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to the holder o~ a lien under a mortgage or eimilar inetrument to
which thie Mortgage ie expreeely eub~ect; and the ineurance proceede '
or any part thereof if received b~r the Mortgagee may be applied by
the Mortgagee, at ite option, either in reduction of the indebted- ;
neaa hereby secured, or to the re~toration or repair of the mort-
gaged property damaged. In the event of ~orcloeure of thie Mort-
r
gage, or of an~r traneYer of title to the mortgaged property in ea-
tinguishment ot euch indebtedneee, all right, title and intereet
of the Mortgagor in and to every euch ineurance policy then in ~orce,
sub~ect to the righte and intereste of the holder of any euch prior
lien, ahall paes to the grantee acquiring title to the mortgaged
property together with euch policy and appropriate aesignment o~
such right, title and intereet which ehall be made by the Mortgagor.
7. (a) In order more ftiilly to protect the eecurity of thie
Mortgage, the Mortgagor ahall deposit with the Mortgagee together
with, and in addition to, the payment of principal and intereet monthly
on account of the Note secured herebq, until the.Note ie paid in
ftiill, an amount oY money equal to the total amount of (i~ g~ound '
rente, if any, next becoming due, (ii) the premiuma next becoming .
' due on the policiee of fire and all other hazard insurance required
by this Mortgage with reapect to the~mortgaged property, (iii) taaes,
aaseasmente, water ratea~and other governmental chargea neat becoming
. due on the mortgaged property (all the foregoing amounte se estimated
by the Mortgagee and eet forth in a written notice oY auch eetimate
by the Mortgagee to the Mortgagor Yrom icime to time), lese all -
j amounte that may already have been paid therefor, divided b~ the .
number of calerldar months to elapee before one calendar month~prior '
to the date when auch ground rente, premiume, taaes, asaeeamente, ~
water rates and other governmental charges, ~espectively, will
become due and payable. If any amount referred to in clauees (i)
through (iii•) hereof ie required to be deposited by the Mortgagor .
under-a mortgage or similar instrument having priority over the lien
of thie Mortgage, the Mortgagor shall make the depoaita required -
by thia Paragraph 7 only in the event~ of the termination of euch
obligation under the prior mortgage or aimilar inetrument. The ~
Mortgagor shall give prompt notice in writing to the Nortgagee of .
the occurrence of the last mentioned event. All euch amounte eo ~
depoeited with the Mortgagee ehall be held by the Mortgagee, or any
agent designated by it, in trust to be ueed only for the payment ~
o~ such ground rente, premiums, taxe~s, assesemente, water ratee ' ;
and other governmental chargee. No intereet ehall be payable by ~ '
the Mortgagee on any eum eo depoeited.
(b) All smounte required to be depoeited with the Mortgagee
monthly in accordance~ with Paragrapb 7(a) hereof, and the amount oY
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