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HomeMy WebLinkAbout0995 , - 4 - satisfactory to the i~ior~ga~ee, shall be delivered pro~ptly ta the rlort- ;~agee. The riortgagor will pay promptly when due, as hereinafte~ pro- vided, any and all premiums on such insurance, and in every case in which paym~nt thereof is not made from the deposits therefor requ~red ny this =~~ortgage, pror~ptly submit to the Yortgagee for examin~tion receipts or ~~her evidence of such payment as shall be satisfactory to the t~ortga~ee. •~~e Mortgagee may obtain and pay the premium on (but sY:all be under no ~bligation to do so) every kind oi insurance required Y:ereby if the amount of such premiu~ has not been deposited as reguired by this i:ortgage, in ~ti~hich event the Mortgagor will pay to the Mortgagae every premium so paid by the M~r~gagze. _ (b) In the~e ev nt af l~ss or da.mage to the mortgaged property, ~;e Mortgagor will give to the Mortgagee immediate notice trereof by ~ail, and the ~iortgagee may na'~e and file proof of l~ss if not made othe~ - ~•~ise promptly by cr on behalf of tY~e ~Iortgagor. Each insurance company -~ssuing any sucn policy is hereoy authorized and directed to make payment ;,hereunder ior such loss to ±he Mortgagor and the ~Iortga~ee jointly, un- ~.ess the anount o~ loss is payable first to the holder of a lien under a ::ortgage or similar instrument to which this Mortgage is expressly subject; and the insurance proceeds or any part thereof if received by the Mortgagee Way be ap~lied by the i~iortgagee, at its option, either in reduction of the '_nde~tednzss here'uy seeured, or ta the restoration or repair of the mort- baged property da~aged. In ~he even~ of foreclosure of this.r~ortg~ge, or ~f any transzer of title to the mortgaged property in extinguishment of such indebtedness, all right, title ar,d interest of the Mortgagor in and to every such insurance policy then in force, subject to the rights and inter- j a:.ts of the holder of any such prior lien, shall pass to the grantee ac- ` c~airing title to the mortgaged praperty together with such policy and i i ~.ppropriate assig:~ment of such right, title and interest which shall be ~ - ; ~:ade by tne Mor~gagor. F ~ 7. (a} In arder aore fully to protect the security of ~his Mortgage, ~ ~'_^.e Mor~ga~or shall deposit with the Mortgagee together with, and in addi- ~ ~ ~~on to, tne payment of principal and interest monthly on account of tne ~ ,:ote secured hereby, until the Note is paid in full, an amount of money ~ ~ ~ eaual to the total amount ef (i) ground rents, ii any, next becoming due, Q~ ~ ;~i) the premiums next beconing due or, the policies of fire and all other ~ ~ ~ ~ ~ ~:azara ir,surance required by this Mortgage with respect to t:~e mortgaged ~ a • ~ ~ ~roperty, (iii) ~ax_es, assessments, water rates and other governmental ~ ~ ~:^.arges next hec~ning ~ue on the mortgaged property (all the,foregoing ~o ~ ~mounts as es~i~a~ed by the Mortgagee and set forth in a written notice _ ;,f such es~;~ate by the P~Iortgagee to the ~ior~gagor from time to time), ? ' ~ess al~ ~ounts that may already :~ave been paid therefor, divided by the :l;~mber calendar nonths to elapse before one ca~endar mont~ prior tc the ;T ~a;.e ~?;:^.er suc:^ ground rents, premiuns, taxes, assessments, ~yater ra~es and ~ther gcver :~e :~a? c'~:arges, respectzvely, will become due and payable. - anJ a~:o~:~t referred to in clauses (i) through (iii) hereof is rea,aired b~ ce~;,~ite~ cJ tne ~Iortgagor under a mortgage or similar instrument ~ '~:~ving ~,riorit~ over the ~ien of t'nis I~:ortgage, the N:ortgagor shall oake ' = ~~~e deposi+s required by this Paragrapn 7 only in the event of tne ter- ~._:nat~o;, o~ suc~ oblioa~ion under the prior mortgage or similar instrument. ~ _ ~~r,e ~~r~~agcr s'r~al_ give pronpt notice in writinb to the Mortgagee of the .,c_.~rr^-^.:~ ,r l:^~ last ne :;.ioned event. All su:._. amounts so ce,~ tir - F - . J~ .