HomeMy WebLinkAbout2705 , '
-6-
_
principal and intereet to be paid each month~on eacount o~ ~~9 ;
Note, eball be added together, and the aggregate smount thereof
ehall be paid by the Mortgagor to the Mortgagee in a ei:ngle peymeat
to be applied by the Mortgagee on aacount oi the indebtedneee o! tbe ~
Mortgagor pureuant to the Rote and thie Mortgage (to tbe e~ct~~t ?
;
that mo~iee are available ~rom the amount eo depoeited), in the ;
r •
order, any provieion of'the Aote to tbe contrary notr~ritDetanding, ±
ae ~ollowe: •
firet, to the amount of euch ground rente, iY any, Pire
and other bazard ineurance premiume, tsaee, aeeeeemente,
water ratee and other goveromental ebargee required to be
paid under the provieione o~ thie Mortgage, in whatever
sequence the Mortgagee may eaolueively determine; ~
+
ee__
cond, to intereet due on the Aote; '
.
th_ir_d, to the principal due on the Aote; and
fo~, the remainder to the late chargee, if any, reYerred j
' to in the Aote. f
~
_ i
gny deticiency in the amount o~ any such aggregate monthly payment ;
ehall, unleee paid by the Mortgagor prior to the due date of the
~
nest such depoeit payable, conetitute an event of default under thie
Mortgage. , s
+
~
~
~ (c) A~y eacese ftiinds that may be accumulated by reaeon o~ ~ ;
~ the depoeits required under Paragraph ?(a) hereof, remaining after
payment oY the amounte deecribed in claueee (i), (ii) and (iii)
I
~ thereof, ehall be credited to eubeequent reepective monthly amounte '
~ ' t
~ of the eame nature required to be paid thereunder. If any euch
amount ehall eaceed the eetimate therefor, the Mortgagor ehall torth- -
~ with pay to the Mortgagee the amount of euch deficiency upon written
notice by the Mortgagee of tbe amount thereof. Failure to do eo
be~ore the due date oY euch amount ehall be an event vf default under
thia Mortgage. IP the mortgaged property is eold under forecloeure ,
or ie otherwiee acquired by the Mortgagee, a~ter deYsult by the
Mortgagor, any remaining balance oY the accumulatione under Para-
graph 7(a) hereof, ehall be credited to the principal amount owing ~
on the Note ae oY the date oY commencement oY forecloeure p~~ooeedinge ?
!or the mortgaged property, or ae of the date the mortgaged property
~ ie otherwiee eo acquired. ~
8. The Improvemente and all plane and epeoiiicatione tberelor '
l
eball comply witb all applieable munieipsl. ordinancee, regu~atione,
and rulee msde or pronnlgated by lawitiil suthority, end upon tbeir
~ ~o~i75 ~270i
~ ~ F . . ~ ~
ui>>X. a~ .,h ~ - ' ~~~w ~.r'"'~~~