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to the holder of~a lien under a mortgage or aimilar instrument to
which this Mortgage is expresaly sub~ect; and the insurance proceede i'
or any part thereof if received by the Mortgagee may be applied by
the Mortgagee, at ita option, a~ther in reduction of the indebted-
ness hereby secured, or to~the restoration or repair of the mort-
gaged property damaged. In the event of forclosure of thie Mort-
r
gage, or of ar.~~ transfer of title to the mortgaged property in ex-
tingaishment of euch indebtedneae, all right, title and intereat
of the Mortgagor in and to every euch insurance policy then in Yorce,
subject to the rights and interests of the holder of any auch prior
lien, shall pass to t'ne grantee acquiring title to the mortgaged
property tcsatiher with such policy and appropriate assignment of
such right, title and intereat which eball be made by the Mortgagor. ~
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7. (a) In order more ftiilly to protect the security of thia
Mortgage, the Mortgagor ahall depoait 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, ii any,.next becoming due, (ii) the premiums next becoming . '
due on the policies of fire and all other hazard insurance required
by this Mortgage with re9pect to the~mortgaged property, (iii) taxes,
assessments, water rates and ather governmental charges next becoming
due on the mortgaged property (all the toregoing amounts ae estimated
by the Mortgagee and set ~orth in a written notice of such estimate
~ by the Mortgagee to the Mortgagor Yrom time to time), less all ~
amounts that may already have been pa.id therefor, divided by the
number of calendar months to elapse before one calendar month~prior '
to`the date when such ground renta, premiums, taxea, assessmenta,
wat~r rates and other governmental charges, reapectively, will
become due and payable. If any amount referred to in clauses (i)
thrcugh (iii) hereof is required to be deposited by the Mortgagor •
under.a mortgage or aimilar 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 o~ such
obligation under the prior mortgage or aimilar in~trument. The ~
Mortgagor shall give prompt notice in w~riting to the N:ortgagee o~ .
tihe occurrence of the last mentioned event. All such amounta ao ~
deposited with the Mortgagee ehall be held by the Mortgagee, or any
agent designated by it, in truat to be used only for the payment ~
~
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of such ground rents, premiums, taxe~s, aseesamente, water rates ~
and other governmental~charges.~ No intereet shall be payable by ~
the Mortgagee on any eum so deposited.
(b) All amounta required to be depoeited with the Mortgagee
- monthly'in accordance with Paragraph 7(a) hereoY, and the amount oY ,
aooK 1?7 ~ 945
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