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satiSfactory to the Mortgagze, shall be deliv~red prompt~y t~ the Mort-
gagee. The Mortgagor will pay promptly when due, as hereina~ter pro-
vided, any and all premiums on such insurance, and in every case in which
payment thereof is not made from the deposits therefor required by this
Mortgage, promptly submit to the Mortgagee for examination receipts or
other evidence of such payment as shall be satisfactory to the I~Iortgagee.
The Mortgagee may obtain and pay the premium on (but shall be under no
obligation to do so) every kind oi insurance required hereby if the amount
of such premium has not been deposited as required by this I~ortgage, in
which event the Mortgagor will pay to the Moxtgagee every premium so paid
by the Mortgagee.
(b) In the event of loss or damage to the mortgaged property,
the Mortgagor will give to the Mortgagee immediate notice thereoY by
mail, and the Mortgagee may make and file proof of loas if not made otheri •
wise promptly by or on behalf of the Mortgagor. Each insurance company
?ssuing any such policy is hereby authorized and directed to make payment
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less the a.mount of loss is payable first to the holder of a lien under a
mortgage or simi~ar instrument to which this Mortgage is expressly subject;
and the insarance proceeds or any part tbereof i~ received by tbe Mortgagee
nay be applied by the Mortgagee, at its option, either in reduction of the
indebtedness hereby secured, or to ~he restoration or repair of the mort-
gaged property damaged. In the event of foreclosure of this Mortgage, or
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such indebtedness, all right, title and interest o~ the Mortgagor in and to
every such insurance policy then,in force, subject to tbe rights and inter-
ests of the holder of any such prior lien, sh~,ll pass to the grantee ac-
quiring title to the mortgaged property together with such policy and
~ aupropriate assignment of such right, title and interest which shall be
~ made by the Mortgagor.
~ (a) In order more fully to protect the security of this Mortgage,
~ the Mortgagor shall deposit with the Mortgagee together with, and in addi-
tion to, the payment of principal and interest monthly on account of the
?~ote secured hereby,~until the Note is paid in full, an amount of money
~ equal to the total amount of (i) gro•and rents, if any, next becoming due,
~ - - _
ii the -Jpremiums -~ex~-b~~~m~i~sg- riue on th~--~oli~i~-s-~of-~ire and- all- o~her
:~azard insurance required by this Mortgage with respect to the mortgaged
property, (iii) taxes, asseasme~ts, water rates and other governmental
? charges next becoming due on the mortgaged property (all the foregoing
~ amounts as estimated by tbe Mortgagee and set forth in a written notice
~
~ ~f such estimate by the Mortgagee to the Mortgagor from time to time),
~ ~ess all a~o~ants that may already have been paid thereYor, divided by the
~
~ number of calendar months to elapse before one calendar month`~rior to the
~ :ate when sucY: ground rents, premiums, taxes, assessments, water rates and
~ other governmental charges, respectively, k~ill become due and payable.
~ 4' a.
~ il any araaunt referred to in clav~es (i) through (iii) hereo~ is required
a
~ to bz deposited by the Mortgagor under a mortgage or similar instrument s~
~
~ :aving priority over the lien of this Nlortgage, tbe Mortgag~r shall make ~
~ ~`~e deposits reouired by this Paragraph 7 only in the event of the ter-
.
~ ~ination of such obligation under the prior mortgage or similar instrument.~
~ ~''rie I4ortgagor shall give grompt notice in writing to the Mortgagee of the
§ occarr~::~e of t~:e last ment<~ned evenc. All such amounts so de~o~} t~a ~
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