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HomeMy WebLinkAbout2295 ~ - 5 - ~.~~it~~ ~ne i~:ortgagee shall 'oe :~eld by the ti;ortgagee, or any agent desig- nated by i4, in trust to be used only for th~ pay~ent of such ground rents, premiuas, taxes, assessments, water rates and othe~ governoental ;,narges. ~o interest shall be payable by the i~ortgagee on any sum so u~nosited. (b) A1= amounts requi.red to be deposited with the I~iortgagee monthly ~n accardance with Paragraph 7(a) hereof, and the amount of grincipal and ~nterest to be paid each month on account of.the Note, shall be added to- ~;ether, ann t'ne aggregate amour.t thereof sr~al? be pai~ by the T~iertgagor ~ ~o the Mart~;a;~e in a single payment~to be applied by the Mortgagee on ac- count of t~e indebtedr.ess o~ the M~r~gagor pursuant to the I3Qte and this ::~rtgage (to the extent that monies are available from the amount so de- ~~sited), in the order, any provision of the Note to the contrary notwith- 5tandinb, as foliows: First, to the a.~nount of such ground rents, if any, fire and other :~azard insurance premiums, taxes, assessments, water rates and other gov- e~nmental charges required to be paid under the pravisions of this Mort- page, in whatever sequence the Mortgagee may exclusively determine; Secon3, to interest due on the Note; ` ; Third, to the principal due on the Note; and - Fourth, the remainder to the late charges, if any, referred to ° r. the Note. ::~y deficiency :n the a~ount of any such aggregate monthly payment shall, :;::~ess paid 'ay t:~e :~or~gagor prior to ~he due date of the next such depo- payabiE, cor.stitute an event of de~auit unaer this ~iortgage. ~ (c) Any excess ~unds t~at may be accunjalated by reason of the ::::.,~sits requirea under Para~raph 7(~.) hereof, renaining after payment of ~ e a ~~t.nts described in clauses ( i), ( i i) and ( i i i) thereof , shasl be ; ~~e~ited to subsequent rzspective nonthly amounts of the same nature re- ~ ~ _.:~red to '~e paid thereander. If any such amount shall exceed the esti- ~ ~ ~e therefor, the I~Iortgagor shall ~orthwit~ pay to the :Kortgagee the a.maunt ~ ~ such de~iciency upon written r,otice by the Mortgagee of the amount ~ -~_:~reof. Failure to do so before tbe due date of such amount shail be an ~ ~ ~ ---:~:~t of default under ~his Mortgage. If the mortgaged property is sold ~ _.:cer foreclosure or is otherwise acquired by the riortgagee, after default ~ :,'ne iiort~agor, any remainir.g balance of the accu~ulations under Para- ~ -_=.~,'n ?(a) nereof, s:~all be ~redited to the principal amount owing on tY~e ~ :~~~e as of the cate of commencement of foreclosure ~roceedings for tr,e ~ ~ ::_~~~gaged pr~~erty, or as of the date the r~ortgaged property is other- ~ ~:~se so acc,u:.red. ° ~s. ~'he ~~provemen~s ar.d all plans and specifications therefor shall ~ ::~_~ly wi ~h ai:. ap~iicable nunicipal ordinar~ces, regulations, and rules ~ ~ cr pr:.~u~~a~ed "oy lawful aut~,ority, and upon their completion shall ~ ~ ~ +~e~e,•: ~ ~Y~j and with the rules of the Board of Fire Ur.derwriters ~ ~ ~'r~':c .;U~~3GiC~~OT:. • ~ ` 5. u~•cn an failure b the ;~Iort a or to com~l wit~ or erfar~ an _ Y Y g~ . Y P Y ~ ~ _ ~~,e terWs, ccvenants or conditions of this Mortgage requiring the pay- :._.::t cf an~ a~ount of noney by tne Mortgagor, other than the principal A ~ R 1S~ PAGE 2~~~ ~ eoa~ _ . ~ ~r;- .ti ~ _ _ I~ ~~~'Z~..~'s~~ , y ~a .,e.,~. _ . .