|
F
<br />L
<br />85-• 001010
<br />(ot�xxotxk�ttrn x�x�» ftoea�texatttrxx�it�ct�af�xa� ;lursaxK �t�xxa�a��l��ll�i�tcaaa�x
<br />t4f111 YMl( t�{ �, p�Spi4Ck }f![QQlf�W41C1tKkfCY,�CIi tit! L) isit09ltkI�CIf�1XCidl9[ K.' Uf�Fi015) (FiilfstlXplt)3XrYat6.CXdC1f3�.K
<br />�1I4lW��bF1t' ��1CQCi47CIDI' litUlk ?1X��9:�7(Cfdt161i1�E1�XtEX
<br />AXW)bbXUX
<br />(b) A sum equal to the ground rents, if arty, next due, plus the premiums that will 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 (all as estimated by the Mortgagee) less all 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 />miums, taxes and special assessments; and
<br />(c) 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 />%kx x
<br />�lkxinc! �t!+ a�xna!+ rllmctci�tro�xvta +nex�nax�txnc�dllcgxx �lc:�x
<br />(11) ground rents, taxes, assessments, tire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby; and
<br />(iV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed Gtur cents (4se) :ar each dollar (Si ) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor under (b/ of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited b4
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. if, however, the
<br />monthly payments made by the Mortgagor under O J of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may 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, taxes, assessments or insurance premiums shall be due. If at any
<br />time the Mortgagor shall 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 all payments made under the provisions cif XKXC&Q=)SWkK_
<br />ilt>XAitlCl ii@ 0( �KfiRNKXOfddEK9fdiYtliKti9�tlMYt6lii [K WhX�tlii7tlE#iii�sKifR(G1 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 Mtcirtgagee shall apply, at the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (G) of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note. YtNd:l tfK lfri(ii]!U4 BffOCCC5ii!{f[i ihY3C (►{►Y24fCXKlifiXtlLkK WC4iAKi4llliL iWggi(
<br />4. That the Mortgagor will pay ground rents• taxes. assessments. water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinhefore, 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 he 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 that 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 usurious). but excluding any income tax, State or federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. 1_7pon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter c xisting from paying thew hole 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 he 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 he 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 tiny covenant provided for in this Mortgage. then the Mortgagee, at its op-
<br />lion. may pay or perform the same, and all expenditures so made shall be added to the principal sum owing on the ,hose note.
<br />shall he secured hereby, and shall bear interest at the rule set forth in the said note, until paid.
<br />7. 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 it default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note, all the rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage Indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it nta4 desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents. revenues and income. and it mity pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and nianaging the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />S. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured its ma% he
<br />required from time to time by the Mortgagee against loss by fire and other hazard%, casualties and contingencies in such
<br />amounts and for such periods as may he required by the Mortgagee and will pay promptly• when due, any prep »ants on such
<br />insurance provision for payment of which has not been made herembefore. All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have attached thereto less
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of toss Mortgagor will give immediate notice ist
<br />mail to the Mortgagee, who (tiny make proof of loss if not made promptly by Mortgagor• and each insurance company con-
<br />cerned is hereby aulhorized and directed ht make payment fur such loss direc114 to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds, or anv part thereof, may be applied by the Mortgagec at its option either
<br />to the reduction of the itidehtedne%s hereby seuired or to the rcstouilion or repair of the property damaged. In event of ha cclo
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishmcm of the indchiednes% seemed hei cot .
<br />all right. title and interest of the Mortgagor in and to any insurance policies then in fore shall pass to the purchaser or piantec
<br />9. That as additional and collatend %ecurity for the pavn,eni of the note de%crilned. and all sums to bcconne due rider Ihns
<br />marl e, the Mortgagor hereby assigns to the Mortgagee Al profits, revenues, royalhc%. lights ;oat henetih aerrwng to the
<br />Monpirtrt under any atilt all oil and gas lenses on said premises. with the right to rcvesc and rese,pt tut the %,unc and appls
<br />them lit said indebtedness as well before its after default m the condmons of this mortgage, and the M,a Ipapec may demand, sac
<br />fur and reeuver any such payments when due and payable. hilt %hail not he wtimied ,w io Jo I ht, .i- ignincnt is to teammate
<br />and hecome mill and vend upon release of Ihi% I oriaaire
<br />%
<br />
|