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THE Fa~LOWING STATEI~NT IS TO BE 4DDED
TO
THE P~IINSULAR LTI~B INSURANCE CO,iPANY ~IORTGAGE FORM AT C~.OSING
In order to cxeate amd ffiaintain a fund for the payment of taxes~ assessa?~:nts
and insurance premiuma, the underefgned shall pay to the Mortg~gee, in addition
to pay:aents specificallp required under the note secured hereby, in instal~aents
on the lst daq of each month and in the amaunt requested bq the Martgagee, sums
' Which when azcumulated will be sufficient (as estimated from tia~e to time by
mortgagee} to pay one month prior to the sa~ae becoming due aad papable, all
taxes, assessments and inaurance premiums. Yf sueh sums exceed the amount so
required, the excess may be released or held by the Mortgagee to apply on
subsequent paqmeats of the same nature, but if such suma are insufficient, th~
undersigned agree to pay anp deffciencq upon demande If the undersigned ~hall
defauZt under this mortgage, the Mortgagee u,sy apply all or anq part of said
funds then held, on any obligations secured herebp. The uadersigned agr~e that
such instalmenta so paid may be r~tained and held by the Mortgagee raithout interest
and shall not be deemed to be trust funds and that transfer of the legal title
of the ~ortgage premises shall automatically transfer to the new cr~mer the
beneficial interest in th~e fund.
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