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HomeMy WebLinkAbout1511 27. It is understood and agreed that SMA say at anq tise,-~rithout notlce to aAy perso~, grant to the I~brtgagor any indulgwues or forbearance. or any extension of time for the pay~ent of aay iudebtednea~ •ecuted herebq, or allov any change or changes. substitution or substitutions of aay of the property described in thia mottgage or any ather collateral trhich ~ay be held by SMA ~vithout in any manner affecting the liabilitq of the Nortga~os~ aay sndorsers of the indebted- neas hereby secured or atry other peraon for th'e psysent of aaid indebtedness, together Wtth interest and any other susa vhich oay be due and payable to SMA , and also ~rithout in aay aanner affecting or iapairin:; the lien of this I~brtgage and it is also understood and agraed tbst SMA 'ay at any time, without notice to any person, release any portion of the property deecribed in this~Nortga~-_- or any other collateral, or any portion of any other collateral which may be held as security for the payeent of the indebtedness hereby aecured, either with or Without any consideration for such release or releases, vithout in any manner affecting the liability of the ?brtgagor, all endarsers, if any, and all other persoas who are or shall be liable for the payment of said indebtedness, and without aff ectiag, disturbing or impairing in auq manner whatsoever the validity and prfority of the lien of this t~Iortgage for the full amount of the indebtedness r~naining unpaid, together with all interest and advances which ~ shall become payable, upon the entire remainder of the aortgaged property vhich is unreleased, a~d vithout in any manner affecting or impairing to any extent whatsoever anq and alI other collateral securitq which may be beld by SMA. It fs distinctly understood acd agreed by the Mortgagor and SMA that any release or releases may be made by ~SMAt~rithout the consent or approval of any other ~person or persons ~,rhomso~ver. 28. In the event this ?brtgage is a construction mortgage, each of the terms, covenants and conditions of the construction loan agreeaent executed in connection vith the e~cecution of this l~tortgage are incorporated herein as if said construction loan agreet~ent were repeated herein in extenso. 29. Hortgagor covenants and agrees that he wiZl deZiver to the Mortgagee every five years hereafter an inspection certificate that the captioned gremises is free from tezzaites. 30. In the event this is a mortgage on an apartment in a condominium together with appurtenances thereto, the failure of the mortgagor to pay any assess~ents required to be paid pursuant to the Declaration of Condominium or to othervise comply with any of the terms, covenants or conditions of eaid Declaration of Condominium shall constitute a default under this nortgage and the mortgagee may, at its option, immediately or thereafter declare the indebtedness s~cured hereby due and payable. 31. Tbis i~ s purchss• ~one~ firat svrt ~aQe ~exscut~d for tb• ~ps~aa pwcpos~ of •ecuria~ a portioa of the purchaa• Qrice of tb~ propart~ wa~b~zsd h~rab~. IN WITNESS i~HEREOF the said Mortgagor has caused thia Mortgage to be Properly executed and sealed this the day and year first above written. Signedj~ a d eliyered in the presence of: , ~ / ^ ~ ~5~~ ~ , _ ~4~ H. - . ' a~ (s~.) ~n~ rle1 - s (SEAL) ( SEAI.) (Corporate Seal) BY - President Attests , Secretary , 6 ao~xi~I~S ~?~~i511 ~;rr,, ~ . - - - " , b:. ~ .