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<br />Borrowrr and Lrndtr coven.nl and aRn-e II follow,,: <br /> <br />I. That Borrower will pay the indebtedness, as hereinbefore <br />provided. Privilege is rc5CrYcd to (lilY the debt in whole or In part on <br />any instillment due dlte. <br /> <br />2. That, together with. Bnd in addition to. the monthly payments <br />of principal And interest payable under the It.:rms of Ihe note secured <br />hereby, the Borrower will pay to 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, next duc, plus the <br />premiums that will next become due and payable on policies of fire <br />and other hazard insurance covering the pro~rty, plus laxes and <br />assessments next due on the property (all as esr;maled by the Lender) <br />less all sums already paid therefor divided by the number of months <br />to elapse before one (I) month prior to the date when such ground <br />rents, premiums. taxes and assessments will become deliqucnt. such <br />sums 10 be held by Lender in trust to pay said ground rents. <br />premiums, taxes and special assessmcnts: and <br /> <br />(b) All payments mentioned in the preceding subsection nf thi!> <br />paragraph and all payments to be made under the note secured <br />hereby shall be added together. and the aggregate amount therenf <br />shall be paid by the Borrower each month in 11 single payment 10 be <br />applied by the Lender to the foUowing items in the order set forth: <br /> <br />(I) ground rents. laxC5. assessments. fire and olher hazard insur- <br />ance premiums; <br />{II> interest on the nole secured hereby; <br />(III) amortization of Ihe principal of said note; and <br /> <br />(IV) la1e charges. <br /> <br />Any deficiency in tbe amount of such aggregate 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 defau1t under this <br />mortgage. The Lender may collect a "late charge" not to ex.ceed four <br />cents (4lt) for each dollar ($1) of each payment more than fifteen <br />(15) days in arrears to covenhe extra ex.pen~ involved in handling <br />deli.nquent payments. <br /> <br />3. That if the total of the payments made by the Borrower under <br />(a) of paragraph 2 preceding shall exceed the amount of payments <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. If. however. the monthly payments made <br />by tbe Borrower under (a) of paragraph 2 preceding shall [jot be <br />sufficient to pay ground rents, taxes and assessments or insurance <br />premiums. as the case may be. when the same shall become duc and <br />payable. then the Borrower shan pay to the Lender any amount <br />necessary to make up the deficiency. on or before the date when <br />payment of such ground rents. taxes. assessments. or insurance <br />premiums shall be due. If at any time the Borrower shall1ender 10 <br />the Lender, in accordance with the provisions of the note secured <br />bereby, full payment of the entire indebledness represented thereby. <br />tbe lender shan, in computing Ihe amounl of such indebtedness. <br />credille 1he accounl of the Borrower any balance remaining in the <br />funds accumulated under the provisions of (a) of paragraph 2 hereof. <br />If there shall be a defau1t undtr any of the provisions of this <br />instrument resu1ting in a public sale of the premises covered hereby. <br /> <br />BB--106723 <br /> <br />or If lhe tender acqUires the properlY ulhcrwise arter default. Ihe <br />Lender shllll apply, at the timc of the cummencemenl of r.uch <br />proceedings. or at Ihe time the property is otherwise Required, Ihe <br />balance then remaining in the funds accumulated under (D) of <br />paragraph 2 prel.:edlng, as a credit against the IImount of principal <br />then remaining unpaid under said note. <br /> <br />4. Tluu the Onrrower win pay ground rents, taxes, asses...,mcnl't. <br />water rateS, Dnd other governmental or municipal charges, fines. or <br />impositions, for which piOvision has not been made hereinbefore, <br />and in default thereof the Lender may pay the same; and Ihat the <br />Dorrower will prompt1y deliver the official receipts therefor to the <br />Lender. <br /> <br />5. The Borrower will PDY all taxes whi~h may be levied upon the <br />Lender's interest in said real cslate and improvements, and which <br />may be levied upon this instrumen1 or the deb1 secured hereby (but <br />only to the extent that such is not prohibited by law and only 10 the <br />extentlhat such will om make this loan usurious), but excluding any <br />income tax. SIale 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 hereafter existing from paymg the whole or any ponion <br />of the aforesaid taxes. or upon the rendering of any court decree <br />prohibiting the payment by 1he Borrower of any such taxes. or if <br />such law or decree provides that any amount 50 paid by 1he <br />Borrower shall be credited on the debt, tbe Lender shall have 1he <br />righ1to give ninety days' written notice to the owner of 1he premises. <br />requiring the paymen1 of the debt. If such nOlice be given. the said <br />debt shall become due. payable and collectible at the expira1ion of <br />said ninety days. <br /> <br />6. That should 1he Borrower failta pay any sum or keep any <br />covenant provided for in this instrument. then the Lender. a1 its <br />option. may payor perform the same. and all expendi1ures so made <br />shall be added to the principal sum owing on the said note, shall <br />be secured hereby, and shaU bear interest al the rate sel forth in the <br />said note. until paid. <br /> <br />7. That the Borrower hereby assigns. transfers and sets over 10 the <br />Lcnda:r. to be applied toward 1he payment of the note and all sums <br />secured hereby in case of a default in the performance of any of the <br />1erms and conditions of this instrument or the said n01e, all the rents, <br />revenues and income to be derived from the said premises during <br />such time as the indeb1edness shall remain unpaid. and the Lender <br />shall have power to appoint any agen1 or agents it may desire for the <br />purpose of repairing said premises and of renting 1he same and <br />collecting Ihe rents. revenues and income, and i1 may payout 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 Iherefrom; the balance remaining_ if <br />any. to be applied toward the discharge of said indebtedness. <br /> <br />8. Tha1 Ihe Borrower will keep (he improvements now existing or <br />hereafter erec(ed on the property. insured as may be required from <br />time 10 time by the Lender against loss by fire and 01her hazards. <br />casualties and contingencies in such amounts and for such periods as <br />may be required by the Lender and will pay promptly. when due. <br />any premiums on such insurance, provision for payment of which <br />has n01 been made hereinbefore. All insurance shall be carried in <br />companies approved by the Lender and the policies and renewals <br />thereof shall be held by the Lender and have attached thereto loss <br />payable clauses in favor of and in form acceptable to the Lender. In <br /> <br />Page 2 or 5 <br /> <br />HUO-92143DT -1 <br /> <br />J <br /> <br />.T .~:E;~. -, t <br />