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to the holder ot~a lien under a mortgage or~eimilsr inetrument to
whiah thie Mortgage ie eapreeely eub~eot; snd the ineuranae prooeeds i'
or any part thereot 1Y reoeived by the Mortgagee mey be applied by
the Mortgagee, at ite option, eitber in reduation o! tbe indebted-
neee hereby eecured, or to-tbe reetoration or repair ot the mort- ~
gaged property damaged. In the event of ~oraloeure oY thie Mort-
r
gage, or o~ any tranefer of title to the mortgaged property in ez-
tinguiehment of euch indebtednees, all right, title and intereet
of the Mortgagor in and to every euch ineuranae poliay then in forae,
eub3ect to the righte and intereste o~ the holder of sny euch prior
lien, ehall paee to the grantee acquiring title to the rtgaged
ro ert together with euch policy and appropriate aee~ment oi
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euch right, title and intereet which ehall be made by the Mortgagor. -
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7. (a) In order more f~lly to protect the eecurity ot thie
Mortgage, the Mortgagor ehall depoeit.with the Mortgagee together
with, and in addition to, the payment of principal and intereet monthly
on account oY the Aote secured hereby, until the Note ie paid in
full, an amount of money equal to the total amount of (i) grnund •
rente, if a~r,.neat becoming due, (ii) the premiums neat becoming :
' due on the policiee o~ ~ire and all other hazard insurance required ~
by tbie Mortgage with reepect to the~mortgaged property, (iii) tazes,
aeeeeemente, water ratee and other governmental charges neat becoming
: due on the mortgaged property (all the Yoregoing amounte ae eetimated
by the Mortgagee and eet forth in a written notice of euch eetimate _.i
by the Mortgagee to the Mortgagor from time to time), leee all ~
` amounte that may already have been paid therefor, divided by the '
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~ number of cale~adar monthe to elapee before one calendar month•prior
to the date when euch ground rente, premiume, taaee, aesesemente,
water rates and other governmental chargee, reepectively, will
become due.and payable. If any amount re~erred to in claueee (i) ~
tbrougb (iii) hereoY ie required to be deposited by the Mortgagor .
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under-a mortgage or eimilar inetrument having priority over the lien ~
oY thie Mortgage, the Mortgagor ehall make the depoeite required ;
a
by thie Paragraph ? only in the event-o~ the termination of euch (
obligation under the prior mortgage or eimilar.inQtrument. The `
Mortgagor ehall give prompt notice in writing ~o the Mortgagee of~
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the-occurrence.o~ the laet mentioned event. All euch amounte eo i
depoeited witb the Mortgagee ehall be held by the Mortgagee, or any
agent desigaated by it, in trast to be ueed only Yor the payment ~
ot euch gr~und renta, premiume, taa~e, seeeeemente, water ratee
and other governmental-chargee. ~ Ao intereet ehall be payable by
the Mortgagee on any sum eo depoeited.
(b) All amounte required to be depoeited witb the Mortgagee
----monthly ~'in accordan~e rrith P~ucagraph 7(a) bereof, end the amount ot
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