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to the holder of a lien under a mortgage or similar instrument ~o
which this Mortgage is expreaely subject; and the insurance proceeds
~r any part thereo~ if received by the Mortgagee may be applied by
the Mortgagee, at its option, either in reductic;; of the indebted- ~
ness hareby secured, or to the reatoration or repair of the mort-
gaged property damaged. In the event of forclosure of this Mort-
gage, or of any transfer o~ title to the mortgaged proper~y in ex-
tinguishment o~ such indebtedness, all right, title and interest
of the Mortgagor in and to every such insurance policy then in force,
subject to the rights and intereste of the holder of any such prior
lien, shall pass to the grantee acquiring title to the mortgaged
property together with such policy and appropriate assigrL~nent of
such right, title and interest which shall be made by the Mortgagor. ,
(a) In order more ~`ully to protect the security of this
Mortgage, the Mortgagor shall deposit with the Mortgagee together
with, and in addition to, the payment of principal and in'erest monthly
on acco~ant L'ne N~te sec~are~ ?~ereby, unti~ ~t'~e No ~e ~s _~ic ~
G.:.~..w. W~~z~ e.ua~ z3 th~ z~~~~ a.:.~u~~ ~~.o~:~::
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rents, if any, next becoming due, (ii) the premiums next becoming :
due on the policie9 of fire and all other hazard insurance required ~
by this Mortgage with respect to the mortgaged property, (iii) taxes,
assessments, water rates and other governmental charges ~ext becoming
due on the mortgaged property (all the foregoing amounts as estimated •
by the Mortgagee and set forth in a written notice of such estimate
by the Mortgagee to the Mortgagor from time to time), less all
amounts that may already have oeen paid therefor, divided by the
i number of calendar months to elapse before one calendar month prior,
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i to the date when such ground rents, premiums, taxes, assessments, '
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! water rates and other governmental charges, respectively, will
~ become due and payable. If any amount referred to in clauses (i) ~
~ throug'n (iii) hereof is required to be deposited by the Mortgagor. ~
under a mortgage or similar instrument having priority over the lien ~
of this Mortgage, the Mortgagor shall make the deposits required
by this Paragraph 7 only in the event of the termination of such
obligation under the prior mortgage or similar instrument. The ~
Mortgagor shall give prompt notice in writing to the r:ortgagee o~ F
the occurrence of the last mentioned event. Al1 such amounts 90
deposi~ed wi±h the Mortgagee shall be held by the Mortgagee, or any
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~ agent nesignated by it, in trust to be used only for the payment
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~ of suc:, gr~und rents, preniums, taxes, assessments, water rates
~ and o~:er governmental charges. No interest shall be payable by
the M~rtgagee on any•sum so depoaited. ~
(b) Ali anounts required to be deposfted with t:e Mort~,~~a2
monthly in accordance with Paragraph 7(a) hereof, and the amount ~f ;
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