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<br />88_103526
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<br />Borrower and Lender covenant and agree as follows:
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<br />I. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debl in whole or in part
<br />on any installment due date.
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<br />2. That, together with, and in additicn 10, the 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 />
<br />m_
<br />
<br />XXXXXX
<br />
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<br />li) Xlb) A sum equal to the ground rents, 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 Hu"es
<br />and assessments next due on the property (all .:JS escimacl:d by chI:
<br />Lender) less all sums already paid therefor divided by the number
<br />of months to elapse before one (1) month prior to 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
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<br />(b) Xlc) All 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 lhe
<br />order set forth:
<br />
<br />~
<br />~XXX
<br />. JXX
<br />
<br />,
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<br />(1) I{ll) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(II) XX .
<br />(fII) Intercst on thc nOle secured hereby:
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<br />(111) ~) amonization of the prillcipal of said note; and
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<br />(IV) l(l') laIC charges.
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<br />Any deficiency in rhe amount of such aggregate monthly pay-
<br />mcnl shall, unless made good by the Borrower prior to the due
<br />date of the nCXI such payment, constitute an event of default
<br />under this mortgage. The lender may collect a "late charge" not
<br />to exceed four cents (4e) for each dollar ($1) of cach paymenl
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<br />more than fifteen (15) days in arrears to cover the eXlra expense
<br />involved in handling delinquent payments.
<br />
<br />x
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<br />3. That if Ihe lotal of the payments made by the Borrower
<br />unde~,bf paragraph 2 prcceding 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 paymcnts to be made by the
<br />Borrower, or refunded to thc Borrower. If, however, the monthly
<br />payments made by the Borrower unde~'~f paragraph 2
<br />preceding shall not 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 the Borrower shall pay
<br />to the Lender any amount necessary to make up Ihe 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 />Ihe Borrower shall tender 10 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 />rowerXDl(~ml~(I'~~.,
<br />~~~
<br />~VN~~~yba1anceTe-
<br />maining in the funds accumulated under the provisions of") oHI)
<br />paragraph 2 hereof. If there shall be a default under any of the
<br />provisions of this instrument resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the property
<br />olherwise after default, the Lender shall apply, at the time of the
<br />commencement of such proceedings. or at the time the property is
<br />olher",ise a~quired, the balance then remaining in the funds ac-
<br />cumulated under BlaH paragraph 2 preceding. as a credil against
<br />the amount of principal then remaining unpaid under said note. .
<br />XXD>D~lIICXllQUlUlU~
<br />X~~
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<br />4. That Ihe Borrower will pay ground rents, ta..es. assessments.
<br />water rates, and other governmental or municipal charges, fines.
<br />or impositions, for which provision has nOI been made
<br />hereinbefore, and in default thereof the Lender may pay the same;
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the Lender.
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<br />5. The Borrower will pay allta\es which may be le\;ed upon
<br />the lender's interest in s3Id real estate and improvements. and
<br />which may be levied upon this inslrumelll or the dcbl secured
<br />hereby (bUI only to lhe extcnt thaI such is not prohibited by law
<br />and only to the exlelll that such will nOI make this loan usurious).
<br />but excluding any incomc tax, Stale or Federal. imposed on
<br />lender, and will file the official receipt showing such paymenl
<br />with Ihe Lender. Upon violalion of lhis undertaking, or if the
<br />Borrower is prohibitcd by any law now or hereaftcr e\isting from
<br />paying the whole or an}' ponion of Ihe aforesaid ta\~, or upon
<br />Ihe rendering of any wurt decree prohibiting the paymelll by the
<br />Borrower of any such laxes, or if such law or decree pro\;des thaI
<br />any amount so paid by the Borrower shall be credited on the dehl.
<br />Ihe Lender shall haH' Ihe right 10 give ninety days' wrillen nOliCl"
<br />10 the owner of the premises, requiring thl' payment of the debt.
<br />II' such Ilotice be given, the said debt shall bel'ome due, payable
<br />and collectible al the expiralllln of sUld ninelY days.
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<br />6. ThaI should Ihl' Bllml\\l'l fail 10 pay .my sum ,\1 keep any
<br />covenallt provided fot 111 tillS instnI11ll'l11. then thl' 1 ender. at its
<br />option, may pay 01 perform the sa11ll', and all expenditures so
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<br />HUD.921 UDT
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