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<br />RE.AECORDED
<br />88- 105745
<br />
<br />87- 106587
<br />
<br />Thf Mort&Q:or In ordtr more rally 10 prolf'Ct the RCurtlY of
<br />this Morlpa<, ......:
<br />
<br />1. Thai he will pay the indebtedness. as hereinbefore provided.
<br />Privilege is reserved to pa)' the debt in whole or in pari on Bny
<br />installment due dale.
<br />
<br />2. Thin. together with. and in addition 10, the monthly
<br />payments of principal and interest payable under the terms oi the
<br />note secured hereby. the Mortgagor will pay to the Mortgagee,
<br />on the first day of each month until the said note is rully paid.
<br />the rollowing sums:
<br />
<br />(a) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard Insurance covering the mortgaged property.
<br />plus llUles and assessments next due on the mort Caged property
<br />(all as estimated by lh~ Mortgaged less all sums already paid
<br />therefor divided by the number of months 10 elapse before one
<br />(1) month prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sums to be
<br />held by Mortgagee in trust to pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />
<br />(b) All payments mentioned in the precedins sutlsection
<br />of this paragraph and all payments 10 be made under the note
<br />secured hereby shall be added together. and the aggregate amount
<br />thereof shall be paid by the Mortgagor each month in a single
<br />pRyment to be applied by the Mortgagee to Ihe following items in
<br />the order set forth:
<br />
<br />(I) ground rents, taxes, assessments, rlre and other hazard
<br />insurance premiums;
<br />
<br />(11) interest on the note secured hereby;
<br />
<br />(Ill) amortization of the principal of said note: and
<br />
<br />((V) late charges.
<br />
<br />Any deficiency in the amounl of ,such aggregate monthly pay-
<br />ment shall. unless made good by Ihe Mortgagor prior to the due
<br />date of the next such payment. constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "laic charge"
<br />not to exceed four cents (4C) for each dollar ($1) of each pay.
<br />menl more than mteen (IS) days in arrears to cover Ihe elltra ex-
<br />pcme involvl;d In handling delinquent payments.
<br />
<br />3. That if the total of the payments made b)' the Mortgagor
<br />under (a) of paraaraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortaagee for ground rents, taxes
<br />and assessments or insurance premiums, as the case may be, such
<br />excess. if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />however, Ihe monthly payments made by the Mortgagor under
<br />(B) Dr paragraph 2 prcccding shall nol be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, 8S
<br />the case may be, when the same shall become due and payable,
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such taxes, ground rents, assessments, or insurance
<br />premiums shall be due. If at any time the Mortgagor shall tender
<br />to the Mortgagcc. in accordance with the provisions of the nole
<br />SCi:urcd hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall, In ('ompuling the
<br />amount of such Indebtedness, credit to the account of the Mort-
<br />gagor any balance remaining in the funds accumulated under the
<br />provisions of (a) paragraph 2 hereof. If there shall be a default
<br />under any of the pro'lisions of this mortgage resulting in a public
<br />sale l:!f the premises covered hereby, or if the Mortgagee acquires
<br />
<br />the property otherwise afler default. the Mortgagee shall apply,
<br />al the time or the commencement of !luch procecdinss, or at the
<br />time the property is otherwise acquired. thc balance then remain-
<br />Ing in the funds accumulated under (a) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note.
<br />
<br />4. That the Mortgagor will pay ground rents, taxes,
<br />assessments, watcr rarest and other governmental or municipal
<br />charges, fines, or impositions, for whieh provision has not been
<br />made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the
<br />official receipts therefor to the Mortgagee.
<br />
<br />S. The Mortgagor will pay all taxes which may be levied upon
<br />the Mortgagee's interest in said real estate and improvements.
<br />and which may be levied upon this mortgage or the debt secured
<br />hereby (but only to the extent that such is not prOhibited by law
<br />and only 10 thc extent that such will not make this loan
<br />usurious), but excluding any income tax. State or Federal, im-
<br />poscd on Mortgagee. and will file the ofrlclal receipt showing
<br />such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid laxes, or upon the rendering of any court decree pro-
<br />hibiting the payment by the Mortgagor of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mongage debt, the Mongagee
<br />shall have the right to give ninety days' wriuen notice to the
<br />owner of the mortgaged premlscs, requiring the payment of the
<br />mortgage debl. If such nolice be given, the :iaid debt shall
<br />become due, payable and collectible at the expiration of said
<br />ninety days.
<br />
<br />6. That should the Mortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, Ihen the Mortgagee. at
<br />its option, may payor perform Ihe same. and all expenditures 50
<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear Interest at the rale
<br />set forth in the said nOle, unlll paid.
<br />
<br />7. That the Mortgagor hereby assigns. transfers and sets over
<br />to the Mortgagee, to be applied toward the payment. of the note
<br />and all sums 5c<iured hereby in ~i\!i~ of a default in the perfor-
<br />mance of any of the' tc:rm:s and \::ondltians of this martsage or the
<br />said note, all the renl5, revenues ond im::ome to be derived from
<br />the mortgaged premises during such time 8S the mortgage in-
<br />debtedness shall remain unpaid, and the Mortgagee shall have
<br />powcr to appoint any agent or agents It may desire for the pur-
<br />pose of repairing said premises and of renling the same and col-
<br />lecting the rents, revenues and income. and It may payout of
<br />said 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,
<br />if any, 10 be applied toward the discharge of said mortgage
<br />Indebtedness.
<br />
<br />8. That the Mortgagor wUl keep the improvements now ex-
<br />isting or hereafter erected on the mortgaged property, Insured as
<br />may be required from time to time by the Mortgagee against loss
<br />by fif!: and other hazards, casualties and contingencies in such
<br />amounts and for such pcriod5 as may be required by the Mor-
<br />tgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of whic~ h85.not been made
<br />hereinbefore. All Insurance shall be carried in companies approv-
<br />ed by the Mortgagee and the policies and renewals thereof shall
<br />be held by the Mortgagee and have attached thereto loss payable
<br />
<br />...J
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<br />HUo.92143M.1
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