All payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment. The mortgagee shall apply each payment received to the following items in the following order:
Premium charges under the contract of mortgage insurance;
Ground rents, taxes, special assessments, and fire and other hazard insurance premiums;
Interest on the mortgage; and
Amortization of the principal of the mortgage.
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