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87ses- 102049
<br />(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
<br />on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next
<br />due an the 1130rtg4od property (all as estimated by the Mortgagee) less all sums already paid therefor divided
<br />by the number of months to elapse before one month prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground
<br />rants, premiums, taxes and special assessments; and
<br />(b) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the mote secured hereby shall be added together, and the aggregate amount thereof shall be paid by the
<br />4 Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order
<br />F set forth:
<br />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(11) interest on the tote secured hereby; and
<br />(111) amortization of the principal of said tote.
<br />Any. deficisincy in the amount of any such aggregate monthly payment shall, unless made good by the
<br />Mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage.
<br />The Mortgagee may collect a "late charge" not to exceed four cents (49) for each dollar (f1) of each payment
<br />more than fifteen (15) days in arrears to cover the extra expense involved 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
<br />amount of payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the
<br />an may be. such excess, if the loan is current, at the option of the Mortgagor, shall be credited by the Mortgagee on
<br />Payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made
<br />by the Mortgagor under (a) of paragraph 2 preceding shall not be sufficient to pay ground rent, taxes and assessments or
<br />insurance premiums, as the case may be, when the same shall become due and payable, then the Mortgagor shall pay to the
<br />Mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents,
<br />taxes. assessments or insurance premiums shall be due. If at any time the Mortgagor shall tender to the Mortgagee, in
<br />accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the
<br />Mortgagee shall, in 46igiiag the amount of such indebtedness, credit to the account of the Mortgagor
<br />any balance remaining the funds accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default
<br />under any of the provtstons of this mortgage - resulting in a public sale of the premises covered hereby, or if the Mortgagee
<br />acquires the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such
<br />Proceedings, or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a)
<br />Of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said note.
<br />4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal
<br />charm. fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />)my the stone; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />S. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and
<br />improvements, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is
<br />not prohibited by law and only to the extent that such will not make this loan usurious); but excluding any income tax, State
<br />or Federal, imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon
<br />violation of this undiartaking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole
<br />or any portion of the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor
<br />or 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 days' written notice to the owner of the mortgaged premises,
<br />requiring the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable and collectible
<br />at the expiration of said ninety days.
<br />t+. That should he fall to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its
<br />option, may 1my or reform the same, and all expenditures so made shall be added to the principal sum owing on the above
<br />note, &hall be secured hereby. and shall 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
<br />all sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the
<br />said tote, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage
<br />indebtedness shall -amain unpaid; and the Mortgagee shall have pourer to appoint any agent or agents it may desire for the
<br />Purpose of repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out
<br />Of said all expenses of repairing said premises and necessary commissions and ex
<br />managing
<br />the and of collecting rentals therefrom; the balance remaining, if any, to be applies incurred in renting and
<br />s indebtedness. B applied toward the discharge of
<br />required a. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />amOvau and from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />for such perms as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />tnsur PmvWm for Payment of which has not been made hereinbefine. All insurance shall be carried in coo
<br />approved by the Mortgagee and the policies and renewals thereof shall he held b the Mort panics
<br />loss Payable clauses in favor of and in form acceptable to the Mott y ghee and have attached thereto
<br />Mortgagee. [n event of loss Mortgagor will give immediate
<br />notice by mall to the MWItgaloo, who may make proof of less if not made promptly by Mortgagor, and each insurance
<br />company concerned is hereby authorized and directed to make payment for such loss directly to the Mor
<br />the MortfilillOr and tgagee gagee instead of ee
<br />jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee
<br />at he Option 411W to the reduction of the indebtedness hereby secured or to the restoration or repair of the property
<br />in event of f0ftelosure of this Mortgage or other transfer of title to the mortgaged property
<br />in extinguishment
<br />hereby, all right, title And interest of the Mortgagor in and to any insurance policies then in force
<br />*A pass to: the =metre or grimsee.
<br />q. That as addkional and al verity for the Payment Of the note described, and all sums to become due under
<br />the
<br />MO"OW uddW'My and alt off and sm 10491% . the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefits accruing to
<br />apply thistar on MW promises, with the right to receive and receipt for the same and
<br />to . as well before as after default in the conditions of this mortgage, and the Mort
<br />for any such x when due and Mortgagee may
<br />it to payable, but shall not be required so to do. This assignment
<br />null and void upon release of this mortgage.
<br />10: Thu the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor
<br />upo" Mid lgad nor
<br />yr the premises to be used for any unlawful purpose. Permit waste
<br />Public tw. It. That if the , or any part thereof, be condemned under the power of eminent domain, or acquired for a
<br />the damages awarded. the proceeds for the taking of, of the consideration for such acquisition, to the extent of
<br />the run goaum of indebtedacss upon this Mortgage and the note which it is given to secure remaining unpaid, are ltercb%
<br />by the Mortgagor to the MWI II be forthwith to %aid Mortgagee to be applied by the Iatter on
<br />t of the next wring installments of s ta;h indebtedness..
<br />W
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