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To add widgets in this theme, access Appearance -> Widgets menu, and drag widgets to your widgetized areas to activate them.
From Theme Options you can load automatically default widgets, exactly as in theme demo. All you have to do is to navigate to Theme Options -> Import/Export -> Widgets and click the button Load default widget settings
On editing page of a post, look for a field called Excerpt. You can add here summaries for your posts each time you want to adjust manually the length of text which appears in Slider, Recent Articles, Post Archives or when you simply want to have a different text than the automatically picked excerpt.