HomeMy WebLinkAbout2364 I~.+v ~ u~ r i~~r i t y over ti,e 1 ic:n oi tl~i s Mortgage. the Mort~ a~;or shal l r~ake tt~e
~lep~si~s i-:•~uirr~~ by th~s Para,;raph 7 anly in the event of the tet~d«ation oC
~:~ich ,~I,) i•~,:i~ urrlc•i tlu~ ~~ri~~- ~a~~rt~;a;;c ~~c simi lar in::tr~nncnl. Thc rlc~rt^agoi~
:.n.+l 1;i v~ ~jt u~n~~l ~uit i~~• ~ i c~ r i t i ir:, tu l!~r rlc~rt~;.1~;a•i• oC tltC occurreilcr o~
~ L~ 1:~::1 ;n~•nt I~~nr~l ~•w•n~ . A1 I::~r~l~ :~:~M~~iul ti so ~1~~>>~~tiit~•d wi tl~ thi~ lk~i'l,r,at~r..
!i~l:l ~ ~ ~11• ~t~ J! ~!C i'=Of L f;~1~;'tl' ~ ~~1" :Illy 11'!1•Ill l~l`$ 1~;IlAtl'li (1V 1~~ lll t 1 US~ ~ Il ~1~•
~1!iC~) t?11~•~ ~UI' 1~1~' ~l:1y10(`Ill t)f SnI'~1 f•1'(1~11N) 1'(`IlC9~ ~t"Cl0{UIOS~ ~i1Xl'S~ aS8CS81flCll~ti~
w.~t~~r r.,t~:: an~l ~th~r govcrnmental ci?:~r~;.r;;. No interest shall be payablc by ;
~I~c A1urtF;aoc_ on any s~~m so depos i ~~~I .
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(b) All an~ounts required to bc deposited airh the Mortgagee monthly in
accordance witi~ Paragrarh 7(a) hereof. and the amou~t of principal a~ interesC
to be paid each r.~onth on account ct the NoCe, shall be added together, and the
aggregate aaount chereof shall be paid by the MorCgagor to the Mortgagee in a
sin;;le payment to be applied by tlie Mortgagee on accourit of the indebtedness
of the Mortgagor purs~~ant te the Note atxi this Mortgage (to [he extent that
monies are availabl~ fr~m the amount so deposited), in the order, any provision
~f tt~e Note to the c~~nCrary notwithstanding, as follows:
first, to thc anwunt of such ~round rents, if a:iy, fire and other
hazard i~sura:~ce rremi.uTs, t=axes, assessments, water rates and
~ othe~ govermnentai char;~es required to be paid under the provisions
.~l this ]~IArt~~~,o~., ;n :~~atc~ver sequence the Atortt;agee may .~xcl~~si.vely
te: r~ine;
scc~nd, l~~ intcrt~sr. •':,c: na t}~e ivotc; ~
~
;
t"ii-;:~ chc• i,~ ?~~~~;~n! ~inc on ti~c Note; ancl ;
fourtr~, the r.•.-.,in~t~ it:e Iate chari;es, if ai~y, referred tc~ in ~
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che !~ote . - '
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:.ny .lei ~ ciency ~ rs tlie a~+ivun[ ~~F an~• snch ag~regate :~or.thly payment sha 11 , s
unles: paic~ dy the ?'ort;agor prior to che due date of the ne~:t such dNp~~sit
nayabl~~, consr.itute a:~ event oE sietault undcr this Mortgage.
Anf exr.ess fu~ids that~ ;r,.~v be accumulate~i Uy rcason of the deposics
~e~iuirr! ~~~=~!rr Para~cra4~1? 7(a) :~cr~o~, reria:ninR after' payme~~t oF the a?acunts
~ ~~PSC":':~•~: SR ClitilSeS ~ .S
~ (ii} ::id ~;j ttiereor,~ hall Ue credited to suhse-
I qnc;:_ ~~.~•.-tivr cnonth!}~ atno~ints c~ ~ the same nature required to be paid ;.t~ere-
f ~r.~ic t. I` any such a~~m?_ sh21 J c~XCCe~ t:ii:r estimate [herefor, the Mort~;apor
~ s~~ali :~~ctf~.ai~_t~ pay t~ ::he ~~;asce the 3IIWtIRC of sucti ~deficiency i~~•on wriit~r
noricr t::c= riort~•zz•~•° o: ~~~e an~o~nt there«f. Faiture to do so brfore tL•~~ .lu~ . ~
~iatc 5~,c1~ anoi~cit shal: n.~ :~n c~ve?.r~ deLauit under Cl~is Mortga~c•. th~
~
~~or ty:~,-~ f •-~~i~nrty is so1-1 ~:ncier fo~-ec lo~ure or is otherwisc 8C(~~Il re~t ~~y thc ~
'4urt;;.3 ,c•. ,.,f~_ec ~lefaei~; h,• '1~~~ ~~ic~rt~;a~,oi, any re•~nainini; balznce of the acciu~~~~- ~
Iati.~us ~~.,<~:•T ..-a~: z; '(a) Iu•rcoE, si~all be credite:! to the ~,rincipal anx,unt
oF~in„ on hc.tc: a_. ~~f :I~r :i~te of enr~a~c~«cement of for~~•l:~s~~:e ~roc~edin~~.s l~~_ ;
t-;r- : ;~rc~~~ei~ry, ~~~r as r~ the ~late the mort,r,a~ed pr~~perty is Ott1C'IwiSi ~
~.n . ~
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, , ~'t„ ruve~e~z~s :~n~l a 1 1 ~ir.ns :i~ ~l .;:~ec i f ~cat io:ts therefor sl~a't :.~r:;.: ~
-.:t: :~11 a;+,•licahle m•~ni~-:pal or~~: ~a.ic•c.;, :cKulations an~; i~:Ies ma~i~r
j~:o~+::~i.;:~~v~: .iz:.ful au~h~~: ~ty, an~i u,.v;~ their compler.ion, sha12 coc~~l~ ~
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!j~!•: 1'. 3•.•il W~ L~t ;~lt: TII~~S .~I i.~~C E;n31'~t ~,f Fire [IndeLwr:.LE•CS havi nt: Jlti"1`:~
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'i. ••~f~ 1' i 7: ~~`1'l_ It~~ t fii: h~OT'~~~A••C~l ~r~ C~+?'•OIV Wll~l or p~rforn~ I1R1' Oe ~f?[G
r~ :~•ir.~~, ~u~:~_n~~~ir~ o: c<.,:f,!i~,ns ~i~:s ~l~~rtfiage req~.~irin~; ~h~ pay:nent of art~
~ ~.~^o~~^t n~•,. ~_:-~ort ;:e•;r,: , c~L'. er t~:21 [he ~rincir~~l a:noun[ c,~ `h~ l~:~n
~ i~~',.•: i•~! L~IE .OL~ ~ . Rt::Y":.Y ~1R~' l~LI1CT C~iST~CS ~ 3S pro~ i~~C(~ ifi t~ld jr'O'_'C ~
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:;c~. ,c~~ :~a.• at i:~ oF t i~=n r.~a~:e :.n~•}• naynsent . Every rayment sa riade
~ i,~• ~ i L. ,Cz ~ i t , t~'~ t rl , 1'C~aSt ri<~niC• :1' lr~ t:lc±y ~ S fees 7 RCU!'1"~~i tizercb;: ~ W i'1 ~
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~ :-lt . _',:~r~•r,n tlie ,:atc uf ~~a~: ~e~i, at thc raL.~ of thre rrcer,i
~Z°,~,~1 -••~litl*' ;'t'i': i1?~! i::i'~i': C'' ;-~L- W:1tCTl il Cjl:teren~ t'<7~C' 7f 1(1LC:'i~SZ !S
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s _ , i: r~ ~ n .;i~... ; ~~~•.~at:t . the .'ort~a ;or to Chc ~ ;
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' .i:~., :cc,~ s e i b, : s:'~~r Ti~ i s Pbrt,;~F;e k i t;i t-:~s~~ct to an~: sur.!i
r.'if.;•,, r•~~-' :~-;i.ftj"•-$t =-,=~~n _.:c;?1 ~~,~~stitut~~ a i2(`Il ori ti:c :nur',;aned 1•:-0_
' , • • . i ~ o:) cl ::i ; ~i~11 :IC.~~C:i~'•!• •~Y .1CCttllfi :t!U:~~U('tli t0 tllC ~1@ii Of
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