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~atisfactory to the ~;ortgagee, shall be delivered proa~pt3y ~to the T•iort-
~a~ee. ~he Mort~agor will pay prompt?y when due, as hereinafter pro-
vided, any and all pre~iums on such insurance, and in every case in which
:~ayment thereof is not made from the deposits there~or required by this
l~iortgage, pronptly submit to the Nortgagee for exar~ination receipts ~r !
o~her evidence of such payment as shall be satisfactory to the T~ortgagee.
T~e Mortgagez may obtain ar? pay the premium on (but shall oe under no F
ooligatior. to do so) every kind of insurance required hereby if the amount
of such premium has not been deposited as required by this i~iortgage, in
w:~ieh event the Mortgagor will pay to the Mortgagee every premium so paid
'~y the Mortgagez.
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(b) In the event of loss or daxnage to the mortgaged property, +
~:~e Mortgagor will give to the Mortgagee immediate notice thereof by
mail, and the yiortgagee may make and file proof of loss if not made other--
~•~ise promp-c~y by or on behalf of the Mortgagor. Each insurance company ~
~ssuing any sucb policy is hereby authorized and directed to make payment ~
;,hereunder for such loss to the Mortgagor and the Mortgagee jointly, un-
iess the aalou?~t of loss is payable first to tbe holder of a lien under a ~
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c~ortgage or similar instrument to which this Mortgage is expressly subject; '
and the insurance proceeds or any part thereof if received by the Mortgagee
~ay be applied by t~e Mortgagee, at its option, either in reduction of the
indeb~edness hereby secured, or to the restoration or repair of the mort--
gaged propert;~ damaged. In the event of foreclosure of this Mortgage, or
of any transier of t~tle to the nortgaged property in extinguishment of
such indebtedness,-all right, title and interest of the Mortgagor in and to ~
every such insurance policy then in force, subject to the rights and inter-
ests of the holder of any such prior-lien, shall pass to the grantee ac-
cuiring title to the mortgaged property together with such policy and
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f appropriate assignment of such right, title and interest which shall be #
j .~ade by the M~rtgagor. _
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; 7. (a) in order more fully to protect the securi~y of this Mortgage, ~
~ne Mortgagor s'nall deposit with the Mortgagee together with, and in addi-
tion to, the payment of principal and interest monthly on account of the
~,T~te secured :~ereby, until the Note is paid in full, an amount o~ money p~ .
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ecual to the total amount o~ (i) ground rents, if any, next becoming due, ~
~~i) the premiuns next becomi:,g due on the policies of fire and all other
',azard insurance required by this Mortgage with respect to t'ne mortgaged
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x ~roperty, (iii) taxes, assessmet~ts, water rates and other governmental ~
~ c~arges next becoraing tiue on the mortgaged property (all the foregoing
~ ~o ~
~ ~~ounts as es~ir~ated ty the Mo~tgagee and set forth in a written notice p~
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' such es ~i~.a ~e by the ~ortgagee to the Mortgagor from time to ti.me) , ~
~ ~zss ai~ a~~unts tihat ~ay already have been paid therefor, aivided by the ~
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::amber o~ calendar months to elapse before one calendar mont:~ prior to the ~
- ~a~e cr'ren suc:: ground ren~s, preniums, t~es, assess~ents, water razes and ~
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~ ~ ~'r,er gover:~men ~al c:~arges , respectively, will become due and payable . s
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~ ar,;~ z:::cun~ referred to ~n clauses (i) through {iii) hereoi ~ is required '
be de.,~~ited 'cy zY:e P~ortgagor under a mortgage or similar instrument
~~:~.vir.g priority over the lien of tris Mortgage, the Nortgagor shall ~ake
~~e dep~sits require3 by this Paragraph 7 only in the event of the ~ar-
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~~nation o~ such obligation under the prior mortgage or similar instrument.
t<= ~~e :~:or~gagor shali give prompt notice in writing to the Mortgagee of the }
~ ~c_.r~--..._ ,r ,~-e 2~st mentioned event. n~.~ such amounts so de~c...-_-^. _
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