HomeMy WebLinkAbout3369 EYFiIAIT "R"
In the event of the sale or other disposition of any of. the above
~escrihed nropert_y the `lortcraaor shall, at the ontion of t?ie ~tort-
gagee, re~~uc~ the t~rincinal in:.lebtedness to $65, 000. ~0 .
Ir. the event all or any aortion of tlie nropert~~ here}~y ~:ortgaged
is included in any drain~ge ~r other iMprove:nent :'istrict for~r,ed
or authorized subsequent to the d~te ilereof, or in the ev~nt saici
prooerty, or any part t!lereof, is in a drainag~ or other imnrovenent
district ~3s of the c?ate hereof, and subse~uent to the date hereof ~he
bonded inclebtedness of such district is increased or the district is
authorizer~ to r~ake additi~nal assessments ror iriorovements in excess
of 15~ of t~ie assessment in force and effect as of the date hereof,
then in any of such events ttie 'tortgagee May, at its onti.on, declare
the entire indebtedness herehy secured due anc~ payable unon six
nonths' notice. If such option is etercised anc~ notice ~iven, then
upon tne e~:niration of such si~ months' notice, thc entire indebted-
ness hereby secured shall Ue due and payahle and nonnayment thereof
shall canstitute a default under this Mortgage, and the same may be
collectec? bv foreclosure or in any other manner pr4vided by law.
iiowever, if the ~~ortqagor pays the said additional assessment in
cash rrit.iin saic~ six months' oeriod, then the right of ttie 'tortgaqee
to accelerate the debt secured hereUy, for said specific nonpayment,
shall terminate as to such ciefault, k~ithout in any manner affectinq
the riahts of the '~tortRagee under any other existing or suhsequent
clef~ult under this Mortc~aqe or the note secured hereby.
I'y ti?I`"v~SS j~?HERFnF the foreqoing Fxhit~i t"?1" is hereby incor-
~ porated in the executed mortqage which nrecedes it.
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