Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by ▇▇▇▇▇▇ will be applied in the following order of priority (a) interest due under the Note (if any), and (b) principal due under the Note. Such payments will be applied to each Periodic Payment, if any, in the order in which it became due. Any remaining amounts will be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note.
Appears in 33 contracts
Sources: Subordinate Mortgage, Subordinate Deed of Trust, Subordinate Mortgage
Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by ▇▇▇▇▇▇ will Lender shall be applied in the following order of priority priority: (a) interest due under the Note (if any), and Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments will shall be applied to each Periodic Payment, if any, Payment in the order in which it became due. Any remaining amounts will shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note.
Appears in 2 contracts
Sources: Assignment of Lease, Rate Lock Agreement