|
!
<br />�.. 168
<br />(a)09 A sum equal to the ground rents, if any, next due, plus the premiums that wtil'next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property tall as esibrie tt? by the Mortgagee) less a)l sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />mium., taxes and special at wumnts; and
<br />(b)*X All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />J� awl ]IR>1.xICHIK>Otllklrrl�MItlI11,
<br />(I) >f ground rents. taxes, assessments, fire and ether hazard insurance premiums;
<br />( 11) NW interest on the note secured hereby and
<br />(I I l)dW amortization of the principal of sad note.
<br />Any deficiency to the amount of any such aggregate monthly payment shall, unless made good by the Mott -
<br />gagor prior to the due date of the next such paynIVi . ccostitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed .lira cents (4g) for each dollar (51 ) of each payment more
<br />than fifteen (15) Liz vs to arrears to cower the extra expense involved in handling delinquent payments.
<br />(a)
<br />3. That if the total of the payments made by the Mortgagor under X!( % of paragraph 'L preceding shall exceed
<br />the amount of payment_:' actually made by the Mortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the ewse may be, such excess, if the loan is current:. at the option of the Mortgagor. shall he credited by
<br />the Mortgagee on subsequent payments to be mafle by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />mtr[tUtly payments made by the Mortgagor utxleXg711 of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessment. or insurance premiums. as the case mar be. when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency. on or before
<br />the date when payment of such ground rents. tax" assessments or insurance premiums shall be due. if at any
<br />time the Mortgagor -hall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor x(-I 7lxl�x x)1
<br />)Wd any balance remaining in the funds accumulated under the provisions 4Efitaryti of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public .sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of
<br />the commeneement of such proceedings. or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated umdexj ifbf paragraph 2 preceding. as a credit against the amount of principal then
<br />remaining unpaid under said note. X
<br />4. That the Mortgagor will pay ground rents. taxes, assessments. water rates, and other governmemal or municipal
<br />charges. fines, or impositions. for which provision has not been made hereinbeforc, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve-
<br />ments. and which may he levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usuriousr. but excluding any income tax, State or Federal.
<br />imposed on Mortgagee.. and will file the official receipt showing such payment with the Morig gee. upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt- If such notice be given, the said debt shall become due. payable and collectible at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any coven art provided for in this Mortgage, then the Mortgagee. at its op-
<br />tion, may pay or perform the same, and all expenditures so made shall be added to the principal sum owing on the ahove note.
<br />shall be secured hereby, and shall bear interest at the rate set forth in the said note. until paid.
<br />?. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of arty of the terms and conditions of this Mortgage or the said
<br />mote. all the rents. revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted -
<br />tress shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenuer, and income. and it may pay out of Bard in-
<br />comes all expenses of repairing said premises and necessary commissions'and expenses incurred in renting and managing the
<br />saw 'and of collecting rentals therefrom; the balance remaining, if any. to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />!;. chat he will keep the improvements now existing tw hereafter erected on the mortgaged property. insured as may he
<br />required from time to time by the Mortgagee against toss by fire and other hazards. casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly. when due, any premiums on such
<br />insurance provision for'!.+ayrnent of which has not been made hereinbefore. All insurance shall he carried in companie? ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice I y
<br />mail to the Mortgagee. who may make proof of loss if not made promptly by Mortgagor, and each insurance company con- t
<br />ceteed 4 hereby authorized and directed it, make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the INortSsilteejoimh, and the insurance proceeds, or any part thereof, may he applied by the Mortgagee at its option either
<br />to The reduction of the indebtedness hereby secured to to the restoration or repair of the property damaged. In event of foredo
<br />smnr of this mort$W of tither transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby .
<br />an r4lit, title and Interest of the Morfgapir in and to any insurance policies then in force .hall pass to the purchaser or pr antcc
<br />4, Thai as additional and collateral security for the payment of the note described. andall Burns to tecome due nrtder thus
<br />mint a, the Mortgappir hereby assigns to the Mortgagee all profits. revenues.... lies. right: and tx-nclut ,ccrmne. 11, the
<br />v under any and all tail and gas €eases on said ptemise.s, with the right to recv,e and rcccrpt for the xmc m tl apple
<br />them to said indebtedness 4% well before as after default in the con ditions of Ibis mo.rtgagc. and the 1.11ortgagcc tnav demand. suc
<br />for and TrCover aop sus °_h pAvmt its when due And payable. but shall MA Ice requucd so r,. d, Phis :rss;unmcnr is t =) k'niit alt
<br />small hiscome null avid vo gf urxan release of this mtmatw
<br />�. a
<br />
|