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with the Mortgagee ehall be held by the Mortgagee, or any agent deeig- ~
nated by it, in trust to be used only !or the payment of euch grou~d
renta, premiums, taxee, aeeeeamente, water ratee and other governmental ~
charges. No intereat ahall be payable by the Mortgagee on any eum eo
depoaited.
~
(b) All amounta requfred to be depoeited with the Mortgagee monthly '
in accordance with Paragraph 7(a) hereof, and the amount oY principal and
intereat to be pe~id each month on account of the Note, shall be added to- ~ ~
gether, and the aggregate amount thereof shall be paid by the Mortgagor '
to the Mortgagee in a aingle payment to be applied by the Mortgagee on ac- ~
count of the indebtedneee of the Mortgagor pursuant to tbe Note and thie
Mortgage (to tbe extent tbat moniee are available ~rom the amount so de-
posited), in tbe order, any provision of tbe Note to tbecontrary.notwith-
standing, as followa: .
First, to the amount of such ground renta, if any, fire and otber
hazard insurance premiums, taxea, asaeaamenta, wa~er rates and other gov-
ernme~ital chargea required to be paid under the proviaions o~ thie Mort-
gage, in wbatever aequence the Mortgagee may excluaively determine;
~Second, to intereet due on tbe Note;
Third, to the principal due on the Note; and ~
Fourth, the remainder to tbe late cbargea, if any, referred to .
in the Note. -
Any deficiency in the amount of any euch aggregate monthly payment shall;
unless paid by the Mortgago-r prior to the~due date of tbe next eucb depo-
sit payable, conetitute.an event of default under this Mortgage. ~ ~
:(c) Any excesa funds that may be accumulated by reason of tbe
depoaits required under Paragraph~?(a) hereof, remaining after payment~of
the amounts described i~ clauaea (i), (ii) and (iii) thereoY,~shall-be
i credited to subsequent respective montbly amounte of the eame nature re-
f ,
; quired to be paid thereunder. If any auch_ amount-ahall exceed the esti-
~
~ nate ~herefor, tbe Mortgagor shall fortbwith pay to the Mortgagee the amount
; oi such deficiency upon written notice by the Mortgagee of the amount ;
~ ~hereof. Failure to do ao before the due date of such amount shall be a~
~ event of default under thia Mortgage. If the mortgaged property ia ~old -
~ under foreclosure~or is~.otherwise acquired by the Mortgagee, aYter default
. by the ~lortgagor, any remaining balance of the accumulations under Para-
~ graph 7(a) hereof, ahall be credited to the principal amount owing on tbe
~ ~~ote as of the date of commencement o~ forecloeure proceedings tor the •
~ Wortgaged property, or as of the date the mortgaged property ia other-
~ wise so acquired.
~ 8. The Improvementa and all~plane and apeciticatione therefor shall
~ c~mply with all applicable municipal ordinancea, regulations, and rules
:ade or promulgated by lawYul suthority, and upon their completio~ ahall
comply therewith and with the rulee of the Board oY Fire IInderwriters .
~ ~,aving juriadiction.
~ 9. IIpon any tailure by the Mortgagor to comply with or pei~form any
of the terme, covenants or conditione oY thie Mortgage requiring the pay-
~ent oY any amount of money by the Mortgagor, otber than the principal ~
~ a~K1~. ~i~ ° - ,