HomeMy WebLinkAbout0465 . -5-
witb the Mortgagee.shall be held by tbe Mortgagee, or any agent desig-
nated by it, in truat to be used only Yor the payment of sucb ground
rents, premiums, taxes, assessments, water rates and other governmental ~
charges! No intereet ahall be payable by the Mortgagee o~ any sum so
deposited: -
(b) All amounts required to be depoaited with the Mortgagee montbly
i~ accordance wit~ Paragraph ?(a) ~sreof, and tbe amou~t of principal and
interest to be paid eacb montb on account of the Note, ehall be added to-
~etber, and tbe aggregate amount tbereof aball be paid by tbe Mortgegor
to tbe Mortgagee in a single payment-to be applied by tbe Mortgagee on ac-
~ou~t of the indebtedness o~ tbe Mortgs~or pursuant to tbe Note and tbie
Mortgage (to the extent that moniee axe available from tbe amount ao de- -
poeited), in tbe order, any proviaion of tbe Note to the contrar~.notwitb-
standing, as follows:
First, to the amount of aucb ground rents, if any, fire and otber
hazard insurance premiums, taxes, aasessments, water rates and other gov-
ernmental cbarges required to be paid under tbe provisiona of tbia Mort-
gage, in wbatever sequence tbe Mortgagee may egcluaively determine;
Se~,co_nd_, to interest due on tbe Note; ,
Th__ird, to the principal due on tbe.Note; and -
,
Fourth, tbe remainder to tbe late cbarges, i~ any, referred to
in tbe Note.
Any deficiency in tbe amount of any such aggreg~i;~ monthly payment shall,
unless paid by the Mortgagor prior to tbe due date of tbe negt sucb depo- ~
sit payable, constitu~te an event oP default under tbis Mortgage.
:(c) Any excess fnnds tbat map bg accumulated b3~ reason oY tbe
depoaits required under '?aragrapb 7~a) bereof, remaining a~ter payment of
i the amoutats described in clausee (i), (ii) and (iii) thereof, ehall be
~ credited to subsequent respective montbly amounts o~_tbe same ngture re-
~ quired to be paid thereunder. IY any such.amount ehall exceed tbe esti-
mate thereYor, tbe Mortgagor shall fortbwitb pa~r to tbe Mortgagee the amount
oY auch deficiency upon written notice by the Mortgagee of tbe aaaount
thereof. Failure to do so beYore the due~date of euch-amount sbal~ be an
event of default under tbie Mortgage. It tbe mortgaged property fa sold
under ~orecloeure or ie otberwiae acquired by the Mortgagee, a~ter default.
by tbe Mortgagor, any remaining balance oY tbe accumulations under Para-
graph 7(a) hereoY, ahall be credit2d to tbe principal amount owing on the
Yote as oY tbe date ot commencement o~ foreclosure proceedi~ags for tbe
mortgaged property, or ae o~ the date tbe mortga,ged property is otber-
wise so acquired.
8, The Improvements and all plans and apeci~icatione thereYor shall
comply with all applicable muaicipal-ordinanees, regulations, and rulee -
made or promulgated by lawful autbority, and upon tbeir completion eball
comply therewith a~d with tbe rulea ot tbe Board oY Fire IInderwriters
Y:aving ~urisdiction.
9. IIpon any failure by the Mortgagor~to comply with or pertorm any
of tbe terms, covenants or conditiona of thia Mort~age requiring tbe pay-
ment oY any amount oY money by tbe Mortgagor,~other than ~he principal
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