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~atisfaczory to ~he ?;ort~a~~e, sh411 be ce~ivered pror~pt~y t:ze ~Iort-
~agee. The irart~a.gor ~~rill pay promptiy when due, as nereinafter j ro-
vided, any and all pre~'iums on such insurance, and in every case in which .
~ayment thereof is not mad~ fron the deposits thereior required by this
~iortgage, ~ro~ptly submit to the Mort~agee for examination receipts or
other evidence of such payment as shall be satisfactory ~o ±he i~~ortgagee.
~~ze 34fortgzg2e ~ay obtain and pay ihe premium on (but shall be un3er na
~blibation to do so) every kind of insurance required hereby if t'ne anount
oi suc~h premium !~as not been deposited as required by this :~:ortoage, in
which even~ tne Mortgagor will pay to the Mortgagee every premium so paid
~y the Mor~gagee.
(b) In the event of loss or damage to the mortgaged property,
~he Mort~agor will give to the Mortgagee imanediate notice thereof by
r~ail, and the Mortigagee may make and file proof of loss if not made other- •
~vise promptly by or on behalf of the Mortgagor. Each insurance company
:ss"uing any such policy is 'nereby authorized and directed to make payment
thereunder for such loss to the Mortgagor and the i~'Iortgagee jointly, un-
1yess the amount of loss is payable first to the holczer of a lien under a
~~ortgage or simiiar instrument to w'nich this Mortgage is expressly subject;
and the insurance proceeds or any part thereof if received by the Mortgagee
~ay be applied by the Mortgagee, at its option, either in reduction of the
~ndebtedness hereby seeured, or to the restoration or repair of the mort-
baged proverty damaged. In the event of forecl osure of this M~rtgage, or
~f any transfer o~ title to the mortgaged property in extinguishment of
~uch indebtedness, all riglnt, iitle and interest of the Mortoa;or in and to
every su~h insurance policy then in force, subject to t'ne rights and inter-
ests of thz holder of any such prior lien, shall pass to the grantee ac-
j quiring title to the mortgaged property together ~ait~ such golicy and
. 7
i a~propriate assignment of such right, ~title and interest which shall be '
i
.~ade by the Mortgagor.
7. In order aore fully to protect the security of this ~Iortgage,
~he Mortgagor sY;all deposit with the Mortgagee tagether wit'n, and in addi-
~ion to, ~:~e payment of principal and interest monthly on account of the :
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:;~te secured :~ere~y, until the ~iote is paid in full, an amount of money ~
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equ31 to the total araount of {i) ground rents, if any, next becoming due, ~
~ii) the Lremiuras next becoming due on the policies o~ fire and all other
~~:azard insurance reouired by this Mortgage with respect to t'ne mortgaged
Uroperty, ~iii} tax_es, assessments, water rates and other gcvernmental
~:arges ne~c~ becoa~ng due on the mortgaged property (all the foregoing
a~ou:~ts as estima~ed by the Tfortgagee a~d se ~ forth in a~?ritten notice
_ ,
:,f such es ~~~ate by the i~:ort~gagee to the Mortgagor fro~ time to time) ,
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-ess al~ a~:~unis taat may already have been paid therefor, civided by the
::a.~oer ~f caler.ctar months to elapse before one caZendar mon;,a prior to the
::te ~i~e : sucY: g~ound rer,ts, premi~ms, taxes, assessments, Vfater ra~es and
~~ner gcvern~en~al c:~arges, respectively, will become due an3 payable.
any 2~curt referred to in clauses (i) tnrough (iii) 'r:ereo~ is re~uired
be ce~osited by the ~;ortgagor under a mortgage or similar instrument
~~aving priority over tY~e lien of t'nis ;~ortgage, the i:or~gagor shail make Q
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~:e deUos~ts required by tY:is Paragraph 7 only in the event ~f the ter-
~:r.atia:~ of s~:ch ~bligation under the prior ra~rtgage or simi~ar ~ ns ~ruaen~
, f
~:e :y:ort~G~or ~'r.a~~ give prompt notice in writing to the i?iortgagee of the ~o ~
~eo
;;cec~Y~-c~ 1~.~~. Iast mentior.a~ event. A~1 such a~ounts so de.::;s~`~:
~,1.- F. ~