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to the bolder of a lien under a mortgage or eimilar inetrusant to
whicb thie Mortgage ie eapreeely eub3eot; and the ineurance proaeeda '
or any part thereof if reoeived by the Mortgagee may be applied by
the Mortgagee, at ite option, either in reduction oY the indebted-
neee bereby eecured, or to~the reetoration or repair of the mort-
gaged property damaged. In the event ot torcloeure of thie Mort- ~
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gage, or o~ an3r trane~er o~ title to the mortgaged property in ez-
tinguiehment of euch indebtednees, all right, title and intereet '
o~ the Mortgagor in and to every euch ineurance policy then in Yorce,
eub3ect to the righte and intereete of the holder of any euch prior
lien, ehall pase to tbe grantee acquiring title to the mortgaged
property together with euch policy and appropriate aseignment o~
euch right, title and intereet which ehall be made by the Mortgagor.
(a) In order more f'ully to protect the eeaurity o~ thie _
Mortgage, the Mortgagor ehall depoeit with the Mortgagee together
with, and in addition to, the payment of principal and intereat montbly
on account of the Note aecured hereby, until tbe Note is paid in
full, an amount of money equal to the total amount of (i) grnund
rente, if any,.neat becoming due, (ii) the premiume next becoming ~
due on the policiee of fire and all other hazard ineurance required
by thie Mortgage with reepect to the~mortgaged property, (iii) taaee,
aeeesemente, water ratee and other governmental chargee next becoming
due on the mortgaged property (all the Yoregoing amounta ae eetimated
by the Mortgagee and set forth in a written notice of euch eetimate
by the Mortgagee to the Mortgagor from time to time), l~ee all ~
, amounte that may already have been paid therefor, divided b~ the
~ number of caleadar monthe to elapse before one calendar month~prior i ~
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to the date when euch ground rente, premiume, taaee,.aeseesmente, .
1 water ratee and other governmental charges, reapectively, will ~
I become due and payable. If any amount referred to in elaueee (i)
through (iii•) hereoY.ie required to be depoeited by the Mortgagor ~ ;
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under a mortgage or eimilar inetrument having prior~ity over the lien
of thie Mo~tgage, the Mortgagor ehall make the deposita required
by thie Paragraph ? only in the event- of the termination of eucb
obligation under the prior mortgage or similar inetrument. The ~
~ Mort a or ehall ive rom t notice in writi to the Mort ee oY~ .
6 ~ 6 P P ~
~ the occurrence of the laet mentioned event. All euch smounte~so ~
g depoeited with the ~iortgagee ahall be held by the Mortgagee, or at~y
~ agent designated by it, in truet to be uaed only for the payment ;
~ oP euch gr~und rente, premiume, tax~e, aeeeeemente, water ratee ;
~ and other governwental chargee. No intereet ehall be payable by ~
~ the Mortgagee on any eum eo depoeited.
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~ (b) J111 amouflte required to be depoeited with the Mortgegee
- montbly in aacordance Mith Paragraph 7(a) hereoi, snd the amount oi
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~ ~~175 ?,~2~'00
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