HomeMy WebLinkAbout1132 THE FOLLOWING STATE~`1ENT IS TO BE ADDE~
TO
THE PP.TiINSULAR LIFE INSURA~vCE COMPAtdY ?MORTGAGE FORM A'~ CLO52NG
In order ta create and maintain a fund for the paym~ent of taxes, asseasments
and insurancc premiums, the undersigned shall pay to the Mortgagee, ia additinn
to payments specifically required under the note secured hereby. in inatalments
on tht lst day af each month and in the amount requested by the 24ortgagee, sutas
~+hich when accumulated Will be sufficient (as estimated from time to time by
mortg~gee) to pay one month prior to tne same becoming due and payable, a1L
taxes, assessments and insurance pxemiums. If such sums exceed the amo~t so
raquired, the eucess may be released or held by the Mortgagee to applq on
subsequent payments of the same nature, but if such sums are insufficient, ths
undersigned agree to pay any deficiency upon demand. If the undersigaed shall
default under Chis na rtgage, the Mortgagee may app~y alI or anq part of said
funds then held, on any obligations secured hereby. The undersigned agree that
such instalments so paid may be retained and held bq the Moregagee without inCerest
and shall not b~ deemed to be trust funds and that transfer of the legal titl~
of the mortgage precnises shall gutomaticallq transfer to the new awner the
beneficial. interest in the fund.
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