|
<br />BOlTowrr and Lender C'ovenlnt Ind aarre as rollows:
<br />
<br />I. Thai Borrower will pay the indebtedness, as hereinbefore
<br />provided, Privilege is reserved to pay the debt in whole Dr in
<br />part on an)' inslBllmenl due date.
<br />
<br />2. That. together with. llnd in addilion to, the monthly
<br />pa)"lIIenls of principalllnd 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 nole is fully paid,
<br />the following sums:
<br />
<br />(a) A sum equal 10 the ground rents, 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 propeny, plus
<br />Iwtes and assessments next due on the properl)' (all .:J.S estimated
<br />by the Lender) less aU sums already paid thereCor divided by the
<br />number of months to elapse before one (1) month prior to 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, taxe... and special
<br />assessments; and
<br />
<br />(bl All payments mentioned in the preceding subsection oC
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the aggregate
<br />amount thereoC shall be paid by the Borrower each month in a
<br />single payment to be applied by the Lender to Ihe following
<br />items in the order set Corth:
<br />
<br />(l) ground rems, taxes, a...sessments, fire and other hazard
<br />insurance premiums;
<br />
<br />(II) interest on the note secured hereby;
<br />
<br />(III) amortization oC the principal of said nole; and
<br />
<br />(IV) late charges.
<br />
<br />Any deficienc)' in the amount oC such aggregate monthly
<br />paymem shall, unless made good by the Borrower prior 10 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 cenls (4') for each dollar ($1) of
<br />each payment more than fifteen (15) days in arrears to cover Ihe
<br />extra expense involved in handling delinquent payment.\-.
<br />
<br />3, That if the total DC the payments made by Ihe Borrower
<br />under (a) oC paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Lender Cor ground rents, tIDIes
<br />and assessments or insurance premiums, as the case may be,
<br />such excess, if the loan is current, at the option of the
<br />Borrower, shall be credited by the Lender on subsequent
<br />payments 10 be made b)' the Borrower, or refunded 10 the
<br />Borrower. 1f, however. the monthly payments made by Ihe
<br />Borrower under (a) of paragraph 2 preceding shall nOI be
<br />sufficient 10 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 lhe deficiency, on or
<br />before the date when payment of such ground renls, laxes,
<br />assessments, or insurance premiums shall be due. If al any time
<br />the Borrower shall tender 10 the Lender, in accordance with the
<br />provisions of the note secured hereby, rull payment of lhe entire
<br />indebtedness represenled thereby, the Lender shall, in computinp:
<br />the amount of such indebt.edness. credit to the account of.the
<br />Borrower any balance remaining in the funds accumulated under
<br />the provisions of (a) of paragraph 2 hereof. If there shal1 be a
<br />defaull under any of the provisions of this instrument resulting
<br />ill a pubUc sale of the premises covered hereby. or if the Lender
<br />
<br />88- 105035
<br />
<br />acquires the property otherwhe after default, the Lender shall
<br />apply, at lhe time of the commencement 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 or principlil then
<br />remaining unpaid under said note.
<br />
<br />4. That the Borrower will 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 Lel1der may pay
<br />the same; and that the Borrower will promptly deliver the
<br />official receipts thereCor to the Lender.
<br />
<br />5. The Borrower will pay all tIDIes which may be levied upon
<br />the Lender's imere5t in said real estate and improvements, and
<br />which may be levied upon Ihis imllrument or the debt secured
<br />hereby (but only to the extent that such is not prohi;lited by law
<br />and only to the exlent Lhat such will nol make this Illan
<br />us'..-ious), but excluding any income tax, State or F,;deral,
<br />imposed on Lender, and will file the official rece-;;:' ;;;'owing
<br />such payment with the Lender. Upon violation oC i.his
<br />ulldenaking, 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 tIDIes, or upon the rendering o~ any court decree
<br />prohibiling the payment by the Borrower of any such taxes, or
<br />if such law or decree provides that any amount 50 pD.id by the
<br />Borrower shall be credited on the debt, the Lender shall have
<br />the riRhlto give ninety days' wrinen notice to lhe owner of the
<br />premises, requiring the payment of the debt. IC such notice be
<br />given, the said debt shall hecome due, payable and collectible at
<br />lhe expiration of said ninety days.
<br />
<br />6. That should Ihe Borrower fail 10 pay any sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />uplion, may ra~' or perform Ihe same, and all expenditures so
<br />made shaU be added 10 the principal sum owing on the said
<br />nOlt'. shall be secured hereby. and shall bear interesl at Ihe rate
<br />set forth in lhe said nole. until paid.
<br />7. Thal lhe Borrower hereby assigns, transfers and sets over
<br />to Ihe Lender, 10 be applied toward the payment of the note
<br />and all sums secured hereby in case of a defaull in the
<br />performance of any of ttle terms and conditions of this
<br />instrument or the said nOle, all the rents, revenues and income
<br />to be: derived from the said premises during such time as the
<br />indebtednrss shall remain unpaid, and the Lender shall have
<br />power to appoint any asent or agents it may desire for the
<br />purpose oC repairing said premises and of renting the same and
<br />collecting the renlS. revenues and income. and it may payout of
<br />said incomes all expenses I,)f repairing said premises and
<br />n~C~!iary f;Ommissions and expenses incurred in renting and
<br />managing the same nnd of collecting rentals thereCrom: the
<br />balance remaining, iC any, to be applied toward the discharge oC
<br />said indebtedness,
<br />8, That the Borrower will ~eep the improvements now
<br />ex.isting or hereafter erected on the property, insured as may be
<br />required Crom time to time by the Lender against loss ty flre
<br />and other hazards, casualties and contingencies in such amounts
<br />and Cor such periods as may he required by the Lender and will
<br />pay promptly, when due, any premiums on such insurance,
<br />provision for payment of which has not been made
<br />hereinbeCore, All insurance shall be carried in companies
<br />approved by the Lender and the policies and renewals thereof
<br />shall be held by the Lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the
<br />
<br />--,'
<br />
<br />_J
<br />
<br />Page 2 01 5
<br />
<br />HUO.921430T.1
<br />
|