HomeMy WebLinkAbout0380 27. It is underetood and agreed that SMA ssy at aay tiae, without aotice to any
person, grant to the Mortgagor any ind~tlg~ncea or forbearance. or any extension
cf time for the payaent of uny indebtednes~ •scurad hereby, or allow any change
or changea, aubatitution or subatitutions of any of the property described in
this mortgage or any other collateral vhich my be held by SMA vithout in any
manner affecting the liability of the ?brt~agor, any andoreers of the indebted-
ness hereby secured or any other pereon for the paysent of said indebtednees,
together with interest and any other aum~ ~rhich maq be due and payab2e to SMA .
and also vithout in any manner affecting or impairin:; the lien of Lhis Mortgage
and it is also ucderstood and agreed that SMA may at any time, without notice
to any person, release any portion af ~the propertq deecribed in this Hortgage
or any other collateral, or any portion of any other collateral which may be
held as security for the payment of the indebtedneao hereby secured, either
with or without any consideration for auch release or releases. Without in any
manner affecting the liability of the Mortgagor, all endorsers, if any, and all
other persons who are or shall be liable for the paqment of eaid indebtedness.
and vithout affecting, disturbing or impairing in any manner whatso~ver the
validity and priority of the lien of thia Mortgage for the full amount of the
indebtedness remaintng unpaid, together vith all interest and advances which
shall become payable, upon-the entire remainder of the mortgaged property Which
is unreleased, and vithout in any manner affecting or impairing to any exteat
whatsoever any and all other collateral security vhich maq be held by SMA•
It is distinctly understood and agreed by the Mortgagor and SMA that any release
or releases may be made by -SMA without the consent or approval of any other
person or persons whomsoever.
28. In the event this Mortgage is a construction mortgage, each of the terms,
- covenants and conditions of the construction loan agreeaent executed in connection
vith the execution of this Mortgage are incorporated herein as if said coustruction
loan agreanent were repeated herein in extenso. ~
29. Mortgagor covenants and agrees that he will deliver to the Hortgagee every five
years hereafter an inspection certiffcate that the captioned premises is free
from termites.
30. In the event this is a mortgage on an apartment in a condominium together vith
appurtenances thereto, the failure of the mortgagor to pay any assessments
required to be paid pursuant to the Declaration of Condominium or to otherwise
comply with any of the terms, covenants or ~onaition8 of said Declaretion of
Condaminium shall constitute a defau2t under this mortgage and the mortgagee may,
at its option, iamediately or thereafter declare the indebtedness s~cured hereby
due and payable.
31. Tbis i~ a purcha~s ~ona~ fir~rt sort~~e e~cscutsd for th~ pcpr~as parpoa• of
•scuria~ a porcion of ths purchaa~ price of th~ prop~rty wc~sb~rsd 1Nr~br.
IN WITNESS WHEREOF the said Mortgagor has caused this Murtgage to be properly
executed and sealed this the day and year first above written.
Signed, seal a d liv red i he presence of: ~
` ,Ir'.a~~~ ~ .
e ~ (SEAI.)
.~c , = - • ' cs~.)
_ , _
( s~t.)
(s~.)
~ (Corporate Seal)
By
~ President
Attest!
Secretary
6 800~f( ~ PAL`E V / ~
_ - _ -
_ • ~