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33t1 Sfc`i~t02"31 ~J ~~fie :~:JIL~;a~~c? ~ 3hSI1 ~@ d~livered prczntiy th@ .`i0rt-
~agee. The :~orti ;~gor will pay promptly when due, as hereir,:~fter pro-
vided, any ana al~ premiums on sucn insurance, and in every Gase in ~r'nich ~
payment thereof is not made iro~i the deposits therefor required by t'nis
~iortgage, promp~r,~ SU4w~V to the iior~gagee for exanination receipts or
~tner evidence of such payment as shall be satisfactory to the i~ortgaoee.
~~'~e r:ortgagee may obtain and pay the premium on (but shall~oe under no
~bligation to u~ so) every kind of insurance requirec~ hereby if the amount
of such premium has not been deposited as required by this :~:~rtgage, in
~~~hich event -tha ~:ortgagor will pay to ~ the ~:ortgagee every prenium so paid
~y the Mortgagee. -
(b) In the ~event of loss or da.nage to the mortgaged property,
t?~e Mortgagor will give to the ~'lortgagee imciediate notice tY:ereof by
::.ail, and tY~e rfortgagee may mzke and file proof of loss . if r.ot made other- •
wise prom~tly by or on behalf of ~he ifortgagor. Each insurance com~any
~ssuing any such uolicy is hereby authorized and directed to ma~e payment
;,hereunder for such loss to the Mortgagor and tYie Mortgagee jointly, un-
iess the anount of loss is payable first to the holder of a lien under a
.^~ortgage or sinilar instrument to which this Mortgage is expressly subject;
and the insurance proceeds or any gart tY~ereof if received ~y.the Mortgagee
~ay be applied by the Mortgagee, at its o~tion, either in reduction of tY~e ~
~ndebtedness hereby secured, or to the restoration or repair of the mort- x
~
aaged property damaged. In the event of foreclosure of this Mortgage, or
of any transfer of iitle to the mortgaged property in extinguishnent of
~uch indebtedness, all right, title and interest of the ~Iortgagor in and~to
every such insurance policy then-in force, subj~ct to the rights and inter-
estis of the Y?.older of any such pr~or lien, shall pass to the grantee ac- ~
` quiring title to the mortgaged property together with such policy and ~
a~propriate assignnent of such rignt, title and interest which shall be ~
~ade by thz ~iortgagor. ~ ~
7. (a) In order more fully to protecz the security of this viortgage, ~
~~~e Mortgagor shall deposit witn the Mortgagee ~ogether w-ith, and in addi-
~ion to, tne pay~ent of principal and interest monthly on accounti of the °
~iote secured :~ereby, until the Note is paid in full, an a.mount of money ~
eaual to ~:e total amount of (i) ground rents, if any, next becoming due, ~
~
~ii) tbe premiur~s next becoming due on the policies of fire and all other ~
,
_~azard insurance required by this Niortgage with respect to ~ae mortgaged `
~
:
~;roperty, (iii} taxe~, assessaents, water rates and other governmental ~
c?:arges next becoming due on the nartgaged property (all the foregoing ~
i
~.~ounts a~ estimated by the Mortgagee and set forth in a written notice
suc'r.~ es;.i~aze by ~he i~ortgagee to the Mortgagor from time to ti~e), ~
~
-.~ess al~. a~ourts that ~ay already have been paid therefor, divided by the 3
.u~oer ~i ca~endar months to elapse before one calendar month prior to ~he ~
.~a~e w~.en 5uc: ground rents, premiums, taxes, assessments, ~~rater rates ar~ ~
i
~ ~~er ~overnaer.tal c':~ar~es, respectively, will become due ar.d payable. Z
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any amo~::~t reierred to in clauses (i) through (iii) hereof.is required W
~
'~e ~:e-cos~ tec cy tne ~Iortgagor under a mortgage or similar instru~e:~ ~ i
:avir.o nr~~-rity over ~he ? ien of this Mortgage, the Mor~gagor shali a~a'~e ~ ~
~'.~e depos~ts reua~red 3;~ this ~aragraph ? only in the ever.t of the ter- e-~
:atior. c-; suc'a obligation under the prior mor~gage or simi~ar ~nstru~en~~
~"rie i~:ortoaG~r ~h~ll g~ve prompt notice in writi :g to the Mortgagee of the
:cc:;r-~~r.~=: ~ast mer.t:o*.:ed event. All such 2.mounts so de~~~~--::
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