|
a1, eo 100340 J 4V' r � .
<br />(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and
<br />other hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged property (all as
<br />estimated by the Mortgagee) leas all sums already paid therefor divided by the number of months to elapse before one (1) month
<br />prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mort-
<br />gagee in trust to pay said ground rents, premiums, taxes and special assessments; and
<br />(b) AN payments mentioned In the two preceding subsections of this paragraph and all payments to be made under the note secured
<br />hereby shag be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment
<br />to be applied by the Mortgagee to the following items in the order set forth.
<br />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(II) interest on the note secured hereby; and
<br />(Ili) amortization of the principal of said note.
<br />Any deficiency in the amount of such aggregate monthly payments shall, unless made good by the Mortgagor prior to the due date
<br />of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to ex.
<br />ceed four cents (4c) for each dollar ($1) of each payment more than fifteen (15) days in arrears, to cover the extra expense involved
<br />in handling delinquent payments.
<br />3. That If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of the payments
<br />actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the case may be, such excess, if the
<br />loan is current at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor,
<br />or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and
<br />payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before the date when pay-
<br />ment of such ground rents, taxes, assessments or insurace premiums shall be due. If at any time the Mortgagor shag tender to the Mortga-
<br />gee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortga-
<br />gee shag, in computing the amount of such indebtedness, credit to the account of the Mortgagor, any balance remaining in the funds ecru-
<br />mutated under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any of the provisions of this mortgage resulting
<br />in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shag
<br />apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remaining
<br />in the funds accumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said
<br />note.
<br />4. That the Mortgagor will pay all ground rents, taxes and assessments, water rates. and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that the Mcrt-
<br />gagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvements, which may be
<br />levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibited by law and only to the extent that
<br />such wig not make this loan usurious), but excluding any income tax, State or Federal, imposed on Mortgagee, and will file the official receipt
<br />showing such payment with the Mortgagee. Upon violation of this undertaking, or if the Mortgagor is prohibited by any law no.v or hereafter
<br />existing from paying the whole or any portion of the aforesaid taxes, or upon the rendering of any court decree prohibiting the paymen' L1
<br />the Mortgagor of any such taxes, or if such law or decree provides that any amount so paid by the Mortgagor shall be credited on the
<br />mortgage debt, the Mortgagee shall have the right to give ninety (90) days' written notice to the owner of the mortgaged premises. requiring
<br />the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable and collectible at the expiration of said
<br />ninety (90) days.
<br />S. That should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its option, may pay or
<br />perform the same, and all expenditures so made shall be added to the principal sum owing on the above note, shall be secured hereby. and
<br />shalt bear interest at the rate set forth in the said note, until paid.
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all sums secured
<br />hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said note, all the rents, revenues
<br />and income to be derived from the mortgaged premises during such time as the mortgage indebtedness shall remain unpaid; and the Mon -
<br />gagee strall have power to appoint any agent or agents it may desire for the 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 incomes all expenses of repairing said premises and necessary com-
<br />missions and expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance remaining. if any, to be
<br />applied toward the discharge of said mortgage indebtedness.
<br />B. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to
<br />time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may ce
<br />required by the Mortgagee and will pay promptly, when due, any premiums on such insurance provision for payment of which has not been
<br />made hereinbefore. AN insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be
<br />held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee- In event of
<br />loss Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and
<br />each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of
<br />to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option
<br />either to the reduction of the indebtedness hereby secured. or to the restoration or repair of the property damaged. In the event of fore-
<br />closure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right.
<br />file and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the note described. and all sums to become due under this mortgage. the
<br />Mortgagor hereby assigns to the Mortgagee all profits, revenues. royalties, rights and benefits accruing to the Mortgagor under any and all c:1
<br />and gas teases on said premises, with the right to receive and receipt for the same and apply them to said indebtedness as well before as
<br />after default in the conditions of this mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and pay-
<br />able. but shag not be required to do so. This assignment is to terminate and become null and void upon release of this mortgage.
<br />10. That the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor
<br />suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use. the damages
<br />awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of indebtedness upon this
<br />mortgage and the note which it is given to secure remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee, and shat; be
<br />paid forthwith 10 said Mortgagee to be applied by the latter on account of the next maiuring installments of such indebtedness.
<br />
|