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HomeMy WebLinkAbout2720 ' 4. Payment of Taxes, etc. Mortgagor shall pay all taxes, assessments, water rates. sewer rents and other charges, including vault charges and licence fees.for the use of vaults, chutes and similar areas adjoining the Premises, now or hereafter levied or assessed against the Mortgaged Property (hereinafter referred to as the "Taxes") prior to the date upon which any fi~e, penalty, interest or cost may be added thereto - or imposed by law for the nonpayment threof . Mortgagor shall deliver to Mortgagee, upon request, receipted bills, cancelled checks and other evidence satisfactory to Mortgagee evidencing the payment of the Taxes pr ior to the date upon wh ich any f ine, . penalty, interest or cost may be added thereto or imposed by law for the nonpayment thereof. 5. Escrow Fund. Mortgagor will, at the option of Mortgagee, pay to Mortgagee, on the first day of each calendar month one-twelf th of an amount (hereinafter referred to as the "Escrow Fund") which would be sufficient to pay the Taxes and the premiums due on the Policies payable, or egtimated by Mortgagee to be payable, during the ensuing~twelve (12) months. Mortgagee will apply the Escrow Fund to payments required to be made by Mortgagor pursuant to paragraphs 3 and 4 hereof. ~If the amount of the Escrow Fund shall exceed the amounts due pursuant to paragraphs 3 and 4 hereof, Mortgagee shall, in its discretion (a) return any excess to Mortgagor, (b) credit such excess against the Debt in such pr ior ity and proportions as Mortgagee in its discretion shall deem proper, or (c) credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Mortgagee may deal with the person shown on the_ records of Mortgagee to be the owner of the Mortgaged Property. If the Escrow Fund is not sufficient to pay_the Taxes and the Premiums, as the same become payable, Mortgagor shall pay to Mortgagee, upon request, an amount which Mortgagee shall estimate as sufficient to make up the deficiency. Un til expended or applied as above provided, any amoun ts in the Escrow Fund may be commingled with the general ~ funds of Mortgagee and shall constitute additional secur ity fAr , ( the Debt and shall not bear interest. i E 6. Condemnation. Notwithstanding any taking by any t public or quasi-public authority through eminent domain or ~ otherwise, Mortgagor shall continue to pay the Debt at the time ~ and in the manner provided for its payment in the Note and in ~ this Mortgage and the Debt shall not be reduced until any award ~ or payment therefor shall have been actually received and applied by Mortgagee to the discharge of the Debt. Mortgagee may apply any such award or payment to the discharge of the Debt whether or not then due and payable in such priority and proportions as Mortgagee in its discretion shall deem p~oper. If the Mortgaged Property is sold, through foreclosure or otherwise,,prior to the receipt by Mortgagee of such award or payment, Mortgagee shall have the right, whether or not a deficiency judgment on the Note shall have been sought, ~ recovered or denied, to receive such award or payment, or .a ~ portion thereof sufficient to pay the Debt, whichever is less. ~ Mortgagor shall ~file and prosecute its claim or claims for any ~ such award or payment in good -faith and with due diligence and ~ ~ ~ ~ -5- ~ ~ ' ~ • ~lAa~~ ~•'r~~~ ~ ~ • ~