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Home My WebLink About0490 5 . . ~ ~ti~i ~h the ~ortgaoee .,C.,:~1Gj,11 be neld by ~he ~;ortgagee, or any a~;ent desig- rated by it; in trust to be used only for the payment of such ground rents, preniums, taxes, assessments, water rates and other oovernsental ci~arges. No interest shall be payable by the Mortgagee on any sun so ~epositPd, (b) All amounts required to be depcsited with the ?fortgagee monthly in accordance with Paragraph 7(a) hereof, and the a.mount of principal and ~nterest to be psid each mon~-Y~ on account of the Note, shall be added to- ~ether, and the aggregate amount thereof shall be paid by thE Mortgagor to the rlor~gagee in a single pzyment to be app?ied by the Mortgagee on ac- count oi tna indebtedness of the iKortgagor pursuant to the Note and this _~~ortgage (to tne extent that monies are available from the a~nount so de- ' posited}, in the order, any provision of the Note to thecontrary notwith- standing, as follows: rirst, to the. ~ount of_such_ round rent_s,__if__an~,__fire and__o_ther____.__ _ _ _ . . _ hazard insurance premiums, taxes, assessments, water rates and other gov- ernnental c:~arges required to be paid under the provisions of this Mort- ~;a;e, in whatever sequence the Mortgagee may exclusively determine; Second, to interest due on the Note; . T:~?ird, to the principal due on the Note; ana Fourth, the remainder to the late charges, if any, referred to =n the Note. ~ ~ny deficiency ~r, the amount of any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the due date of the next such depo- sit payable, constitu~e an event of default under this ~iortgage. ~(c) Any excess funds that nay be accumulated by reason of the ceposits required under Paragraph 7(a) hereof, remaining after payment of ~ ' t'ne amounts described in clauses (i), (ii) and (iii) inereof, shall be ~ ` creaited to subsequent respective monthly amounts of the same nature re- i j quired to 'oe paid thereunder. If any such amount sY~all exceed the esti- : s ::ate thereior, the Mortgagor shall iorthwith pay to the Mortgagee the amount i f ~ such deficiency upon written notice by the Mortgagee of the amount , ~ ~:ereof. railure to do so before the due date of such amount shall be an ~ zvent of default under this Mortgage. If tbe mortgaged property is sold ~ ar.der ~oreclosure or is otnerwise acquired by the Mortgagee, aftex default ~ oy the ~iortgagor, any remaining balance of the accumulations under Para- ~ oraph 7(a) hereof, shall be credi~ed to the principal a~ount owing on the ?;ote as o~ ihe date of commenceraent oY foreclosure proceedings for the ' ~ ~ ~ ~:or„gaged pro~erzy, ~r as of the date the mortgaged property is other- ~ ~:~ise so acquired. ~ 8. ~:~e I~~rovements and all plans and specifications therefor shall ~ ~ ~omply with aIl ap~=icable municipal or~iinances, regulations, ar.d rules ~ :~.ade or pro~uigated by lawful authority, and upon their completion shall ~ ~ ~~~ply there~~i~h and with the rules o~ the Board of Fire Underwriters ~ ':aving ;~:risdic ~n. ~ ; ~ 9. Upon ar:y faiiure by the I~Ior~gagor to comply with or periorm any ~ t?~e ter~s, covenants or conditions of this Mortgage requiring the pay- ~ ~ :~znt o~ any a.mount of raoney by the Nfortgagor, other than the principal ~ - ~ d00K 18~ PJICE ~ - ~ _:;R ~ _ - - - = W x ~^''_'~=~~i..~~'? . , . _ _ . c. _ _ ~ ! ' _ . _ . ~