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Home My WebLink About0978 . . ' _ ~ _ . :.atisiactory t.o t:~e i~ort~agee, shall be delivered pro~p~ly z~ tY~e i•Iort- t oaeee. Tr,e ~:ortgagor will pay nro.~ptly when due, as 'nereinafter pro- ~~idad, any and all pre~iums on such insurance, and in every case in which ~ayment thereoi is not nade fro~ the deposits therefor required b; this j ~ :~iortgage, z~ronpt? y submit to the Mortgagee for exami:~ati~n receipts or ~ther evidence ofw sac'~ payment as s?~all be, satisfactory to ~he r±ortgagee. k ~i~e ~Iortgagee ~ay obtair. and pay the premium on (but shall ~e under no. j obligation to do so) every '~ind of ir~surance required hereby if the amount ~ of such pre~ium ~as not been deposited as required by this ;~ortgage, in ~.~hich event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. (c) In the event of loss~or da.mage to the mortgaged property, ~:~e Mortgagor will give to the ~Iortgagee immediate notice thereof by ~ail, and the ~Iortgagee may make and file proof of loss if not made otY~er- - ~ wise promptly by or ~n behalf of the Mortgagor. Each insurance company -ssuing any such policy is hereby authorized and directed to make payment ; ~hereunder for such loss to the Mortgagor and the Mortgagee jointly, un- ~ ~ess the amount of loss is payable first to the holder of a lien under a j i c~ortgage or sialilar instrument to which tY~is Mortgage is expressly subject; ! and the insurance proceeds or any part thereof if received by tY~e Mortgagee ' Way be applied 'oy the N~ortgagee, at its option, either in reduction of the } ~n3ebtedne~s hereby secured, or to the restaration ar repair of the mort- ~ ~aged pr~perty damaged. In the event of forecl osure of this Mortgage, or, o~ any transfer of title to the mortgaged property in extinguishmen~t of such indeotedness, all right, title and interest of the Mortgagor in and to every such insurance policy then in force, subjQct to the rights and inter- ests of tne holder of any such prior lien, shall pass to the~grantee ac- ` ~u~ring ti~le to t'ne mortgaged property together with such p~licy and i f a~propria~e assignment of such right, tit~e and interest which shall be ~ ~.ade by the Mortgagor. _ ~ ~ 7. (a} In order more fuily to protect the security of tihis iKortgage, ~ ~ ~ ~he Mortgagor s'nall deposit wit'n t~e Mortgagee together with, and in addi- ~ ;ion to, the payment of principal and interest monthly on account of the ~ :~ate secured hereby, until the Note is paid in full, an amount of money ~ _ - equal to the total amount of (i) ground rents, if any, next becoming due, ~ (ii) the premiuns next becoming due on the policies of fire and all ~ther ':azard insurance required by this Mortgage with respect to the ~ortgaged ~ ~ ~:roperty, (iii) taxes, assessments, water rates and other governmen~al O~ • ~ ~:~arges next 'oecoming due on the mcrtgaged property (all the foregoing ~ ~ ~.~ounts as estiraated by tY~e i~i~rtgagee and set fortb in a written notice ~ _ C'~ ~ such es~~~ate by ~he ~~iortgagee to the ~F~rtgagor from time to time}, ~O :.i -.~c~s al~ a~~unts that nay already have been paid tnerefor, divi3ed by tY~e~ ~ :~a~oer :.i calendar nonths to elapse before one calendar ~on~~ prior to th~~ ~ ::a~e ~~ir.en sac:^ ground rer,ts, premiuns, taxes, assessments, t.ater ra~es anc~ ~ :;~'r,er oovernaental c~arges, respectively, will become due ar.d payable. i an;~ ~r:o~.a~ re~erred tc in clauses (i) through (iii) hereof is rPquired ~ ~ ~ ~ ~ , 1 ; ~ '~e deY....i ~,ed ,,y tne i~iortoagor under a mortgage or similar instru~en ~ , ~ '.~.~~ir,g pr~~rit~ over the lien of this ~Iortgage, the Niortgagor s:~all ~ake ~ ~ ~:e depos~ts required by t~is Paragraph 7 on~y in the event of tne ter- i ~ ~~nation o~ s~:cn ~~li ation under the rior mort d e or simil3r ins~rument. ~ g P b'" g ^ :~e ~rort~aoor s:~al~ give prompt notice in writing to the Mortgagee of the J cc~~.r-~~:r..•_ ~r -'^e last menti~: ~d everit. A~1 such amounts so d~~-_.,. ~ . _ _ y`~ ~ ~ - ~ ~ _ . . . _ ~ _