made
<br />hereinbefore, and in default Ihereof [he Lender may pay the same:
<br />and Ihal the Borrower will promplly deliver the official r~>ceipt~
<br />therefor to the Lender.
<br />
<br />5. The Borrower will pay all taxes which may be levied upon
<br />the Lender's inlerest in said real e-stale and improvements, and
<br />which may be levied upon [his instrument or the debt sc..::ured
<br />hereby (but only to the extent Ihal such is not prohibited by law
<br />and only to the extent that such will nO! make this loan usuriousl.
<br />but excluding any income tax, Stale or Federal. Imposed on
<br />Lender, and will liIe Ihe official receipt showing such pa)ment
<br />with lhe Lender. Upon violation of this undertaking. or if the
<br />Borrower is prohibired by any law now or hereafter existing fTom
<br />paymg the whole or any ponion of the aforesaid taxo, or upon
<br />the rendering of any courl decree prohibiting Ihe payment by the
<br />Borrower of any such taxes, or if such law or decree pro\'ide-s that
<br />any amount 50 paid by Ihe Borrower shall be crt'dited on the debt.
<br />the Lender shall have the right to give ninel~ days' wrillen notice
<br />(0 the owner of the premises, requiring the payment of the del'll.
<br />If such notice be given, the said debt ~hall ol.......,me due, payahle
<br />and .:olle.:tible at the e\piratioll of ~aid nlnelY day~.
<br />
<br />{;. That ~lloulu lhe Borrower fail III pay any 'um '" keep an\
<br />covenant pH" Ided lor III this ill~trumel1t. then lhl' Il'ndl'r, at II'
<br />opllon, ma~' payor perform lhe 'ame. and all eXpl'ndllurl" '"
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