HomeMy WebLinkAbout0498 . ~
_ 4 _
~stisfactory to t'ne Yor~baoee, shall be delivered pro~iptly to the illort-
yagee. The Nortas;or ~~ill pay promptly when due, as hereinafter pro-
<<ided, any and all premiums on sucY~ insurance, and in every case in which
.ayment th2reof is not aade from the deposits therefor requ~red by this
:ortgage, promptly submit io the Mortgagee for examination receipts or
cther evidence of suc~ payment as shall be satisfactory to the I~ortgagee.
~~^e Mortbagee :ay obtain and pay the premium on (but shall oe under no
i
;;bligation to do so) every,kind of insurance required hereby if the amount i
oi such premium :~as not been deposited as required by this i~:ortgage, in :
~~~hich event tne Mortgagor will pay to the ~iortgagee every premium so paid
~y the l+iortgagee .
(b) In t:~e event of loss or damage to the mortgagen property,
~ne I~iortgagcr will give to the Mortgagee im~ediate notice thereof by
Wail and the ~_or~ ee_ ma '
- ,
wise promptly by or on behalf of the Mortgagor. Each insurance company ~
;ssuing any sucn policy is hereby authorized and directed to ma~ce payment
thereunder for such loss to the Mortgagor and the Mortgagee jointly, un-
;
iess the amount oi loss is payable first to the holder of a lien under a~-.
:::~rtgage or similar instrunent to which this Mortgage is expressly subject; ~
~
and the insurance praceeds or any part thereof if received 'oy the Mortgagee
~ay be applied by the Mortgagee, at its option, either in reduction of the
;-ndebtedness hereoy secured, or to the restoration ar repair af the mort-
~aged property damaged. In ~he event of foreclosure of this P~iortgage, or
~i any transier of iitle to the mortgaged property in extinguishment of
:,uch indeotedness, a?1 right, title and interest og the riortgagor in and to
every such insurance policy then in force, subject to the rights and inter-
a~ts of the holder of any such prior lien, shall pass to the grantee ac-
;u~.ring t~tle to the nortgaged property together with such policy and
~
' aipropriate assignnent o~ such right, title and interest which shall be
:ade by the Ifor~gagor.
i
! 7. (a} In order more fully to protect the security of this Mortgage,
~
! ~',e Mor~ga~or shall deposit with the Mortgagee together with, and in addi-
~
~ --~~ri to, tne payment of prir,cipal and interest monthly on account of the
~
~ ';o~e secured hereby, until the Note is paid in ~ull, an a.mount of money
~ ~cual to tY:e toial amount of (i) ground rents, if any, next becoming due,
~ ~;=i) the premiums next becoming due on the policies of fire and all other
~ ~~.zara insurance required by this I~ortgage with respect to t:~e mortgaged
~ rroperty, (iii) ~axes, assessments, water rates and other governmental
3
~ c::arges nex~ becoming due on the mortgaged property (all the foregoing ~
~ a~~.ounts as esti~ated by the Mortgagee and set forth in a wrizten no~ice
' such es~imate by the :~:ortgagee to the Mortgagor fron time to time),
ess all a:ounts that nay alrEad~have been paid therefor divided by the
~ ra.~'oer oT calendar months ~o elapse before one calendar monta prior ~o the ~
- ~~.~e wnen sucY ground rents, premiums, taxes, assessments, water rates and
~ ~~her ~overnner.tal charaes res ectivel will become due and ~
_ o o~ P y, payable. ~
~ anJ zr~ou~t reierred ~o in clauses (i) through (iii) hereof is required ~o i;
: o~ ~
~ be deposi ~ed b~_ t~he Mortgagor under a oortgage or similar instr:ament
~ =~~vir,g pri~rity~ver the lien of this Mortgage, the Niortgagor shall nake
s~
~ ~:e deposi~s reeuired by this Paragraph 7 only ~n the event of the ter-
a
~~~nation o~ such obligation under the prior mortgage or similar instrument.
~^e Mortgaoar a~all give prc~pt notice~in writing ta the Mortgagee of the
~ -'-~c~~~-~~~:r_~~ last mer.:::...:~c event. All such amounts so d~~~~~-_ .
-
~ : _ ; - _
_ ~
~ _ . ,