HomeMy WebLinkAbout2183 Party of the First Part does hereby fully warrant
the title to said note and mortgage and will defend the same
against the lawful claims o: ~all pex?sons whomsoever.
Party of :he First Part further agrees and covenants
with Party of the Second Part as follows:
l. Possession of the note and mortgage hereby assigned
sha21 be delivered to Party of the Second Part, and Party of
~ the.Second Part shall receive all payments made under the note
and mortgage herein assigned during the life of said mortgage
and ag•ply the same against the vbligations due it from Party
of the First Part until the same are paid in full, said proceeds
to be applied first to interest, next to reimbursement of dis-
bursements made by Party of the Second Part hereunder, and
last to the principal of said notes due from Party of the First
Part.
2. Any default upon the note and mortgage hereby assigned
shall be equivalent to a default on the notes secured by this
assignm~nt, and Party of the Second Part shall be entitled to
all remedies to which they are entitled in the event of a default
on the notes secured by this Assignment, in addition to which,
Party of the Second Part shall be entitled, at its option,
to bring action to foreclose the mortgage hereby assigned and
callect the amounts due thereunder. In the event of such a
foreclosure, Party of the First Part agrees to pay to Party
of the Second Part all costs and expenses thereby incurred.
However, prior tv instituting any action of foreclosure or inGUrring
. any such expense, Party of the Second Part shall give thirty t30)
days notice in writing to Party of the First Part, and Par~ty of
the First Part, within said thirty (30) day period sha11. be entitled
to pay all sums secured by this Assignment to Party of the Second
Part and to secure a reassignment of said note and mortgage.
The exercise of the right of foreclosure by Party of the Second
Part shall be in no wise construed as a relinquiehment of any rights
which Party of the Second Part sha11 have to receive amounts due
Party of the First Part secured by this Assignment. The Party
of the Second Part is hereby authorized and empowered to ~urchase
the mortgaged premises at any foreclosure sale which may take glace.
3. Party of the First Part agrees to pay all taxes
which may accrue upon the mortgaged premises, if such amounts are not
paid by ~he mortgagor under the note and mortgage herel~y assigned;
however, this agreement is not to be construed as a release of
the mortgagor's obligation under said mortgage, or as a relin-
quishment by Party of the First Par~ o~ any right to insist upon
or endorce the mortgagor's obligation. Upon the failure of both
the mortgagor and Party of the Pirst Part to pay all t~xes wliich _
may a~~rue upon the mortgaged premises, the Party of the Second
Part may pay such tax~s, in which event the taxes so paid shall _
be added to the sum otherwise due from Party of the First Part
and secured by this agreement as.aforesaid.
~ 4. Party of the First Part hereby a~rees to notify the
mortgagor obligated under the note and mortgage hereby assigned
that all payments by and under the terms of said note and mortgag~
shall be paid to Party ~f the 5~cond Part. Party of the First
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