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HomeMy WebLinkAbout2855 ~ -a- eatisiaatory to the Mortgagee~ ehall be delivered promptly to the Mort- - ~ gagee. The Mortgagor will pay promptly when due, aa bereinaSter pro- ! vided, any and all premiume on auoh it~eurance, aua in every oase in wbioh ~ paymeAt thereoi ie not made from the depo~ite.theretor requ~red by thie Mortgage, promptly submit to the Mortgagee Yor examination receipta or , , other evidence of auch payment ae ahall be eatiafaatory to the Mortgagee. The Mortgagee may obtain and pay the premium on (but ehall be un8er no ~ obligation to do so) every kind of ineurabce.required hereby iY the amount ' oi euah premium has not been deposited as required by this Mortgage,~fn which event the Mortgagor will pay ~b the Mortgages every premium eo paid ~ ~ by the Mortgagee. ; - (b) In the event of losa or damage to the mortgaged property, the Mortgagbr will give to the Mortgagee immediate notice thereoY by mail, and the Mortgagee may make and file proo~ of~loss if not made.other- wise promptly by or on bebalY of tbe Mortgagor. Each ineurance compa~y issuing any such policy is hereby authorized and directed to make paqa~ent thereunder for sucb losa to tbe Mortgagor and tbe Mortgagee 3ointly, un- lesa tbe amount of loss ia payable first to tbe holder o~ a lien under a ~ mortgage or similar instrument to whicb thia Mortgage is expreasly subject; . and the inaurance proceeds ~or any part tbereof if received by tbe Mortgagee may be appli-ed by the Mortgagee- at its option, either i~n reduction of the indebtedness hereby secured, or to the restoration or repair of the mort- . gaged proper~y~damaged. In the event of foreclosure of this Mortgage, or - of any transfer of title to tbe mortgaged property in extinguiahment of such indebtedness, all rigbt, title and interest.oY the Mortgagor in and to every such insurance policy tben in ~orce, sub~ect to the r~ght~ and inter- ests of the holder of any auch prior lien, ahall pass to the grantee ac- j quiring title to the mortgaged property togetber with such policy and ; appropriate assignment of auch right, title and intereat which sball be made by the Mortgagor. ~ . 7. (a} In order more fully to.protect the secuirity of this Mortgage, the Mortgagor sball deposit with the Mortgagee together with, and in addi- tion to, the payment of principal and intereat monthl~ on account of the :tote 9ecured hereby, until tbe Note ia paid in fnll, an amount of money equal to the total amount of (i) ground rents, if any, nezt becoming due, ~ii) the premiums next becoming due on the policies of fire a~d all ather ~azard insurance required by this Mortgage with respect to the mortgaged property, (iii) .taices, as9ee9ments, water rates and other governmental charges next becoming due on the mortgaged property (all the foregoing aaounts as estimated by tbe Mortgagee and set forth in a written notice of sucb estimate by the Mortgagee to tbe Mortgagor from time to time), ~ess all amounts tbat may already have.been paid therefor, divided by~the_ , number of calendar months to elapse before one calendar mo~tb prior to tbe 3ate wben such gr.ound.rente, premiums, taxes, aaseesments, water rates and~ ~ ~ther governmental charges, respectively, will become due and payable. ~ any amount referred to i~ clauaea (i) tbrough (iii) hereof ia required ~ ~.o be deposited by the Mortga$or under a mc,rtgage o~^ similar instrument ~avi~g priority over the lien of thie Mortgage, tbe Mortgagor shall make ~:~e deposite required by this Paragrapb 7 only in the event oY the ter- ~ ~ination of suc~ obligation under the prior mortgage or eimilar inetrument. :~he Mortgagor sball give prompt notice in writing to the Mortgagee oi the ~~r'Cu2"X'~t'l(;e of t~,~- l.ast mentioned event. All euch amounte eo de o~it~,_~ - - - _ - - - _ ~ s~ - - F ~k r ~ ~ ` . _ - ' ' r ~-~'a'~zu~Y^.k--~c+._"`,»,:.~ ~ r u - ~~~<u~w '