THEODORE R. MCKELDIN, GOVERNOR 1795

(h) the interest on the unpaid balance not to exceed, 6% per
annum, ground rent, if any, taxes and other public charges;

(2) The instalment payments shall first be applied by the
vendor to the payment of

(a) taxes, assessments and other public charges levied or
assessed against the said property and paid by the vendor; (b)
ground rent, if any, paid by the vendor; (c) insurance prem-
iums on the said property paid by the vendor; (d) interest on
unpaid balance owned by the vendee at a rate not to exceed 6%
per annum; (e) principal balance owed by vendee.

(3) Every land instalment contract shall contain a provision
that the vendee shall have the right to accelerate any or all in-
stalment payments.

(4) Every land instalment contract shall state clearly any
collateral security taken for the vendee's obligation under the
contract.

(5) Every land instalment contract shall contain the follow-
ing notice in 12-point bold type or larger, typewriting or in
legible handwriting, directly above the space reserved in the
contract for the signature of the buyer:

Notice to Buyer

You are entitled to a copy of this contract at the
time you sign it.

(5A) NO VENDOR SHALL PLACE OR HOLD ANY
MORTGAGE ON ANY PROPERTY SOLD UNDER A LAND
INSTRUMENT CONTRACT IN ANY AMOUNT GREATER
THAN THE BALANCE DUE UNDER SUCH CONTRACT,
NOR SHALL ANY MORTGAGE THEREON REQUIRE
PAYMENTS IN EXCESS OF THE PERIODIC PAYMENTS
REQUIRED UNDER SAID CONTRACT.

(6) When 40% or more of the original cash price of the prop-
erty shall have been paid, the vendee shall have the right (if no
earlier period be fixed by the contract) to demand a convey-
ance of the premises mentioned in the contract, on the condi-
tion that he execute a purchase money mortgage to the vendor,
or to a mortgagee procured by the vendee. When any mortgage
is executed in pursuance of the vendee's demand for convey-
ance under this sub-section, the vendee shall be liable for such
expense as title search, drawing deed and mortgage, one half
of cost of Federal and State revenue stamps, notary fees, re-
cording, reasonable building association fees, judgment reports
and tax lien report. In any such mortgage the required per-
iodic principal and interest payments to be made by the
mortgagor shall not exceed the periodic principal and interest