HomeMy WebLinkAbout1426 therein and conferred thereby upon the said party of the first par~.
To have and to hold the same unto the said party of the second
part, her executors, administrators, and assigns forever, subject
arily to the praviso in the said indentures of mortgage mentioned.
2. And the said party of the first part, for itself, its
successors and assigns, doth covenant w~~Y~ the said party of tY~e
~econd part, her executors, administrators, and assigns, that there
is now owing on the said note and mortgage o£ Thomas T. Lenk the
principal sum of $63,300.00; and on the said nate and mortgage of
Sil.icote Sales Co. , Inc. , the principal sum of $58, 950.00, and
t hat tY~e 5aid party af the first part has good right to sell and
a ssign tY~e same (subject, only, to the pledge or assignment of
the first payments due under the said mortgages as stated above).
3. Provided, nevertheless, that if the said party of the
first part, its successors or assigns, shall pay to the said party
of the second part the sum of $70,000.00 according to the terms af
a certain promissory note (a copy of which is attacY~ed hereto)
t~~en t~his assignment shall be vaid, the same being given for the
purpose of securing the payment of the said sum an3 interest.
But if any default shal.l be made in t2~e payment af the said
principal sum or of any installment of interest thereon whencl~e
and payable, or in the performance nf the canditions and covenants
of the said mortgages hereby assigned, then and in eitrer or ariy
;
~ such event the said party of the second part, her executors,
ad.ministrators, and assigns, may elect without notice that the
said principal sum hereby secured, with the interest then accrued
i.hereon, shall be due and payable at once, and, in addition to the
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