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HomeMy WebLinkAbout1448 . . • - 5 - with the Mortgaeee shall be held by the Mortgagee, or any agent desig- nated by it, in trust to be used only for the payment of such ground rents, preniums, taxes, assessments, water rates and other governmental ~ charges, No interest shall be payable by t~e Mortgagee on any sum so ~ deposited. ~ (b) All amounts required to be deposited with the Mortgagee monthly in accordance with Paragraph 7(a) hereof, and the a.mount of principal and interest to be paid each month on account of the Note, shall be added to- eether, and the aggregate amount thereo~ shall be paid by the Mortgagor to the hlortgagee in a single payment to be applied by the Mortgagee on ac- count of the indebtedness of the Mortgagor pursuant to the Note and this ;ortgage (to the extent that monies are available from the amount so de- posited), in the order, any provisior~ of the Note to tbecontrary notwitb- standing, as follows: First, to t~:e a.mount of such graund rents, if any, fire and other ::azard insurance premiums, taxes, assessments, water rates and other gov- ernmental charges required to be paid under the provisions of this Mort- bage, in whatever sequence the TKortgagee may exclusively determine; Second, to interest due on the No~te; , mhird, to tne pr~ncipal d~e on the Note; and rourth, the remainder to the late charges, if any, referred ta ,in the Note. ~ny- d~f i c_i_ency_ in_ th.e .~moun+ _ o f_any suc~- abgrega ve_ ~.~~thly -=~.a~nent shall un?ess paid by the Mortgagor prior to the due date of the ne:~t such depo- sit payable, constitnte an event of default under this Mortgage. - .(c) Any excess funds that nay be accumulated by reason o~ the deposits required under Paragraph 7(a) hereof, remaining after payment of ~he amounts described in clauses (i), (ii) and (iii) thereof, shall be credited to subsequent respective monthly amounts of the same nature re- ~ ; quired to be paid thereund~r. If any such amount shall exceed the esti- p :~ate therefor, zhe Mortgagor shall forthwith pay to tbe Mortgagee the amount ; of such deficiency upon written notice by the Mortgagee of the amount ; ~hereo~. Failure to do so before the due date of such amount shall be an ~ € event o~ ~.e~ault under this Mortgage. If the mortgaged property is sold ~ ander__foreclo_su~e_nr__is__atherwiss__acquired_hy__the- Mortgagee,__after_default-__ ~ - ; ~y the i'2ortgagor, a~y remaining .balance of the accumulations under Para- ~raph 7{ai hereof, shall be credited to the principal amount owing on the ~ : ~~ote as o~_the date of commencement of foreclosure proceedings for tbe ~ ~ uortgaged property, or as of the date the mortgaged property is other- ~ _ ~~ise so acquired. 8. ~ne Improvenents and all plans and spsci~icat.ions therefor shall E comply wit?~ all applicable municipal ordinancea, regulations, and rules ~ :~ade or pr~~ulgated by lawful authority, and upon their completion shall ~ ~~mply therewith and with the rules of the Board of Fire Underwriters ~ ~avir,g jur~sciction. 9. Upon any failure by the Mortgagor to comply with or perfor~? any ~ the terms, covenants or conditions of this Mortgage requiring the pay- ~ ~ent of any anount o~.money by ;.'ne Mortgagor, other than the principal ~ ~ 8ooK183~ PACE1447 ~ : ~ - . - ¢ _ -~M _ w _ z - . : - - __r:~: