88105911 - Laserfiche WebLink

Browse

Dorrowrr nnd undu l'nu'nnnt nnd lI"rcc liS rollows: I. That Borrower will pay the indeblcdnc~~, UN hereinbefore provided. Prh'i1cge is reserved [0 pay the debl in whull' or in pari on any instnllmenl due date. 1. Thai, together wilh. and in addition to, lilt: mllnthly payments of principal and inleresl payable under lhe terms of the nOle secured hereby, the Borrower will pny 10 Ihl' lender, on lhe tirsl day of each monlh until (he ~aid nail' is fully paid, the following sums: (a) A sum equal III the ground rents, if any, next due. plus Ihe premiums that will nexl become due and payable on policies of fire and other hazard insurance covering the property. plus laxes and assessments next due on the properl}' (all as estimared by rile Lender) less all sums already paid therefor divided by the number of months to elapse before one (I) month prior 10 Ihe dale .....hen such ground rents. premiums, taxes and assessmems .....ilI become delinquent. such sums to be held by Lender in Irusl [0 pay said ground rents. premiums. ta.'es and special assessmenls; nnd (b) All payments mentioned in the preceding subsection of Ihis paragraph and all payments to he made under [he nOlc secured hereby shall be added together, and the aggregate amounl thereof shall be paid by the Borrower each month in a single payment to be applied by the Lender 10 Ihe following items in Ihe order set forth: (Il ground rents, ta."e~, as~es!tmenl<;. fire and olher halUrd insurance premium!t; (II) interest on lhe note seculcd hen:hy; (III) amortiuuion llf ,hl' rmndpul of ..aid nllle; and (IV) late chur!!e... Any deficiency in Ihe alllounl 01"111:11 illu:rcgalc 11101l1hl) payment shllll. unlc~~ made good by Ihe nurrower prior to thl' due date of the nexl ~uch paYll1ent. comtilute an event of default under Ihis mortgage. Thl' l.enLicr may collc!;t 1I "late charge" not to exceed rour cems (4'1 for euch dollar ($1) of each paymelll more than fiflL'C1I (15) day.. in IIrrear.. to cover Ihe extra expense involved in handling delinquent paymenls. 3. That if the total of the puymcllls mude by the Borrower under (a) of paragraph 1 preceding shall c1(l'eed Ihe nmoun! of payments actually made by lhe Lender for ground renls. laxes and assessments or insurance premiums, us Ihe case may be. such excess. if the loan is current, at the option of the Borrower, shall be credited by the Lender on subsequent payments to be made by Ihe Borrower. or refunded 10 the Borrower. If, however, Ihe monthly payments made by Ihe Borrower under (a) or paragraph 2 preceding shall not be 5ufl1cienl to pay ground rents. taxes and assessmenls or insurance premiums. as the case may be, when the same ShD.!1 become due and payable. then the Borrower shall pay to the lender any amounl necessary to make up the deficiency. on or before the date when payment of such ground rents. ta"(es. assessments. or insurance premiums shall be due. If at any lime the Borrower shall tender to the Lender. in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Lender shall, in computing the amount of such indebtedness, credit 10 the account of the Borrower any balance remaining in the funds accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any of the provisions of this instrument resulting in a public sale of Ihe premises covered hereby, or if the Lender 88- 105UL lIcquires the propcrty otherwise ufter Liefault. Ihe 1.cnder shall apply. at Ihe time of the commencement 01" .~uch proceedings. or at Ihe time Ihe property is otherwise acquired, the balance then remaining in Ihe funds accumulated under (a) of paragrnph 2 preceding, as a credit against the amount of principal then remaining unpaid under said nole. .t. Thai Ihe Borrower will pay ground rents. laxes. assessments. water rates. and olher governmental or municipal charges. fines. or imposition.~. for which provision has not been made hereinbefore, and in default thereof the Le~der may pay the same; and lhat the Borrower will promptly deliver Ihe ufficial receipt" therefor to the Lender. 5. The Borrower will pay aBtaxes which may be levied upon the Lender's interest in said real estate and improvements, and which may be levied upon this instrument or the debl secured hereby (but only 10 the extent that such is not prohibited by law and on Iv to the extent that such will not make this loan usurious). bUI excluding any income tax, State or Federal, imposed on Lender. and will file Ihe official receipt showing such paymenl with the Lender. Upon viola[ion of [his undertaking. or if Ihe Borrower is prohibited by any law now or hereafter existing from paying the whole or any portion of the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by the Borrower of any such ta'l;.es. or if such la..... or decree provides that any amount so paid by the Borrower shall be credited on the debl. the Lender shaH have rhe righl to give ninety days' written notice to the owner of the premises, requiring the payment of the debt. If s:lch notice be given. the said debt shall become due. payable and collectible at the expiration of said ninety days. 6. That should the Borrower fail to pay any sum or keep any covenant provided for in this instrument. then the Lender. at its option, may payor perform the same. and all e."pendilUres so made shall be added to the principal sum owing on the said nOle. shall be secured hereby. and shall bear imeresl at the rate ~cl fonh in lhe .said note. until paid. 7. That the Borrower hereby assigns. transfers and sels over 10 the lender. to be applied toward Ihe payment of the note and all ~ums secured hereby in case of a default in the performance of any of the terms and conditions of this instrumem or the said note, all the rents, revenues and income 10 be derived from the said premises during such time as the indebtcdn~5s :'thaI! remain unpaid, and the Lender shall have power 10 appoim any agent or agents it may desire for the purpose of repairing said premises and of renting the same and collecting the rems. revenues and income, Ilnd it may payout of said incomes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of collecting rentals Iherefrom; Ihe balance remaining. if any. to be applied loward the discharge of said indebtedness. 8. That the Borrower will keep Ihe in.provemems now existing or hereafter erected on the propeny, insured as may be required from time 10 time by the Lender against loss by fire and olher hazards. casualties and ,-;;::tingencies in such amounts and for such periods as may be required by the lender and will pay promplly. wlJl'n due. any premiums on such insurance. provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies appro\led by the Lender and the policies lmd renewals Ihereof shall be held by the Lender and have attached thereto loss payable clauses in favor of and in form acceptable to Ihe ~i I -- L Page 2 of 5 HUO.92143DT.1