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~~atisfact~ry to ~iia :Y;ort~u;~ee, sY~~all be delivereci prc ~~p ~ly t;e ~i~rt-
~,7agee. T::e iY:ort~a~;~r will Fay pro~ptly when due, as hereir.aTter ~ro-
v~dzd, any a:~d all pre~iuzs on such ins~arance, and in every C3S2 in which
~~ayment thereoi is r.~t made fron t:~e deposits thereior required b;~ this
:•~ort~age, promptly submit to tre ::ortgagee for Exa~ination receipts or
~ ~ner evidence oi such ~ay~ae:~t as shall be satisfactory to ~~e irortgaoee.
;ae ~ar~;agee u:ay obtain and pay the pre~i~~ on (but shwll c~ under na ;
~~ligation-ta do so) every kind of insurance required here~y if the 2.nount
o~ sueh z~remiu~ '.:as not been depositied as required by this ifortgage, in ~
~,~~hic:~ event the P:ortgagor will pay to the Mortgagee every premium so paid ;
i
~y the :~ortaagee . ~
(o) Ir. ~ce event of loss or darnage to the mortgaged property,
~:~e Mort~agor will give to the i~ortgagee i~ediate notice thereoi by
~a~l, and tne l~ior~gagee may nake and file proof of loss. ii r.ot nade other- -
;•rise promptly ~y or on behalf of the Mortgagor. Each insur~.nce conpany
issuing any such policy is hereby 3uzhorized and directed to make payment
~:~ereunder ior such loss to the riortgagor and the ~artgagee jointly, un-
;zss the amount oi loss is payabie first to the holder of a lien under a
::ortgage or siWilar instru~ent to which t'nis Mortgage is expressly subject;
and the insurance proceeds or any part thereof if received by the ~Iortgagee
.~ay be applied by ~P~e N;ortgagee, at its option, eitrer in rPduction of the
~n3ebtedness hereby secured, or to the restoration or repair of the mort-
;aged pro~erty damaged. In tne event of forecl osure of this A~ortgage, or
any transfer oi ti~le to ~he mortgaged property in extinguishment of
~uch indeb~edness, all right, title and inter~st of the Mortgagor in and to
every suc:~ insurance ~alicy then in force, subject to the rights and inter-
~ ests af t?~e holder oi any such prior lien, shall pass to the grantee ac- ;
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v. s.~ 0 1-^ y-ho ..,g~~ s--. i
~ G ~.~.'-Z .~i''' - _ ;
a
~ approgriate a~sig:~~ent of sucn right, title and interest which shall be '
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~ ~ade by the Mortgagor. '
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~ ~a) l:~ order nore f~al~y to protect the security of ~his Mortgage, ~
~ ~::e tyiart~agor snall deposit wi~h t'r.e i'Iortgagee together with, and in addi-
~ ~:.on ~o, the pay~ent of principal and interest monthly on account of the
`:~~e sec;~rzd :~ereoy, until the N~te is paid in full, an amount oi money
equal to -'t::e ta ~al amount o~ ( i) ground rents, if any, next becoming due,
;,~i) the premi~aas nex~ becaning due on the policies of fire and all other
~ ~~azard insurance required by this l~~ortgage wit!~ respect to the mortgaged ~
~ . ~
~ ~~operty, ~~ii) zaxes, assessments, water rates and other governmental ~
~ ~•::arges rje~ct ~ecom~ng due on the rriortgaged property (all the foregoing ~
~ a~.~ounts as estir~a~ed by the iriortgagee and set forth in a written no~ice j
sucn estimate fly the ~iort~;agee to the Mortgagor from ti~e to time),
~~as~ a~~ _~nt~~t~ that ~ay already ~ve been paid thereior, divided by the
~ ~-~mber oi caiendar ~onths to elapse before on~ calendar month prior tio the ~
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= ~:ate wY:en sac'r_ ~round rents, preniuns, taxes, assessments, w3ter rates and i
~ , ~?~er ocvernner.t~.l charges, respec~ively, will become due arld payable. ~ o.
v'~ ar.~ ~.:;,ur,;, re~erre~ to in clauses (i) througr (iii) i~ereof is re~uired °"i
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~ be cerosi ~e~ bJ the :~ortgagor under a mor ~gage or similar instru~:ent QCi
':avir~~ : ri~ri ~~r over tY,e Zien of ~his ?ylortp~a e the Mort pa or s:~all ~a'~e
E] ~ r J b g f O ~ ~ :
~:~e depc~_~s reeuired by this Paragraph 7 only in the event of the ~er-
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~ :~:n~~io:, o; sucn o~iioa~ion under -che prior ra~rtgage or similar instru~ent. C.T~ ~
~ t
~~e :~i~rtbaoor sha11 oive prcmv~ notice in writing to the Mor~ga~ee oz the ~j
_ _ - ~ ~ _ _ ~ _ last men ~~c:~ed event . ~11 such amounts so d~ U~.. _ - ~
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