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<br />87"w '105453
<br />The M manse fully to prowl the warily of
<br />I. That he twill pay the indebtedness, as harcuftfore provided
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />installment due date,
<br />3. 'That, l her with, and in addition to, the monthly
<br />yments of Principal and interest payable under the terms of the
<br />note wmired kiretry. 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 />(a) A sum equal to the ground rents, if any, next due, plus the
<br />iums that will next become due and payable on policies of
<br />fire Pad other hazard insurance covering the mortgaged property,
<br />Plus taxes and assessments next due on the mortgaged property
<br />fall as cmimarod 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) All payments mentioned in the preceding subsection
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall he added together, and the aggregate amount
<br />thereof shalt 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 />(1) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(11) interest on the note secured hereby;
<br />(111) amortization of the principal of said pore; and
<br />(IV) 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 />Hatt to exceed four cents (at) for each dollar ($II of each pay -
<br />ment more than fifteen (15) days in arrears to cover the extra ex-
<br />pe c involved in handling delinquent payments.
<br />3, That if the total of the payments made by the Mortgagor
<br />u (a) of paragraph 2 preceding shall exceed the amount of
<br />pa is actually made by the Mortgagee for ground rents, taxes
<br />And Assessments of insurance premiums, as the case may be, such
<br />cum, it the losm is current, at the option of the Mortgagor,
<br />shall be Credited by the Mortgagee on subsequent payments to he
<br />made by the Mort r, or refunded to the Mortgagor. If
<br />however, the monthly payments made by the Mortgagor under
<br />(a) of paragraph 2 preceding shalt not be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, as
<br />the y be, when the same shall become due and payable,
<br />In= the MorlgWv shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency. on or before the date *hest
<br />pay man of such taxes, ground rents, assessments, or insurance
<br />premiams I be! due. If at any time the Mortgagor shall tender
<br />to the Mortgalpm. in accordance with the provisions of the note
<br />sectured hereby. full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall, in computing the
<br />aresimat of such indebtedness, credit to the account of the Mon-
<br />PS" any balance remaining in the funds accumulated under the
<br />provisions of (a) paragraph 2 hereof. If there shall be a default
<br />under any of the provisions of this mortgage resulting in a public
<br />vak of the premises covered hereby, or if the Mortgagee acquires
<br />the property otherwise after default, the Mortgagee shall apply,
<br />at 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 under (a) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note,
<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 hereinbefore, 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 />3. 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), bur 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 he 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 />made shall be added to the principal sum owing on the above
<br />note, shall he secuted hereby, and shall bear interest at the rate
<br />set forth in the said note, until paid.
<br />chat the Mortgagor hereby assigns, transfers and sets over
<br />to the Mortgagee, to be applied toward the payment- of the note
<br />and all sums secured hereby in case of a default in the perfor-
<br />mance of any of the terms and conditions of this mortgage or the
<br />said note, all the rents, revenues and income to be derived from
<br />the mortgaged premises during such time as the mortgage in-
<br />dcbtcdncss shall remain unpaid, and the Mortgagee shall have
<br />Power to appoint any agent or agents it may desire for the pur-
<br />pose of repairing said premises and of renting the same and col-
<br />lecting the rents, revenues and income. and it may pay out of
<br />said incomes all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining,
<br />if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That the Mortgagor will keep the improvements now ex•
<br />isting of hereafter erected on the mortgaged property, insured as
<br />may he required from time to time by the Mortgagee against loss
<br />by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mor-
<br />tgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has not been made
<br />herembefore. All insurance shall be carried in companies approv-
<br />cd by the Mortgagee and the policies and renewals thereof shall
<br />be held by the Mortgagee and have attached thereto lows payable
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