The URL can be used to link to this page

Home My WebLink About0507 . - ~ - ~,~~itl: t~e Mortgagee shall be held by the i~ortoagee, or any a;ent ~esig- nated by it, in trust to ~e used onyy for the payment of such ground rents, pre~iu~s, taxes, assessments, water rates and otrer governmental charges. ~o interest shall be payable by t~e Mortgagee on an~ sum so 3epositied. ~b) All anounts required to be deposited with the Nortgagee monthly :n accordance with Paragraph 7(a) hereof, and the a.mount of princi~al and ::~terest to be paid each month on acco~ant of.the Note, shall be added to- ~ether, and the aggregate amount thereof shall be paid by the rlortgagor ~o the Mor~da;ee in a single payment•to b~ applied by the Mortgagee on ac- ::~unt of the indebt~dness of the Mortgagor pursuant to the Note and this :~:~rtgage (to the ex~ent that nonies are available from the amount so de- ~~sited), in t'ne ~rder, any provision of the Note to thecontrary notwith- s~anding, as fo~lcws: ~ r^irst, t~ the amount of sucn ground rents, if any, fire and other ::azard in5urance premiums, taxes, assessnen±~, water ra~ss ~r.d ~t:~er g~~= e~nnental charges required to be paid under the provisions of this Mort- ~age, in V~'.:atever sequence the Mortgagee nay exclusively determine; Se~~nd, to int~rest due on the Note; T~:~rd, to the principal due on the I~Tote; and S ~ourth, the renainder to the late charges, if any, referred to ; € : -t~e Note . ~ i :.r.;l deficiercy ~r, t?:e anount of any such aggregate monthly payment shall, e ss ~aia ~y t'.:e :ior Lgagor prior to tre due date of the next such depo- payable, cor.stitute an event of default under this ~tortgage. (c} Any excess funds t'nat may be accumu~a~ed by reason of the . ; :~~~sits req~aired under Paragraph 7{a) hereof, remaining after ~aynent of ~ ; E ~::e a~ounts described in ciauses (i), (ii) and (iii) thereof, shall~be ~ ~ ~~edited t~ su~sequent respective raonthly amounts of the same nature re- ~ ; ~red be paia thereunder. If any such anaunt shall exceed the esti- ~ ~e tnere~or, t'~~e :lortgagor shall forthwith pa~ to the Mortgagee the amount s~ac':~ de~ici~ncy upon written notice by t:~e Mortgagee bf the amaunt _:~reoi. Fa~~ure to do so be~ore the ~ue date of such amount shall be an ~_-.~:~t o~ deiau~t under this ;fortgage. If the mortg~ged property is- s~lr~-- .:::er f~rec~osure or is o~herwise acquired by the Mortgagee, after default _ vhe ~jortbagor, any remaining balanee of the accumulations under Para- 7(a) ::ereo~, shall be credited to the principal anount owing or. tY~e ~e as o~ t:,~ ca~e o~ cor.:nence~ent of foreclosure proceedings for the ~gagec p~ erty, o~ as of the date the mortgaged property is other- ~ ~ ~ . _~e so acq;:~rzd. ~ z. ~~:e ~:~~r~ve~er ~s and all piar.s and specifications there~or shall :~~Y~~ Y:~~^ ~~i a~tilicable municipal ordinances, regulati.ons, and rules ~r ; r~W::~ga~ed by lawfui author~ty, and upon their co~pletion snall t::ere:ti~it:, and w~ ~h the ru:.es of the Board of Fire Underwriters t . ._:.p ^ ..i~ ~.C..ui~.' L ~ .7~:. ' a:-iy iailure ~y ~he I~artgagor to coo~ly with or perform any ~:e ~er~s, c~venar.ts or conditions of this Mortgage requiring the pay- ~.:;:;t o~ ar.;~ a~~unt ~f Woney by t~~e I4ortga,gor, otber than the principal ~ 8°~~K ~87 50? - - _ . ~i ~ ~ ' I