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principal and ~nterest to be paid each month on account of the
No~e, ~hall be added together, and the aggregate amount thereof
shall ~--e paid by the Mortgagor to the Mor~oagee in a single payment
to be :.pplied by ~he-Mortgagee cn account of the indebtedness of the
Mortgagor pursuant to the Note and thia Mortgage (to the extent
tha~ ~o~ies are available from the amount so deposited), in the
ordzr, any-provision of the Note to the contrary notwithstanding,
as i~llows:
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 ~
p~~3 under the provisions of this Mortgage, in whatever .
sequeu~e the Mortgagee may exclusively determine; '
second, to interest due on the Note;
third, to tr.e principal due on the Note; and
fourth, the remainder zo the late charges, if any, referred
to in the Note.
Any deficiency in the ar?~ount of any such a~gregate 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.
I
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~ (c; :ny excess funds that ma.y be accumulated by reason of .
the degosits ~equired under Paragraph 7(a) hereof, remaining after
payment of the a.mounts described in clauses (i), (ii) and (iii)',
thereof, s::~il be credited to subsequent respective monthly amounts
of the sa.me nature required to be paid thereunder. If any such .
amount shall exceed the estimate therefor, the Mortgagor ahall forth-
with pay to the Mortgagee the amount such deficiency upon written
notice by the Mortgagee of the amount thereof. Failur~ do so
'oefore the due date of such amount sh~,ll be an event of aefault under _
this Mortgage. If the mortgaged property is sold under foreclosure
or is other~:~se acquired by the Mortgagee, after default by the
~+iortgagor, anf reraaining balance of the accumulations under Para-
graph "'a) ~~reof, s'nall be credited to the principal amount owing
on t'r.e .~ote as oi the date of commencement of foreclosure proceedings
for the mortgaged property, or ~s of the date the mortgaged property
is otY:erwise so acquired.
8. The rovements and all plar_~ znd specificatior.s therefor
shall co~ply all applieable muni~~~al ordinances, regulatio::s,
and rules m~.:~~ o: promulgate:: by law~u~ authority, and a~~on their
600K P116E
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