Apply the 'crop' plugin (found in the 'effects' menu) to your clip and then in the 'effects controls' panel there are adjustments to crop 'top, left, right, bottom.
If you want to create a 'mask' to do the same job but have more control over the shape of your mask - select the clip, go to the Effects Contol panel and under 'opacity' you'll see three shapes. Circle to mask a circle, rectangle and a pen tool to draw your own mask. Select the tool you want then 'draw' that shape on your clip in the program monitor.
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