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87-- '!102852
<br />TU Mew in Order mere fadly to preleet the aa�l, of
<br />MKka/e, araea:
<br />I. 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 Principe! and interest payable under the terms of the
<br />nee secwed 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 fo)ktwing stoma;
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<br />a NNA 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 />fare and Other hazard insurance covering the mortgaged property.
<br />Pius taxes and assessments next due on the mortgaged property
<br />(aft u estimared by the .Mortgagee) Less all sums already paid
<br />therefor divided by the number of months to elapse before one
<br />(1) mouth prior to the date when such ground rents, premiums,
<br />taxes Slat asseumentts will become delmquem, such sums to be
<br />held by Mortgagee in trust to PAY said ground rents, premiums,
<br />taxes and special assessments; and
<br />b ttMII 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 aggregaic 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 et forth;
<br />X h
<br />XXX t
<br />7RfgobuaAtXfHabatti0otloP X
<br />(1) Xis ground rents, taxes, assesstient$, fire and other hazard
<br />insurance premiums;
<br />c
<br />(I I) 7CX70{ interest on the note secured hereby;
<br />(I I I )amortization of the Principal of said note; and
<br />(IV)XMM 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 text such Payment. constitute an event of default
<br />under this mortgage. The Mortgagee may collect a late charge"
<br />not to exceed tour cents (4e) for each dollar ($0 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. That))(( the total of the payments made by the Mortgagor
<br />under f Er 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 />h¢wyr. the monthly payments made by the Mortgagor under
<br />( f paragraph 2 preceding shaft not be sufficient to pay
<br />ground rents. taxes and assessments or insurance pretnfums, as
<br />the cox may be, when the same shall become due and payable,
<br />then the Mortgagor shall pay to the MunSaW 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 It
<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 />IbOtorli�garyl- NRXX
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<br />baleen ffmaming in the funds accumulated under the Provisions
<br />of (IIX�T 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 acqquired, the balance then remain-
<br />ing in the funds accumulated undM)#j of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note, y�ypXX
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<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 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 />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 snake this ban
<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 />aking, 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 />uch law or decree provides that any amount to paid by the
<br />Wortgagor shall be credited on the mortgage debt, the Mortgagee
<br />hall have the tight to give ninety days' written notice to the
<br />wner of the mortgaged premises, requiring the payment of the
<br />in debt. If such notice be given, the said debt shall
<br />ecome due, payable and collectible at the expiration of said
<br />inety days.
<br />6. That should the Mortgagor fail to Pray 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 />Pape 2 of 4
<br />IN
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