HomeMy WebLinkAbout0919 .1 1 . ~ .
~ ~ - 6 -
principal and interes~ to be paid each month on account of the
Note, shall be added together, and the aggregate amount thereof
shall be paid by the Mortgagor to the Mortgagee in a aingle gayment
to be applied by the~Mortgagee on account•~of•~he'indebtedness of the
Mortgagor pursuant to the Note and thia Mortg~a~~'(to the extent ~
that moniea are ~vailable ~rom the •~~:ount so depbaited), in the ~
r
order, any pr~viaion~o~ the Hote to the contrary notwithstanding,
as ~ollows:
~ first, to the amount of such ground rents, if any, fire
~ ann other hazard insurance premiuma, taxes, asseaemente,
water rates and other governmental charges required to be
paid under the proviaions of this Mortgage, in whatever
. sequence the Mortgagee may exclusively determine;
second, to intereet due on the Note;
third, to the principai due on the Note; and
fourth, the~remainder to the late chargea, if any, reYerre~d
to in the Note.
Any deficiency in the amount of any auch aggregate monthly payment
shall, unleas paid by the ~2ortgagor prior to the due date o~ the
next auch deposit payable, constitute an event of default under this
~ Mortgage. -
, -
~
~ ~
' (c) A~y excess funds that may be accumulated by reaeon ot
the d~poaits required under Paragraph 7(a) hereof,~ remaining after ~
payment of the amounta described in clauses (i), (ii) and (iii)
thereof, shall be credited to subsequent reapective monthly amounts
of the same nature required to be paid thereunder. If any euch .
amo~nt shall exceed the estimate therefor, the Mortgagor shall forth-
witH~pay to the Mortgagee the amount of such deficiency upon written
noti~e by the Mortgagee of the amount thereof. Failure to do ao
before the due date of such amount ahall 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 ?(a) hereof, shall be credited to the principal amount owing
on the Note as o~ the date oP commencement o~ foreclosure proceedinge ~
for the mortgaged property, or as of the date the mortgaged property
fa otherwise ao acquired. -
8. The Improvementa and all plane and apeciYications therefor ,
shall comply with all applicable municipal ordinancea, regulstione, .
and-rulea made or promulgated by law~,il authority, and upon their ~
So~~77 ~ 9~.9
_ ,~1~ . ~;c,ts~ nF~, = ' s~~ ; ~ ;
~
_