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HomeMy WebLinkAbout0968 - 5 - ~ to the holder of a lien under a mortgage or aimilar instrument to ! whieh thie Mortgage ia expreesly subject; and the insurance proceede ~ or any part thereof if received by the Mortgagee may be applied by the Mortgagee, at its option, either in reduction of the indebted- neae hereby secured, or to the reetoration or repair of the mort- gaged property damaged. In the event of forcloaure of thie Mort- gage, or of an~ tranafer of title to the mortgaged property in ex- tinguishment of euch indebtednesa, all right, title and intereat of the Mortgagor in and to every such inaurance polic9 then in Yorce, subject to the righta and interesta of the holder of any auch prior lien, ahall paes to the grantee acquiring title to the mortgaged property together with auch policy and appropriate asaignment of such right, title and interest which ahall be made by the Mortgagor. 7. (a) In order more f'ully to protect the aecurity of this Mortgage, the Mortgagor shall depoait with the Mortgagee together with, and in addition to, the payment of principal and interest monthly on account of the Note aecured hereby, until the Note is paid in full, an amount of money equal to the total amount of (i) gr~ound renta, if any, nezt becoming due, (ii) the premivm9 next becoming due on the policies of fire and all other hazard insurance required by this Mortgage with reapect to the mortgaged property, (iii) taxes, asaessments, water rates and other governmental charges next becoming due on the mortgaged property (all the foregoing amounts as estimated by the Mortgagee and eet Yorth in a written notice of such estimate by the Mortgagee to the Mortgagor from time to time), leas all ~ amounts that ma.y already have been paid therefor, divided by the ~ number of calendar monthss to elapee before one calendar month prior ! ~ to the date when euch ground renta, premiuma, taxes, asaesamenta, ~ ~ water rates and other governmental charges, respectively, will = become due and payable. If any amount referred to in claueea (i) i through (iii) hereof ia required to be deposited by the Mortgagor ~ i under a mortgage or aimilar inatrament having priority over the lien . - of this Mortgage, the Mortgagor ahall make the deposita required by thie Paragraph 7 only in the event of the termination of such obligation under the prior mortgage or aimilar instrument. The Mortgagor shall give prompt notice in writing to the Mortgagee of ^ the occurrence of the last mentioned event. All auch amounts so ~ depoaited with the Mortgagee shall be held by the Mortgagee, or any ~ agent deaignated by it, in truat to be used only for the payment of auch ground rente, premiums, taxee, aasesaments, water rates and other governmental charges. Ao interest shall be payable by the Mortgagee on any aum ao deposited. ~ (b) All amounta"required to be deposited-with the Mortgagee monthly in accordance with Paragrap~ 7(a) hereof, and the amount of . i r I . i ! aooK~75 P~ 965 ~ ~ y ~ . ~ - - ~ _ :