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HomeMy WebLinkAbout0986 ~ -4-. satisiactory to ~he ~:ortGagee, shall be delivered pronptly to the N~rt- ~aoee. The IYIor:,~;,~~~~ n;?? r~s rr^~ptly when c~ue, as hereinGfter pro- vided, any an3 all przmiums on such insurance, and in every case in which payment thereof is not aade from the deposits tharefor required by this :~iortgage, promptly submit to the Mor~gagee for examination receipts or o~her evidence of such paynent as shall be satisfactory to the Mortgagee. T'~e Mortgagee mdy c~btain and pay the premium on (but shall be under no obli~ation to do so) every kind of insurance required hereby if the amount ; of such premium aas not been deposited as required by this P,i~rtgage, in which event the ~ortbagor will pay to the Mortgagee every premium so paid by the Mor~gagee. (b) In t:~e event of loss or da.mage to the mortgaged property, ;,he ~Iortgag~r will give to the ~or~gagee immediate notice thereof by mail, and the Mor4gagee may make and file proof of loss if not made othe~- - wise promptly by or on behalf of the i~ortgzgor. Each insurance company issuir.g any such policy is hereby authorized and directed to make payment ~hereunder for such loss to the Mortgagor and the Mortgagee jointly, un- iess the amount ~f less is payable first to the holder of a lien under a mortgage or similar instrument to which this hIortgage is expressly subject; and the insurance-pi=oceeds or any part tbereof if received by the Mortgagee ~ay be applied by the Mortgagee, at its option, either in reduction of the ~ndebtedness hereby secured, or to the restoration or repair of the mort- ~ gaged property damaged. In the event of forecl osure of this I~lortgage, or ~f any transfer oi ti~le ta the mortgaged property in extinguisY~ment 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 ~'r,e ho~der of any such prior lien, shall pass to the grantee ac- ~ quiring t~tle to the mortgaged property together with such p~licy and ` appropriate assign~ient of suc:: ~~g::~, t~±?e and interest which shall be [ ma~e by the Mor~gagor. _ ~ 7. (a) Ir, order aore ~ully to pratec ~ t'ne security of this 3+~ortgage, t~e Mortgaoo~ s:~all denosit ~~itn the Mor~gagee ~~geth~r with, an3 in a3di- tion to, tne ~ayment of principal anci interest monthly on account of the :~ote secured hereby, until tne Note is paid in full, an amount of maney ~ equal ~o ~he total anount of ( i) ground rents , if any, next becoming due, ap ~ {~i) the premiums next becoming due on the policies of fire and all other ~ ~~azard insurance require~ by this ~ortgage with respect te the nortgaged ~roper~y, (iii) taxes, assessnents, water rates and other governmental b :.narges nexi beco~ing due on the mortgaged property (all the foregoing ~ ~ zmounts as esti~ated by the ~fortgagee and set forth in a written notice o~ ~ :,f such esti~ate by the itiIortgagee to the Nortgagor from time ta time), ~ ~ess al~ a~~un~s that ~ay already have been paid therefor, divided by the ~ ~ r:umber ~l c~~er,dar months to elapse before one calendar month prior to the ~ tia~2 w'r,en sucr ground rents, premiuns, taxes, assessments, Vrater rates and ~ ~~her oovern~e-r.~al charges, respectively, will become due anc payable. " ~r any a~oLr.t referred to in clau~es (i) through (iii) hereof is required ~ ~ ~ be depcs~ted b~ the i~ort~agor under a mortgage'or similar instrument } ~ _-:~v:r,g pr~ority over the lien ai tY;is i~Iortgage, the ~Iortgagor shall make ~~e de~~sits recuired by this Paragraph ? only in the event of the ter- ~ ~ ~ ~~nation oi suc'r, obligation under ~he prior mortgage or similar ins~rumen~. "~::e i~lortgagor sY:a~ ~ give prom~t notice in writing to tr,e N~ortgagee of the ~ - ~ ~ . ~ , ~ ~ ~ ~ ~-~st mentioned event. A21 such amounts so c:~.:,~ - - - - - . _ _ ~ _ _ _ . , .