HomeMy WebLinkAbout0635 - 5 -
,•:ith the ~iort~;aoee sY:211 helc: :;3~ ~h~ :~ior:.ga~;e2, cr Gny a~~~~nt ~es:.g-
::ated by ~t, in trus;, to be used only for t'~e p~y~ent o~ sGC~ ~round
~'2t1~S, pre~iu~s, ~3XZS, 8SS@SSnents, ~•rat~r r3t2S ar.d other pover~:w@t1t2~. '
;,harges, \To interesz shall be payable by the Mortgaoee on uny sum ~o
aep~sited.
(b) ~11 ~ounts required to be dep~si ~ed with the I~:orteagee caonthly
~~n ,~ccordance with P3ra~rap'n 7(a) hereo~, and the amount of principal and
'_nterest to be ,..ai3 each month on account oi the Yote, shalz be added to-
~vether, ar.d tY:e agdrega~z amount thereof shall be paid by the i~ortgsgQr
~o the P+ior~gagee ~n sir.gle payment to be applied by ihe Mortgagee on ac-
c~unt of the in3ebtiedr.ess o~ tre ~iort~agor pursuant to the i~ote and this "
~~ortgage (to tne ex-~ent that nonies are availab~e from the amount so de-
:osited), ~n the order, any provision of the Note to thecontrary rotwith-
~tandinb, as follows:
Firsti, to the amount o3 such ground rents, if any, fire and other .
:lazard :.nskra~ce premiums, taxes, assessments, water rates and other gov-
ernmental c:~arges required to be paid under the provisions of this Mort-
oage, in w:~atever sequence the Mortgagee mayT exclusively determine;
Secor.a, to interest due on the Note; .
~'i:ir~, to the princi~al due on ~he ~Note; and
Four~:~, t~e remainder to the laie charges, if any, referred to -
=~n tY~e ~ote.
~r.y deficiency ~n tre amount of any such aggregate montY~ly ~ayment shall,
~:nless pain by the :~or~gagor prior to the due date of the next such depo- {
~it payable, constitute an ever.t of default under this i~iortgage.
~
i (c} Ar.y e~ccess funds that may be accumulatied by reason of the f
~
; ~e~osits required under ~aragraph 7(a) hereof, remaining after payment of
;
s ~ ^ ~-a~aunt~-~~sc-~i-b~d-~~
-~~a~~s-{-}-3~~~-}--$~~-- ~i
i
i }-~-Y~e~~Qf
,-~~ai~-be-----
;
~ credi~ed ~o subsequenz respective monthly a~ounts of the sa~ie nature re-
_
~ :aired to bz naid thereunder. If any such amount shall exceed the esti-
~ .::ate thereior, ~~e l~ortgagor shall forthwith pay to the Mortgagee the amount
~ such de~iciency upon writt'en notice by t'ne Mortgagee of ~ne a.mount
~
~ ~'r.zreo~. railure to do so before the due date of such a.mount shall be an
~vent oi defaalt und~r tY~is Mortgage. ~i the mor~gaged Fro~erty is sold
:~c:der ~oreclosure or is otherwise acquired by the Mortgagee, after default
~
'~y the ~wr~gagor, any remaining balance of the accumulations under Para-
~ vrap?~ 7~a) Y~areof, shail be credited t~ tne principal amount owing on the
~ .
~ ::~~e as of ~he cate or conmence~ent of foreclosare proceedings for the
~ ~:~rtgaoed ;ro ~erty, or as oP the date the r~ortgaged property is other-
~
~ ~se so a~:, uirec .
_
t
8. ~::e ~~~-r;,ve~ents and all plans and specifica~ians thereior shall {
~
~ ar-~~ ; ~a?, ~ e mLnic~ pal ordinances, regulation~, and rules ;
^tie
r~~ :~a3e cr ~.r:,mu~~a~ed cy lawful aLthority, and upon their co~~? etion shall ~
~~~~~f ~::21"2~•~i ~r. ar,d with t:~e r~ales of the Board of Fire Underwriters ~
~ --a~~~~ ;;ur~sdic~;~r..
~.i
LT~ an f~ilure by t'r.e ~iortga~~r to comply with or per~ora any
t::,
~F
the terWs c~venants or cond~ ~icns o~ t'r.is i~Iortgage requiring tr,e pay-
~
We:~t o~ 2ny am~unt o~ mor.ey by t:~e Mortbagor, other -~han the principal
ti~ ° R ~~J PAGE 635
~ 600K
~~a _ - -
w~
_ _ _ - ~ _
_ _
_
~ r
~ ~ . . _ _ _ . . ~ : : s _ s_
-