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principal and interest to be paid each nonth on account of the
Note, shall be added together, and the aggregate amount thereof
s'~all oe paid by the Mortgagor to the Mortga~ee in a single payment ~
to be applied by the Mortgagee on account of the i~c~ebtedness of the
Mortgagor pursuant to the Note and this Mortgage (to the extent
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that monies are available from the amount so deposited), in the
order, any provision of the Note to the contrary notwithstanding,
as follows:
first, to the amount of such ground rents, if any, fire
and other hazard insurance premiums, taxes, assessments,
water rates and other governmental charges required to be
paid under the provisions of this Mortgage, in whatever ,
sequence the Mortgagee may exclusively determine; ~
second, to interest due on the Note;
thir3, to the principal due on the Note; and
~ fo~arth, the remainder to the late charges, if any, referred
to in the Note.
Any deficiency in the amount of any such aggregate monthly payment
shall, unless paid by the Mortgagor prior to the due date of the •
next such deposit payable, constitute an event of default under this ~
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Mortgage.
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i (c; Any excess funds that ma.y be accumulated by reason of , ~
~ the deposits required under Paragraph 7(a) hereof, remaining after '
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payment of the amounts described in clauses (i), (ii) and (iii} ~
thereof, shall be credited to subsequent respective monthly amounts
of the same nature required to be paid thereunder. If any such
amount shall exceed the esti~ate therefor, the Mortgagor shall forth-
with pay to the Mortgagee the amaunt oi such deficiency upon written
notice by the Mortgagee of the amount thereof. Failure to do so
before the due date of such amount shall be an event of default under
this Mortgage. If the mortgaged property is sold under foreclosure
or is otherwise acquired by the Mortgagee, a~ter default by the
~Iortga~~r, ar.y remaining balance of the accumulations under Para-
graph 7(a) r.ereof, shall be credited to the principal amount owing
on the ~ote as of the date of commencement of foreclosure praceedings
for t::e mortgaged property, or as of the date the mortgaged property
is otherwise so acauired.
8. ThE ~nprovements and ali plar.s and specifications there~or
shall conply r~ith all applicable muY'~- _pal ordinances, regulat:^~_s,
and rules mace or promulgated by lawfui authority, and upon thei.:
e
~i74 ~i430 ~
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