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satisfactory to tY~e Mortgagee, shall be delivered promgtly to the I~Iort-
nagee. Tl~e Mortgagor will pay promptly when due, as hereinafter pro-
vided, any and all premiums on such insurance, and in every case in which
payment thereof is not made from the deposits therefor required by this
~Iortgage, promptly submit to the Mort~agee for examination receipts or
other evidence of such payment as shall be satisfactory to the Mortgagee.
The Mortgagee may obtain and pay the premium on (but shall be under no
obligation to do so) every kind o~ insurance required hereby if ~he amount
cf such premium has not been depoaited as required by thia Mortgage, in
which event the Mortgagor will pay to tbe Mortgagee every premium so paid
t~y the Mortgagee.
(b) In the event of loss or damage to the mortgaged property,
the Mortgagor will give ~o the Mortgagee immediate notice thereof by
mail, and the Mortgagee may make and file proof of loss if not made other- -
wise promptly by or on behalf of the Mortgagor. Each insurance company
issuing any such policy is hereby authorized and direeted to make pa~rment
tnereunder for such loss to the Mortgagor and tbe Mortgagee jointly, un-
iess the amount of loss is payable first to the holder of a lien under a
mortgage or similar instrument to whicb this Mortgage is expressly subject;
and the insurance proceeds or any part thereof if received by the Mortgagee '
may be applied by the Mortgagee, at its option, eitber in reduction of the
indebtedness hereby secured, or to the restoration or repair of the mort-
gaged property damaged. ~n the event of foreclosure of this ~Iortgage, or
of any transfer of title to the mortgaged property in extinguishment of
such indebtedness, all rigbt, title and interest af the Mortgagor in and to
every such insurance policy tben in force, subject to the rigbts and it~ter-
ests of the holder of any such prior lien, shall pass to the grantee ac-
quiring title~to the mortgaged property togetber with such policy and
; appropriate assignment of such rigbt, title and interest which shall be
k made bq the Mortgagor. -
f 7. (a} In order more fully to protect the security of this Mortgage,
the Mortgagor shall deposit with~the Mortgagee together with, and in addi-
tion to, the payment of principal and interest~monthly on account of the
~Vo~e secured hereby, until the Note is paid in ~ull, an amount of money
equal to the total amount of -(i) ground rents, if any, next becomi~ng due,
(ii) the p~emiums next becoming due on the policies of fire and all otber
'~azard insurance required by tbis Mortgage with respect to the mortgaged
~roperty, (iii) taxes, asse~sments, water rates and other governmental
charges next becoming due on tbe mortgaged property (all the foregoing
araounts as estimated by tbe Mortgagee and set forth in a written notice
such estimate by the Mortgagee to the Mortgagor from time to time), ~
~ess all anounts that may already have been paid therefor, divided by the,~
r.umber of calendar months to elapse before one calendar month prior to tl~
d~te when sucr gr.ound rents, premiums, taxea, assessments, water rates and~
other governmental charges, respectively, will become due and payable. ~
If any aaount referred to in clauses (i) through (iii) hereoY is requirec~e-1
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to be deposited by the Mortgagor under a mortgage or aimilar instrument o~
'~1avi~g priority over tbe lien of this Mortgage, the Mortgagor shall make
the deposits r~quired by tbis Paragrapb ? only in the event of the ter-
.~ination of such obligation under the prior mortgage or similar instrument.
~~e Mort~agor shall give prompt"notice in writing to the Mortgagee of the
occarre-r.~e of ~':e ~ast mentzc: ed event. All sueh amounta so de~osi~-,
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