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<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 <br /> <br />Page 2 of 5 <br />