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Home My WebLink About2856 . _.5 _ with the Mortgagee ehall-be hald by the Mortgagee~ or any agent de8ig- ~ nated by it~ in truat to b• ueed onlq tor tbe payment oi auch ground ~ rents, presnium~s~ tsxea, asseeaments, water ratea and other governmentsl ; chargee. No intereet ehall be payable by the Mortgagee on any eum eo deposited. . . t (b) All amounts required to be depoaited with the Mortgagee mobtbly ` it~ accordance with Paragraph 7(a) hereo~, and the amount af principal abd interest to be paid each month on account oY.the Note., shall be added to- gether, and the aggregate amou~t thereof ahall be p~id by tbe Mortgagor to the Mortgagee in a single payment•to be applied by the Mortgagee on ao- count ~f the indebtedness of tbe Mortgagor pursuant to the Note and tbis Mortgage (to the extent that monies are available Yrom tbe amount eo de- posited), in the order, any proviaiob of tbe Note to tt~econtrary notwith- standing, as follows: ~ Fi___,_rst_, to the amount of euch ground rents, if any, fire and other haza7~d insura~ce premiums, taxea, assesamente, water rates and other gov- ernmental cbarges required to be paid under tbe proviaiona o~ tbie Mort- gage, in wbatever aequence the Mortgagee may excluaively determine; ' Second, to interest due on tbe Note; Third, to the principal due o~a tbe Note; and ~ Fourtb, the remainder to tbe late charges, if any, re~erred to in the Note. ~ _ Any deficiency in tbe amount of any sucb aggregate monthly payment ahall, unless paid by tbe Mortgagor prior to the due date of tbe next auch depo- sit payable, constitute an event of default u~der this Mortgage. ~ :(c) An~ excess funds tbat may be accumulated by reason of the ; deposits required under Paragrapb 7(a) hereof, remaining after payment oP ~ ~ ' the amounts described in clauses (i), (ii) and (iii) thereof, shall be ~ credited to subsequent respective monthly am.ounta of the same nature re- quired to be paid thereunder. If any sucb amount shall exceed tbe esti- ~ ~ate tberefor, tbe Mortgagor shall fortbwith pay to-the Mortgagee tbe amount ~f such deficiency upon written notice by the Mortgagee of the-~mount ~hereof. Fa'ilure to do so before the due date of auch amount shall be an event of default under this Mortgage. If the mortga~ed property ia sald under foreclosure or is otherwiae acquired by the Mortgagee, after default ~y the '~ortgagor, any remaini~ng balance of the accumulations under Para- . ~raph 7(a) hereof, shall be credited to tbe principal amount owibg on tbe :yote as oY the date of commencement o~ foreclosure proceedings Yor the .~ortgaged property, or as oY tbe date tbe mortgaged property ia other- , ~r~ise so acquired. ~ _ t 8. The Improvements and all plane and specifications.therefor ahall c~~mply with all applicable municipal ordinancea, regulations,~abd rules ; Wade or promulgated by lawful authority, and upon their completion ahall ~ s comply therewith and with the rulee of the Board of Fire Underwritera .aving iurisdiction. - • ~ ~ ~ 9. Upon any failure.by the Mortgagor to comply witb or perform any ~ the terme, covet~ants or conditione of thia Mortgage requiring the pay- s:.er,t ot any amount ot money by the Mortgagor, ot~er tban the pri~oipal ~186 ~2849 ; _ . _ _ _x, ~ ~r.~:~ _ _ _ _ _ _ . _ _ _ _ ~ :,€a_ _ ~ ~~e:~ -n~= s.~;;, _