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<br />Bol1'Owrr and under connlDt lad Ia:rre .s follows:
<br />
<br />1. That Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege:' is reserved to pay the debt in whole or in
<br />pan on any installment due dal..:'.
<br />
<br />2. That. together with, and in addition to, the monthly
<br />payments of principal and interest pa)'able under the terms of
<br />the note secured hereby, the Borrower \Ioill pay to the lender,
<br />on the first day of each month until the said note is fully paid.
<br />the following sums;
<br />(8) A sum equal to the ground rents, if any, next due, plus
<br />the premiums thai will next become due and payable on policies
<br />of fire and other hazard insurance covering the property, plus
<br />tax:s and B5Se5sm::nts ne,.. due on the property (all as estimated
<br />b)' ,hr Lender) less. all sum~ .uready paid therefor divided by the
<br />number of months to elapse before one f Il month prior to the
<br />date when such ground rent..... premIums, taxes and assessments
<br />will become delinquent. such sum!. (0 be held by Lender in truSt
<br />to pay said ground rents. premium!.. tales and speciaJ
<br />assessments.; and
<br />(b) All payments mentioned in the precedin!l subsection of
<br />this paragraph and all paymenl.~ 10 be made under lhe note
<br />secured hereby shaU be added together. and the aggregate
<br />amount thereof shall be paid by the Borrower l::nch month in it
<br />single pnymem to be applied by lhe lender hJ Ihe following.
<br />items in the order set forth:
<br />
<br />(l) ground rem~, taxes, a~~e!.smem!o. fir!: and other hazard
<br />insurance premiums;
<br />(II) interest on the nole .~ecured hereby;
<br />(Ill) amortization of the prmclpal of SUld note; and
<br />(IV) lale charges..
<br />Any deficicncy in the amounl of such aggregate momhly
<br />payment shall, unless made good b)' the Borrower prior to the
<br />due date of the next such payment. constitute an event of
<br />default under this monSage. The Lender may collect a "late
<br />chargc" not to exceed four cents 14~) for each dollar ISO of
<br />each payment more than fifteen (IS) days in arrears to cover Ihe
<br />extra expense involved in handling delinqucut payments.
<br />
<br />J. That if the total of the pa)1T1ent!t 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 rent!., tllX~
<br />and assessments or insurance premiums. a.. the case may be,
<br />such exccss. if the loan is current, al 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. how!:'\ler, the monthly payments made by the
<br />Borrower under (al of paragraph:! prea:ding shall not be
<br />sufficient to pay ground rents, taxes and assessmenC5 or
<br />insurance premiums, 85 the case may be. whell 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 />bcforc~ the date when payment of such ground rents. taXCS.
<br />assessments, or insurance premiums shall be due. If at all)' 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 />indebtednes~ repre:;ented thereby. the Lender shaH. in computing
<br />the amount of such indebtedness, credit to the account of the
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisiob5 of (a) of paragraph 2 hereof. If there shall be a
<br />default under any of the provisions of this instrumenl resulting
<br />in a public sale of the premises covered hereby. or if the Lender
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<br />acquires the properly otherwise after default, the Lender shall
<br />apply, at the time of the commencement of such proceedings, or
<br />at the lime the propeny is otherwise acquired, the balance then
<br />remaining in the funds accumulated under (a) of paragraph 2
<br />preceding, as a CI edit against the amount of principal then
<br />remaining unpaid under said note.
<br />
<br />4. Thai the Borrower will pay ground rents, taxes,
<br />a'isessmen15, 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 LCI?-der may pay
<br />the same; and that the Borrower will promptly deliver the
<br />ofriciaJ receipts therefor to the Lender.
<br />
<br />5. The Borrower will pay aJl taxes which may be levied upon
<br />Lhe Lender's interest in said real estate and improvements, and
<br />which ma}' be levied upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this loan
<br />usurious). but excluding any income tax. State or Federal.
<br />imposed on Lender, and will file the official receipt showing
<br />such payment with the Lender. Upon violation of this
<br />undenaking, or if the Borrower is prohibited by any law now or
<br />hereafter existing from paying the whole or any ponicn of the
<br />aforesaid tW'i.es. or upon the rendering of any court decree
<br />prohibning the payment by the Borrower of any such tuxC's. or
<br />If such law or decree provides thm any amount 50 paid by tile
<br />Burrower shall he credited on Ihe debt. the Lender shall ho\'e
<br />the nghl 10 gIve ninety day!' writlen nOlice 10 the owner of the
<br />premise!l. reqUITing rhe payment 01 the deb!. If such notice be
<br />,gIven, the said debt shall hecome due. payable and collectible al
<br />the expiration of SUld nlner)' dar".
<br />
<br />o. That should lhe Borrower fall 10 pay any sum or keep any
<br />co\'enant provided for In this Instrument. then the lender, at its
<br />opllon. may payor perform Ihe same, and aU expendilurcs so
<br />made shall be added to the prinCIpal sum owing on the said
<br />nOle, shall be secured hereby, and shall bear intercst at the rate
<br />!lei forth 10 the said note, until paid.
<br />7. That the Borrower hereby assigns. transfers nnd sets over
<br />to the Lender, 10 be applied toward the payment of the nole
<br />and all sums secured herehy in case of a defaull in the
<br />performance of any of the lerms and conditions of this
<br />Instrument or rhe said note, all the rents, revenues and incomc
<br />10 be derived from the said premises during such time as the
<br />mdeblednes!t shall remain unpaid. and the Lender shall have
<br />power to appoint any agenl or agents it may desire for the
<br />purpose of repairmg said prcmise5 and of renting the same and
<br />collecting the:" rents. revenues and income, and it may payout of
<br />said mcomes all expense" of repairing said premises and
<br />neces!taT)' commissions and expense!. incurred in renting and
<br />mana.ging the same and of collecting rentals therefrom; the
<br />balance remaining, if Oil)', to be applied toward the discharge of
<br />said mdebterlncs.!i..
<br />8. That the Borrower will keep the improvements now
<br />existing or hereafter erected on the property, insured as may be
<br />required from lime to tim~ by the Lender against 1055 by fire
<br />and other hazards. casunltie" and contingencies in such amounts
<br />and for such periods Db may be required by the Lender and will
<br />pay promptly. when due. any premiums on such insurance,
<br />provision for paymenl of which has n01 been made
<br />hereinbefore. All insurance shall be carried in companies
<br />appro\led by the Lender and the policies and renewals thereof
<br />shall be held b)' the Lender and have attached thereto loss
<br />payable c10uses m favor of and in form acceprable 10 the
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