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<br />Borrower and Lender connant and aaree u follows:
<br />
<br />I. That Borrow.r will pay th. ind.btedness. ., h.r.inbelorc
<br />provided. PriYil... is ...."'Ned to pay the debl in whole or in pan on
<br />any installment due date.
<br />
<br />2. Thll. together wilh, and in adciilian to, the manthly payments
<br />of principal end interest payable under the terms af the note secured
<br />hereby. the Borrower will pay 10 the Lender, on the first day of each
<br />month until the said note is fully paid, the following sums:
<br />
<br />(a) A sum equal to the ground rents. if any, nexl due.. plus the
<br />premiums that will next become due and payable on policies of fire
<br />and other hazard insurance covering the. property, plus taxes and
<br />assessments n.'1 due on th. propeny (611 tIS esrimtIled by Ihe Lender)
<br />I... all sums already paid therelor divided by th. number of months
<br />to ellipse before one ( I ) month prior to the date when such ground
<br />rents, premiums, taxes and assessments will become dcliquent, such
<br />sum~ to be held by Lender in trustla pay said ground rents,
<br />premiums. taxes and special assessments; and
<br />
<br />(b) All paym.nts m.ntion.d in the preceding suhsection of this
<br />paragraph and a1l payments to be made under the note secured
<br />h.r.by shall be add.d tog.ther. and th. aggr.gal. amounl th.r.of
<br />shall be pail1 by the Borrower each month in a single payment to be
<br />applied by the Lender to the following items in the order set fonh:
<br />
<br />(I) ground rents. taxes, assessments. fire and other hazard insur-
<br />ance premiums:
<br />
<br />(II) interest on the note secured hereby:
<br />
<br />(IU) amortization of the principal of said note; and
<br />
<br />(IV) lat. charges_
<br />
<br />Any d.ficiency in th. amount 01 such aggresate monthly paymenl
<br />shall. unless made good by the Borrower prior to the due date of the
<br />next such payment. constitute an .event of default under thl"
<br />mortgage. The Lender may collect a "late charge" not to exceed four
<br />cents (4~) for each dollar rSIl of each paym.nt more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />
<br />3. That if .he lotal of the payments made by the Borrower under
<br />(a) oLp.rlgraph 2 preceding shall exceed the amount of payments
<br />actually made by the Lender for ground rents, taxes and assessments
<br />or insurance premiums, IS the case may be. such eXcess. if the loan is
<br />currenl. atlhe option of the Borrower, shall be credited by the
<br />Lender on subsequent payments to be made by the Borrowcr~ or
<br />refunded to the Borrower. If, however. the monthly payments made
<br />by the Borrow.r under Ca, of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents. taxes 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 date when
<br />payment of such ground rents. taxes, assessmenls. or insurance
<br />premiums shall be due. If at any time the Borrower shall tender to
<br />the Lender. in accordance: with the provisions of the note secured
<br />hereby. full payment of the .ntir. indehtedn... r.presented th.r.by.
<br />the Lender shill, in computing the amount of such indebtedness.
<br />credit to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereof.
<br />If there shan be a aefault under any of the provisions of this
<br />instrument resulting in a public sale of the premises covcred hereby.
<br />
<br />BB-l069.na
<br />or if the lender acqulrcs the property otherWise after ~fitlt, Ihe
<br />Lender shall apply. It the time of the commencement of liuch
<br />proceedings, or al the tim. th. propeny is oth.rwise acquired, th.
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 2 preceding, as a credit againsl the amount of principal
<br />then remaining unpaid under said note.
<br />
<br />4. That the Borrower will pay ground renls, taxC5, asscssments,
<br />water rales, and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore,
<br />and in d.faullth.reo[ th. Lend.r may pay th. same; and thatth.
<br />Borrower will promptly deliv.r Ihe official receipts th.r.for LO the
<br />Lend.r.
<br />
<br />5. The 80rrow.r will pay allla'es which may be I.vied upon th.
<br />Lender's interest in said real estate and improvcments, and which
<br />may be I.Yied upon this instrum.nl or the d.bl secured h.reby (buI
<br />only to the exlent that such is not prohibiled by law and only to the
<br />extentlhat such will nOI make this loan usurious), bUI excluding any
<br />income t'ilX, State or Federal, imposed on Lender, and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this underlaking, 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 court decree
<br />prohibiting the payment by the Borrower of any such taxes, or if
<br />such law or decree provides that any amount 50 paid by the
<br />Borrower shall be credited on the debt. the Lender shall have the
<br />right to give ninely 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 collectible atlhe expiration of
<br />said ninety days.
<br />
<br />6_ That should Lb. Borrow.r fail to pay any sum or keep any
<br />covenant provided for in thiS"instrument, then the Lender. at its
<br />option. may pay or perform the sam.. and all e.penditures 50 mad.
<br />shall be added to th. principal sum owing on th. said note, shall
<br />be secured hereby, and shall bear inlercslltthe rate Set fonh in the
<br />said note. until paid.
<br />
<br />7. That the Borrower hereby assigns, lfansfers 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 Bny of the
<br />terms and conditions of this instrumenl or the 5Bid note. all the rents,
<br />revenues and income to be derived from the said premises during
<br />such time as the indebtedncss shall remain unpaid, and the Lender
<br />shall haye pow.r 10 appoint any agent or agents it may desire for the
<br />purpose of repairing Hid premises and of renting the 5Bme and
<br />conccting the rents. revenues and income. and it may payout of said
<br />incomes all expenses of repairing said premises Ind necessary
<br />commissions and expenses incurred in rcnting Ind managing the
<br />same and of eoUcedns rentals therefrom; the balance remaining, if
<br />any. 10 be applied loward th. discharg. of said ind.btedn....
<br />
<br />8. That the Borrower will kcep the improvements now existing or
<br />hereafter erecled on the propeny, insured as may be rcquired from
<br />time to time by the Lender against 1055 by firc and other bazards.
<br />casualties and contingencies in such amounts and for such periods lIS
<br />may be required by Ih. Lend.r and will pay promptly. when du.,
<br />any premiums on such insurlnce, provision for payment of which
<br />has not been made hereinbefore. All insurance shall be carried in
<br />companies approved by the Lender and the policies and renewals
<br />Lh.reol shall be h.ld by the Lend.r and have atlached th.reto loss
<br />payable clauses in favor 01 and in form accepJa\l!E l'l !b~!Lend.r. In
<br />.' In:lt'.
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