Loading...
HomeMy WebLinkAbout0420 e -4- satiefaotory to the Mortgagee, eball be delivered-promptly to the Mort- - gagee. Tbe Mo~rtgagor will pe~y promptly when due, ae hereinatter pro- vided, auy and all premiume oti euoh ineuraDCe, and in every caee in whicb payment thereof ie bot made trom the depoeite thereior required by thie Mortgage, promptly aubmit to the Mortgagee Yor eaamination reoeipte or , ~ other evide~ae oi euah payment ae ehall be eatiefactory to the Mortgagee. 1 The Mortgagee may obtain and pay the premium on (but ehall be under no , obligation to do ao) every kind of ineurance required t~ereby iY the amount ~ of such premium hae not been depoeited ae required by thie Mortgage, i~ : , which event the Mortgagor will pay to tbe Mortgagee every premium eo paid ~ ~y tbe Mortgagee. ` . ~ (b) Iu the event o~ loas or damage to the mortgaged property, the Mortgagor will give to t~e Mortgagee immediate notice thereof by ~ mail, a~d the Mortgagee~may make and file proof oY loea if not made other- wise promptly by or on behalf of the Mortgagor. Tach inaurance company issuing any such policy ie hereby authorized and directed_to make payment thereunder for sucb lose to the Mortgagor and the Mortgagee jointly, un- ~ese the amount of loes ie payable firet to the holder o~ a ifen under a mortgage or aimilar inetrument to wbich thia Mortgage ia eapreasly sub3ect; and the.inaurance proceede or any part thereof if received by tbe Mortgagee ~ may be applied by tbe Mortgagee, at i~te option, eitber in reduction of tbe ! indebtedneas hereby secured, or to the restoration or repair of the mort- gaged property damaged. I~ the event of forecloeure of thie Mortgage, or of any tranafer of title to tbe mortgaged property in extinguiahment o~ such indebtedneas, all right,_title and intereet of the Mortgagor in and to every such inaurance policy then in ~orce, eub~ect to tbe righte and inter- ' ests of the bolder of any auch prior lien, shall paee to the grantee ac- ~ quiring title to the mortgaged property togetber with euch pvlicy and~ appropriate assignment of euch rigbt, title and intereet which sball be made by the Mortgagor. ~ . - ~ ~ ; 7. (a) In order more Yully to protQCt tbe eecurity of this Mortgage, ~ ~ ' the Mortgagor shall~deposit witb the Mortgage~ together witb, and in addi- ; ~ion to, tbe payment oY principal and interest monthly on account of the ' . ; ~ Vote aecured hereby, until the Note ie paid in full, an amount of money ` : equa~ to the total amount of (i} ground rents, it any, next becoming due, , i (ii) the premiums neat becoming due on tbe policiee of Yire and all other ~ T ::azard insurance required by this Mortgage witb reepect to the mortgaged ~roperty, (iii) taxee, aeaeeements, water ratee and other governmental charges next becoming due on the mortgaged property (all the foregoing amounts as estimated by tbe Mortgagee aDd set forth in a written notice ~ such eatimate by the Mortgagee to the Mortgagor from time to time), ~ ~ '~ess all amounts that may already~Y~ave been psid thereYor, divided by the ~ ~ rumber of calendar monthe to elapae beYore one oalendar month prior to the uate when such ground rente, premiume, taxee, aeeeeamente, water ratea and ~ ~ther governmental chargee, reepectively, will become due and.payable. ~i any amount referred to in claueee (i) through (iii) hereoi ie required ~o be deposited by the Mortgagor under a mortgage or eimilar inetrument o~ ~aving priority over the lien oi thie Mortgage, the Mortgagor et~all make ~'-~e depoaite required by tbie Paragraph ? only iD the event oi tbe ter- ~ Wination oY euch obligation under~tbe prior mortgage or eimilar inetrumebt. ~he Mortgagor ehall give prompt notice in writing to ttie Mortgagee o! the occurrence af the laet mentioned event. Al1 sueh amounte eo depoaited - _ ~ .=r~-i.._ ~~i _ . ' - . - ~ .~~:f% _ Y _ ~