HomeMy WebLinkAbout0970 ~ ~ 5 - .
witY~ the Mort~;a~ae ~~all be 'r.eld cy the ~iorz;aoee, or a*~y aoant desig-
nate3 by it, in trust to be usea only for tr,e ~ayc~ent o~ suc'n ~round
rents, premiu~s, taxes, assessments, ~~ater rates and o~her oovernmental
charges. i~~o interest sha11 be payable by the ~Ior~ga~ee on any sum so
deposited.
(b) All amounts required to oe deposited wit~ the ir:ort~agee monthly
:n accordance with Paragraph 7(a) '.^~reof, and the a.mount of prir,cipal and ~
~nterest to be ~aid each month on zccount of the Note, shall be added to- ~
oether, and zhe aggregate amount thereoi shall be paid by t'ne T~ortgagor ;
to the :~ort~agee in a single payment 'to be applied by the Mortgagee on ac- !
count of the ir.ceotedness of the Aiortgagor pursuant to the I~ote and this
;~Iortgage (-~o tne exzent ~hat monies are available fron the a.mount so de- ~
~osited), in ihe order, any provision of the Note to the contrary notwith-
standing, as follows:
F~?^St~ to the amount of such ground rents,~if any, fire and other
~azard insurance premiums, taxes, assessments, water rates and ~ther gev- 1
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ernmental charges required to be paid under the provisions of this Mort-
gage, in whatever sequence the Mortgagee may exclusively detzrmine;
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Secor.d, to in~erest due on the Note; .
T~:ird, to the ~rincipa:. due on the Note; and ~
rourtr, the remainder to the late crarges, if any, referred to
;n the Note.
:~ny deficiency ~n the a:nount oi any such aggregate monthly payment shall,
unless paid by ~?~e ti:ortgagor prior to the due date of the next such depo-
sit payaple, constitute an event oi default under t'nis Mortgage.
(c) Ar~y excess ~unds that may b2 accumuiated by reason of the
! deposits required under Paragraph 7(a) hereof, remaining after payment of
f
I the amo~;nts described in clauses (i), (ii) and (iii) thereof, shall be
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f credi-ted t~ subsequent respective monthly amounts of the sane nature re-
i ~uired to be paid thereunder. If any such amount shall exceed the esti- ~
~ ~ate there~or, zhe Nortgagor shall ~orthwith pay to the Mortgagee the amount
~ oi such deficie:.cy upon written notice by t'ne N~ortgagee of the amount
~:ereof . Failure ta do so 'oefore the due date of such a~nount shall be an
zvent of de~ault under t'nis i~Iortgage. If the mortgaged property is sold
under fareclosure or is otherwise acquired by the ~Sortgagee, after default
by the ~ortgagor, ary remaining balance of the accumulations under ~ara-
~raph ?(a) hereoi, shall be credited to the principal amounti owing on the
~ =;ote as of t:~e date o~ c~mmencement of foreclosure proceedings for the
~ ~~rtgaged property, or as of the date the mortgaged property is other-
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~ ~.~ise` so accuir~d.
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~ 8. mne i~provements and all plans and specifications ~nere°or shall ~
~ ~~~:~ly Y:~L~: all a~plicable municipzl ordinances, regulations, and rules '
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~ .~ade or ~romuloated by lawiul authority, and upon their completion shall
~ co~p~;~ t';erewi and with the rules of the Board of Fire Unaerwriters
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~ ~aving ;;u~isdicti~n.
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9. L'~,on any ~ailure by the Mortgagor to comply with or perf~rm ar.y _
~ tre terms, covenants or conditions of this l~or>tgage requiring the pay- ;
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~ Went o~ an;~ ar~ount of noney by t'ne Mortgagor, other than the principal ~
t~ ~t~
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