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r 87-- 102879
<br />MW IMerftegor is order was fait to protect list security of
<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 />ptlytl1tts Of principal and interest payable under the terms of the
<br />note secured hereby. the Mortgagor will pay to the Mortgagee,
<br />on the fens day of Bach rnooth until the said note is fully paid,
<br />the following sus:
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<br />a (111XA sum equal to the grouted rents, if any, next due, plus the
<br />Premiums that will next become due and payable on policies of
<br />fire and other hared insurance covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property
<br />(all as estimated by the Morrgagm) 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 Mortgage in trust to pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />b Q2XAII Payments mentioned in the two preceding subsections
<br />of this paragraph and all payments to be made under the note
<br />secured hereby sW 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) AW ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(iI) gimeresi on the note secured hereby;
<br />(t 11 #Maarortization of the Principal of said note; and
<br />(IV)XA)(k 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 />FAR to exceed four cents tot) for each dollar ($I) of each pay-
<br />ment more than fifteen (13) 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 NI d/ 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 can 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 />howfr, the monthly payments made by the Mortgagor under
<br />(I NV paragraph 2 preceding shall no,, be sufficlertt to pay
<br />ground rents, taxes and assessments or insurance premiums, as
<br />the cam may be, when the same shall become dote and payable,
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessarT 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 X�(X
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<br />balan aining in the funds accumulated under the provisions
<br />of (hYlfpaaragraph 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 undd)( of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note, aaNA�g)PgtPggggP�PP %%
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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 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 />Pape 2 of 4
<br />IN
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