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<br />88- 104932
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<br />Borrowt'r aad Leader connant and .11ft .!I follows:
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<br />I. Tha. Borrower will pay the indebledness, as hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in
<br />pan on any installment dlJC' date.
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<br />2. Thill. together with. and in addition 10, Lhe monthly
<br />paymenlS or principal and inleresl payable under the terms of
<br />the note secured hereby, the Borrower will pay to the lender.
<br />on the firsl day of each month until the ~id note is fully paid.
<br />the followinl sums:
<br />(a) A sum equal to the ground rents, if nny, nexl due, plus
<br />the premiums Ihat will next become due and payable on policies
<br />of fire and other hazard insurance covering Ihe prapen)'. plus
<br />taxes and assessmems next duC' on the prupe"y (011 as estimated
<br />by lh~ under) less all sums already paid therefor divided by the
<br />number of months 10 elapse before one (I) month prior to the
<br />date when such ground rents, premiums, taxes and ll!isessments
<br />"ill become deJinquem, such sums to be held by Lender in trust
<br />to pay said ground rents, premiums, taxes and sptcial
<br />assessments; and
<br />(b) All payments mentioned in the preceding subsection of
<br />this paragraph and all pa)iIlents to be made under the nOle
<br />sccured hereby shall be added together, and the aggregate
<br />amount thereof shall be paid by the Borrower each month in a
<br />single payment 10 be applied by the Lender to the following
<br />items in the order set forth:
<br />(I) ground rents, taxes, asSe5smenu" fire and other hazard
<br />insurance premiums:
<br />(II) inlerest on the note ~el:ured hereby;
<br />(lU) amortization of the principal of !laid note; and
<br />(IV) lale charges.
<br />Any deficiency in the amount of such aggregate monthly
<br />payment shall, unless made good by the Borrower prior 10 the
<br />due date of the nexl such payment, constitute an event of
<br />default under this mortgage. The lender may coUect a "late
<br />charge" not to exceed four cent5 (41:) for each dollar ($1) of
<br />each paymel1l more than fifteen liS) days in arrears to covel' the
<br />extra expense involved in handling delinquent payments.
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<br />3. That if the 101al of the paymenls made by lhe 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 imurllnce premiums, a~ the case mo~ be.
<br />such excess. jf the loan is current, at the option of the
<br />Borrower, shaU b: credited by the Lender on subsequent
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower . If, howeller, 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 asscssmenls or
<br />insurance premiums, Il5 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 lhe date when payment of such ground rents, taxes,
<br />assessments, or insurance premiums shall be due. ) f at any time
<br />the Borrower shall tender to the Lender, in accordance with the
<br />pro\isiom of lhe note secured hereby, full payment of the en lire
<br />indebtedness represented tbereby, the Lender shall, in computing
<br />the amount of such indebtedness, credit to the account of the
<br />Borrower any balance remaining in the funds accumulaled under
<br />the provisions of (a) of paragraph 2 hereof. If there shall be a
<br />def=.ult Wider any of the provisions of this instrument resulting
<br />in a publh: sal.: of the premises covered hereby, or if ~he Lender
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<br />acquires the property otherwise aCler default, the Lender shall
<br />apply, at the lime of the commcnzement of such proceedings, or
<br />at Ihe time the property is otherwise acquired, Ihe 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 />remaining unpaid under said note.
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<br />4. That the Borrower will pay ground renlS, taxes,
<br />assessments, water rilles, and other governmental or municipal
<br />charges, fines, or impositions, for which prOVision has not been
<br />made hereinbefore, and in default thereof Ihe Lender may pay
<br />the samej and that Ihe Borrower will promptly de'liver the
<br />official receipts therefor to the Lender.
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<br />S. The Borrower will pay Blltaxes 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 (but only to rhe extent thut such is not prohibited by law
<br />and only to the extent that such wiJJ not make this loan
<br />usurious). hUI excluding any income tax, State or Federal,
<br />imposed on Lender. and will me Ihe official receipt showing
<br />such payment with the Lender. Upon violation of this
<br />undertaking, or if the Borrower is prohibited by any law 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 taxes, or
<br />if such law or decree provides Ihol any amount so paid by the
<br />Borrower shall he credited on the debt, the Lender shall have
<br />Ihe right 10 give ninety days' written notice to the owner or the
<br />premises, requiring the payment of the debt. If such notice be
<br />given, the said debt shall become due, payuble IInd collectible at
<br />the expiration of said ninety days.
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<br />6. Thai should the Borrower fail to pay any sum or keep any
<br />covennnl provided for in this instrument, then the Lender, at its
<br />option, may payor perform lhe same. and all expenditures so
<br />made shall be added to the principal !lum owing on the said
<br />nOIc:. shall be secured hereby, and shall bear interest at Ihe rate
<br />5el forth in Ihe said nole, until paid.
<br />7. That the Borrower hereby a'i5iGns, transfers and sets oller
<br />10 the Lender, to be applied toward the payment of the note
<br />and aU sums secured hereby in case of a default in Ihe
<br />performance of uny of the lerms and conditions of Ihis
<br />iostrumenl or rhe 5aid nOlc, all Ihe rents, revenues and income
<br />10 be derived from the said premises during such time as (he
<br />indebtedness shall remain unpaid, and the Lender shall have
<br />power 10 appoint any agenl ur agents it may desire for the
<br />purpose of repairing said premises and of renting the slime and
<br />collecting Ihe renls, revenues and income, and it may payout of
<br />said incomes all expenses of repairing said premises and
<br />necessary commissions and expenses incurred in renting and
<br />managing the same and of collecting rentals Iherefrom; the
<br />balance remaining, if any, to be applied loward lhe: discharge of
<br />said indebtedness.
<br />8. That the Borrower will keep the improvements now
<br />exisling or hereafter erecled on the property, insured as may be
<br />n:quired from time to time by the Lender against 1055 by fire
<br />and other hazards. ca'iualties and contingencies In such amounts
<br />and for such periods as may be required by the Lender and will
<br />pay promptly, when due, 1I0Y premiums on such insurance,
<br />provision for payment of which has not been made
<br />hereinbefore. All insuranl:e shall be carried in companies
<br />IIpproved by the lender and the policies and renewals (hereof
<br />shull be held by the Lender and halle attached thereto loss
<br />payable clauses in favor of and in form aceeplable to the
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<br />HUO.921430T .1
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