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Home My WebLink About0643 _ 4 _ aatisfactory t~ the i~ortgagee, shall ~e delivered promptly ~o i~e :iort- ~agee. The~Nortgagor will ~ay pror~pi~y when due, as hereinaiter pro- ; vided, any and all prea~iums or. suc'n insurancz, and in every case in which ~ayment thereoi is not madz from the deposits therefor required by tnis :~:~rtgage, rronptly submit to the i+:ortgagee ior examination receipts or :,~:~er evidence of such payment as shail be satisfactory to the ~ortgabee. ~'?~e Mortigagee ~ ay obta? n and pay the preniun on (.but s::all 'ce under no ~bligation to 3o so) every kind of insurance required hereb;~ if the anount :,i such premium has not been deposited as required by this i~;~rtgage, in E ;.~~ic?~ eveni t'n2 ~iortgagor will pay to the Mortgagee every premium so paid -~y t'ne Mortgagee . (b) In the event o~ loss or da.~age to.the mortgaged ~roperty, ~~e Mort~agor will give to the ~iortgagee immediate notice tr,ereof by :::ail, and ~he Niortgagee may na'~e and file proof of loss if r.ot made other-- - ~•;ise promptly by or on behalf of the Mortgagor. Each insurance c~~pany ~ssuing any such policy is hereby authoriz~d and directed to make payment ~:~ereunder for such loss to the ~ortgagor and the Mort~agee jointly, un- -ess the amount of loss is payable first to the holder of a lien under a ~.ortgage or similar instrument to which this Mortgage is,expressly subject; ~n3 the insurance proceeds or any part thereof if received by t~e Nortgagee Way be applied by the Mortgagee, at its option, either in reduc~ion of the -~:3ebtedness hereby secured, or ta ~he restoration or repair of the mort- ;aged property da.maged. In the event of foreclosure of this Mortgage, or ~i any ~ransfer of title to the nortgaged property in extiinguishment of ~~~ch indebtedness, ali right, title a:~d interest of the Mortgagor in and to ~very such insurance policy then in force, subject to t'ne rights and inter- ~ cs~s o~ the holder af any such prior ien, s a pass o e gran ee ac- ;tiiring ti~3e to the mortgaged property together with such policy and ::~~rovriate assignment of such righ~, title and interest which shall be ~ :~ade by tiY~~e ~ortga~or. ~ 7. (a) Ir. or3er more ful~y to protect the security of this Mortgage, ~ ~^2`Nortgagor s?~all deposit with the Mor~gagee together with, and in addi- ~ e ~~~n to, t~e payment of principal and interest monthly on account of the ~ =1~~e secured ?~ereby, until tbe Note is paid in full, an amount o~ money e;ual to the total a.aount of (i) ground rents, if any, next becoming due, ~ ~ ;~i} the premiuns next be~oming due on tY~e policies of fire and all other ~ ~azard insurance reouired b~ this Mortgage with respect to ~he mortgaged ~ _:roperiy, (iii'j tax_es, assessaents, water ~ates and other governmental ~ ~ ~ ~ :::.arges rsex~ beconing due on the mor~gaged property (all the foregoing ~ a.~ounts as estimated by the Mortgagee and set forth in a written notice j ~ r: . such e~ ;,i~aie `ey ~he"-i~or ~g3gee ~o- t~ie ~or gagor from~ime--~o ~ime , : -4 -e~s__a1~.__~::o_un~s_; hat__~ay_ alxeady_ h3ve_ ~een uaid_ therefor,__civided _by the _ : ~ _ - u~ber calendar months ~o elapse before one caler.d~.r ~oni~ priar t~ the :~e ,•~'r.e~ sucY: ground rents, premiu~s, taxes, assessments, ~~ater ra~es and ~ ~c,er ~~vern~~n ~ai c'r:arges, respectively, wil~ become due and payable. a,Q ; =~r, ar.;~ a~.o~:::~ reierred to in clauses (i) tY~rough (iii) hereof is required ~7O ; ~a r c i t f ~ j b? ce~o..~zen c,~ t'ne ~ or..oagor under a mortgage or similar instrument v~ ~.aving _r~crity over the lien of this Mortgage, the M~rtgagor shall make ~ ~fx ~:e deFosits reouirec bJ t'nis Paragrapa 7 only in the event of -tre ter- ~ ~ ~.:na~~o: oi such obligation under the prior mortgage or similar instrument ~ ~;e ::~r ~~a~or s~all give prompt notice in ~•rri ~ing to the ~Iortgagee of the ~ >.;t ~t °:~.e _ _ _ _ - . ~ ~ - ~ last mer. ~ed event. ~i 1 such aacunts so ~e:~:,._ ~ ~ ~ - , _ ~ ~ _ ~ y;--: < - ~ ~rm.~~. . v _ ~ _ ~ . . u. - _