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~o the holder of~a lien under a mortgage or eimilar instrument to
which this Mortgage is expreaely aub~ect; and the ineurance proceede
or any part thei•eof if received by the Mortgagee may be applied by
the Mortgagee, a~ ite option, either in reduction of the indebted-
ness hereby secured, or to the restoratfon or repair oY the mort-
gaged property damaged. In the event o~ ~orcloaure of thie Mort-
r
gage, or of at~ transfer of title to the mortgaged property in ex-
tinguishment of such indebtednesa, all right, title and intereat
of the Mortgagor in and to every auch insurance policy then in force,
subject to the rights and intereets o~ the holder of any such prior
lien, shall pass to the grantee acquiring title 4o the mortgaged
property together with euch policy and appropriate assignment of
such right, title and intereat which shall be made by the Mortgagor.
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7. (a) In order more i'ully to protect the security of this
i+2ortgage, the Mortgagor ahall deposit with the Mortgagee together
with, and in addition to, the gayment of principal and intereat monthly
on account of the Note secured hereby, until the Note ia paid in
~11, an amount of money equal to the total amount of (i) gr~und •
rents, if 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 reapect to the~mortgaged property, (iii) taxee,
assessments, water ratea and other governmental charges next becoming
due on the mortgaged property (all the foregoing amounta as estimated
by the Mortgagee and set forth in a written notice of such estimate
by the Mortgagee to the Mortgagor ~rom time to time), leas all
' amounts that may already have been paid therefor, divided by the
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F number of calendar montha to elapse before one calendar month-prior '
' to the date when auch ground rents, premiums, taxee, assessments, ~
~ water rates and other governmental charges, respectively, will
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` become due and payable. If any amount referred to in clauses (i) ~
through (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 7 only in the event-of the termination of such
obligation under the prior mortgage or similar in~itrument. The ~
Mortgagor shall give prompt notice in writing to the Mortgagee o~ .
the occurrence of the last mentioned event. All such amounte ao ~
deposited with the Mortgagee ahall be held by the Mortgagee, or any
~ agent de9ignated by it, in trust to be uaed only for the payment ~
of such gn~und rents, premiuma, ta.ge~e, aseeasmente, water ratee
and other governmental cbargea.- No interest ehall be payable by ~
the Mortgagee on any sum ao deposited. ~
(b)~All amounta required to be depoeited with the Mortgagee
- monthly ~in accordance with Paragraph ?(a) hereoY, and the amount oY ,
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