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~::it~ ~he if~rt~4g.~e srall ca ha].d 'cy the :+~.ortgaoe~, or uny a~ent desio-
r3tc~'a by it, ir, trust to be used cnly for the paym~nt of ~uc?~ oraund
rents, pre::.iu:~s, taxes, assessr~ents, water rates and cther ~overna~ental
;.^arges. ~o i:~terzst shall be payaole by the ~lortgagee on ~,ny sum so
uaposited.
(b) A~1 amounts require3 to be neposited with the i:~rtga;ee monthly
in accordance wi~~ ~ara~;raph 7(a) hereof, and~the a.mount of principal and
-nteres~ to bz raid each monzh on account of the Note, ~hali be added to-
~ether, and ~ne ao~regate amount thereof shall be paid by t'ne riortgagor !
~o the Niort~agee ?n a single paymer.t to be applied by the Mort~agee on ac-
~ount of the indebtedness of t~e ~iortga~or pursuant to the Itiote and this
=~:ortgage ( Lo t:e extent that mon3es are available from the a.mount so de-
~~site3), ~n ~ne order, any provision of the Note to thecontrary notwith-
s~anding, as follows:
~ . .
F~r3t~ to the anount of such ground rents, if any, fire and other
:azard insurance preniums, taxes, assessnents, water rates and other gov-
;
~rnmental crarges required to be paid ur.der the provisions of this Mort- i
~age, in whatever ssquence the 1~Iortgagee may exclusively determine; ~
;
Second, to interest due on the ATote; , ~
Trird, to the principal due on the Note; and
r~tirth, the remainder to the late charges, if any, reierred to
in the Naze.
:~ny de~iciency ir. tne amount of any such aggregate monthly payment shall,
anless paid by the yior~gagor ~rior to the due date of the next such depo-
~it payable, constitute an event of default under this ~Iortgage.
i (c) Any excess funds tnat may be accumulated by reason of the
; ~eposits reqaired under Paragraph 7(a) rereof, remaining after payment of
` tne amounts described in clauses (i), (ii) and (iii) thereo~, shall be ~
i
~ cr~dited to subsequent respective month~y amounts of the sane nature re- }
i
~ uuired to be ~a~d thereunder. If any such amount shall exceed the esti- ~
~ .:,ate there~or, zre ~iortgagor shall forthwith pay to the Aiortgagee the amount ;
~ ;,i sucn def~ciency upon written notice by the Martgagee of the amount
3
~ ~:~ereof . ~ailure to do so before the duE date of such a.moun ~ shall be a~ ;
~ e~~ent o~ aefault under this Nlartgage. If the mortgaged property is sold ~
~ ~;nder foreclosure or is otherti?ise acquired by the yiortgagee, after defa~alt
~ ~y the ~''lortgagor, any remaining balance of the accumulations under Para-
~ ;~raph 7(a) hereof, srall be creaited to the nrincipal amount owing on the
~ ::~~e as af the da~e o~ commenceraent of foreclosure proceedings for the
~
~ ~::or~gaged pro_r.erty, or as of the date t'ne mortgaged property is other-
~
~,:ise so accuired.
~ 8. ~~:e I~~rovements ana all plans and specifications t'nerefor shall
~ ~c.~p1y v:~t': a~~ applicable municipal ordinances, regulations, and rules
:~ade or trca~u-~ ~a~ed by lawful authority, and upon their completion s'nall
~ - .
~~a~l;~ ~::e~et~it::~ and with the rules of the Board of Fire Un~erwriters
~ _.%.V1:iQ ,ji,:~iSv:.Ci.1Ci1.
~ 9. ;;r;on any ~ailure by the i~;ortgagor to comply with or perfor~ ar,y
~ ~f Lhe tEr.~s, cove:~ants or conditioc,s of this Mortgage requiring the pay-
W,
r ::_2TlT~ of a~;~ amount of money by the Yrortgagor, otber than the principal
g~184 ~1s37
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