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~with the~Mortgagee shall be held by the Mortgagee, or any agent desig-
nated by it, in trust to be used only for tbe payment of aueb grou~d
rents, premiums,~taxes-, assessments, water ratea and other governmental '
charges, No interest shall be payable by the Mortgagee on any sum eo
deposited. a . ~
(b) All amounte required to be depoaited with tbe Mortgagee montbly
accordance with Paragraph 7(a) hereof, and the amount o~ principal and
interest to be paid eacb montb on accou~t of the Note, eball be added to- .
gether, and tbe a~gregate amou~t thereof e'hall be pe~id t~y the Mortgagor
to the Martgagee in a ein~le payment to be applie~ by the Mortgagee on ac-
count oY the indebtedneas of tbe Mortgagor purauant to the Note and thfa
Nfortgage (ta the e~tent tbat monies are available ~rom tbe amount so de-
posited), in the order, any proviaion of tbe Note to tbe contrary notwith-
standing, aa ~ollows: - '
Fi~,rs_,,,,,t, to the amount of sucb ground renta, fY any, fire and otber .
hazard ~nsurance premiuma, taxes, assessments, water rates and other gov-
ernmen~tal chargea required to be paid under tbe provisions of this Mort-
gage, in whatever aequence tbe Mortgagee may e$clusively determine; .
Seeond, to intereat due or~ tbe Note;
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Th,~,ir~, to the principal due on tbe Note; and ~ ~
Fo,~,_„urth , tbe remai~ader to tbe late ebarges, if any, referred to -
in tbe Note. , ,
Any deficiency in the zmount of any sucb aggregate montbly pa~ment eball,
unless-paid by the Mortgagor prior to tbe due date of tbe next ~auch depo-
, sit payable, cobstitute an event of deisult under tbis Mortgage: ,
~~(c) An9;egceas funds tbat may be accumulated by reaaon of the
depaaits required under Paragraph 7(a) bereof, remaining aftex payment oY
the amounts described in clausee (i), tii) and (iif.) tbereof, aball be
~ credited~to subsequent respec~ive montbly amounts o~ tbe eame nature re- _
quired-to be gaid thereunder. If $ny such amount shall exceed tbe esti-
mate therefor, tbe Mortgagor ehall fortbwith pay to the Mortgagee tbe amour~t
t of auch deficiency upon written notice by tbe Mortgagse of the amount
; thereof. Failure to do ao be~ore tbe due clate of aucb~amount aball be an
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; event of default under thfs Mortgage. If tbe mortgaged property fa sold
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~ under foreclosure or is otherwise acquired by the Mortgagee, ~fter default "
; by tbe Mortgagor, any remainir.g balance ot tbe accumulations under Para-
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~ graph ?(a) hereo~, ahall be credited to the principal amount owing on tbe
~ Note as of the date o~ commencement of foreclosure proceedings Yor the
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mortgaged propertq, or as of the date tbe mortgaged property is otber-
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wise so acquired.
F 8. The Improvements and all plana and apeci~ications tberetor sball
comply with all applf.cable municipal ordi~aticea, regulati-ona, and rules
F inade or promulgated by 1awYu1 sutbority, and upon their completfon-sball
~ comply tberewitb abd r~ith tbe rules oY the Board oY Fire IInderwriters
r having jurisdiction. ~ - _
9. Upon any failure bq the Mortgagor ta comply.witb or perform any .
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oY tbe terme, covenan~ts or conditions of thie Mortgage requiring the pay-
~ ment of any amoant o~ money by the Mortgagor, otber tba~ the principal
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~ 445
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