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principal and interest to be paid each month on account of tbe
Note, shall be added together, and tbe aggregate amount thereof
shall be paid by the Mortgagor to the Mortgagee in a single payment
~ to be applied by the ~ Mortgagee on account •~o~• ~Che' indebtednees of the
"Mortgagor pursuant to the Note and thie Mortg~a~~'(to the extent ~
that moniea are ~vailable from the amount so deposited), in the
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order, any proaieion~~~ the Note to the contrary notwithstanding,
ae ~ollowa:
~ first, to the amount oY such ground rents, if any, fire
~ and other hazard insurance premiums, taxea, assesemente,
water ratea and other governmental chargea required to be
paid under the proviaiona of thia Mortgage, in whatever
. sequence the Mortgagee may eg~luaivelyt determine;
second, to interest due on t~ie Note;
~ third, to the principal due on the Note; and
fourth, the~ remainder to tbe late chargea, if any, referre~d
to in the Note.
Any deficiency in the amount of any such aggregate monthly payment
shall, unless paid by the Mortgagor prior to tbe due date of the
next auch deposit payable, conetitute an event of default under this
~ Mortgage. . . .
4.
,
~ (c) A~y excess funds that may be accumulated by reason o~ _ ~
~ the deposits required under Paragraph 7(a) hereo~, remaining a~ter ~
~ a ent of the amounts described in clausea (i), (ii) and (iii)
P Ym
thereof, shall be c~edited to aubaequent reapective monthly amounte
of the same nature required to be paid thereunder. If any auch ~ -
amount shall exceed~the eatimate thereYor, the Mortgagor shal•1 forth-
with pay to the Mortgagee the amount o~ euch deficiency upon written
notice by the Mortgagee of the amount thereof. Failure to do ao
before the due date of auch amount ehall be an event of default under ~
this Mortgage. If the mortgaged property ia sold under forecloaure ,
or is otherwise acquired by the Mortgagee, after d~efault by the
r Mortgagor, any rema~ning balance of the accumulations under Para-
graph ?(a) hereof, shall be credited to the principal amount owing
on the Note as of the da~e o~.commencement o~ torecloaure prooeedinge ~
for the mortgaged propCrty, or aa of~the date the mortgaged property
ia otherwiee ao acquired.
8. The Improvements and all plane and speciPicationa therefor _
shall comply with all applicable municipal ordinancee, regulations,
~ and-rulea made or promulgated by law~il suthority, and upon their -
~177 ~L?~4
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