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~ti~ith the rlort~a~ee shali ~e ?;~i~. cy the yiortgagee, or any a~~nt ~es~g-, i
r.ated by it, in trust to be used only for tne payraent oi suc~ ~;round ~
rents, ~ramiu~s, taxes, assess~erts, water rates ar.d otY:er ~overr.mental
cnarges, \o interest sY:all be payable by t~e Mortgagee on any su~ so
c~po5ited. ~
(b) All araounts required to be deposited with the ::or~bagee monthly
in accordance ~vith Paragraph 7(a) hereo~, and the a.mount of ~rincipal and
:nterest to te paid each month on account of the Note, shal? be added to-
;ether, and the aggregate amounti thereof shall 'oe paid by t'c:e i+iortgagor ~
~
to the riortgagec i:~ ~::a:ngle ~aynent to be applied by the M~rtgagee on ac- ~
cflunt of the indebte3ness of the l~iortgagor pursuant to the i~ote and this ~
f
=~Iortgage (ta tne extent that r~onies are available from the acr~ount so de- ~
posited), in the order, any provision of the Note to tY~econtrary notwith-
standing, as follo~as :
. .
F~rst, to the a.mount of such ground rents, if any, fire and other
hazard inskrance premiums, taxes, assessments, water rates and other gov-
ernmental cnarges required to be paid under the provisions of this ~ort-
bage, in whatever sequence the Mortgagee may exclusively determine;
Second, ~o interest~due on the Not2; _
TY:iY'3~ ~o the principal due on ~he Note; and
Four~'~, the remainder to the late c'narges, if any, referred to
~n the Ncte.
A:~y deficiency in the anount of any such aggregate mcnt?~ly ~ayment s'nall,
unless paid by the 3~iortgagor prior to the due date of the next such depo-
t
sit payabi2, cor.s~itute an event of default under this Mort~age. ~
~
(c} Any excess funds that may be accumulated by reason of the ~
I deposits requirect under Paragraph 7(a) hereof, remaining ai-cer paynent of ~
(ii) and (iii} thereoi, shall be
zhe aaounts described in clauses (i), ~
~ credited to sub~equent respective monthly amounts of t'ne sa.~e.nature re-
quired to be paid thereunder. If any such am~unt shall exceed the esti-
~ate thereior, tne N~Iortaagor shall forthwith pay to the riortgagee the amount
;,f suc'n deficiency upon ~~rititen notice by the Mortgagee of ~he amount }
i
~hereof. ~ailure to do so beiore the due date of such amou~:t shall be an ;
event of deiauli, under this Mortgage. Ii the mortgaged property is sold j
under foreclosure or ~s otherwise acquired by the ~Iortgagee, after default
~y the tilortgagor, any remaining balance of the accumulations under Para-
~raph 7(a) :~ereef, shall be credi~ed to the principal amount owing on the
~3ote as ~i the date az commencenent-of foreclosure proceedings ior the
.~origagen p~ op2r ~;J, or as of t'ne date the mortgaged property is o ~her-
:•rise ~a ac:.uired. ~
^ae I~urovenents and all ~lans and specifications ~~erefor srall
~~~~~ly wit:~ a?~ 2~plicable nunicipal ordinances, regulatior_s, and rules
:~aae or ~rc~ulga~ed 'ay lawiul authority, and upon their completion s'nall
~o~~~~ ~::cr2wi and with the rules oi the Board of Fire Under:•rriters
^av~~:g „arisdic~ior,.
9. U~or. ~-r.g failure by the ~Tortgagor to com~ly ~aith o~ pe~~orm any
~f ;,he terms, covenants or conditions of this i~ortgage requiZ''171a tne pay-
~e:~t o~ 2ny a~~unt oi money by the TMlortgagor, other than the ~~rincipal
800K 1~~ PACE ~J9
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