HomeMy WebLinkAbout0799 aot until (i) the right to ad~sr~e cl~?i~satr ehall hs~s bs~n
ria,all~ ad~ndioat~d in t Oou~ct assnsin~, ansl l~s~ina ~nrisdictioa
oi thi pra?pert~ in~al~~~ h~rein or aft~oted her~b~ or (2) all
diZf~r~na~e sball hs~s bsen ad~ustsd b~ agr~ai~nt and ~he Esororr
lgsnt slyall ha~s bean notitied therso! in rnritina sign~d b~ sll
psrsoas int~rested.
P. Tl~st in ths- *~t it b~oo=se ascenear3r to eatorce ths
collst~nl second aortgag,~• and aotes th~y ssanre ia fa~or ot
H~?8RI3 OOY8T8UCTIOH OOBP481TI0~, as hsr~inbefore sst out, M~ hers-
agthorize ~he eaid BmcrvM ~gent, IBYYl~ 1~RAYt, Jx., ss ~ttorne~
for ~Lasr S. ~iaring. ia our n,s=ss, to taYe the n~ceesarT psoceedings
tor the en~oroo~ent oi the ~aae.
Q. ~hat in ~he e~ent it beaoaes netsa~s~r~ to eafarce ~ny of
the =ortga?gea, toasthsr xi.th ~he aotes tbst the~ secnre re=erred
to in t}ae toregoing pax~~?graphe, snd that the partles hereto pur~
cha~e said property at the ssle th~r~oi (it one be had) then it
ia sgreed th~t BL~IER 3. i~~.RIgG s2vall aonYSy b~ quit-clai~ doed
tha said property to HL8~3 04BST8'~OTIQI~' 008POR~TIOg, upon raceipt
froa it oi a secoad mortgage ia tha custoaar~ iorm eecuring the
aase ~ao~nt dua ss xaa due on the pravioue ~scond mortgage so ea-
iorcad and eaconcl anly to the e=ietiag ~'IESY ~'~D~RAL ~i08TGiG8S t.hi~
date encu~bering ~aid propert~. Tbue~t the purpoee oZ this paragraph
ia designed to alloK a eub~titution oS collateral asd at the saae
tlme lneure that the collateral is ot the ~ame quality previouely
aacspted by tb.e aaid ~i~R S. WIAING.
Th~t the privi.lege of eubatitution of ascond aortgsge~ is
h~reby giT~n PBO~IDBD tY,~at the collateral of the substituted ~ort-
gage is reasonable suad P809IDSD 1~'ITxTHBB that all costa of substitu-
~ tloa be borne b7.~he party aseYing the sub~ti°~ution.
S. The't thia Lgreese~t is bindin.g upon the heira aad succ3asors
and a~eigae o= the partiea hereto and thst time is oi the ee$sa~e
ia this Agree~ent. ~
~ ~ ~
BQOK~~B
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