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Home My WebLink About0987 - 5 - ~::itY: t~e ti:orte~~ee shall ae held by the ~:ortgagee, or ~.r.y u~~nt d~sig- nate~ by it, in trust to be used cniy for the payment oi such ground rents, premiu~s, taaes, assessments, wa~er rates and other ~overnaental charges. 1~o interes~ shall be payable by the Mortgagee on any sum so deposited. :~11 arounts required to be deposited with the i:ortgagee m~nthly in accordance with Paragraph 7(a) Y~ereof, and the amount of principal and i.nterest to be L.aid each month on account of the Note, shali be added to- getHpr, and the a~gregate amout~t thereof shall be paid by t:~e I~:ortgagor to the ~Iortgagee in a single paynent to be applied by the Mortgagee on ac- count of the indebtedness of the Mortgagor pursuant to the \Tote and this '~iortgage (to th~ ex~ert that monies are available from the aaount so de- ~osi~ed}, in ~he order, any provision of the Note to thecon~rary notwith- standing, as follows: ~ . . F;rs~, to ~he amount of such ground rents, i~ any, fire and other :~azard insurance premiu~s, taxes, assessments, water rates and other gov- ernmental charges required to be paid under the provisions of this Mort- gage, in whatever sequence the Mortgagee may exclusively determine; Second, to interest due on the DTote; , Third, to the principal due on the Note; and Fourtr,, the reraainder to the late charges, if any, referred to in the Note. ~ny deficiency i:~ the amount of any such aggregate mont~l3r payment shall, unless paid by the ~iortgagor prior to the due date of the next such depo- sit payable, constitvte an event of default under this A~ortgage. (c) Any excess funds that nay 3e accumclated by reason of the ueposits required under Paragraph 7(a) hereaf, remaining after payment of ' t:~e amounts described in clauses (i), (ii) and (iii) thereoi, shall be i E credited to su~sequent respective nonthly amounts of the sarae nature re- j cuired to oe ~aid thereunder. I~ any suc'n a.mount shall exceed the esti- ~ .:~ate therefor, the ~ortgagor shall forthwith pay to the Mortgagee the a.mount ~f such d~iic~ency upon wri;.ten notice by the Mortgagee of the amount ~hereof. Failure to do so before the due date of such amour.t shall be an ~ event oi default under this l~Iortgage. If the mortgaged property is sold ur~der foreclosure or is other~vise acquired by the ~ortgagee, after default ~ by the ~•~'jortgagor, any remaining balance of the accumulations under Para- ~ graph 7(a) hereof, shall be credited to the principal amount owing on the ~ ~ i:oze as af the da~e of commencement of foreclosvre proceedings for the ° ~ ~ortgaged ~,ro~erty, or as of the date the mortgaged property is other- ~ ti ~ ,~s ~:~ise so acquired. t ~ - ~ } ~ 8. m~ie Tmprovemen~s and all plans and specifica~ions t'nere~~'shall ' ~ ~ co~ply wi~'a al~ applicable municipal ordinances, regulations, and rules ~ ~ ~ade or prc:~ulgated by lawiul autY~ority, and upon their completion shall ~ ~ ~omp:~J tY~erewith and witY~ the rules of the Board of rire Underwriters ~ w~ .avin~ ~~ar~sdiction. ~ ~ ' ~ 9. ~Tpon ar,y failure by the I~Ior~ga~or to comply with or perform any ~ :,f the terWs, covenants or conditions of this Mortgage requirin~ the pay- ' ~ _ .~ent o~ any a~ount oY money by tY:e ~iortgagor, other than t~e principal ; 3 ~ ° R ~83 P~~ 986 600K ~ { 5 7f t^ . ~ _ ~ A x . . , ~ . . _ _ _ _ . . ~