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HomeMy WebLinkAbout0979 ' - - ~ - ~.:itY: :.~e :~lortg~g~e ~Y:all ae held by the ;i~rtgagee; or any a~;cnt desig- :ated by it, in trust to be used c::ly for the payment oi ~uc?~ oround rents, pre~:iums, taxes, assessments, water rates a~d other ~;overnnental ~narges. No interzst shall be payable by tne i~ortgagee on any sum so ~zposited. (b) ~11 ~mounts required ~o be deposited with the ::ort~agee mon~hly ~~n accordance with Psragrapn 7(a) hereo~, and tY~2 amcunt of principal and ~nterest t~ be ~aid each month on account oi the`Not~, shall be added to- ~ether, and the aggregate a~ount thereoY s~iall be paid by tne i~iortgagor to the Mortga~ee in a sir.o~e payment to be applied by the Mortgagee on ac- count of tY~e incebtedness of t'nz Mortgagor pursuani to ~he N~te ar,3 41tiU . .:~ortgage (~o the ext~nt ~that monies are avail~ble from the amount so de- ~osited),•in the order, any provision of the Note to thecontrary notwith- s~anding, as follows: - . . First, to the a:nount of such ground rents, if any, iire and other ::azard insuranc:e premiums, taxes, assessments, water rates and other gov- 3 ernmental cY;ar;es required to be paid under the provisions of this Mort- aage, ~n w'r,atever sequence the Mortgagee may exclusively determine; Second, to interest due on the Note; , _ T'r~rn, to the principal due on tY:e Note; and _ Fcur~~;, the remainder to zhe late charges, if any, referred to the Note. . ~ zny defic~ency ~n the amount of any such aggregate monthly payment shall, anless paic by the IY~ortgagor prior to the due date of the next such depo- jit payable, const~zute an event of defau~t under this Mortgage. i i (c) ~1ny excess funds tnat may be accumula~ed by reason of the ; ueposits required under Paragraph 7(a) hereof, remaining after payment of ~ ~::e amounts described in clauses (i), (ii} and (iii) thereof, s'nall be ~ credi-ted io sabsegueni, respective ~onthly a.mounts of the sa~e nature re- ~ cuired to b~ paid thereunder. If any such amount shall exceed the esti- ~ ::~ate there~or, the ~fortgagor s'aall forthwith pay to the Mortgagee the amount ~ ~i suc?~ deficiency upon written notice by the iKortgagee of tne~amount v':ereo~. Failure ~c do so~before the due date of such amounti shall be an event or defaulz under this ylortgage. If the nortgaged property is sold ur.der foreclosure or is otherwise acquired by the i~ortgagee, after default the ~ortgagcr, any remaining balance of t'ne accumulations under Para- ~ ~raph 7(a) hereof, sh~ll be credited to the principal amount owing on the? ~ _:o~e as of ~he ~ate o~ commencenent o~ foreclosure proceedings for the ~ ~_~rtgaged ~roperty, or as cf the date the mortgaged property is other- K ~ -::ise so acauired. ; n 3. i::e ~~provements and all plans and speci~ications ~:~ereior s:~all ~ •~r~~:^ all apnlicable municipal ordinances, regulations, and rules ~ ~ :~ace ~~r ~romu~~a~ed by lawful autnority, ana upon their completion shall ' ,3 ~ ~~m,~y ~.,erewi~'r. and with the rules of the Board of Fire Underwriters ~ ~ i ~:avi::~ „uri~di~t~ on. ~ Ur,on ar,f failare ~y the ~Sortgagor to comply with or pexforra any ' _ j ~ t?~e terms, ccvenants or conditions of this Mortgage requiring the pay- j ~ ~ =~ent o~ ary a~ount of money b;~ the Mortgaoor, other than the principal ~ aoac ~~?sf ~ ~ - . . - - ~ ~ a_~> _y. _ . _ .