HomeMy WebLinkAbout3374 :::!;iIBIT
In the event of the sale or other disnosition of any of the above
describe3 property ~he `~~ort~aqor shall, at the option of the :'.ort-
r,agee, reduce-t!~ nrincipal indebtedness to $20Q,~00.00.
In tlie event all or any portion of the pronerty hereby mortgaged
is incluc~ec3 in ~-~ny drainage or other ir.iprovement district formed
or aut7orized suhsequent to the c?ate here~f, or in the event said
property, or any nart tnereof, is in ~ drainaqe or other ir~nrovement
district as of t~le date hereof, and subsequent to the date hereof the
bonded indebtedness of such district is increased or the district is
authorized to r.~ake additional assessments for ir.inrover~zents in excess
of 15g of the assessment in force and effect ~s of the date hereof,
then in any of sucn events the `~'lortgagee may, at its option, declare
the entire indebtedness hereby secured dut and payable ux~on six
months' notice. If such option is exercised anc~ notice given, then
u~on the expiration o~ such six r~onths' notice, the entire indebted-
ness hereby secureci shall be due and nayable and nonnayMent thereof
shall constitute a default under this m~rtg~ge, an3 the sar.le ma~? he
collected b~~ foreclosure or in any other manner provic~ed by law.
fiocvever, if the ~1ortQagor nays the said additional assessment in
cash within said six manths' period, then t!ie rin?~t of the ~iortgagee
to accelerate t~ie debt securea hereby, for said sneci`ic nonpayr.lent,
shall terminate as to such default, without in anv manner affecting
the rir,hts of the *tort~ac~ee under anv other existinn or sutisequent
default under this ~ortgac;e or the note secured herebv.
I:J :•7IT:vESS La~iEREOF the forect~ino ~xhibit "A" is herebv incor-
porzted in the executed mortgage which precedes it.
i.'IT:I~SS~S : ~ ~ .
r % ~ l7 ~ -
- ` . - L~ /.i~~ ~Z~ ~-4~EAL)
i David L. !~Ialker
_ ` !-•'.L:. a~v? Lc. %~:.i-~e ~~-J ( SEAL )
Verda II. ~?alker
F
~
~ lf 0 AVp ;~~ppDEO
~ s~. iuc,L ,~vktr r~~.
t RoG~: p a.tT~~S
~ CIE~K C~ri~,l;~T CC4RT
R ~ ^QR Q 'IE = • ~ t f ~
~ I1FC 2 07 F!~ ' ~Z
_
; ~ ~rz L~-~~'r
i
!
i
i
i
f ~ ~
_ "
~'Y~' 3. , . . , . . ~
~ '4._