<br />Bonowor and Lend.or CDyman' and ag... u rollow",
<br />
<br />I. Thai Borrower will pay lhe indebledness. as hereinherore
<br />provided. IJrivileae is reserved to pay the deb. in whole or in pan on
<br />Iny inslallment due date.
<br />
<br />2, That, together with. Bnd in addition to, the monthly paymcnlS
<br />of principal Bnd interest payable under the terms of the' note secured
<br />hereby. the Borrower will pay to ,he Lender. on 'he first day or 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, next due. plus .he
<br />premiums Iha. will next become due and payable on policies of fire
<br />and other huard insurance covering the property, plus laxes and
<br />assessmenlS next due on ,he property (DII as eslimDletl by IIIe Lender)
<br />less all sums already paid lhereror diyided by the numher of monlhs
<br />to elapse before one (I) month prior to the date when such ground
<br />rents, premiums, taxes and asscssmeOls will become dcJiqucnt. such
<br />suriis to he held by Lender in IIII.!I to pay .said ground renlS.
<br />premiums. taxes and special assessments: and
<br />
<br />(b) All paymenlS mentioned in Ihe preceding subsection of lhis
<br />paragraph and all paymenlS 10 he made under the nole secured
<br />hereby shall he added ,ogether. and 'he aggregate amount 'hereof
<br />shall he paid by the Borrower each month in a single payment 10 he
<br />applied by the Lender to the rollowing i'ems in the order "'I ronh:
<br />
<br />(I) ground rents, taxes. assessments, fire and other hazard insur-
<br />ance premiums:
<br />
<br />(II) interest on the noCe secured hereby;
<br />
<br />(Ill) amonization of the principal or said nOle; and
<br />
<br />(IV) late charges.
<br />
<br />Any deficiency in the amount or such aggregate monthly payment
<br />shall. unless made good by lhe Borrower prior to lhe due date of the
<br />next such payment, constitute an Client of default under this
<br />morlgllge. The Lender may collecl a "Iale charge" nolto exceed rour
<br />cenlS (4<) for each dollar (51) of each payment more than filteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
<br />
<br />3. That if the total or 'he paymenlS made by the Borrower under
<br />(a) of paragraph 2 preceding shall exceed the amount of paymenlS
<br />actually made by the Lender ror ground renlS. taxes and assossmenlS
<br />or insurance premiums, as the case may be, such excess, if the loan is
<br />current. al 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. the monthly payments made
<br />by lhe Borrower under (a) of parlll!raph 2 preceding shall nol he
<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 amoun'
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, UlXC5, assessments, 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 entire indebledness represented 'hereby.
<br />the Lender shall, in computing the amount of such indebtedness.
<br />credit to the accounl of the Borrower any balance remaining in the
<br />runds accumulated under the provisions of (a) of parograph 2 hereof.
<br />II 'here shall he a delault under any or the provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
<br />
<br />"or f\ ,,\ ~:'"
<br />-: \.,~\'~ d,'
<br />
<br />88- 106225
<br />
<br />or if the Lender .cquires Ihe properlY other,..,ise alter default, the
<br />Lender shall apply. at the lime or the commencement or such
<br />proceedings, or al the lime .he properly is olherwise acquired. the
<br />balance ,hen remaining in 'he runds accumulated under fa) of
<br />paragraph 2 preceding, as a credit againSllhe amounl of principal
<br />then rem.ining unpaid under said nole.
<br />
<br />4. Thatlhe Borrower will pay ground renlS. laxes. assessmenlS.
<br />water rales, and olher Bovernmcnial or municipal chaf8cs, fincs, or
<br />impositions. for which provision has not been made hereinbefore,
<br />and in defaull thereor 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 he levied upon the
<br />Lender's interest in said real cstBU: and improvements. and which
<br />may he levied upon 'his inslrumenl or the debt secured hereby (but
<br />only 10 the extentlhat such is not pro~ibited by law and only to the
<br />ertentthat such will not make this loan usurious), buI excluding any
<br />income i.ax, SIDle or Federal, imposed on Lender. and will file Ihe
<br />official receipt showing such paymenl wi'h the Lender. Upon
<br />violation of this undert&king, or if the Borrower is prohibited by any
<br />law now or hereafler 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 he credited on the deb~ the Lender shall have the
<br />right to give ninety days' written notice: 10 the owner of the premises,
<br />requiring the paymenl of the debt. If such nolice be given, the said
<br />debt shall hecome due, payable and collectible atlhe expiralion of
<br />said ninety days.
<br />
<br />6. 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 he added '0 'he principal sum owing on lhe said note. shall
<br />he secured hereby, and shall bear interest at ,he rate set rorth in 'he
<br />said noie. until paid.
<br />
<br />7. That the Borrower hereby assigns, transfers and sets over to the
<br />Lender, '0 he applied toward ,he payment or lhe nole and all sums
<br />secured hereby in case of a defaull in the performance of any of the
<br />lerms and conditions of this instrument or the said note, all the rents,
<br />revenues and income to be derived from the aid premises during
<br />such time as the indebledness shall remain unpaid, and the Lender
<br />shall have power to appoint any asent or asoents it may desire for the
<br />purpose or repairing said premises and or renting Ihe same and
<br />collecting the rents. revenues Bnd income, and il may payout of said
<br />incomes all expenses of repairing said premises Bnd ,necessary
<br />commissions and eltpcnscs incurred in renlins Bnd managins the
<br />same and of collecting renlals lherefrom; the balance remaining. if
<br />any. to he applied toward the discharge or said indebtedness.
<br />
<br />g. Thatlhe Borrower will keep the improvemenlS now existing or
<br />herearter erected on the property. insured as may he required from
<br />time '0 time by 'he Lender against loss by fire and other hazards,
<br />casualties and continsencies in such ImounlS and for such periods ~
<br />may he required by the Lender and wi!1 pay promptly. when due.
<br />any premiums on such insunn~ provision for payment of which
<br />has nol been made hereinherore. All insurance shall he earried in
<br />companies approYed by the Lender and the policies and renewals
<br />,hereof shall he held hy the Lender and bave attached thereto loss
<br />payable clauses in favor or and in form acceplable to the Lender. In
<br />
<br />HUD.I2U3DT.1
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