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princi~al and interest to be paid each month on account of the
Note, shall be added together, and the aggregat~ amount thereof
shall be paid by the Mortgagor to the Mortgagee in a single payment
to be applied by the Mortgagee on account o~ the indebtedness o~ the
Mortgagor pursuant 'to the Note and thia Mortgage (to the extent
t'~at monies are available Yrom the amount so depoaited), 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;
third, to the principal due on the Note; and
fourth, the remainder to the late charges, if any, referred
to in the Note.
Any deficiency in the amount o~ 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
Mortgage.
(c) Any excess funds that may be accumulated by reason of
i the deposits required under Paragraph 7(a) here~f, rema.ining after
~ 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 fiyo be paid thereunder. If any such .
~ amount shall exceed the estimate there~or, the Mortgagor shall forth-
with pay to the Mortgagee the amount o~ such de~iciency upon written
notice by tr.e 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, after default by the
~ Mortgagor, any remaining balance of the accumulations under Para-
graph 7(a) hereof, shall be credited to the princi~pal amount owing ~
- on the-~iote as of the date o~ commencement oY foreclosure proceedings
for the mortgaged property, ar as of the date the mortgaged property
is otherwise so acquired.
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The ~~provements and al~ plans and specificatic~s therefor ~
sha?~. comply with all applicable municipal ordi~ances, :egulati~rls,
and rules a.ade or pror~ulgated by lawftii~ ;.uthority, and upon thei:. ~
~i75 ~1~?00
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