HomeMy WebLinkAbout1898 . _5_ .
to the holder oY a lien under a mortgage or eimilar inatrument to
which thie Mortgage ie eapreeely eub~eo+; and the ineurance proceede '
or any part thereof if received by the Mortgagee may be applied by
the Mortgagee, at ite option, either in reduction of the indebted-
nese hereby eecui•ed, or to~the reetoration or repair oY the mort- ~
gaged property damaged. In the event of forcloeure oY thie Mort-
r
gage, or of any tranefer of title to the mortgaged property in ez-
tinguiahment oP euch indebtednese, all right, title and intereet
o~ the Mortgagor in and to every euch insurance policy then in ~orce,
eub3ect to the righte and intereete of the holder of any euch prior
lien, ehall paee to the grantee acquiring title to the mortgaged
property together with euch policy and appropriate aeaignment o~
such right, title and intereet which ehall be made by the Mortgagor.
7. (a) In order more ftiilly to protect the eecurity of tbie
Mortgage, the Mortgagor ahall depoeit.with the Mortgagee together
with, and in addition to,~the payment oY principal and intereet monthly
on account of the Note secured hereby, until the Note is paid in
ftiill, an amount of money equal to the total amount of (i) grnund •
rente, if any,.next becoming due, (ii) the premiume next becoming ~
' due on the policiee of ~ire and all other hazard insurance required ~
by thie Mortgage with respect to the~mortgaged property, (iii) taaee,
aesesemente, water ratea and other governmental chargee neat becoming
due on the mortgaged property (all the foregoing amounta ae eetimated
by the Mortgagee and eet forth in a written notice of such eetimate ~
by the Mortgagee to the Mortgagor from time to time), leas all -
~ amounte that may already have been paid thereYor, divided by the
~ number of cale~adar monthe to elapee before one calendar month~prior ' `
F to the date when such ground rente, premiume, taaee, assessmente,
~ water ratee and other governmental chargee, ~eapectively, will
~ become due and payable. If any amount reYerred to in claueee (i)
through (iii) hereof ie required to be depoeited by the Mortgagor .
~
under-a mortgage or eimilar inetrument having priority over the lien ~
of thia Mortgage, the Mortgagor ehall make the depoaite required
by thie Paragraph 7 only in the event-of the termination oY euch
obligation under the prior mortgage or eimilar instrument. The ~ .
s Mortgagor ehall give prompt notice in writing to the Mortgagee of~ ,
~ the occurrence.oY the laet mentioned event. All eucb amouat+a eo ~
~ depoeited with the Mortgagee ehall be held by the Mortgagee, or any
~
agent deeigna,ted by it, in truet to be ueed only for the payment ~
of euch gm und rente, premiums, taxe''~e, aeeeeemente, water ratee ' _
~ and other governmental~chargee.~ No intereet eha].l be payable by ~
the Mortgagee on any eum so depoaited.
;
;
(b) Al1 amounte required to be depoeited with the Mortgagee ~
- -monthly in accordance with Paragrapb 7(a) hereof, and the amount oY
800K 175 PACF~S~ ~
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