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HomeMy WebLinkAbout0489 • ~ _ ~ _ :.atisfactory to t'ne i~iort;agee, s'r.all be delivered pronptly to the Mort- ~agee. The I?:origagor l,rill pay pro~ptly when due, as hereinafter pro- vided, any and all premiums on such insurance, ar.d in every case in which ; payme:~t thereof is not made from the deposits therefor required by this :~iortgage, promptly submit to the Yortgagee for examination rzceipts or other evidznce oi such payment as shall be satisfactory to the ~Iortiga~ee. i~e 3~Iortgagee may obtain and pay the premium on (but sha:?1 be under no ~oZigation to do so) every kind o~ insurance required hereby if the amount oi such premium has not been deposited as required by this Pi~rtgage, in ~ ~~rhic~ event tne Mortgagor will pay to the Mortgagee every premium so paid ~ } by the Mor~gagez. (b) In the event of loss or damage to the mortgaged property, tne Mortgagor will give to the Mortgagee immediate notice t~~reof 3y mail, and the Mortgagee may make and file proof of loss if not made other- • . _ - _ - _ _ - w , :ssuing any such policy is hereby authorized and directed to make payment ~hereunder for such loss to the ~+iortgagor and the Mortgagee jointly, un- ~ess the a:nount of loss is payable first to the holder of a lien under a ~.ortgage or s~milar instrusent to which this Mortgage is expressly subject; and the insurance proceeds or any part thereof if received ~y the Mortgagee ~ay be applied by the Mortgagee, at its option, either in reduction of the '_ndebtedness hereby sec~tred, or to the restoration or repair of the mort- oaged property damaged. In the event of foreclosure of this Mortgage, or ~f any transfer of tizle to the nortgaged property in extinguishment of ~uch indebtedness, all right, title and interest o~ the Morigagor in and to ~very such insurance policy then in force, subject to the rights and inter- ests of the holder ~f any such prior lien, shall pass to the grantee ac- ' ,airing title to the mortgaged property together with such policy and , appropriate assignment of such right, title and interest which shall be Wade by the Mor~gagor. s ° (a) In order more fully to protect the security of zhis N~ortgage, i i ~ ~~e Mortgagor shall deposit with the Mortgagee together with, and in addi- ~ ~ ~ ~ion to, the payment of principal and interest monthly on account of i.he ~ .~ote secured 'nereby, until the Note is paid in full, an a.mount-of money ~ ~ equal to the ~otal amount of (i) ground rents, if any, next becoming due, ~ (ii) the premiums next becoming due on the policies of fire and all other ~ ~ ~:azard insurance required by this Mortgage with respect to the mortgaged ~ ~ro ert _ p y, (iii) taxes, assessments, water rates and other governmental ~ ~ c':arges next beconing due on the mortgaged property (all ~he foregoing ~ _ ~~ounts as esti~ated by the Mortgagee~and set forth in a written notice _ such estiWate ~y the i~ortgagee to the Mortgagor from time to time), ~ ~~ess all a.~ounts that may already have been paid therefor, divided by the ~ _ :~.~ber ci calendar montrs to elapse before one calendar month prior to the~ ~ ~ate o~:e~ sucr ground rents, premiums, taxes, assessments, water rates and ~ ~ ~ ~:~er g~verr.~.en~a1 c'narges, respectiveiy, will become due and payable. ~ ~ ~i a~y ~~unt re~errec to in clauses (i) through (iii) hereof is required ~ ~ ~ be depo~ited bg the Mortgagor under a mortgage or similar instrument ~ o ~ ~~avi:~~ ~riority over tne lien of tY:is :~;ortgage, the Mortgagor shall make ~"O ~ ~~je 3epcs~ ~s required 'oy this Paragraph 7 or,1.y in the event of the tzr- ~ . ~ W~nati~r: af such obligation under ~he prior mortgage or similar instrurcent. ~ ~-~e t'~o~y~gagor shall give prompt no~ice in writing to the Mortgagee of the , st m _ _ ~ ~ ~~--r f~ ? a er. ~:.:,r.~d event. All s~:c:~ amounts so de:,:;:, - ~ _ ~ ~ , , ; - _ _ ~r , ~ ~