HomeMy WebLinkAbout0229 - 5 -
with t~e :•_~rt~u~e~ sas~~ c~ .:e~~: cy the ti:ort~a~ee, or ar.y ~~a~t ~e~ig-
nated by i i:~ tr~:sz to be used _cr.ly ~or tihe Nzy~ent of suc:~ oround
r~nts, premiu:as, zaxes, assessments, water rates and other ~,overn~ental
charges. No interest shall be payable by the Mortgage~ on any sun so -
deposite3. .
(b) ~~1 amoun;,s required to be de~osited witY~ the :i~ri;gagee montY~ly .
in accordance with Par~.graph 7(a} hereof, and the a..mounz of principal and
interest to be ~id each month on account of the hTote, shal~ be added to-
;ether, and trle aogregate amount zhere~f sha~l be i~aid by tY,e i~iortgagor
~o the tiiortgagee in a single payment to be applied by the Mortgagee on ac-
count oi the ir.deotedness of the iKortgagor pursuant to th~ T~ote and this
Mortgage ( ~o i:~z extent that nonies are available from tY~e a.mount so de-
posited), in tre order, any ~ravision of the Note to tY~e contrary notwith-
standing, as follows:
rirst, to the amount oi such ground rents, if any, fire_and other
'nazard insurance premiu~s, taxes, assessments, water rates and other gov-
~ ernmental charges required to be paid under the nrovisions of tnis Mort-
gage, in w~,atever sequence the Mortgagee may exclusively determine;
Second, to interest due on the IJote; .
ThiL'd, to the principal due on the Note; and .
Fcurth, the remainder to the la~e charges, i~ any, reierred to
in the Note.
Any deficiency in t'ne amount of any such aggregate mon~~ly payment shall,
unless paid 'oy the i~iortgagor prior to the due date of the next such depo-
sit payable, constitute an event of default under tY~is Mortgage.
(c) kny excess funds that may be accumulated by reason of the -
deposits required under Paragraph 7(a) hereof, remaining after gaynent of
the amounts described in clauses (i), (ii) and (iii) thereof, shall be
credited io subsequent respective monthly amounts of the same nature re-
quired to be paid thereu:~der. If any such amount shall exceed the esti-
mate.therefor, the Mortgagor snall forthwith pay to the Mortgagee the amount
of such defic~ency upon v~ritten notice by the Mortgagee of the amount
thereoi. ~ailure to do so before the due date of such amount shall be an
event of~defaul~ under this ~ortgage. Ii the mortgaged prope~ty is sold
under foreclosure or is ot'nerwise acquired by t'ne i~Iortgagee, after default
by the :'4ortgagor, any remaining balance of ~he accumulatians under Para-
graph 7(a) 'nereoz, s'nall be credited to the principal amount owing on the
Nate as of ~he aatie of commencemert o~ foreclosure proceedings for t:~e
mor~gaged ~ro~erty, or as of the date the mortgaged property is other-
wise so accuiren.
8. T~:e Z~: rovemen ~s and all plans and specificat~ons ~:~ereior s'~all
conply vr~~:.~ al~ ap~licaole nunici~al ordinances, regulatior.s, and rules
made or ~r;.mu~oated by lawful authority, and upon their com~~letion shall
co~p~~ ~_.~~ewit~ and with the rules of the Board of Fire Underwri~ers
r.av~::~ ;,a~:su~c;,ion.
5, o: any iailure by tY:e :~-~r~gagor to comply with o~ perforW ar.y
of tY,e ~e;Ws; ccvenan~s or condi ~ions oi t:~is Mortgage requirinb t:~e uay-
~znt o~ a;;~ ~oun ~ o~ money oy the T~ort~agor, other than the principa~
sooK 185 PA~E 230
_ _ _ _ ~