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<br />88-
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<br />104246
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<br />Borrower lInd Lender covenilnt lInd IIgree 115 follo>7S:
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<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in
<br />part on any installment due date.
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<br />2, That, together with, and in addition to, the monthly
<br />payments of principal and interest 'payable under the terms of
<br />the note secured hereby, the Borrower will pay to the Lender,
<br />on the first day of each month until the said note is fully paid.
<br />the following sums:
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<br />(a) A sum equal to the ground rems, if any, next due, plus
<br />the premiums that will next become due and payable on policies
<br />of fire and other hazard insurance covering the property. plus
<br />taxes and assessments next due on the property (all as estimated
<br />by the Lender) less all sums already paid therefor divided by the
<br />number of months to elapse before one (I) month prior 10 the
<br />date when such ground rents. premiums. taxes and assessments
<br />will become delinquent. such sums to be held by Lender in trust
<br />to pay said ground rents, premiums. taxes and special
<br />assessments; and
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<br />(b) All payments mentioned in the preceding subsection of
<br />this paragraph and all payments to be made under [he note
<br />secured hereby shall be added together. and the aggregate
<br />amount thereof shall be paid by the Borrower each month in a
<br />single payment to be applied by the Lender to the following
<br />items in the order set forth:
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<br />(I) ground rents. taxes, assessments, fire and other hazard
<br />insurance premiums:
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<br />(11) interest on the note secured hereby;
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<br />(III) amortization of the principal of said note: and
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<br />(IV) late charges.
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<br />Any deficiency in the amount of such aggregate monthly
<br />payment shall, unless made good by the Borrower prior to the
<br />due date of the next such payment. constitute an event of
<br />default under this mortgage, The Lender may collect a "late
<br />charge" not to exceed four cents (411) for each dollar ($1) of
<br />each payment more than fifteen (15) days in arrears to cover the
<br />extra expense involved in handling delinquent payments.
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<br />3. That if the total of the payments made by the Borrower
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender for ground rents, taxes
<br />and assessments or insurance premiums, as the case may be,
<br />such excess, if the loan is current, ~t the option of the
<br />Borrower, shall be credited by the Lender on subsequent
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower. If, however, the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taXes and assessments or
<br />insurance premiums. as the case may be, when the same shall
<br />become due and payable, then the Borrower shall pay to the
<br />Lender any amount necessary to make up the deficiency, on or
<br />before the date when payment of such ground rents, taxes.
<br />assessments. or insurance premiums shall be due. 1 f 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
<br />, BorroYfer any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this instrument resulting
<br />in a public sale of,the premises covered hereby. or if lhe Lender
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<br />acquires lhe property olherwise after default, the Lender shall
<br />apply. at the time of the commen,:~ment of such proceedings, or
<br />al the time the propeny is otherwise acquired. the balance then
<br />remaining in the funds accumulated under (a) of paragraph 2
<br />preceding, as a credit against the amount of principal then
<br />remaini,lg unpaid under said note.
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<br />4. That the Borrower ",ill pay ground rents, taxes.
<br />assessments. water rates. and other governmental or municipal
<br />charges, fines, or impositions. for which provision has not been
<br />made hereinbefore. and in default thereof the Lender may pay
<br />lhe same; and that the Borrower will promptly deliver the
<br />official receipts therefor to the Lender.
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<br />5. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said real estate and improvements. and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (buI only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make Ihis loan
<br />usurious), but excluding any income tax. Stale or Federal.
<br />imposed on Lender, and will file the official receipt sho...ing
<br />such payment wit h lhe Lender. Upon violation of this
<br />undertaking, or if the Borrower is prohibited by any 13'" now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid taxes. or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any' such l3Xes. or
<br />if such law or decree provides thaI any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall ha\'e
<br />rhe right to gi\'e ninety days' ....rillen notice to the owner of the
<br />premises. requiring the payment of the debt. If such notice be
<br />given. the said debt shall become due. payable and collectible at
<br />the expiration of said ninety days,
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<br />o. That should the Borro,",'er fail 10 pay any sum or keep any
<br />covenant provided for In this instrument, then the Lender. at its
<br />opllon. may payor perform lhe same. and all expenditures so
<br />made shall be added to t he principal sum ov.ing on the said
<br />nOle. shall be secured hereby, and shall bear interest at the rate
<br />set foMh In the said nOle. until paid,
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<br />7, That the Borrower hereby assigns, transfers and sets o\'er
<br />to lhe Lender. to be applied toward the payment of the nou:
<br />and all sums secured hereby in case of a default in the
<br />performance of any of the terms and conditions of this
<br />instrument or the said nOle. all the rents" rC'\'cnues and income
<br />to be deri ved from the said premises during such time as the
<br />indeblerlness shall remain unpaid, and the Lender shall have
<br />power to appoint any agent or agents i: may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collecting the rents, revenues and income. and it may pay' out of
<br />said incomes all expenses of repairing said premises and
<br />necessary commissions and expenses incurred in rentin[Z and
<br />managing lhe same and of collecting rentals therefrom; the
<br />balance remaining. if any, 10 be applied toward the discharge of
<br />said indebtedness.
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<br />8, That [he Borrower will keep the improvements no'"'
<br />cxisting or hcreafter erccted on the property. insured as filay be
<br />required from time to time by the Lender against loss by fire
<br />and other hazards. casualties and contingencies in such amounts
<br />and for such periods as may be required by' the lender and ...ill
<br />pay promptly, when due, any premiums on such insurance.
<br />provision for payment of which has nOl been made
<br />hereinbefore. All imurancr shall be carried in compame>
<br />approved by the lender and the l'oliciC!o and rene....als thereof
<br />shall be held by' the Lender and have attached therelo loss
<br />payable clauses in favor 01 and in form acceptable to the
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<br />POIlO 2 01 5
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<br />HUO 921 430T 1
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