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Home My WebLink About0501 - d - . . ~ ~atisfactory to the ;ior ~~;:~ac;e, shall be aelivered pror~aptly zo t%~e :icrt- ; ~agee . The riort~7~gor wiil pay pro~nptly ~•~hen due, as hereir.~fter - pro- ~~ided, any and a~l premiu~s on such insurance, ana in every case in wnich 1 : paymenti t'r.areof is not :nade from ~he deposits thereior reau~red b;~ this :~iortgage, promptly submit to tne ~:ortgagee for examir.ati~n receipts or other evidence o~ such payment as s'nall oe satisfactory to the ifor~gagee. ~l:~e r.ortgagee ~ ay ~ otair. and pay zhe prer~ium on (but shall ~e under no obligation to do so) every kind of insurance required hereb~ if the a~ount of such premiun has not been deposited as required by this ;~i~rtgage, ~n ~~'nich event the i~ortgagor will pay to the N:ortgagee every premium so paid by the t~Iortgagze . (b) In the even~ o~ loss or danage to the mortgagec property, ~ne Mortgagor Vrill- give to the ~Iortgagee immediate notice tY:ereof by :~ail, and the ~iortgagee may ma~e and file pro~f of loss if r.o ~ made other-- - wise promptly by or on behalf of the Mortgagor. Each insurance company i~suing any suc'n policy is hereby autihorized and directed to ma'~ce payment ;.hereunder for such loss to the riortgagor and the Mortgagee jointly, un- ~ess the a~ount of loss is payable first to the holder of a lien ~ander a ~:.ortgage or sinilar instrument tQ which this ~ortgage is expressly subject; and tre insurance proceeds or any part thereo~ if received by the ~Iortgagee ~~ay be applied by the Mort~agee, at its option, either in reduction o~ the ~n~ebtedness hereby secured, or to the restoration or repair oi the ~ort- ~aged property namaged. In the event of foreclosure of t?~is i~ortgage, or ~f any transfer of tizle ~o the nortgaged nroperty in extinguishment of ~uch indebtedness, all r?gY~t, title and interest of the Mortgagor in and to every such insurance policy then in force, subject to the rights and inter- ests of~'n-e hol3er of any suc prior I-ien;-shall- pass to the gra~tee ac- - q~airing title to the mortgaged property together with such policy and 4 appropriate assignment of such right, tit~.e and interest which shall be ~ :~ade by the Mor~gag~r. ~ 7. (a} ~n order ~ore fully to protect t'ne security of this Mortgage, ~ tn P~i L h 11 d it wi h the Mort a ee to ether with and in addi- , e or~ga~or s a epos t g g g , ~ion to, t':,e pay~ent of principal and interest monthly on account of the `,ote securzd ~iereby, until the Note is paid in full, an amount of noney ' equal to ~~ie total anount o~ (i) ground rents, ~f any, next becoming due, (ii) the ~reniuns next beconing due on the policies of fire and all other ~:~azard insurar.ce required by this Mortgage with respect to the mortgaged :,ropertiy, (iii) taxes, assessnents, water rates and otY:er governmental ~ .::arges nex~ beco~ir.g due on ~re mortgaged property (all the foregoing ~ anounts as es~ina~ed by the Mortgagee and set ~orth in a written notice ~ suc'r. es ~imate by zhe ~Iortga~ee to tbe ?~ortgagor fro~ time to ti~e) , ~ ~ ~ess ~11 a.::oun Ls that may already have been paid therefor, civided by t'ne ~ ::a~.ber ~i calendar months ta elapse before one calendar ~ont~ prior to the ~ ~ ~a~e w%~en sac: ground rents, premiu~s, taxes, assessments, ~:ater ra~es and ~ :,;,her o~vernnertal c~arges, respectively, will become due and payab?e. .r..~ ~ ~T ar:y a.::o;~nt r•eierred to in clauses (i) through (iii) hereoi is reouired ~ ~ be ce:cs~tec b~ the Yortgagor under a mortgage or similar instir~;nent ~ ~ ~~avir~ ~,ricrity over the ~ien of ~his i~:ortgage! the Mortgagor shall ~ake ~ ~ ~~~e depos~~s recuired by this Paragraph ? only in the event of tne ~er- ~ ~~r.at;on o~ such obligation unGer the prior r~ortgage or similar instramen~ ' ~:~~e .J:ort~agor s'na11 give pronpt natice in writing to the ~Iortgagee o~ the am ~c~•~~:.^, ~ r~~~ -~~e last men~ior,ed ever~t. All such amounts so :e~~si ~cu . . ~ . _ . , _:~;5