HomeMy WebLinkAbout1792 ai;«,~?o i3:ii ~T~h-~~~:a e'°r~
paymcnt on either principal ~r intcrest must be m~de by the
terms of th~ Note, unl.il ths Note its =u21y paid ot until
notification from the Mortyagee to the contrary, ari amOUtlt
reasonably aufficient (as ~atimated by th~ Mortq~qee) to
proviaQ the Mortiqegee with funds to pay such taxea,
assessments, in~surance premiut+ns, re~~tts an~ othe~ char9es rieat
due so that tnc Mortqdgee ~iil have autticient ~unda on hand to
pay Same thirty (30) c~ays b~fore whichever Of the lollOwinq
dates £irst occura: (1) lhd date on whieh they bCCOme past due;
(2) the date on which l.here is any eiscount lost; or (3j the
date on which Lhete is additional intereat or penalty Ch~rged.
In no ev~rnt shall the Mortgagee be liable for any interest on
any amounL pi~id to it as 1?erein required, ~iid the money SO
recoived may be held in a special escrow accou~t properly
designated that these funds are held for osCrow, pendinq
payment or application thereof as herein provided. Such ~unds
may be comingled wi.th the escrow funfls of other mortgaqors.
;
(o) O fic~el S~~~ntr 8~ceivt~ dYance~ as fi~cured
i Indet~t~gdne g; Cre its. if an escrow is eatablished hereunder.
~ the Mortqagor shall furnish to the Mortgagee, at least thirty
~ (30) days before the date on which the same will become subject
p to any interest, delinquency charge, penalty, line or ~ost, an
~ official statement of the amount of said tazes, assessments,
~ insurance premiums and rents ne=t due, and ahall, within
£ifteen (15) days thereafter, furniah to the Mortgagee art
; vfficial receipt showing payment of such cherges, ~ailing which
the Mortgagee may pay such charges from the amount of the then
~ unused credit therefor, an~ at its option, make sdvances
~ therefor in ex~ess of the then amount of credit for such
~ charges. The excess amount edvanced shall at the 4ption of the
~ Mortqagee be immediately due and payable to the Mortqegee and
r shall bECOm@ part of the Secured Ir?clebtedness and bear interest
~ at the mazimum contract rate of i.nterest permitted by law, from
~ the date of advancement. Tha Mortqagee may apply credits the
~ impvuncis require~ under Section 3.2tb} above held by it for the
~ above charges, or any part thereof, on account o~ eny
~ delinquent installments of grincipal or interest or any other
~ payments maturing or due under this Mortqage. The amount of
credit eaisting at any time shail be reduced by the amount
hereunder at the tirne of any transfer of the MortQaged Property
shall, without assignment be applied under and subject to all
of the provisions hereof. Upon payment in full of the Secured
Indebtedness, the amount of any unused credit shall be paid
over to the perso~ entitled to receive it.
(d) $ecording Fee and T~aes. The Mortqagor shall
pay all recvrding and filing fees and taxes, including
_ d~cumentary stamp tazes and intanqible taxes, associated with
~ the eaecution and recordation of thia Martqage a~d the
~
~ 675 ~ ~.792
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