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HomeMy WebLinkAbout1249 . - ~ ~ _ ~ i , with the Mortgagee eball be held by the Mortgagee~ or any ageat deeig-~ ~ nated by it, in truat to be ueed o~aly !or the paymeot ot euoh grouod reqt6~ premiume, tsxea, aeoeeemeots, water retee aad otber goveromental ' charges. No intereet ehall be payable by the Mortgagee on any eum eo deposited. . (b) Al~ amounte required to be depoeited witb the Mortgagee monthly in accordance witb Paragraph ?(a) hereof, and the amount o! principai and intereet to be pnid eacb mortb on aacount of the Note, eball be added to- ~ gether, and~the aggregate amount thereoY ehall be paid by tbe Mortgagor to the Mortgagee in a eingle payment to be applied by tbe Mortgagee on ac- ~ count of the indebtedneee oY the Mortgagor pureuant to tbe Note and tbie Martgage (to tbe extent tbat moniee are available from the amount eo de- poaited), in the order, any provision of the Note to tbe contrary_notwitb- standing, as followe: . ~ F_irst, to the amount of such ground rente, if any, fire a~d other hazard inaurance premiume, taxee, aeeessmente, wa~er rates and other gov- ernmental cbargee required to be paid under the provisione of thie Mort- gage, in wbatever eequence the Mortgagee may eaclueively determine; Se_ c~d, to intereat due on tbe Note; Th_ ird, to tbe principal due on tbe Note; and ~ Fourth, tbe remainder to tbe late cbargee, if any, referred to in the Note. - ~ Any deficiency in tbe amount of any such aggregate monthly payment sball, anlesa paid by tbe Mortgagor prior to the due date ot the neat euch depo- sit payable, conetitute~an even~t of default under tHie Mortgage. ~ ~ :(c) Any eacess funda tbat may be accumulated by reaeon oT the ~ depoaits required under Paragraph~7(a) hereof,~remaining aYter payment oY ~ the amounts deacribed in clausea (i), (ii) and (iii) thereof, ehall be ~ credited to aubaequent reapective montbly amounte of tbe eame nature re- ~ . quired to be paid thereunder. If any eucb amount ehall exceed the eati- mate therefor, tbe Mortgagor ehall ~ortbwith pay to the Mortgagee the amount af such deficiency upon written notice by the Mortgagee of the amount ' ~ t:~ereo~. Failure to do ao before tde due date of eueH amount shall be an event oY default under tbie Mortgage. IY the mortgaged property ie eold under ~oreclosure~or i~ otherwiee acquired by tbe Mortgagee, after deYault by the Mortgagor, any remaining balance of tbe accumulatione under Para- graph 7(a)~bereof, ehall be credited to tbe principal amount owing o~ tbe tiote as of the date of commencement of forecloeure proceedinge Yor tbe ~ortgaged property, or ae of tbe date the mortgaged property ie otber- , ~ ~aise so acqufrerl. - ; ~ i ~ 8. The Improvemente and all~plane and epeciYicatione thereYor shall ~ coc?ply witb all applicable municipal ordinancea, regulatione, and rulee ~Wade or promulgated by lawYul autbority, and upon tbeir aompletion eball~ comply therewitb and with tbe rulee oi tbe Board oi Fire IInderwritere :,aving ~urisdictiot~. 9. IIpon any isilure by tbe Mortgagor to comp2y.witb or pertorm any of tbe terme, cove~ante or oonditione o! thie Mortgage requiring tbe pay- ment ot any amouAt ot money by tbe Mortgagor, otber than the prinaipal ~1~6 ~~Z47 . . _ _ _ _