HomeMy WebLinkAbout1825 ~ ~
1
protect and secure the interest of the parties of the second part
at all times by retaining sufficient equity in said properties
to adequately secure said purchase money mortgage, will agree
1
for the lending agency to maintain some reasor,able restraints ?
i
on the release of said construction funds which will assure that ~ '
the release of said funds bears some direct relationship to the
actual percentage.of said construction being accomplished on
,
s
said property. The mortgagees herein, for themselves, their ~ '
heirs and assigns, provided this mortgage is not in default, by j
(
,
their acceptance and recording of this mortgage deed, hereby ~
i
covenant and agree that they will subordinate this mortgage to ~
~
~ said bona fide construction loan mortgage not exceeding the ,
;
principal sum of One Hundred Ninety-Five Thousand Dollars ~ ~
~
($195,000.00) or a larger amount if approved by said m~rtgagees ; fi
i
i
in their sole and exclusive discretion. j
i
And the said parties of the first part, for themselves '
~
,
and their heirs, executors and administrators, do hereby promise, y
~E covenant and agree to pay to the said parties of the second part, ;
f ~
their executors, administrators or assigns the said sum of money ;
~
and interest as mentioned in said promissory note, and secured to ~
be paid as aforesaid. And if default shall be made in the payment;
,
I
of the said sum of money, or any part thereof as provided in the ~
i ~
said note, or if the interest that may become due thereon or any ;
1
part thereof shall be behind and unpaid for a space of 30 days or i
i
~
in the event of default in any other covenants herein then and ~
~ from thenceforth it shall be optional with the said parties of the~
+
second part, their executora, administrators or assigns, to consid~r
;
~
the whole of said principal sum expressed in said note as immedi- ~ ~
; s
I
ately due and payable. And the said parties of the first part ~
~
RAYMONO t. F011D t
hereby further covenant, promise and agree to and with the said ~
~ e ~ NowrN ~ru nRSeT ?
~
wRewoi ~vt~aMS '
. ~
roRT M[ACt, ?tAMO~ ~YO~ i~ lI~VC ~VI~I~ ~
~
~ S
~ I . . - ~ _
~ _ _ . - ~
> e s,~,
} s g,_-'- Y
. _ , , _ - _