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87- 101883
<br />The Mortgagor In order more fully to protect the Warily of
<br />thk Mortgage, agaast
<br />1. That he will pay the indebtedness, as hereinbefore 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 />(a)) as estimated by the Mortgagee) less all sums 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 trust to pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />(b) XOD 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 single
<br />payment to be applied by the Mortgagee to the following items in
<br />the order set forth:
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<br />(I) (=ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(IT) W interest on the note secured hereby:
<br />(III) UM amortization of the principal of said note; and
<br />(IV) )(X}( 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 "late charge"
<br />not to exceed four cents (49) for each dollar ($I) of each pay-
<br />ment more than fifteen (15) days in arrears to cover the extra ex-
<br />pence involved in handling delinquent payments.
<br />3. That, if the total of the payments made by the Mortgagor
<br />under )jl& aragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes
<br />and assessments or Insurance premiums, as the case may be, such
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />hovyev r, the monthly payments made by the Mortgagor under
<br />$; Fft taragraph 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 )M
<br />any
<br />balancse remaining in the funds accumulated under the provisions
<br />of)Ni ,4 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 shall apply, at
<br />the time of the commencement of such proceedings, or at the
<br />time the property is otherwise acquired a balance then remain-
<br />ing in the funds accumulated under.- paragraph 2 preceding,
<br />as a credit against the amount of pri i al then remaining unpaid
<br />under said note,
<br />4. 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 not been
<br />made hereinbefore, 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 />S. 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 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, im-
<br />posed on Mortgagee, and will file the official receipt showing
<br />such payment with the Mortgagee. Upon violation of this under-
<br />taking, 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 pro-
<br />hibiting the payment by the Mortgagor of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mortgage debt, 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 due, 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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