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<br /> <br />-8- <br />- ~iaiiefi directly tv cwrtgagze. U"p8I3 receipt -of Su4h a~"IiliS, <br />statements or other. documents, and providing Mortgagor has <br />deposited sufficient funds with Mortgagee pursuant to this- <br />Sectici~~ 1.44, Mortgagee shall pay such. amounts as may-be due <br />thereunder out pf the funds sa deposited with Mortgagee. If <br />at-any time and for any reason after Mortgagee has. directed <br />mortgagor to male mthly-deposits with Mortgagee for payment- <br />of insurance premiums, the funds deposited. with Mortgagee. <br />are or will be insufficient to pay such ar~nnts as-may then <br />or seibsequently be due, Mortgagee shah notifg Mortgagor a~ci <br />Mortgagor shall immediately deposit an amount equal ~o such <br />deficiency with Mortgagee. notwithstanding the f©regoistg, <br />nothing contained herein shall. cause l~rtgagee to be deemed <br />a_trustee tsf said funds or to be obligated to pay any amounts <br />in excess Qf the a~,sunt of funds deposited with Mortgagee <br />pursuant-to this Section 1.04. Mortgagee may commingle said <br />reserve-with its own funds and Mortgagor sha13 be entitled <br />to no interest thereon. <br />1.05 Insurance Proceeds. <br />{a} Mortgagor covenants and agrees that after the <br />happening of any casualty to the security or any part thereof, <br />Mortgagor-shall give prompt.written notice thereof to Mort- <br />gages. <br />;b) Zn the etTent o£-any damage or .destruction of the <br />improvements, t~rtgagee sha11 have the ttiption in its sole <br />discretion of app~.yinc, ail ar part of ,the insurance.-proceeds. <br />(i; to any z~tuabtadness secured hereby" a2zd in suctf csrder as <br />Mortgagee may determine, or (ii; to the resteiraticsn Csf the.- <br />_mpravements or (i,ii; to Mortgagor. <br />