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<br />Borrower and Lender tonnan. and Igrft' as follows:
<br />
<br />I. That Borruwer wi1l pay the indebledness, as hereinbefore
<br />pm\'idcd. Pri",i1ege is rcsc:r\'ed to pay the debt in whole or in part on
<br />any installment due dalc.
<br />
<br />2. That. togcther with. and in addition 10. the monthly payments
<br />of principal and interest payable under the terms of the note secured
<br />hereby, Ihe Borrower will pay to the Lender, on the: first day of c:ach
<br />month uOlil the said note is fully paid, the following sums:
<br />
<br />fal ^ sum equal to the ground renls, if any, next duc:. plus the
<br />premiums that will next become due and payable on policies of Gre
<br />and other hazard insurance covering the: property, plus tax.es and
<br />assessments next due on the: properlY (all as estimated by the Lender)
<br />less an sums already paid therefor divided by the number of months
<br />to elapse: before one (11 month prior to the date when such ground
<br />rents, premiums. taxes and assessments will become deliquenl, such
<br />sums to be held by lender in trust to pay said ground rents,
<br />premiums, taxes and special assessments; and
<br />(b) All payments menlioned in the preceding subsection of this
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregate amount thereof
<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:
<br />fl) ground rents. taxes, assessments. fire and other hazard insur-
<br />ance premiums;
<br />C II) interesl on the note ~ecured hereby;
<br />(III) amortization of Ihe pnnclpal of said note: and
<br />(IV) late charges.
<br />Any deficiency In the amOUD! of such aggregate monthly payment
<br />shall. unless made good by the Borrower prior to lhe due date of the
<br />nexl5uth payment. constitute an evenl of default under thi.'i
<br />mongage. Thc lender may collect a "Iatc chargc" nol to exceed four
<br />cenls 141;:) for each dollar ($1 J of each payment more Ihan firtec:n
<br />(15) days in arrears to cover the extra expense Involved in handling
<br />delinquent payments.
<br />
<br />3. That if the tOlal of the payments made by the Borrower under
<br />Ca) of paragraph 2 preceding shall exceed the amount of payments
<br />actually made by the lender for ground rents, taxes and assessments
<br />or insurance premiums. as the case: may be, such excess, if the loan is
<br />current, at the option of the Borrower. shall be credited by the
<br />Lender on subsequent payments to be made by the Borrower. or
<br />refunded to the Borrower. If. however, (he monthly payments made
<br />by Ihe Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents. laxes and assessments or insurance
<br />premiums. as the case: may be, when the same shall become due and
<br />payable. then the 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 renlS. laXes. assessmenls, or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender. in accordanl% with the provisions of the note secured
<br />hereby. full payment of the entire indebtedness reprc:sc:nled thereby,
<br />the Lender shall. in computing the amount of such indebledness.
<br />credit 10 the account of Ihe Borrower any balance remaining in the
<br />Cunds accumuJated under the provisions of (a I of paragraph 2 hereof.
<br />If there shall be a default under any of the provisions of this
<br />instrument resuhing in a public sale afthl:' prem5c!. covered hereby.
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<br />or if the Lender acquires (he propeny OIhcrwise .rter default, the
<br />Lender shall apply, atlhe time of Ihe commencement of such
<br />proceedings, or al the lime Ihe properly is otherwise acquired, the
<br />balance then remaining in the funds accumulated under fa) of
<br />paragraph 2 preceding, IS a creditagainsl the amount of principal.
<br />Ihen remaining unpaid under said nOle. .
<br />
<br />4. Thai the Borrower will pay ground rents, taxes, assessmenlS,
<br />Wiler raleS, and other go",ernmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
<br />
<br />5. The Borrower will pay all taxes which may be levied upon the
<br />Lender's interest in said real estate and improvements, and which
<br />may be levied upon this instrument or the debt secured hereby (but
<br />only to the extent that such is not pro~ibiled by law and only to the
<br />extent that such will not make this loan usuriOUS), but excluding any
<br />income tax, Slale or Federal, imposed on Lender, and will file the
<br />official rc:ccipt showing such payment with the Lender. Upon
<br />violation of this undenaking, 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 taxes, or upon the rendering of any coun decree
<br />prohibiting the payment by the Borrower of any such taxes. or if
<br />such law or decree provides thai any amount so paid by the
<br />Borrower shall be credited on Ihe debt. the Lender shall hive the
<br />right to give ninety days' written notice to the owner of the premises,
<br />requiring the payment of the debt. If such notice be given. the said
<br />debt shall become due, payable and coJlectible at the expiration of
<br />said ninety days.
<br />
<br />ll. That should the Borrower fail to pay any sum or keep any
<br />covenant provided for in this instrument, then Ihe Lender, at its
<br />option, may payor perform the same, and all expenditures so made
<br />shall be added to the principal sum owing on the said note, shall
<br />be secured hereby. and shall bear interest at the rate set forth in the
<br />said nOle, until paid.
<br />
<br />7. That 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 instrumenl or the said note, all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as Ihe indebtedness shall remain unpaid. and the Lender
<br />shall have power to appoint any agent or agents it may desire for 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 />incomes all expenses of repairing said premises and necessary
<br />commissions and expenses Incurred in renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if
<br />any. to be applied toward the discharge of said indebledncss.
<br />
<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the propeny, insured IS may be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualties and conlinKencies in such amounlS and for such periods as
<br />may be required by the Lender and will pay promptly, when due.
<br />any premiums on such insurance, provision for payment of which
<br />has nol been made hereinbefore. All insurance shan be carried in
<br />companies approved by the Lender and the policies and renewals
<br />thereof shall be: held by the Lender and have atlached thereto loss
<br />payable clauses an fa",or of and in form acceptable (0 the Lender. In
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