|
87--- i02" I,
<br />r The Met4agor In order owns fully to protect the security of
<br />I wee Mwr�a, wow
<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 />X*ffl tatxURltXltfakNbaoIAXxx
<br />)K1waid fKa11d1AdXlatttxxxxxx
<br />a X* 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 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 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 shat 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:
<br />XX �g��gith
<br />XXY AVIIKMNt> RM R* NWJig )M>fxli>7111•ntUN*WMNWXNKMWl0*bXX
<br />XX3iWOKNWAR xt(XXXKKXXIAX11a1t
<br />X;
<br />( I ) XXOI) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />( I I ) X>W) interest on the note secured hereby;
<br />(I 1 t )WY) amortization of the principal of said note; and
<br />(IV)XX)W) 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 />pense involved in handling delinquent payments.
<br />3. TThh}}t if the tonal of the payments made by the Mortgagor
<br />undaKork paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes
<br />and assesaments or insurance premiums, as the cox 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 />h
<br />er, the monthly payments made by the Mortgagor under
<br />Wn( 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 />Molll(9lldl9gllll, FJ<Il FlAOAMFII. ,
<br />XIOWO(wWob(x)a(Atboltt acxbaa(lao>tibaat t ]tftlgl�ottftx
<br />Xlty XW4tJtlt91xkX10tmaUt1 =* I I hMd any
<br />bale►�c�)remaining in the funds accumulated under the provisions
<br />ofy(�S) 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 shall 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 uAd4%jtb) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said notes( 1YY10IitlillYljit11�1tIQpXif f�jlM[1fsIgKMMldlftld(fU110gtM1(
<br />XjKjflV"HNHjUXfflMY#O)W#V4PW2.
<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 />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 secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will no 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
<br />Pao 2 of 4
<br />a
<br />t�
<br />
|