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princ~pal and interest to be paid each month on account of the
Note, shall be added together, and the aggregate amount thereof
shall oe paid by the Mortgagor to the Mortgagee in a single payment
to be applied by the Mortgagee on account o~ the indebtedness of the
Mortgagor pursuant to ~he Note and this Mortgage (to the extent
that monies are available ~rom the amount so deposited), in the
order, any provision af the~Note to the contraxy notwithstanding,
as follows: ~
first, to the amount of such ground rents, if any, fire
and other hazard insur~nce premiums, taxes, assessments,
water rates and other governmental eharges required to be
paid under the provisions o~ this Mortgage, in whatever ,
sequence the Mortgagee may exclusively determine; ~
second, to interest due on the Note;
third, to the principal due on the Note; and
fourth, the remainder to the late charges, if any, referred
~ to ~n the Note.
Any de~iciency in the amount of any such aggregate monthly payment
shall, unless paid by the Mortgagor prior to the due date of tbe •
next such deposit payable, constitute an event of default under this
Mortgage.
(c) Any excess funds that may be accumulated by reason of
~
~ the deposits required under Paragraph 7(a) h~reof, remaining after
f
` payment of the amounts described in clauses (i), (ii) and (iii)~
thereof, ~hall be credited to subsequent respective mont'nly amounts
.I
of the same nature required to be paid thereunder. If any such ,
amount shall exceed the eatima,te therefor, the Mortgagor shall forth-
with pay to t'ne Mortgagee the amount o~ such deficiency upon written
notice by the Mortgagee of the amount thereof. Failure to do so
before the cue date of such amount shall be an event of default under ~
this Mortgage. If the mortgaged property is sold under foreclosure
or is ~therwise acquired by the Mortgagee, after default by the
Mortgagor, any remaining balance of tihe accumulations under Para-
~
graph 7(a) hereof, shaii be credited to the princ'ipal amount owing
on the --~Tote as of the date of comme: cement of foreclosure proceedings
for the mortgaged prop~rty, or as of the date the mortgaged property
is otherwise so acquired.
8. The Improvements and all plan3 and specifications there~~-_°
shall comply with all applicable munic~pol ordinances, regulatior.s,
and rules made or promulgated by lawful authority, and upon their
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