HomeMy WebLinkAbout0456 . ; ~5_
witb the Mortgagee shall be held by the Mortgagee, or any agent desig-
nated by it, in trust to be used obly for the payment of such ground
re~ta, premiums, taxe~, aeaessme~ts, water ratee and other governmental '
chargea, No interest sball be payable by th~ Mortgagee on any aum eo ~
deposite3.~
~ (b) All amounts required to be deposited witb tbe Mortgagee monthly ~
in accordance witb Paragrapb 7(a) hereof, a~d the amount oY principal and
intere9t to be paid eacb montb o~ account o~ tbe Note, shall be added to-
getber, and tbe aggregate amou~t thereot shall be pe.id by the Mort~agor
to the ~ortga~ee in a aingle payment to be applied by the~Mortgagee an ae-
coubt of the indebtedness o~ the Mortgagor pursuant to tbe Note and tbia -
Mortgage (to the extent that<monies are available from tbe amonnt so de-
poaited), in the order; any provision of the Note to tbecontrar~_notwitb-
sta~di~g, as follows:
- . .
_ First, to -the amount of such ground rent9,, if any, ffre and otber
r,azard insurance premiums, taxea, aesesaments, watex rates and other gov-
ernmental charges required to be paid under the provisiona o~ thi~ Mort-
gage, in whatever sequence the Martgagee may e$clusively determine;
Se_____~cond_, to intereet due on tbe Note;
Third, to tlae principal due on tbe ~fota; and
Fo__urtb, the remainder to tbe late ebarge8, if any, reterred to -
in tbe Note.
Any de~iciency in the amoynt of any euch~aggregate monthly payment eball,
unless paid by the Mortgagor prior to-the due date of tbe next eucb depo-
, sit payable, con~titute an event of default under tbi~ Mortgage:
~(c) Any excess funcls that may be accumulatea by reaaon of tbe
deposits required under Paragrapb ?(a) hereof, remaining after payment of
the amounts deacribed in clausee (i), (ii) and (fii) thereot; sball be
credited to eubsequent reapective monthly amounte o~~the same nature re-
quired to be paid +bereunder. If any eucb amount aball exceed tbe eati-
mate therefor, tbe Mortgagor sball Yortbwitb pay to the 1Kortgagee the arnount:
of sucb deficiency upon written notice by~the Mortgagee.of the amount
tbereof. Failure to do so before tbe due da,te of euch~amount aball be an
event of default under this Mortgage. If tbe mortgaged property is sold
under foreclosure or is otberwiee acquired by the Mortgagee, after default
~ by tbe Mortgagor, any remaining balance ot tbe accumulations under Para-
` graph ~(a) bereoP, sball be erec3ited to tbe principal amount owing on tbe
~ Note as ot the date of commencement of forecloaure proceedings for tbe
f
mortgaged property, or as oY the date tbe mortgaged property ie otber-
. wise so acquired. '
8. The Improvements and all plan8 and apeciYications t}~ere~or sball
compl~ with all applicab2e municipal ardinances, regulatfons, and rulea
~ade or promul~ated by lawful autbor_ity, and upon tbeir completion sball-
coa~ply therewith and witb tbe rules of the Board of Fire IInderwriters
having ~urisdictiot~.
9. IIpon any Yailure by the Mortgagor to comply with or perfo~m any
o~ the terms, covenants or co~ditions of tbis Mortgage requiring the pay-
ment oY any amount oY money by t2~e Mortgagor, otDer than the principal.
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