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That in the event it becomes necessary to enforce 3
any of the mortqages, toqether with the notes that. they secure ~
referred to in the foregoinq para4raphs, and that the parties i
hereto purchase said property at the sale thereof (if one `
be had) then ft is aqreed that ELI~R S. WARING shall convey by ;
quit claim deed the said property to HARRIS CONSTRUCTION
CORPORATION, upon receipt from it of a second mortqaqe in
the customary form securinq the same amount due as was c'.•se_ `
on the previous second mortgage so enforced and second only ;
to the existing FIRST FEDERAL MORTGAGES this date encumberincr
said property. That the purpose of this paragraph is designed
to allow a substitution of collateral and at the same time
insure that the collateral is of the same qnality previously
accepted by the sad ELM~It S. WARING.
That the privileqe of substitution of second mort_qages
is hereby _qiven to the escrow actent ana his escrow aaent is
empowered to accept mortgages of cash or equal value and to
release or reassi_qn the previously pledged mortgages; provided
further that all costs of substitution or payment thereof be
borne by the party of the first part; and provided further
that it is understood between all parties hereto that the
discretion as to value vested in the escrow agent cannot be
questioned by any party hereto.
That this agreement is bindinq upon the heirs and
successors and assigns, of the parties hereto and that time is
of the essence in this agreement. ~
IN WITNESS WHEREOF, the partie~ of the first pa~t~ bav,e,
cause~ these presents to be executed in their names oi~ ~a_ ~ ~
the ~ day of July , A. D. 1970 . ~ ~ ~ • ~ •
.
~ . .
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HARRIS CONSTRUCTION CORP(~T~q~:'^ -
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By ~ - - - ~.~~$i?pL)
i am ar s. r s• ent - ~
Atte , . -
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ran n. a`ri , ect.- as.
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~ Fran in . rri ~
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' ~ Valerie V. Harr s ~
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~ E ~r S. Warinq ~
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