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Home My WebLink About1446 . ' . - 5 - I ~ , , , - , ~ ~ h~ ~ . , t:. ~:'I L:l~ .,Ortf;;.:i,~-~ .,t, .:~iGt L~/ ;,he ..ort~s~;~.e, Cr &:l~ 3~;~t1t G~C:S~(~- • ;:ated by i i:; trust to b.., uged only for the payment of such ~rour~d :en~ts, pre~iu~:3, ta~c:5, assessments, wa::er rates and other governmental , . ~ ;,harges. ~o interest srsll be payable by the Mortgagee on any sum so ~ aeposited. (o) AlI amounts require3 to be deposited with the t:ortgagee monthly _n accorda:~ce ~~ith Paragraph 7(a} hereof, and the amount of principal and :nterest to be paid each month or account of the Note, shall be added to- ~ether, and the aggregate amount thereof shall be paid by the Mortgagor • to the Morigagee in a single payment to be applied by the Mortgagee on ac- ~~unt of the indebtedness of t~e Mortgagor pursuant to the Note and this :•Iortgage (to t:e extent that monies are available from the amount so c3e- ~osited), in the order, any provision of the Note to thecontrary notwith- standing, as foilows: ' . . First, to the a.mount of such ground rents, if any, fire and other ~azard insarance premiums, t~xes, assessments, water rates and other gov- ernmental charges required to be paid under the provisions of this Mort- ;age, in wnatever sequence the Mortgagee may exclusively t~etermine; ~ Second, to intere~t due on the Note; , Thi~d, to the principal due on the Note; and _ Fourth, the remainder to the late charges, if any, referred.to in the Note. ~ ;ny deficiency in the amount of any sueh aggregate monthly payment shall, an~ess paid by the Mortgagor prior to the due date of the next sucb depo- ~it payable, constitute an event o~ default under this Mortgage. ~(c) Any excess funds that may be accumulated by reasori of the ::~posits reguired under Paragraph 7(a) hereo~, remaining after payment oY ~ne amounts described in clauses (i), (ii) and (iii) thereo~, shall be ' ~red~ted to subse~uent respective monthly amounts of the sa~e nature re- i :uired to be paid thereunder. If any such amount shall exceed the esti- ~ W~~e therefor, the Mortgagor snall forthwith pay to the Mortgagee the amount ~ ~ such deficiency upon written notice by the Mortgagee o~ the amount ~^ereo~. railure to do-so before th~ due date of such amount shall be an event of deiault under this Mortgage. If the mortgaged property is sold :~nder foreclosure or is otherwise acquir~d by the Mortgagee, ~fter default ~y the ~or;,gagor, any remaining balance of the accumulations under Para- ~~~aPh 7(a} rereof, shall be credited to the principal amount owing on tbe ::o~e as of the date of commencenent of foreclosure proceedings for the ~ ~.~r~gaged :;rope~ty, or as of the date the mortgaged property is other- ~ :~::Le so accuire~. ^re I~prcvements and all pla.ns and specifications t'nerefor shall ~ ,~,w~l;~ r~'_ 4~2 applicable municipal ~rdinances, regulatior,s, and rules ~aaa ~r pr~~u~gated by lawful authority, and upon their completion shall ~:,:~~Z;~ t: e~ewi;.h ~nd wi~h the rules of the Board oY Fire Underwriters - :3v~::c ; =sdiC ~20:i. 9. ~:;on any failure hy the :~ortgagor to comply with or perform any ~r~e i~r:~s, covenants or conditions of this Mortgage requiring the pay- Went of dny amount c:: noney by the Mortgagor, other than the principsl ~ - eoo~ 1~3 ~ 653 ~i86 ~i4~4 - -