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Home My WebLink About0499 ~ ~ - 5 - ~.~i ~h the Plortga~ee ~Y~all be held o~ ~he ~iortga~ee, or any u~~nt cesig- nated by it, in trust ~o be used cnly for t~e payment of sucn ground rents, premiu~s, taxes, assessments, water rates and other E;overnmental :.harges, No interest s'nall- be payable by the ~io.rtgagee on any sua so ~~posited. (b} :~11 amounts required to be deposited with the I~iortgaoee monthly in accordat~ce with Para;raph 7(a) hereof, and the amount of principal and interest to be paid each month on account of the Note, shall be added to- cether, and t'ne a~gregaze amount thereof shall be paid by the i~ortgagor ~o the Mortgagee in a single payment to be applied by the Mcrtgagee on ac- count of the indebtedness oi the PRortgagor pursuant to the :~'ote and this ::ortgage (to the extent that monies are available from the amount so de- posited), in the order, any provision of the Note to the contrary notwith- s~anding, as follows: _ _ . - _ _ . . - - First, to the a.~ount of such ground rents, if any, fire and o er :azard insurance premiums, taxes, assessments, water rates and other gov- ernmental charges required to be paid under the provisions o~ this Mort- ;age, in whatever sequence the Mortgagee may exclusively determine; Secor_d, to interest due on the Yote; , ^?~ir3, to the principal due on the ~Tote; and FourLh, t~e remainder to the late charges, if any, referred to in the Note. :r.y deficiency ~n the amount of any such aggregate monthly payment shall, unless pain by the ~iortgagor prior ~o the due date of the nex~ such depo- sit payable, constiiute an even~ of default under this Mortgage. (c) Any exeess funds that may be accumulated by reason of the ueposits requir2d under Paragraph ?(a} hereof, remaining afier payment of ~ne amounts described in c~auses (i), (ii) and (iii) thereoi, shall be i ~ credited to subsequen~ respective mon~hly amounts of the same nature re- ~ ~ ' cuired to be pain t'nereunder. If any such amount shall exceed the esti- ~ ::~ate therefor, the Mortgagor shall ~orthwi~h pay to the Mortgagee the amount ~ ~f such de~iciency upon written notice by the ~Iortgagee of the amount ~ ~nereof. Failure to do so before the due da~e of such a.mount shall be an ¢ ~ event of deiault under tnis ~iortgage. If ti~e mortgaged praperty is sold ~ under foreclosure_or is otherwise acquired by the Mortgagee, after default ~ 1 ~y the Ylortgagor, any remaining balance of the accumulations under Para- ~ ~raph 7(a) 'r.ereaf, shall be credited to the principal amount owing on the ~ :~:ote as o~ ~he da4e of commencement of foreclosure proceedings for the ~ ~ortgaged p~opzriy, or as oY the date the mortgaged property is other- ; :aise so accuired. a 8. ~:e I~proveraen~s and all plans and specifica~ior.s therefor shall ~ c~~~ly 4Ji4C, a~l a~plicable municipal ordinances, regulations, and rules a ~ ~ane or pr~mui~ated by lawful authority, and upon their completion shali ~ ~ ~ ~o.~~~y t:~~rew~~'n and with t~e rules of the Board of Fire Underwriters ~ ; ~ :av:no ;ur~sdic;,ion. ~ ~ ~ 9. U~on ar,y failure by t:~z i~~rtgagor to comply with or perform ~ny ~he terms, c~venants or conditions of this :~ortgage requiring the pay- ~ . . ~ ~ent of an;~ a~ount of money by the Mortgagor, other than the principal ~ . ~ 600K 182 ~ 497 ~ ~ _ . - . ~ , nmF ~ ~ . " - ~ ~ , . - : ~ ~ .~.r.~:v.. r.. . _ .:i . , ~ ~ ~ r ` . . . ~ . r~~~