|
37- 103315
<br />'no fs e"Mor its order more fully to protect the security of ment more than fifteen (IS) days in arrears to cover the extra ex-
<br />Oils Mort„ she, agrees: pense involved in handling delinquent payments.
<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 />payments of principal and interest payable under the terms of the
<br />note 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 />1VliittilliliiXtitflFifitW
<br />ISV i f d txifti
<br />X
<br />qWX§"XxX
<br />7DQ( XXX
<br />XUX
<br />yy
<br />Xgltiilt
<br />X
<br />1WIIXXrwbomlrlAgt Imrit
<br />FAUMXXX
<br />��xatxxXx
<br />Xxx
<br />XXXX
<br />tiTRidJt✓i�71W1>iX>l�utgi iFiiYtiTi(ifxiWMXXX
<br />T XX
<br />XX
<br />a (tgytA 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 assessaxi is next due on the mortgaged property
<br />(aff 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 MAU 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 shall be paid by the Mortgagor each month in a sutgle
<br />payment to be applied by the Mortgagee to the following items in
<br />the order set forth:
<br />ll>lftg9eBBEXx'7Fh
<br />X Anti n
<br />SRRl�I[ IIR#Il X11gjMWj=x
<br />( I) XW) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(! I) iffi interest on the note secured hereby;
<br />(! ! 1
<br />)JW amortization of the principal of said note; and
<br />( l y) XA ft 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 nett such payment, constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to exceed four cents (449) for each dollar (SI) of each pay-
<br />3. T�aif the total of the payments [Wade by the Mortgagor
<br />under 6 i 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 />hg„vfW, the monthly payments made by the Mortgagor under
<br />( of 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 shaft 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 11ftRRX#)0ti<Xgillbt ax
<br />lltpleoetwAfifbtxlat AWAWXRXX
<br />i1fItS�11R> ICf( Itl0( lltltlttOf�llodOtlll�l %DtlfRklptllJ�I(llMtl any
<br />balanc remaining in the funds accumulated under the provisions
<br />of ( ) 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 acc99ut�red, the balance then remam-
<br />ing in the funds accumulated unAM of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note, X*AU ri>pk XMIU llX
<br />1011 lTik' H1tiXiftiXilWUXH(i6tilWWW4WW7.
<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 ride 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 sure 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 2ot4
<br />r
<br />01
<br />
|