HomeMy WebLinkAbout1445 . . , - 4 - ;
~atisfact~ry to ~s:e ::~r~~;~.~~e, sY.ull be delivered prcwFtly t~e I~S~rt-
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~abee. .The ;;oZ•t~agor will ray promptly when due, as hereinuiter pro-
vided, any and all pre~iums on such insurance, and in every case in whieh
:~syment tr.ereof is not r~ade~ ~rom tY:e deposits therefor required by this
:~i~rt6age, promptly submit to the i~iortgagee for exadination receipts or _
~ther evidence of such payment as shall be satisfactory to the Mortgagee. `
~'he Mort~a~ee may obtain and pay the premium on (but shall be under no
obligation to do so) every kind of insurance required hereby if the amount
of such premium has not been deposited as required by this i~Iortgage, in
~,thich.event tYre Mortgagor will pay to the Mortgagee every premium so paid
by the Mortgagee. ~
(h) Ir. the event of loss or damage to the mortgaged property, =
L~e Mortgagor will give to the Mortgagee immediate notice thereof by
~ail, and the Mortgagee may make and file proof of loss if r.ot made otheri •
;~ise promptly by or on behalf of the Mortgagor. Each insurance company
~ssuing any such ~olicy-is hereby authorized and directed to make payment
~hereunder for such loss to the Mortgagor and the Mortgagee jointly, un-
~ess the amount of loss is payable first to the holder o~ a lien under a .
~ortgage or similar instruraent to which 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 reducti~n of the
~ndebtedness hereby s~ecured, or to.the restoration or repair of the mort-
:aged pro~erty da.maged. In the event of Yoreclosure of this Mortgage, or
~f any transfer of title to the mortgaged property in extinguisbment of
such indebtedness, all right, title and interest of the Mortgagor in and~to ~
every such insurance policy then _in force, subject to the rights and inter-
ests of the holder of any such prior lien, shall pass to the grantee ac-
q::ir~ing title to the mortgaged propert;~ together with such policy and
appro~ria~e assig:~ment of such right, title and interest which shall be
' Wa3e by the Mortgagor.
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~ 7. (a) In order more ~ully to protect.the security of this Mortgage,
F tr^e.Mortgagor shall deposit with the Mortgagee together with, and in addi-
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; ~=on to, ~he paya~ent of principal and interest manthly on account of the
~ ::~~e secu~ed hereby, until tYie Note is paid in full, an amount of money
~ e;ual to tre total a.mount of
( . (i) ground rents, if any, next becoming due,
~_i) the remiums next becomin due on the
P g policies of fire and all other ~
~~azard insurance required by this Mortgage with respect to the mortgaged
~ :r~ ert ~
p y,~(iii) taxes, assessments, water rates and other governmental ~
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~y:arges ~e:ct }ec;.ming due on the mortgaged property (all the foregoing ~
= G~ounts as estir~ated by the i%iortgagee and set forth in a wri~ten notice °
~ such estimate by the i~ortgagee to the Mortgagor from time to time),
~ -~e~s ali a~oant;, tY~at may already have been paid therefor, divided by the
:u~ber of calendar months to elapse before one calendar month prior ~o the
~~~e wr~e:~ sacY: oround rents, premiums, taxes, assessments, water rate~ and
~ ~~^er o;,i?ernnertal charges, respectively, will become due and payable. a.
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_ ~ r ar:y a.:.;,;:n ~ re~erred to in clauses ( i} through ( iii ) hereo~ is required
~ be ~ep:.site3 by the Mortgagor under a mortgage or similar instrument
::~vir.g ~ri~rity over the lien of this Mortgage, the Mortgagor shall make ~
-'~:e depcs::s required by this Paragraph ? only in the event of the ter- ~i
:_.nat~or. such flbligation under the prior mortgage or~similar instrumet~t. Q~
=~e :~tort~a~or shall give prompt notice in writing to the Mortgagee of the ~
ccc.:r=er. -~ast men ~~cned event. AIl such amounts ao depc:; ;