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<br />The Mortgagor in order more fully to protect the security of
<br />this Mortgage, agrees:
<br />1. That he Kill pay the indebtedness, as herembefore provided.
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby, the Mortgagor will pay to the Mortgagee,
<br />on the first day of each month until the said note is fully paid,
<br />the following sums:
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<br />a ) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property
<br />(all as estimated by the Mortgagee) less all stuns already paid
<br />therefor divided by the number of months to elapse before one
<br />(1) month prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sums to be
<br />held by Mortgagee in trusi to pay said ground rents, premiums,
<br />taxes and special assessments: and
<br />b 7{x)( All payments mentioned in the two preceding subsections
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor each month in a sirtgle
<br />payment to be applied by the Mortgagee to the following items in
<br />the order set forth:
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<br />(1) X)W) ground rents, taxes, assessments. fire and other hazard
<br />insurance premiums:
<br />{ ! I ) )tAj& interest on the note secured hereby:
<br />{! 1 i )XKXX amortization of the principal of said note: and
<br />(IV) XW) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Mortgagor prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mortgage. The Mortgagee may collect a -tare charge”
<br />not to exceed four cents (.S¢) for each dollar (51) of each pay-
<br />101844
<br />ment more than fifteen (15) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />3. Th$t_' 1if the total of the payments made by the Mortgagor
<br />underJ( 41 paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes
<br />and assessments or insurance premiums, as the case may be, such
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />hove r, the monthly payments made by the Mortgagor under
<br />I1 o paragraph 2 preceding shall not be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, as
<br />the case may be, when the same shall become due and payable,
<br />then the Mortgagor shall pay to the Mortgagee 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 Mortgagor shall tender
<br />to the ?Mortgagee, in accordance with the provisions of the note
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall, in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor
<br />posh a
<br />>tilPbIWDWxj vaool jwd any
<br />ba" pemai g in the funds accumulated under the provisi
<br />mi ons
<br />of of paragraph 2 hereof. If there shall be a default under
<br />any of the provisions of this mortgage resulting in a public sale
<br />of the premises covered hereby, or if the Mortgagee acquires the
<br />property otherwise after default, the Mortgagee shaft apply, at
<br />the time of the commencement of such proceedings, or at the
<br />time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated unWO) of paragraph 2 precedmg,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note,
<br />S. That the Mortgagor will pay ground rents, taxes,
<br />assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has act been
<br />made herembefore, and in default thereof the !Mortgagee may
<br />pay the same. and that the Mortgagor will promptly deliver the
<br />official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon
<br />the :Mortgagee's interest in said real estate and improvements,
<br />and which may be levied upon this mortgage or the debt seemed
<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. Stare or Federal, im-
<br />posed on Mort, and will file the official receipt showing
<br />such payrium with the Mortgagee_ Upon violation of this undxr-
<br />takrng, or if the Mortgagor 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 court decree prtr-
<br />lutnung the payment by the Mortgagor of any such taxes, or if
<br />soch law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mortgage belt, the Mortgagee
<br />shall have the right to give ninety days' written notice to the
<br />owner of the mortgaged premises, requiring the payment of the
<br />mortgage debt_ If such notice be given, the said debt shall
<br />become dote, payable and collectible at the expiration of said
<br />ninety days.
<br />6. That should the '.'Mortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, then the Mortgagee, at
<br />its option, may pay or perform the same, and all expenditures so
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