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<br />Borro'A'rr and under ('",('nanl and Barre as rollol'l'JIi:
<br />
<br />1. Tlun Borrower will pay the indebtedness. as hereinbefore
<br />pro\'ided. Privilege is reserved 10 pay the debl in whole or in
<br />part on any installment due dale.
<br />
<br />1. Thai. together with. and in addition 10, the momhly
<br />pa~'IIlenl~ of principal and mterest payable under Ihe term!. of
<br />the nOle secured hereby, the Borrower will pay 10 the Lender.
<br />on the firsl day of each month untillhe "':lid nOle is lully paid.
<br />the [ollowing ~ums:
<br />la) A ~um eq. 1 to the grnund reuh, if any. nelll due. plus
<br />the premiums Ihal will Ill'lit hecome due and payable on policIes
<br />of fire and olher hazard lImJritncc ((',"'cring the property. plus
<br />!axes and alisessmenl... nCl.l JU(' Oil the properl)' (all a.\ t'sl;mall'd
<br />by th,. Lender) less all \unh ahcnd\' paid lherefor divided b\' Ihe
<br />number of momh!i 10 elarN" hefore line (11 momh prior 10 the
<br />dale when such ground renl.., rre'mlUm~, la"es and a..."e~...mcnt~
<br />will become dehnquem" ..uch ..urn.. III be held hy Lender 1I1 Iru...1
<br />10 pa}' ..aid ground relll\" prenl1lllll\. la.u.... ilnd ..peLlal
<br />a5Se!i5ment5; and
<br />(bl All pa~'mt"nl" mrnlHlIlcd lit Ihe prt"cedmg ~ub\ccljon ot
<br />Ihl" para~raph and all rlil,,'merll~ III ht' maUt" undrr Ihe nOle
<br />..ecureJ herd1~ ..1m II he .IlJded lHgclhc:r, and I he aggf!.:'gale
<br />amuun! {hereul ..hall he paid by Ihe Hortu'-'C:r each month III a
<br />"1Il~k payment III ht" app!Jed h~ fllt' I cnder hl till.' followlll~
<br />II em... III the mdel \el forth:
<br />
<br />III ground renl!l, ta'e..., a......e~...mr:n1... fIre and nlht"r ha/.altl
<br />lIl\untnl.:l" premIUm!>;
<br />
<br />1111 mlere...1 1111 Ihe nOle ..ecurC'd herehy;
<br />(111) anlllftl1luion 01 thl" prmcipa] Ill' ..aid nlll..", and
<br />11\"1 laic ..:harge!>
<br />.\n~ deli":lcm:y in I he amounl of ...uch aggregale munthly
<br />llolymem ..hall, unless made good by Ihe Borrower prior to Ihe
<br />JlIe date of the nex.t ..uch paymen!, consUl ute an ("\'ent 01
<br />ddnuh undcr Ihis mortgage:, The lender mn)' collccl ... "Iut.:
<br />chur~e" 1101 to exceed four cenlS 14C) for ~ch dollar (5'101
<br />("IJch payment more thull firteen (15) day~ III arrear... 10 cmcr lire
<br />eXlra expense im'ol,'ed In handling dchtlllUenl payment....
<br />
<br />3. That ir the t01a1 of the paymeru... made b~ Ihe Uorru.....el
<br />under (a) of para!!raph 2. precedin~ shall exceed I he amount 01
<br />payments actually made by the Lender for ground rent~. taxe~
<br />Ilnd assessment!. or insurance premiums. a... lhe ..:a...e ma~' be,
<br />such excess" If Ihe loan is current, al the option uf the
<br />Borro.....er, shall be crediled hy till: lender 011 !>ubsequenl
<br />payments to be made by the Burrower. or refunded III the
<br />BOrrower. If, howr:\'er, Ihe monthly payment!> made b)'lhe
<br />Borrower under (a) or paragraph .2 preceding shall nOI be
<br />sufficient 10 pay ground renl5, tax.e!. and assessments or
<br />msurmtce premiums, a!> Ihe case ma)' be, when Ihe !lame ..hall
<br />become due und payable. then the Burrower 5hall pay IU Ihe
<br />Lender any amount necessur)'to mft~c up the deftciency. on Cll
<br />before- the dale when payment of such ground rents, taxes,
<br />assessments, or insurance premium!> shull be: due. II' at an)' lime
<br />the Borrower shall tender 10 the lender. in accordanct' wilh Ihe
<br />provisions of the note secured herehy, full pa~'ment or the entire
<br />mdebledness represented thereb)', Ihe Lender shall. in computing
<br />me amounl or such indebtedne!>!>, credil 10 the accounl of Ihe
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph:! hereof. If there: ~hall be a
<br />ddault under any of the pro\'ision!t of Ihis instrument resultmg
<br />in a public sail: of the premises co...ered heteb~., or ir the Lender
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<br />88-
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<br />10479fi
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<br />acquire5 lhe properlY otherwise arler defaull, Ihe Lender shall
<br />apply, lit the time of Ihe commenl.:cment or such proca:edin!;!t, or
<br />al Ihe time Ihe property is other.....ise acquired, the balance then
<br />remaining in the funds lIccumulaled under (a) of parugraph 1
<br />preceding, as a credit against the amount of principal then
<br />rcmainin[z unpaid under said 1I01e.
<br />
<br />4. Thai Ihe Borrower .....iII pa)' ground rents, laxes,
<br />asseSSmCnl5. water rales, and Dlher governmental or municipal
<br />charges, rines, or impositions, for which provision has not been
<br />made hereinbefore, and in default thereof the Lender may pay
<br />Ih.: same; and thaI the Borrower will promptly deliver Ihe
<br />official reccipts Ihereror to the Lender,
<br />
<br />5. The Borro.....er will pay all taxes which may he levied upon
<br />the Lender's interest in said real estate and impn.l\'emenls, and
<br />.....hich may be It,.....ied upon this imtrument or the debt secured
<br />h.:reby tbut only 10 the extent Ihal such 15 nol prohibited by In....
<br />and only to the elltent that such will nol make this loan
<br />uSlIriou!t), hUI excluding any income tax, Sl.ille or Federal.
<br />Imposed on Lender, and .....illl1le the official receipl showing
<br />..uch payment .....ilh the lender. Upon violation or Ihis
<br />undenaking, or If the Borrower I~ prohibited by any law now or
<br />hL'leaflt.'f c\isling rrom pa}'lIlg the whoit' or any portion (If Ihe
<br />:lltlre"ald fil\C", \II upon Ihe rendefln(t of UlI)' coun deL'"ree
<br />rrolllhiun!,! lhe pavl1lcnI by Ihe Borrower of uny such Iux.e!>, or
<br />11 ..uch law or decree pro...idc~ that any amounl ~11 paid by tlu:
<br />Bllrro....("r ~ha]] be .:redited on Ihe dcbt, the Lender ..hall have
<br />the flg.ht to give ninety days' wrillen nutiet: to Ihe owner of tht"
<br />rn:mi!tl's, requiring the payment of the debt. If '>uch nouce he
<br />gm:n, I he ~ald debt ...haU become due. payable and collectible at
<br />the e'plrailUn of ..aid mnety day!t
<br />
<br />(1, That ...hould Ihe Bmf{I""'l"1 laI] 10 pay an)' sum or keep any
<br />~'ll...C'nanl prm'lded lor ,"fhi... lIlslrumCllI, then Ihe Lender, at it!l
<br />IlpllOfl, may PU}' UI perform Ihe ..arne, and all ex.penditure" so
<br />made ~hall or added to Ihe pnncipal sum owing on Ihe !taid
<br />lIute. !thall he ..ecurcd hereby. and !>hall bear interest al rhe rail'
<br />..el forlh In Ihe "aid nolr:, until paid,
<br />
<br />.., That lhe Horrower hereby assign!., trnnsfers and set.'! n\ler
<br />10 the Lender. 10 bt" ilpplied toward the payment of Ihe nole
<br />and all !lum" '>ecured hereby in cau" or a default in the
<br />performunl."e of llny of Ihe lerms and condition... of Ihis
<br />lIlslrumenl lIr Iht" "aid Ilole. all the relllS, revenUC5 and income
<br />10 be derived from the said premise... during such lime a... the
<br />indebtcdnes!t ...hall remain unpUld, llnd the Lender 511all have
<br />puwer 10 appolllt any agenl or agents il mil}' desire for lhe
<br />purpose of repalrmg said pn:mi..e!> llnd or rellling the same Ilnd
<br />('ollecting the: renl.... revenue... llnd income. and il ma)' pay 0111 of
<br />..ard mcomelt all expen!>L"S of repairing said prenusc\ and
<br />llel.:e!t..ary commi......lun... llnd t'xpense!> incurred in renting and
<br />managmg the ...ume and 01 collecting rentab therefrom; Iht"
<br />halam:e remaining, If any, 10 be applied toward Ihe discharge (Jj
<br />~llld mdebledncs~.
<br />
<br />R, Thai the Borro......er will keep the improvemenl!t now
<br />e)(isling Of hereafter erecled un Ihe proper1y, insured a!t ma:-- he
<br />required frum lime TO time b)' the Lender agaiml Im~ h)' fire
<br />and olher ha.z.ard!t, L'Usuullle!t and contingencies in such amnum..
<br />and ror 5uch peliod!! ill> may be required hy the Lender and ......iIl
<br />pay promptly, when due. any premium!> on sudl m:iurance,
<br />pro\'ision for paymen! of .....hich ho.... nOI been mllde
<br />hereinberore. All insurance shall be carried in companiclt
<br />approved by Ihe Lender and the policie!t and rCllc",,'al!o thereol
<br />shall be held h~' the Lender and have auached lherelo Jos!>
<br />payable clauses III favor of and III form Ilcccplable 10 Ihe
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<br />HUO 9214301 1
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