HomeMy WebLinkAbout1331 l+av~~~~ pr:•~rity over th~ ti~~ of ci~is Martgage, the Mortda~or ahall ~aake tt~e
le~si ~ s: c~uirr~! by tl~i s Fara;;r.~ph 7~ly ~n the event oC tlie te~ination oC
ti~~cl~ .,1,1 i:;:~? ..a, urr1.•~ [i~~• prior aM.rr±;a,;e siwilar instrun~~n[. 1'h~ Hort^a~or
:.~~:~11 :iv~~ p~.,s~.t noti~.•, in ~rit iu,:. t~, tt~r Alartb.i~.•~ o[ tl~e uccur~•enc.~ oC
~ h~ l:~~:~ i,~•nt i~~n~-•l i v.•n~ . :,I ! s~~•-1~ ue.•~a~t s so di•poti i t~~d vi tl~ thc lk~rt.;i~~;c.•
e~fa:~ ( 1 L~• 1.~• Id 1.-~ t1~., li4~rt u~u~.~. •.r anu s.~~.nt dna i uti~r~..1 6v i t i n t rnc~ t n h.•
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nsE~l a~~l t~.r t h•• pay~aent ~f s~~cb s~ro~~ncl ~ents. preaiuas, tttxe8, assessenents.
watrr ratcs atri oth~r govern~c~tal cl~.ir~;~s. tio interest shall be payablc hy
tl~c ?k~rt~age^ oa any auo+ so depos i te.e ,
(b) All amounts requi:ed to be deposited vith the Mortgagee monthly in
accordance vitl~ paragraph 7(a) hereof, ard the amount of priocipal aad interest
-ta be paid each ewnth on account ot the NoCe, ahall be added -together, and the
aggregate aoount thereoE shall be paid by the lbrtgr.gor to the Mortgagee ia a
siq;le payoent to be applied by the !lortgagee on account of the indebtedness
of the ;brtgagor pursuaRt to the Note aurl this ?brtgage (to the extent that
~aonies are availabie frora the amou~t so deposited), iR the order, any provision
~f the Note to the contrary notvithstandiag, as follows:
i~rSC~ to tne a~~~n~ af ~~~ch ~rounci rents~ if any, fire and oth~r
hazard i~surancc pre~i~*s, taxes, assessaents, water rates and
other gover~~~tai Cf{al',^~CS required~ to be paid under the provisions
ol Lhis HnrtRa~;~•~ in vhatever sequence the Mortgagee may exclusively
decermine;
second, to interPS-_ •!uc on t:ie No[e;
it~? r~i , io thc p~ i ~c i~a 1 due on the Note; and t
fourth. the r.>-ainder to tt:~ late charryes, if any, referred to in
the Nute.
Any deficiency :n Ll~e arwun[ flf am• suct~ aggregate mon[hly payment sha21,
unless paid by the !`brtoagor prior to the due date oE the next such dep~sic
~ayabl~, constitute an even[ af default under this rbrtgage.
; An~ excess furr~s that may be accumulate3 by reason of the deposits
i ~e~-iuirc:~ urx'cr Para~raFh 7(a) hereof, re~aining af[er payment of the a:xunts
f :lescrib~K.l i~~ ~lauses (i) ~(i and (ii [i:ereof, ~hall be credil-ed to subse-
f q:~cr._ :~s~~~ctivr monthl} an~o~:n~s o: the same nature requir~ to be ,~aici tl~ere-
~ •,rxj~r. If any such ar~~~n[ si~all e~cce~ci the estimate therefor, the Mort~agor
' si~all lnrt}~:~ith pay t~ tt~e 'b: ~~aSee the amount of such deficiency upon writ~?r
i~orice ay L+:e ;{ortga~;~e o~ t~~c z~ant [hereof. Failure to do so before th~ ~lue
~ate •~i sucl: amoeint st-a11 be an c~ent of default urder this I~!ortga~e. ti rh~.
~ ~-artx~,c ;,~~.~p~rty is so?d ~uder £orecEo~ure or is otherwise acquireci by thr
~ :~Iurt~a:,L~, .af~er default hy ti:c ~inrt ;a^or, an_y remainin~ balance of the acc~n~:-
latiu~:s ~-.r~:r i~~aQ:-a;i. 7(a) !a~•reoi, shali be ccedited to [he principal amount
oa:in, en Z:ote as of t~e :late of c~r:~encement of fare:.osu~-e proc~edi~•;s for
~ the :~~Zr~•:a<*• =1 ;•r%.per[v, ~r as thc ~iate the mortga;eci prope~ty is c+then+ise
~ S~? '.C• _ . . .
3. "t~;= :~~~ruver~ents ~r.,-~ all ;?ians z. •1 s}•ecificat;ons tLerefor sha;1 car+~•1
vit.F a?l ai?plicable ~.z~nici~al or.i;~.ances, ;egulations and r~~les ma~r ~z
nro:-:~~i^atc3 b.; iavful auct,~r~ty, a~u~ u~~r.~ their completion, shal: corz~l~-
~n~~:~•--~i_': a^d :r~tb thE rules uf tt:e 3oar~i of Fi~e L'ndets+riters havinc; juris-
~ ~~1Cf i~~:~_
~ ''-••,r~ , i,~ ;ai l.:re :,v +-~L i^~~;or tn cn~Ply wi[h or ~?CTr01"tP. an~ of the
. , ,
:.~•,~rs, co:•:r:~~~ts co:r:-f ic,ns ti:is Mort~age requirin~: t~e_pay:uent of ar.~-
~-t~ a:~o~~nt c~: -ti~-~•_.• t r Y_~ort , ot:~er t!~an the principal a:aoun[ uf !-he l~~n
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°•':!C'E~i ~r: L~2E -,:Oti ~:[iCL•YC :t 3!!~ ~~~al@r char~es, 3S pro~ ide(~ lO the j~0_t ~
~ t'~r~ -.-,ee ~a~• at ;:s upt:on r.~al:~ =:~c~. ~ay~ent. Every payment so rsade b,~
~~-s-; s~P ~ ~;CL i ~ t: i i rF~as.~na?~Ic :1: (A1-ilPy~S fees incurre~i thercbv~ ~ M!
! :it" _ . . : ~ =~1~T~- Of• . ; O~ :~:t~ ~?Ce l7f ~ i:<*: ~a;^iPi1C ~ St L~1C 1clLC C~~ C~12'C'~_' (1CI"CPR~
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~ l- F=- ~i: r . ce;+: a::, pa_~-:.• ~r. :
' Z"~ - ' ~ ~ r' - . =?ich a ~i~fereni- ratc of interes[ is -
s,•a~~: :;•.r~':~, s..a: t`:- ,•3:•a~zi t,:•.tiee ;~art a~or to th~ c~:~ •'i'E:t.31'3 ~
• g Pbrtgagee
a::t' ~ ~ ~cc::-e; ~ i. , , i
b3 s'"a:•,,::-• Ti~is tiort~a~;e ~it~~ rasp~ct to any suc.~
~ a~ic-•~~: ~t,~' _'~~.r ir~teres~ ~.._r~•.z ~~~all ^onstitnt.~ a :ien on ti:c :~~~r~~abed ~~ro-
_ t•~ a: ~ ~_:.e: ?*•_r, a~tac~2:~~ . ~r ~C~Tiliri . SttOS~!iijCtlL to ti~e lien of
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