|
IN
<br />87, 1030j'2
<br />The Marli agor IN order more fully to protect the security of
<br />thle Mortgw, agraoa;
<br />I. That he will pay the indebtedness, as heretnbefore 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 />note secured hereby, the Mortgagor Wit 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 X
<br />till �7tltl�tlUldticMMRZl1y(X
<br />� jl>1 XXX
<br />i MAKDANUOK fiJIXX11tDtlYYtxxx
<br />XXXX llRXIIA( Q01 tllltlt !()PJ(WM*R1FXW)ftXXX
<br />9fU WAWASM lAllNOgtlWt N II JQ17iR7AgNl1I X
<br />OWAKU WIlnaal11f1a(MxXMgx
<br />Now WYAWliMi LXItKXXXAMA llxXltiUl mxxx
<br />X
<br />if>draai 1MtxX41at1t�aX�lid (kflXigitigXxfio(1Wau(xx
<br />tbuaililiouoxxxxxxx
<br />X JI� WXXXX
<br />lNAXXXXXXX
<br />�1g( W-1- =1t- I'�R)ApARfXlfXMOUKX,xxwxKKXXX
<br />Aga+ dtllxN�bMk1r1) OocxttXfau x
<br />fXnUkV4lrUt 4XX3"iutladfiiM"KXiufXil K jlt— &"M&A(xxx
<br />�t�iYiilflkKiHUFi�lNixifiiiX7i% ii�l 'tittpg(flglHfdilix�tltlfil� 1�lif 7fw1Wt)IXiiif xx x
<br />�l�llllllb (X7tXIr1F1@�XXiB11E11X
<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 ,4ortgagee) 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 he
<br />held by Mortgagee in trust to pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />b O*YAll payments mentioned in the two preceding suhsecoons
<br />of this paragraph and all payments to he made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor cacti month to a single
<br />payment to be applied by the Mortgagee to the following ;terns in
<br />the order set forth:
<br />A M� h
<br />kxxx
<br />lellPlUgtigixi fifA9iXlH!ltxJflti[!tt! )ilt iFlA6(gl h
<br />M1tX
<br />�� ground rents, taxes, assessments, fire and other hazard
<br />ionAIs ranee premiums;
<br />(11) (tfllXmterest on the note secured hereby,
<br />(1 I I)X(LV) Aamortization of the principal of said note, and
<br />(IV)XJyj late charges.
<br />Any deficiency in the amount of such aggregate monthly pay
<br />meet shall, unless made gout 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 " lat^ charge"
<br />not to exceed four cents (4g) for each dollar (51) of each pay-
<br />meat more than fifteen (15) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />3. Tha{{ i( the total of the payments made by the Mortgagor
<br />under pf 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 />how fYYty, the monthly payments made by the Mortgagor under
<br />(d WParagraph 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 pav 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, asseuments. 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 />galtl17F1t>fX`X iC>E�tk >fl f AX%XX
<br />itlfi(i�1H(7fx;R4iX 1P1lXIIMIC it !i
<br />arty xx
<br />balancQq remaining in the funds accumulated under the provisions
<br />of (IIXb� 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 remam-
<br />ing to the funds accumulated untirrr)" of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note, ✓RilX1i11dOtXXggNrAXjpdi 1(XXXX MIIK)M 111kXX
<br />snWXL> vvxxaennutlatlbt�cXxX )u�tlhhYtXMMX>t.
<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 beers
<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 />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 taw
<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 he 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 ttne same, and all expenditures so
<br />Page 2,Of 4
<br />
|