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Home My WebLink About1639 ~ _ .r.~ . _ a _ . ~ati~faciory to t'r,e i~iortgagee, sY,all be delivered pro~ptly t:~e i~iort- ya~ee. The ~Iort~agor wi?1 pay promp~ly when due, as herein:~ter pro- vided, any an3 all pr~miu~s on such insurance, and in every case in which ~ayment thereoi is not made from zne deposits therefor required by this :iortgage, promptly submit to the Nortgagee for exa~in~,tion receipts or ~ther evidence of such payaent as shall oe satisfactory io the l~orzga~ee. ~ ~~!~e ~Iortga;ee ~ay ~otain and pay the premium on (but shall be under no obligation Lo do so~ every '~i:~d of insurance require3 hereb~ ii the anount ~f such premiu~ has not been deposited as required by this i~i~rtgage, in ~ti~nich eve:~t t'r.e Mortgagor will pay to the Mortgagee every premium so paid by tne Mort~agee. (b) in the event of loss ar damage to the mortgaged propertiy, ~:~e Mortgagor wiil give to tY~e Mortgagee imalediate notice thereof by r~ail, and ~he ~iortoagee may make and file proof of loss if r.ot made other-- • i ~~rise promptly by or ~n behalf of the ~iortgagor. Each insurance company ~ ;ssuing any sucY: policy is hereby authorized and directed to make payment ~ F ~hereunder for suc'n loss to the ivfortgagor ann the Mortgagee jointly, un- ~ less the amount of loss is payable first to the holder of a lien under a ~ ~:~rtgage or similar instrument to which this Mortgage is expressly subject; ~ and the insurance proceeds or any part thereof if received 'oy the l~ortgagee ~ay be applied 'oy the Mortgagee, at its option, eithzr in reduction of the ~ ~:~debtedness hereby secure3, or to tY~e restoration or repair of the mart- gaged pro~erty namaged. In the event of foreclosure of this ~Iorigage, or ~i any transfer oz title to the nortgaged property in extinguishment of juch indebtedness, all right, title and inter~st of the Mortgagor in and to ~ Every such insurance policy then in forcz, subject to the rights and inter- ; , es~s of the holder of any such prior lien, shall pass to the grantee ac- q~airing ti~ie ~o tihe mortgaged property together with such policy and i ~ appropriate assigrm~-~ of such right, title and interest which shall be ~ j ~ade by the P~tor~gagor. _ ~ ~ 7. (a} In order more fully ta protect the security of this Mortgage, ~ ~~e :+'Iortgagor shall deposit with tY:e Mortgagee together with, and in addi- ~ion the paynent 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 to~al amount of (i) ground rents, if any, next cecoming due, ~ (ii} the premiuns next becom~ng due on the policies of fire and all other ~ ::azard insurance required bg this Mortgage with respe-c~--to z~ie mortgaged :~roperty, (~ii) ~~.xes, assessoents, water rates and ~ther governmental ~harges ~exz be~oning d~ae on Lhe nor~gaged property (all the foregoing ~ ~.c:our,ts as es ~ima~ed by the i~ortgagee and set forth in a written notice ~ ~ such es ~ima~e e;~ the ~Iortgagee to the Mortgagor from time to tiae) , T ~ ~ ~~~s al~ a~ount.: that may already have been paid therefor, divided by t'ne ~ ~ ~ ~ ~ :~;~~~er o~ calendar mor.ths to eZapse before one calendar mont'~ prior to the~..~ ~ ~ ~ate ~i~er sucr ground rents, premiuras, taxes, assessments, ~•rater rates and ~ ; ~ ~~,er ~cv~r-.^.~ental charges, respectively, will ~ecome due ar.~d payab? e. •eN ~ ar:;~ ~.W~;;::~ re~erred io :.n clauses (i) throu~h (iii) hereoi is required ~ be ce_ o~~ tea c;~ ~he ~fortgagor under a mortgage or similar instruner.t °L~ ~ . o'a i: • ~.=~.7~::b ~r_ority over the lien of this P~ortgage, the PSortgagor shall nake ~ ~ ~:z deposits required by this Paragrap~ 7 only in the event of the ter- ~ :~;r.at:or. oi such obli~ation unaer ~he prior mort~age or simi~ar instrument. ~ ~_:e i-i~rtaagor shall bive prompt notice in vrriting to the ~iort~aaee of tne ;5 _ - ~ ~ - ° - last me::~~:. :e3 event. All such am~unts so de~~~ - ~ - ~ . - - __.s