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<br />Borrower and Lender connan. and IRrfe as rollows:
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<br />1. Thai Borrower wm pay Ihe indebtedness, as hereinbefore
<br />provided. Privilege is reserved to PIlY the debt in whole or in part on
<br />any installment due date.
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<br />2. That. togelher with, and in addilion to, the monthly paymenl'i
<br />of principal and interest payable under the lerms or the note secured
<br />hereby. the Borrower will pay 10 the Lender, on the first day of each
<br />month until the said notc is fully paid, the following sums:
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<br />(a) A sum equal to the ground rents, if any, next duc, plus the
<br />premiums that will next become due and payable on policies of fire
<br />and other hazard insurance covering the propcny, plus laxC."i and
<br />assessml:l1ts next due on the propeny fall lU estimated by the Lender)
<br />less all sums already paid therefor divided by the number of months
<br />to elapse before one (I) month prior to Ihe date when such ground
<br />rents, premiums, [axes and IlSSCS5menlc; will become deliquenl, such
<br />sums 10 be held by Lender in trUSt to pay said ground rents,
<br />premiums, laXC5 and spccialasscs.'imcnl'i; and
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<br />(b) All payments mentioned in the preceding subsection of this
<br />paragraph and all payments 10 be made under the nole secured
<br />hereby shall be added together, IInd the aggregate amounlthereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the lender to the following items in the order set forth:
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<br />(I) ground rents, laxC5, as.'ic''ismenl'i. fire and olher hazard insur~
<br />aJlce premiums:
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<br />(II) interest on the note securL'tl hereby;
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<br />(JII) amortization of the principal of said nole; and
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<br />(IV) late charges.
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<br />Any deficiency in Ihe amount of such aggregate monthly payment
<br />shall, unless made good by Ihe Horrower prior tn Ihe due date of Ihe
<br />next such paymenl, constitute an event of default under Ihis
<br />mortgage. The Lender may collecl a "late chargc" not 10 eltceed four
<br />ecnls (4~) for each dollar (51) of each paymcnt more than fifteen
<br />US) days in arrears 10 cover the extra expense involved in handling
<br />delinquenl payments.
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<br />3. That if the total of the payments made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amounl of paymenls
<br />aClually made by the lender for ground renls, taxcs und a!iSCS!imen1~
<br />or insurance premiums, as Ihe case:: may be, such CltCcs:'i, if the loan IS
<br />current, at the option of the Borrower. shall be credited by lhe
<br />Lender on subsequent payments 10 be made by the Borrower, or
<br />refunded to the Borrower. If, however, the monthly paymenls made
<br />by the Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taxes and assessments or insurance
<br />premiums, as the case moy be, when the same shall become due and
<br />payable, then Ihe Borrower shall pay to the lender any amounl
<br />necessary to make up the deficiency, on or before the dale when
<br />payment of such ground rents. taxes. assessments, ur insurance
<br />premiums shall be due. If at any lime Ihe Borrower shalltcnder In
<br />the Lender, in accordance with the provisions of the no Ie secured
<br />hereby. full payment of the entire indebtedness represented thereby,
<br />the Lender shall. in computing the amounl of such indebtednC!l..'l,
<br />credillO the account of Ihe Borrower any balance remammg in thl.:
<br />funds accumulated under the provisions of (0) of parngruph 2 hereof.
<br />If there shill be a default under any or the provisions of this
<br />instrumenl resulting in a public sale of the premises covered bereby.
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<br />or if the Lender acqUires the property ulherwise after default, the
<br />Lender ~hall apply, at lhe time or the commencement of such
<br />proccedinss, or althe time the property is otherwise acquired. the
<br />balance then remaining In the funds accumulated under (D) or
<br />paragraph 2 prccedinK, as a credll aKalmil the amount of principal
<br />then remaining unpaid under ~lIid note.
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<br />4. Thatlhe Borrower will pay ground rents, taxes, assessments,
<br />water ratC5, and other governmental or municipal charges, fines\. or
<br />impositions. for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay IIle same; and thllt the
<br />Borrower will promptly deliver the official receiplS therefor to the
<br />Lender.
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<br />S. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real eslate and improvemenlS, and which
<br />may be levied upon Ihis instrument or tbe debt secured hereby (but
<br />only to the eXlentlhal such is not prohibited l.Jy law and only to the
<br />extent that such will not make this loan usurious), but excluding any
<br />income laX, State or Federal. imposed on Lender, and will file the
<br />official receipt showing such payment with the lender. Upon
<br />violation of this underlaking, or if the Borrower is prohibited by any
<br />law now or hereafter existing from paying the whole or any portion
<br />. of the aforesaid 10 xes, or upon the rendering of any court decree
<br />prohibiting the payment by the Borrower of any such laXC5, or if
<br />such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt, the Lender shall have the
<br />right to give ninely days' written notice to the owner of the premises,
<br />requiring the payment of the debllf such notice be given, the said
<br />debt shall become due, payable and collectible atlhe expiration of
<br />said ninety days.
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<br />6. Thal should the Horrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then Ihe Lender, al its
<br />option. may pay or perrorm the same, and all expenditures so made
<br />shall be added to the principal sum owinB on the said nole. shall
<br />be secured hereby. and shall bear interest at the rate 5ct forth in the
<br />said note, until paid.
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<br />7. Thai the Borrower hereby assigns, transfers and sets over to the
<br />Lender, to be applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of any of the
<br />terms and conditions of this instrument or the said note, all the rents.
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedness shall remain unpaid, and the Lender
<br />shall have power 10 appoint any agent or a~ents il may desire ror the
<br />purpose of repairing said premises and of renting the same and
<br />collecting the rents, revenues and income, and it may payout of said
<br />incnm~ all expenses of repairing said premises and necessary
<br />commi!\!iion!a and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining. if
<br />any. lu be applied toward the discharge of said indebtedncss.
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<br />8. Thllt the Borrower will keep the improvemcnts now existing or
<br />hereaflcr erected on the property, insured as may be required from
<br />lime lu time by the Lender against loss by fire and other hazards.
<br />cusuollic''i and cOl1lingencies in such amounts and for such periods as
<br />may he required by Ihe lender and will pay promptly, when due,
<br />any premiums on such insurance, provision for paymenl of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by Ihe Lender and the polides and renewals
<br />thereof shall he held b... Ihe Lender and have attached thereto loss
<br />payable clauses lR fav(;r of and in form acceptable to the Lender. In
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