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<br />--88- 106321
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<br />Borrower and Lender connant and IRrft 85 folloW!\i:
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<br />I. Thll Borrower will pay Ihe indehtedness, .., hereinbefore
<br />provided. Privilege is reserved to pay the debt in whole or in part on
<br />any insllllment due dale.
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<br />2. Thai. logether with. Bnd in addition 10. the monthly payments
<br />of principal and intcrc51 payable under the terms of the nOle secured
<br />hcrC':hy. the Borrower will pay to the Lender, on the first day of each
<br />month unlillhc said nOlc is fully paid. the following sums:
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<br />el) ^ sum equIllo the ground rents, if any. next due. piLL" the
<br />premium... that will next become due and payahle on policies of fire
<br />and other hazard insurance covering the propeny, plus taxes and
<br />assessments next due IIn the propeny (all as "'Iimaled by the Lender)
<br />less all sums already paid therefor divided by the number of months
<br />10 elapse before one (I) month prior 10 the dale when such ground
<br />rents. premiums, laxes and assessments will become deliquent, such
<br />sums to be held by Lender in trust to pay said ground rents,
<br />premiums, taxes and special asses.'iments: and
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<br />(h) All payments mentioned in the preceding subsection of this
<br />paragraph and all payments to be made under the note secured
<br />hereby shall be added together, and the aggregate amount thereof
<br />shall be paid by the Borrower each month in a single payment to be
<br />applied by the Lender to the fonowing items in the order set forth:
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<br />(I) ground rents. laxes, assessments, fire and other hazard insur-
<br />ance premiums:
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<br />((I) interest on Ihe note secured hereby:
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<br />(III) amortization of the principal of said note; and
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<br />(IV I late chorge,.
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<br />Any deficiency in the amount of such aggregate monthly payment
<br />,hall, unless made good by the Borrower prior 10 the due dale of the
<br />ncxl 5uch payment, constitute an cvcn1 of default under this
<br />mortgl1ge. The Lender may collect a "late charge" nOl to exceed four
<br />cents (4() for each dolla, (SII of each payment more than fifteen
<br />(15) days in arrears to cover the extra expense involved in handling
<br />delinquent payments.
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<br />3. That ir the total of the paymenls made by the Borrower under
<br />(a I of parag,aph 2 preceding shall exceed the amount.of paymenlS
<br />actually made by the Lender for ground rents, taxes and assessments
<br />or insurance premiums. as the case may be. such excess, if the loan is
<br />current, at 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. Jr. however, the monthly payments made
<br />by the Borrowe, under (al of parag,aph 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 amount
<br />necessary to make up the deficiency. on or before the dale when
<br />payment of such ground rents" taxes, assessments. or insurance
<br />premiums shall be due. If at any lime the Borrower shall tender to
<br />the Lender. in accordance wilh the provisions of the DOle secured
<br />hereby, full paymenl of the entire indebtedness represented thereby,
<br />Ibe Lender shall, in computing the amount o( such Indehtedness,
<br />crcdil to the account of the Borrower any balance remaining in the
<br />funds accumulated under the provisions of (a) of paragraph 2 hereor.
<br />If there shall be a default under any of ttle provisions of this
<br />instrument resulting in a public sale of the premises covered hereby.
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<br />or if the Lender acquires the property otherwise after ddaull. the
<br />Lender shall apply, otthe time of the commencement of such
<br />proceedings, or at the time the property is otherwise acquired, the
<br />balance then remaining in the funds accumulated under (a) of
<br />paragraph 2 preceding, as a credit againstlhe amount of principal
<br />then remaining unpaid under said note,
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<br />4. That the Borrower will pay ground rents, takCS. asse~menlS.
<br />water rates. and other governmental or municipal charges, fincs, or
<br />impositions, for which provision has nol been made hereinbefore,
<br />and in default thereof the Lender may pay the same; and that the
<br />Borrower will promptly deliver the official receipts therefor to the
<br />Lender.
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<br />S. The Borrower will pay all taxes which may be levied upon Ihe
<br />Lender's interest in said real estate and im'provements. and which
<br />may be levied upon this instrument or the debt secured hereby'fbut
<br />only to the extent that such is not prohibited by law and only to the
<br />extent that such will not make Ihis loan usurious,. but excluding any
<br />income laX, Stale or Federal, imposed on Lender. and will file the
<br />official receipt showing such payment with the Lender. Upon
<br />violation of this undertaking, or if the Borrower is prohibited by any
<br />law now or hereafler existing from paying the whole or any ponion
<br />of Ihe 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 so paid by the
<br />Borrowe, shall be credited on the debt, the Lende, shall bave tbe
<br />right to give ninety days' wril1en notice to the owner of the premises.
<br />requiring the payment of the debL If such notice be given, the said
<br />debl shall become due, payable and collectible at the expiration of
<br />said ninety days.
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<br />6. That should the Borrowe, fail to pay ony sum or keep any
<br />covenant provided for in this instrument, then the Lender, at its
<br />option, may payor perform the same. and all expen~itures so made
<br />shall be odded 10 Ihe principal sum owing on the said note, shall
<br />be secured hereby, and shall bear interest at the rale set forth in tbe
<br />said nole. until paid.
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<br />7. Thai the Borrower hereby assigns, transfers and sets over to the
<br />Lender, 10 be applied toward the payment of the note and all sums
<br />secured hereby in case of a default in the performance 01 any of the
<br />terms and conditions of this instrument or the said nOle. all the rents,
<br />fCVenues and income 10 be derived from the said premises during
<br />such time as the indeblcdness shall remain unpaid. and the Lender
<br />shall have power to appoint any agent or agents it may desire for the
<br />purpose of repairing said premises and of renting the same and
<br />collecting the rents, revenues and income. and it may pay OUt of said
<br />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, if
<br />any. 10 be applied toward the discharge of said indebtedness.
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<br />8. That the Borrower will keep the improvements now existing or
<br />hereafter erected on the property, insured as may be required from
<br />time to time by the Lender against loss by fire and other hazards,
<br />casualties and contingencies in such amounts and for such periods as
<br />may be ,equired by the Lender and will pay promptly, when due,
<br />any premiums on such insurance. 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 />the,eof shall be held by the Lender and have attached the,eto loss
<br />payable clauses in favor of and in form acceptable to the Lender. In
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<br />HUD.92143DT.1
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