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Home My WebLink About1388 , . , _ 6 ~ principal and interest to be paio each month on account of the \Tote, shall be added together, and the aggregate amount thereof shall be paid by the i~+lortgagor to tbe Mortgagee in a single payment to be applied by the~Mortgagee on account•~of•~he'indebtedness o~ the Mortg~;;or pursuant to the Note and this Mortgage+'(to the extent ~ ~ that monies are ~,vailable ~rom the amount so deposited), in the j r ~ order, any pr~vision of the Note to the contrary notwithstanding, aa follows: ~ i ~ first, to the a,mount of such ground rents, if any, fire and other hazard insurance premiums, taxea, assessments, water rates and other gov~rnmental charges required to be paid under the proviaions o~ this Mortgag~, in whatever sequence the Mortgagee may exclusively determine; second, to interest due on the Note; tY:zrd, to t'ne principal due on the Note; and zourth, the~remainder to the late chaxge9, if any, referred to in the Note. Any deficiency in the amount of any sueh aggregate monthly payment ~ shall, ~nless paid by the Mortgagor prior to the due date of the ne:ct such deposit pay~ble, constitute an event of default under this :~ort~age . . ~ , ~ ~ (c) A~y excess funds that may be accumulated by reason of E the deposits required under Paragraph 7(a) hereof, remaining after ~ ; pay~ent oy the amounts described in clauses (i), (ii) and (iii} : thereof, s'nall be credi~ed to subsequent respective monthly amounts ~ of the sa.me nature required to be paid thereunder. If any such . ~ amount shall exceed the estima,te therefor, the Mortgagor shall forth- ~ with pay to the i~iortgagee the amount of such deficiency upon written ~ notice 'ay the Mortgagee of the amount thereof. railure to do so ~ before the due date of such amount shall 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 rt - i~Iortgagor, any remaining balance of the accumulations under Para- ~ graph 7(a) hereof, shall be credited to the principal amount owing ~ on the Note as of the date of commencement of foreclosure ~roceedinga I ~ ~ for the mortgaged property, or as of the date tY~e mortgaged property ~ ~ is otherwise so acquired. - ~ ~ ~ ~ . ~ 8. The Improvements and all plan9 and specifications therefor ~ ~ ~ shall comply with a~l applicable municipal ordinances, regulations, ~ and rules ~ade or promulgated by lawful autnority, and upon their ~ ~ ~ ~OOK~~O ~ ~ ~ _ i ~ . ~ e . . . , : ~ ~ . - - -