|
<br />88- 106341
<br />
<br />Borrowrr aDd under COVEalal aad .&Ift: u foUows:
<br />
<br />J. That Borrower will pay the indebtedness. as hereinbefore
<br />provided. Prlvilese is reserved to pay the debt in whole or in
<br />part on any installment due date.
<br />
<br />2. "hat. together with, and in addition to, the monthly
<br />payments of principal and interest Payable under the terms of
<br />the nOle secured hereby, lhc Borrower will pay to the Lender,
<br />on the first day of each month until the said note is fully paid.
<br />the following sums:
<br />
<br />(a) A sum equal to the ground rents, if any. next due, plus
<br />the premiums that will next become due and payable on policies
<br />of nre and other hUard insurance covering the property, plus
<br />taxes and assessments next due on the property (all as estimated
<br />by the Lender) less all sums already paid therefnr divided by lhe
<br />Dumber of months to elapse before onc (1) month prior to the
<br />date when such ground rents, premiums, taxes and assessmeolS
<br />will become delinquent. such sums to be held by Lender in trUSt
<br />to pay said ground rents, premiums. taxes and special
<br />assessments; and
<br />
<br />(b) All payments mentioned in the preceding subsection of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together. and the aggregate
<br />amount thereof shall be paid by the Borrower each month in a
<br />single payment to be applied by the lender to the foDowing
<br />items in the order set fonh:
<br />(I) ground rents. taxes. assessments. fire and other hazard
<br />insurance premiums;
<br />(II) interest on the note secured hereby;
<br />(III) amonization of the principal nf said note; and
<br />(IV) late charges.
<br />Any deficiency in the amount of such aggregale monthly
<br />payment shall, unlcss made good by the Borrower prior to the
<br />due~ date of the next such payment, constitute an evenl of
<br />default under thiJ mongage. The Lender may collect a Ulate
<br />charge" not to exceed four cents (M) for each dollar ($ I) of
<br />each payment more 1han fifteen (IS) days in arrears to cover the
<br />extra c:xpcnse involved in handling delinquent payments.
<br />
<br />3. That if the lotal of the payments made by the Borrower
<br />under (a) of paragraph 2 preceding shall ..ceo:<! the amount of
<br />payments actually made by the Lender for ground r19lts, taxes
<br />and assessments or insurance premiums. as the case may be.
<br />such excess. if the loan is current. at the option of the
<br />Borrower. shall be credited by the Lender on subsequent
<br />payments to be made by the Borrower, or refunded to the
<br />Borrower. U. however, the monthly payments made by the
<br />Borrower under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rents, taXes and asscssmcnl!l or
<br />insunmce premiums. as the case may be, when the same shalJ
<br />become due and payable, then the Borrower shall pay to the
<br />Lender any amount ncccs.sary to make up the deficiency. on or
<br />before the d.a1e wben payment of such ground rents. taXes,
<br />assessDleoU. or insurance premiums shall be due. If at any time
<br />the Borrower shalIleIIder to the Leuder. in accordance with the
<br />provisioos of tbe note secured hereby, full payment of the entire
<br />indebtedness represented ther:by, the Lender shall, in computing
<br />the amount of such indebtedness. c:rcdit 10 the account of we
<br />Borrower any balance rem.ainina in the funds accumulated under
<br />the provisions of (0) of poraarapb 2 hereof. If th.... sholl be a
<br />default under auy of lhe provisions of this insuument resulting
<br />in a public sale of the premises covered hereby, or if the Lender
<br />
<br />acquires the propeny otherwise after default, the Lender shall
<br />apply, at the time of the commencement of such proceedings, or
<br />at the time the property is otherwise aCQuired, the balance then
<br />remaining in the funds accumulated. under (a) of paragraph 2
<br />preceding, as a credit lIgainst the amount of principal then
<br />remaining unpaid under said note.
<br />
<br />4. That the Borrower will pay ground rents, taxes,
<br />assessments, water rates, and other governmental or municipal
<br />charges, fines. or impositions, for which provision has not been
<br />made hereinbefore, and in default thereof the Lender may pay
<br />the same; and that the Borrower will 'promptJy deliver the
<br />official receipts therefor to the Lender.
<br />
<br />5. The Borrower will pay all taxes which may be levied upon
<br />the Lender's interest in said rea) estate and improvements. and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make this loan
<br />usurious). but excluding any income tax, State or Federal.
<br />imposed on Lender, and will file the official receipt showing
<br />such payment with the lender. Upon violation of this
<br />undenaking, or if the Borrower is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid taxes, or upon the rendering of any coun decree
<br />prohibiting the payment by the Borrower of any such taxes, or
<br />if such law or decree provides that any amount so paid by the
<br />Borrower shall be credited on the debt. the lender shall have
<br />the right to. give ninety days' written notice to the owner of the
<br />premises. requiring the payment of the debt. [f such notice be
<br />given, the said debt shall become due, payable and collectible at
<br />the expiration of 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 the Lender. at its
<br />option. may payor perform the same, and all expenditures so
<br />made shall be added to the principal sum owing on the said
<br />note. shall be secured hereby. and shall bear interest at the rate
<br />set fonh in tbe said note. until paid.
<br />7. That the Borrower hereby assigns. transfers WId sets over
<br />to the Lender. to be applied toward the payment of the note
<br />and all sums secured hereby in case of a default in the
<br />performance of any of the terms and conditions of this
<br />i!:StJUment or the said note. all the rents. revenues and income
<br />to be derived from the said premises during; such time as the
<br />indebtedness shall remain unpaid, and the lender shall have
<br />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 payout of
<br />said incomes all expenses of repairing said premises and
<br />necessary commissions and expenses incurred in renting and
<br />managing.the same and of collecting rentals therefromj the
<br />balance remaining, if any, to be applied toward the discharge of
<br />said indebtedness.
<br />8. That the Borrower will keep the improvements now
<br />existing or hereafter erected on the property, insured as may be
<br />required from time to time by the Lender against loss by fire
<br />and other hazards, casualties and contingencies in such amounts
<br />and for such periods as may be required by the Lender and will
<br />pay promptly, when due, any premiums on such insurance,
<br />provision for payment of which has not been ~e
<br />hereinbefore. All insuraoce shall be carried, iD"cbDl~'
<br />approved by the Lender and the policies and renewals thereof
<br />shall be held by the Lender and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the
<br />
<br />J
<br />
<br />J
<br />
<br />Page 2 of 5
<br />
<br />HUO.92 1 430T.'
<br />
<br />J
<br />
<br />J
<br />
|