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~~ith the Mortgagee shall be held by the Mortgagee, or any a~ent desig-
nated by it, in trust to be used only for the payment of such ground
rents, premiums, tahes, assessments, water rates and other governm~ntal ~
c'narges. No interest shall be payable by the Mortgagee on any sum so
deposited. _
(b) All amounts required to be deposited with the Mortgagee monthly
in accordance with Paragraph 7(a) hereof, and the amount of principal and
interest to be paid each month on account of the Note, shall be added to-
gether, and the aggregate amount thereo~ shall be paid by the Mortgagor
to the Mortgagee in a single payment to be applied by tbe Mortgagee on ac=
count of the indebtedness of the Mortgagor pursuant to the Note and this
Mortgage (to the extent that monies are available from the amount so de-
posited), in the order, any provision of the Note to tbecontrary notwitb-
~tanding, as follows:
~irst, to the amount of such ground rents, if any, fire and other
'nazard insurance premiums, taxes, assessments, water rates and other gov-
ernmental cha-rges required to be paid under the provisions of this Mort-
gage, in whatever sequence the Mortgagee may exclusively determine;
Second, to interest due on the Note; .
Third, to the principal due on the Note; and ~
Fourth, the remainder to the late charges, if any, referred to
in tbe -Note .
Any deficiency in the a.mount of any such aggregate monthly payment shall,
unless paid by the Mortgagor prior to the due date o~ the next such depo-
sit payable, constitute an event of default under this Mortgage.
:(c) Any excess funds that may be accumulated by reason of the
deposits rzquired under Paragraph 7(a) hereof, remaining after payment of
the amounts described in clauses (i), (ii) and (ii~i) thereo~, shall be
~ credited to subsequent respective monthly amounts of the same nature re-
~ quired to be paid t:~ereunder. If any such amount shall exceed the esti-
~
~ mate therefor, the Mortgagor shall forthwith pay to the Mortgagee the amount
~
f of such deficiency upon written notice by the Mortgagee o~ the amount
~ thereo~. Failure to do so before the due date of such a.mount shall be an
event of default under this Mortgage. If tbe mortgaged property is sold.
under foreclosure or is otherwise acquired by the Mortgagee, after deYault
by th~ Mortgagor, any remaining balance of the accumulations under Para-
~ graph 7(a) hereof, shall be credited ta tbe principal amount owing on tbe
Vote as of the date of commencement of foreclosure proceedings for the
~ortgaged property, or as of the date~the mortgaged property is other-
wise so acquired.
~
~ 8. The In~rovements and all plans and specifications therefor shall
~omply wizh all applicable municipal ordinances, regulations, and rules
~ ~ade or promulgated by lawful authority, and upon thei~ completion shall
conply therewi~h and with the rules of the Board oY Fire Underwriters
^avin~ jurisdiction.
9. Upon any failure by the l~ortgagor to comply with or perform any
of the terms, covenant3 or conditions of thia Mortgage requiring the pay-
~ent of any amount of money by the Mortgagor, other than tbe principal,
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