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principal and interest to be paid each month on account of the
Note, shall be added together, and the aggregate amount thereop
shall be paid by the Mortgagor to the Mortgagee in a aingle payment
~ to be appl•ied by the • Mo~tgagee on account •~of ~~he' indebtedneee of the
Mortgagor pursuant to the Note and tbia Mortga~~t'(to the extent ~
that monies axe ~vailable from ~he amount eo deposited), in the
r
order, any prdviefon~of the Note to the contrary notwithatanding,
as f ollows : ~
~ first, to the amount of such ground renta, if any, fire
and other bazaxd insurance premiuma, taxee, assesaments,
r water ratea and other governmental chargea required to be
paid under the provisiona of thie Mortgage, in whatever ,
sequence the Mortgagee may exclusively determine;
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sec_ond, to intere9t due on the Note;
third, to the principal due on the Note; and
fourth, the~remainder to the late chaxgea, if any, referre~d
to in the Note.
Any deficiency in the amount of any such aggregate monthly payment
_ shall, unlesa paid by the Mortgagor prior to the due date o~ the
next such depoait payable, constitute an event of default under thia
Mortgage. - • •
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(c) A~y excess funds that may be accumulated by reason o~ ~
the deposits required under Paragraph 7(a) hereof, remaining after ~
payment of the amounts described in clausess (i), (ii) and (iii)
thereof, shall be credited to aubsequent respective monthly amounte
of the same nature required to be paid thereunder. If any auch .
amount shall exceed the eatimate therefor, the Mortgagor shall forth-
with pay to the Mortgagee the amount of such deficiency upon written
notice by the Mortgagee of the amount thereof. Failure to do eo
before the due date of such amount shall be an event of default under ~
this Mortgage. If the mortgaged property fa sold under foreclosure .
or is otherwise acquired by the Mortgagee, after d~efault by the
Mortgagor, any remaining balance of the accumulations under Para-
graph ?(a) hereof, shall be credited to the principal amount owing
on the I~ote ae of the date o~.commencement of foreclosure proceedinge
for the mortgaged property, or as of the date the mortgaged property
ie otherwise so acquired. - .
8. The Improvemente and ali plane and speci~icatione ~herefor
ahall comply with all applicable municipal ordinances, regulatione, .
and rulea made or promulgated by lawt'ul authority, and upon their ~
BooK 177 ~ 946
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