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3. HRSR 05-16-2005
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3. HRSR 05-16-2005
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City Government
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HRSR
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5/16/2005
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such insurance proceeds or apply such condemnation awards to the repair or restoration of the <br />Mortgaged Property. <br />7. ESCROW FOR TAXES, INSURANCE, AND OTHER CHARGES. <br />Notwithstanding anything in this paragraph, no escrow is necessary so long as such escrow <br />is made pursuant to the LMIR Mortgage or other first mortgage. If no escrow is being <br />made pursuant to the LMIR Mortgage or other mortgage approved in wirtting by Lender, in <br />order more fully to protect the security of this Mortgage, Mortgagor will pay to the <br />Mortgagee, beginning on the date set forth below for commencement of payment, and <br />thereafter as Mortgagee shall direct, the following sums: <br />(a) Commencing on or before the first day of the month following Lender's request <br />for an escrow, and on or before the first day of each month thereafter thereafter, an amount <br />sufficient to accumulate the annual mortgage insurance premium in the hands of Mortgagee <br />one month prior to its due date. <br />(b) Commencing on such date as Mortgagee, in its discretion, shall designate to <br />Mortgagor, and thereafter on a monthly basis, a sum equal to: (i) the ground rents, if any, <br />next due, plus the premiums that will next become due and payable on the policies of fire <br />and other property insurance covering the Mortgaged Property, plus water rates, taxes, and <br />assessments next due on the Mortgaged Property (all as estimated by Mortgagee), and less <br />all sums already paid therefor, (ii) divided by the number of months to elapse before one <br />month prior to the date when such ground rents, premiums, water rates, taxes, and <br />assessments will become delinquent, with such sums to be held by Mortgagee in escrow to <br />pay said ground rents, premiums, water rates, taxes, and special assessments. Mortgagor <br />hereby expressly acknowledges its liability under this Mortgage to pay all taxes, special <br />assessments, and other lawful government charges with respect to the Mortgaged Property <br />before they become delinquent, subject to the escrow provisions set forth above. <br />(c) All payments required to be made by Mortgagor pursuant to this Section 7 shall <br />be added together, and the aggregate amount thereof shall be paid each month in a single <br />payment to be applied by Mortgagee to the following items in the following order of <br />priority: (i) premium charges of the private mortgage insurer, if any, (ii) ground rents, <br />taxes, special assessments, water rates, fire and other property insurance premiums. <br />8. NO SALE OR LEASE. It is hereby expressly agreed by Mortgagor that it shall not <br />sell, assign, convey, transfer, lease or otherwise encumber the Mortgaged Property without the <br />express prior written consent of Mortgagee, which consent will be given in cases of: <br />(a) Receipt of a prepayment in full of the Loan in conformity with the prepayment <br />requirements of the Mortgagee as set forth in this Mortgage and the Note. <br />
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