|
The MerlOw Is order mere folly to proom the security of
<br />thk Mis"plIe, agrese:
<br />L 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 />rtote 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:
<br />X )YtgtYfliMdlgtlMRMiittyil JtIW►)IrINNUI4111"" iNW11111WX
<br />>pl>�1Uyt��lxxx
<br />1f�c7cX
<br />x
<br />>jxdK fUXOMWAxxx
<br />Xxi 11 / mRt >QIII(1Nllw ghNfxlllNl7W kftXXXX
<br />l NWJN MNQt kMIKXMMVWMlMMrxxtxl UX
<br />Iwi � �IlgllAfitl<iltti�itiiFXii U � xx
<br />�1{1�KllhOfal>�dM10I 1M�hJI7blhMKtlrxl �
<br />�= +Wdlitudtotluntrrrgxturtlmrtxxx
<br />r>iMih:gi)< Ilk%W"8 JWXXxxxx
<br />���1d1�11�> k) tl�lkRlt! Altl@ lfx9ffPlAtf�NIfKRRfIXIiMitxllXx x X
<br />ttlaottatRnatlbMMblm.X rlANWMKE)KfcAMMiU)NW)bbboatxxxxxxx
<br />XNAUXUDMUMMUNAMW No _X
<br />t>> I< xtldddlrr<rg 7kix♦fiii AIIIMMXXXXXx
<br />4tblrtilr�taNhclaooaaamntfeMllx
<br />a (MXA 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 Xfortgagee) 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 OUXAII payments mentioned to 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:
<br />X> fl�tllRtl�h1/ FkX��J() l�1( 1FRRAlldfX119lixMkltyfgA�JC1Pkh
<br />AAA
<br />(1) � � �tiRMYxlfl{MIp((itNlplfttxdl(X
<br />(p) AJW ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums:
<br />(It) interest on the note secured hereby;
<br />{ I I 1 06arnortization of the principal of said note; and
<br />( Iv)xllkk late charge%.
<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 text such payment, constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to exceed four cents 144) for each dollar (fl) of each pay-
<br />ment more than fifteen (I5) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments,
<br />3. Thafjt the total of the payments made by the Mortgagor
<br />under *) o paragraph 2 preceding shall exceed the amount of
<br />Payments actually made by the MonSaM for ground raw, tax"
<br />and assessments or insurance premiums, as the cw 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 />hgdyfW. the monthly payments made by the Mortgagor under
<br />( f 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 IFMIAtlQlR1E #Rkno iRt 1 {IH I fXRX
<br />Rtaaafxwkmt txf K) Mola�tlgttuaMt >bhanoacts�houMdcfMUOMrtfdaxx
<br />NU KI1!If&UltwC>f11dx1fxMXAM l @*U* jXd any
<br />halanc}( fmaming in the funds accumulated under the provisions
<br />of (BY t Paragraph Z hereof. If there shall be a default under
<br />any of the provisions of this mortgage resulting in a public sale
<br />of tine 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 acI ed, the balance then remain-
<br />ing to the funds accumulated u i(WrIN of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note. gidx�lrDtptlttpXltlK >iilyX>itg/ttiitMXX
<br />iiisMXfitip4iW" U hum uAwilaX>Vtviily(AN"
<br />a 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 hcrembefore, 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 fik 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 />Whiting 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 />Page 2 of 4
<br />
|