5.1. HRSR 05-02-2005 - Laserfiche WebLink

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event of a loss by fire or other hazard or a partial taking in condemnation permitting repair or restoration of the Mortgaged Property, then Mortgagee shall, provided that the amount of condemnation or insurance proceeds plus any other monies that Mortgagor deposits with Mortgagee are sufficient, in Mortgagee's sole discretion, to fully repair or restore the Mortgaged Property to its condition immediately prior to such loss or partial taking, authorize the release of such insurance proceeds or apply such condemnation awards to the repair or restoration of the Mortgaged Property. 7. ESCROW FOR TAXES, INSURANCE, AND OTHER CHARGES. Notwithstanding anything in this paragraph, no escrow is necessary so long as such escrow is made pursuant to the LMIR Mortgage or other first mortgage. If no escrow is being made pursuant to the LMIR Mortgage or other mortgage approved in wirtting by Lender, in order more fully to protect the security of this Mortgage, Mortgagor will pay to the Mortgagee, beginning on the date set forth below for commencement of payment, and thereafter as Mortgagee shall direct, the following sums: (a) Commencing on or before the first day of the month following Lender's request for an escrow, and on or before the first day of each month thereafter thereafter, an amount sufficient to accumulate the annual mortgage insurance premium in the hands of Mortgagee one month prior to its due date. (b) Commencing on such date as Mortgagee, in its discretion, shall designate to Mortgagor, and thereafter on a monthly basis, a sum equal to: (i) the ground rents, if any, next due, plus the premiums that will next become due and payable on the policies of fire and other property insurance covering the Mortgaged Property, plus water rates, taxes, and assessments next due on the Mortgaged Property (all as estimated by Mortgagee), and less all sums already paid therefor, (ii) divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, water rates, taxes, and assessments will become delinquent, with such sums to be held by Mortgagee in escrow to pay said ground rents, premiums, water rates, taxes, and special assessments. Mortgagor hereby expressly acknowledges its liability under this Mortgage to pay all taxes, special assessments, and other lawful government charges with respect to the Mortgaged Property before they become delinquent, subject to the escrow provisions set forth above. (c) All payments required to be made by Mortgagor pursuant to this Section 7 shall be added together, and the aggregate amount thereof shall be paid each month in a single payment to be applied by Mortgagee to the following items in the following order of Development Name, City LMIR-Combination Mortgage, Security Agreement and Fixture Financing Statement Dev. # 6 Date