HomeMy WebLinkAbout0160 _
,
The note or notes evidcncitig t)zc iildcl~tecl~icss
and future advances secured and ~o be securec] hereby
shall bear interest a~ the rates provided therc~in, u~itil
paid in full and shall be ~ayable as provided tller~in.
The lien of this mortgzge shall not be terminated
or otherwise affected during the period af ten years
from the date hereot by repayment in full, one or more times,
of all indebtedness then outstanding, unless this mortgage
shall be formally released or discharged of record; provided
however, that if at any time during ten years from
the date of this mortgage, there be no indebtedness out-
standing of Mortyac~or to Mortgagee and no obligation of
Mortgagee to make any further advances to Mortgagor,
Mortgagee will, upon the written request of Mortgagor,
execute and deiiver to biortgagor a satisfaction of this
mortgage.
Provided further, that at or after the expiration 1
of the aforesaid period of ten years, if Mortgagor
shall pay to Mortgagee all then existing indebtedness,
including all such unpaid advances as were made within ten ;
years from the date hereof, as aforesaid, plus interest
thereon, and any disbursements made for the payment of taxes,
levies or insurance on the said property, with interest on
such disbursements, and shall perform all of the covenants, .
agreemen~s and conditions contained ~lerein and in the note
or notes evic~encing said indebtedness and advances, then
this mortgage shall be null and void.
.
t
AND ZT IS COVENANT~D by and between the said Mortgagor,
its successors and assigns, and t}~e said Mortgagee, that the
former is lawfully seized and possessed of said lanc~ in fee
- 3 - `
8~,~~
Or~ .LV~ i~~
1
~
~ - ~ _ _ - _