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Home My WebLink About0996 ~ - 7 - f ;,~ith the :~:~rtgag::a s:,all ~e reld 'oy the i~.ortoaoee, or ar.y :~`~n ~~esig- ' r.ated by it, in trast to be used cniy ior the pay~ent of suca ground rents, prz,~iu~s, taxes, assessxents, water rates and other ~overn~ental chaz•ges, ~to in Lerest shall be payable by the Mortgagee on C+i`l~ sum so ; deposited. ' ~ (b) Ali Gmounts rec~uired to be neposi~ed wi+h the :~:or~gaoee monthly ~ ~n acccrdance with Paragraph 7(a) Y.~ereof, and the a.mount of principal and ~ nterest to be p^ id eacr, month on account of ;,he ~Tote, shall be added to- eether, and the_a~reg.~.~~---a~o~~~ -v~ere~~-sfi~~I be paid by t;,e TYiortoagor ~o the i~iortgagee in a sir.glz payment to 'oe applied by the r~~rtoagee o*~ ac- count of the indebtedness of the ~Iortgagor pursuant to the Notie and this :~iort~age (-~o the ex~ent that ~onies arz available from the ~mount so de- posited), in the order, any provision of the Note to thecontrary notwith- standing, as follows: F~rst, to t'r.e amoun~ of such ground rents, if any, fire and other hazard insurance premiums, taxes, assessments, water rates and othex gov- ernmental charges required to be paid under the provisions af this Mort- gage, in whatever sequence the ~+Iortgagee may exclusively determine; Szcond, to interest due on th~ rTote; _ ~':~ird, to the principal due on the Ivote; and F~urthZ the remainder to the late charges, if any, referred to in the Note. ~ny deiiciency in the amour.t oi any such aggregate monthly payment shall, unless paid by the :iortgagor prior to the due date of tY:e next such depo- sit payable, constitute an event of default under zhis 3iortgage. ~(c) kny excess funds that may be accumulated by reason of the ~eposits required under Paragraph 7(a) hereoi, remaining after payment of , ~he amounts described in clause5 (i), (ii) and (iii) thereo~, shall be ; credited to subsequent respective monthly amounts of the sa.~e nature re- ~ ~ quired ta be paid thereu:~der. I~ any such amcunt shall exceed the esti- ~ate therefor, the ~.~~i`ortgagor shall forthwit~ pay to the Mortgagee the anount :,f such deiiciency upon written notice by the ~Iortgagee of tre amount ~ ~nereof. Failure to do so be~ore the due date of such amount shall be an ~ event of default under this l~ortgage. If the nortgaged property is sold ~ u~der foreclosure or is otherwise acquired by the Mori,gagee, after de~ault ~y the ~ortgagor, any remaining balance of the accumulations under ~ara- ~raph 7(a) hereof, shall be credited to the principal amount owing on the ~ ::ote as oi ~he clate o= commencer~en~ of foreclosure proceedings for the ~ ~ ~ortgaged property, or as of the date the mortgaged propertx is oth~r- ` ~f ::ise so accuire 3 > ~ 3, ^-:e r~~rovements and all plans and specifica~ions ~:~ereior shall ~ ~ ~:,~~ly ~•r~ al~ a~~licabl~ municipal ordinances, regulations, ana rules ~ :~.aue ~r ~~cmu~~ated by lawful authority, and upon their co~pletion s~-.~all ~ ~~W~l;~ ~:~rew~ ~Y~ ann wi~h the rules of the Board o~ Fire Uncerwriters ~avi~:-- ,'ur~sd~c ~=on. ~ - o j i ~ 9. U~;on ac:y failure by t'r.e ::ortgagor to comply with or perforn any ? ~ the ter~s, c~venants or conditions of this Mortgage requiring t~e pay- ~ ~~ent o~ ~nJ am~unt o~ noney by the Mortgag~r, other than the p~incipal ~ " 8o~x 183 ~ 995 ~ ~ _ - - ~ ` ~ r_ , ~ - . z _ _'~~`r -