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Home My WebLink About0502 - 5 - •.;iti~ ~he ~iort~aoee si~all ce held 'cy the :f.~rtoabe2, or an;~ a~,~nt des~g- ::s ~ed 'oy i in trus ~ ro be ~sed cn-~y for the payment of suca or~und _ ran~s, pre~iu~s, tax_es, assessments, water rates and other ~overn~tiental ; ;,rarges, tio ~n;,erest shall be payable by the Mortgagee on any sum sQ ~ I .:eposited. j ~ (b) yil anaur.ts required to be deposited with the ;~:ortGagee monthly ~ _n accor~ance wi~h Paragraph 7~a) hereof, and the aaount of princigal and ~ '_nterest to be Faza each mon~n on account of thE Note, shall be added to- ~ether, and tne a~gregate amount thereof shall ~e paid by the Mortgagor ~o the i~iortgagee in a single payment ta be applied by the Mortoagee on ac- ~ c~unt of ~he ~nc~ebt~dness oi the i~ortgagor pursuant to the :~Tote and this '_•.~rtgage (~o ~he e~zent tihat aonies are available from the amount so de- p~sitec), in tne order, any provision oi the Note to t't~ contrary notwith- s~anding, ~s follows: r=rs;., ~o the a.mount oi such ground rents, if any, fire and other :azard ins~:rance premiums, taxes, assessments, water rates and other gov- ernmental cY:arges requ~red to be paid under the provisior.s cf this Mort- ~age, in wnatever sequence the Mortgagee may exclusively determine; Secon3, to irter~st due on the Note; . ~:ira, to the principal due on t'ne Note; and Fo~art~, the remainder to the late charges, if any, ref~rred to ~ '_r. the hTote. Yn;~ deficiency ~n the amo~nt of any such aggregate monthly payment shall, unless paid by the ifortgagor prior to the due date of the next such depo- ~it payable, cor~sti ~ute an event of defaul~ under this Mortgage. i (c) Any excess funds that nay be accuraulate~d-by reason ~f the - ~ cepos~ts required under ParagrapY~ ?(a) rereof, renaining after payment of I ~ ;,ae amounts described in clauses (i), (ii) and (iii) thereof, shall be + € credited to subsequer.~c respeczive monthly amounts of the sar~e nature re- ; ,:,uired to be paio. thereunder. If any such 2mount shall exceed tne esti- ::~ate there~~r, zne ~%~ortgagor shall fortY~with pay to the Mortgagee the amount :;i such de~iciency upon written notice by the Mortgagee of -che a.mount ~:~ereof. ~ailure to do so before ~he due nate of such amount shall be an ~ zvent of default under this :~Iortgage. If the mortgaged property is sold ~:nder forzc~osure or is otherwise acquired by tne MortgageP, afier default ~y ~he :=ortgagor, ar.y remaining balance oi the accumulations under Para- ~ ~ ~ ~~ap?: 7~a) h2reof, sr,all be credited to the principal amount owing on the ~ ~ ::o~e as of tr~e da~e ai com~iencemerlt of foreclosure proceedings for t'ne # ~ :~:~rtgagea pra:~erty, or as of the datie the mortgaged property is oth2r- ~ ~ se so accaired. ~ ~ ^'~e ~.~~rover~ents and aIl plars ann specifications ~'nerefor shall ~ T~ri all anpi~cable municipal ordinances, regulations, an~ rules ~ :~~de :.r ~rc~ul~a~ed 'oy lawful auth~rity, and upon their comulet~on shall = i ~ j t:lCrct•r~t:~ and witn the rules of the Board of Fire Unde~writers € : ~ -3~'_':~ ~U~'~SC~C~-OTi. ~ ~ 5. u~on a::y iailure by the ifortgagor to comply with or perforra any F . ~ ;,he te_-.~s, cover,an~s or conciitions of tY:is Mor~gage requirin~ the ~ay- 3 ~ ~en ~ o~ ar:y a~~.~ount of raoney b~ the Mortgagor, other than the principal ~ ~ p i ~ 6flOlf ~O~ P~CE . ~112 f , _ _ _ = ,