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~atisfactory to the Nortgagee, snall be delivered pronptly to the i~ort-
~agee. The Mortgagor will pay pro~ptly when due, as hereinafter pro-
~~ided, any and all premiums on such insurance, and in every case in which
~ayWant thereof is not made from the deposits therefor required by t~is
::ortgage, promptly submit to the Mortgagee for examinatiQn receipts or
~~ner evidence of such payment as shall be satisfactory to the Mortgagee.
~~e ~Iortgagee nay obtain and pay the premium on (but shall be under no
obligation to do so) every kind of insurance.required hereby if the amount
such premium ras not been deposited as required ~y this Mortgage, in
;~::ich event the Mortgagor will pay tb the Mortgagee every premium so paid
~y the Mort~agee.
(b) In the event uf loss or darsage to the mortgaged property,
~:~e ~ort~agor will give to the Mortgagee immediate notice t~ereof by
^:ail, and the ~ortgagee may make and file proo~ of loss if not made other-
~•:~se promptly by or on behalf of the Mortgagor. Each insurance company
;ssuing any suc~ policy is hereby authorized and directed to make payment
~~ereunder for such loss to the Mortgagor and the Mortgagee jointly, un-
~ess the amount of loss is payable first to the holder of a lien under a
::~rtgage or similar instrument to which this Mortgage is expressly subject;
~urd the insurance proceeds or any part thereof if received by the Nortgagee
Way be applied 'oy the Mortgagee, at its option, either in reduction of the
=:,3ebtedness hereby secured, or to the restoratian or repair of the mort-
~aged property damaged. In the event of foreclosure of this Mortgage, or
any transfer of title to the mortgaged property in extinguishment of
~uc~ indebtedr.ess, all right, title and interest o~ the Mortgagor in and to
zvery such insurance policy then in force, subject to the rights and inter-
~~ts of the ro~der of any such prior lien, shall pass to the grantee ac-
.a~ring title ~o the mortgaged property together with such policy and
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~Tpropriate assigr.ment of such right, title and interest which shall be °
E .~.:de by the Mor ~gagor.
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~ 7. (a} In order aore fully to protect the security of this Mortgage,
~ ~~e :~ortgagar shall deposit with the Mortgagee together with, and in addi-
-~on -t~, tne payment of principal and interest monthly on account of the -
::.:~~e secured hereby, until the Note is paid in full, an amount of money
~J~~a~ to t:~e total amount of (i) ground rents, if any, next becooing due,
the pre~iums next becoming due on t:;e policies oi fire and all other
_.azard insurar.ce required by this Mortgage with respect to the mortgaged
~ :~.~~~,ertf, (iii) taxes, assessments, water rates and other governmental
:arges nex ~ bec~raing due on tY:e mortgaged, property (all the foregoing
-~~:~;:nts as estinated by the Mortgagee ar.d set forth in a written notice
such es ~~.~ate oy the I~ortgagee to the Mortgagor from time to tiae) , '
.y . ~
~ -~~s ali a~~ur.ts that ~ay already :~ave been paid therefor, divided by the
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..ti~:~er ;,f caienaar months to elapse before one calendar month prior to the ~
~e w'r.en suc'r. ground rents, premiuas, taxes, assessments, water rates and ~ ~
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.~~:er ~cvernyenta~ c'.:arges, respectively, will become due and~payable. ~ '
~r.~y a.:.oNr.~ referred to ~n clauses (i) through (iii) hereof is required ~
~e cepos:;.ea by the Yort~a~or under a mortgage or sinilar instrument ~o
.1•ri::b ~ri:,rity over the lien~ of tris riartgage, the Mortgagor shall ~ake
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~~.e depcsi±s recuired by this Paragraph 7 only in the event of the ~er- =
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::::::a~;on o~ such abligation under the prior mortgage or similar instrument.
_:e f;,rtgsgor szall give prompt notice in writing to the Mortgagee of the
~c~::rr-r.c~ ~-e last raentioned event. Ali such a~nount~ so 3epos~+•` :
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