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to the holder of•a lien under a mortgage or eimilar inatrument to
which this Mortgage is expreaely aub3ect; and the ineurance proceede
or any part thereof i~ received by the Mortgagee may be applied by
the Mortgagee, at its option, Qither in reduction of the indebted-
ness hereby secured, or to~the reetoration or repair o~ the mort-
gaged property damaged. In the event o~ forclosure o~ thia Mort-
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gage, or of a~ transfer oY title to the mortgaged property in ex-
tinguishment of euch indebtedneas, al.l right, title and interest ~
of the Mortgagor in and to every euch insurance policy then in force,
subject to the rights and interesta 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 assignment of
such right, titl~ and intereat which shall be made by the Mortgagor. -
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7. (a) In order more ftiilly to protect the security of this
Mortgage, the Mortgagor ahall deposit with the Mortgagee together
with, and in addition to, the payment of principal and interest monthly
on account of the Note secured hereby, until the Note is paid in
full, an amount of money equal to the total amount of (i) g~ound ~
rents, if any,.next becoming due, (ii) the premiums next becoming .
due on the policiea of fire and all other hazard insurance required
by this Mortgage with reapect to the~mortgaged property, (iii) taxea,
assessments, water rates and other governmental charges next becoming
due on the mortgaged property (all the foregoing amounts aa estimated
by the Mortgagee and eet forth in a written notice of auch estimate
by the Mortgagee to the Mortgagor from time to time), less all ~
amounts that may already have been paid therefor, divided by the
i .
~ number of calendar months to elapse before one cale~dar month-prior `
to the date when such ground rents, premium9, taxes, assessments,
water rates and other governmental charges, respectively, will
~ become due and payable. If any amount referred to in clauses (i)
tr.rough (iii) hereof is required to be depoaited 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 ? only in the event~ of the termination of such
obligation under the prior mortga~e or similar.in~txument. The ~
Mortgagor shall give prompt notice in writing to the I~ortgagee of .
the occurrence of the laat mentioned event. All such amounta so ~
deposited with the Mortgagee shall be held by the Mortgagee, or any
agent designated by it, in truat to be uaed only for the payment '
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of such ground rents, premiume, tax~s, asseaement.s, water rate8 ~
and other governmental chargea.~ No interest sball be payable by ~
the Mo~tgagee on any aum eo deposited.
(b) All amounts required to be depoaited with the Mortgagee
- monthly'in accordance with Paragraph ?(a) hereof, and the amount oP .
ao~K 17? 9i8
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