HomeMy WebLinkAbout1185 23. It is agreed that if any of the property herein mortgaged is of a nature so •
that a security interest therein can be perfected under the Uniform Commercial ~
Code, this instrument shall constitute a security agreement and Mortgagor agrees
to ioin with the Mortgagee in the execution of any financing statements and to
execute any other instruments that may be required for the perfection or renewal
of such security interest under the Uniform Commercial Code.
24. Notwithstanding anything in this mortgage or the note secured hereby to the
contrary, neither this mortgage nor said note shall be deemed to impose on the mort-
gagors any obligation of payment, except to the extent that the same may be legally
enforceable; and any provision to the contrary shall be of no force or effect.
25. In addition to the obligation described above as evidenced by the promissory
note, this mortgage is given to secure any and all obligations from the Mortgagor
to the Mortgagee arising by virtue of any sec.urity agreement, promissory note or
other agreement between Mortgagor and Mortgagee and for all obligations of
Mortgagor to Mortgagee, contingent or absolute, direct or indirect, regardless
of however or whenever created.
26. As additional security for the repayment of the indebtedness hereby secured
and the payment of ta~ces, special assessments, ground rents, and other charges -
and fire and other hazard insurance premiums, Mortgagor agrees to deposit with
Mortgagee, if requested by it, monthly or other periodic. payments in amounts,
which, as estimated by Mortgaqee from time to time, shall be sufficient to meet,
as they become due, such taxes, assessments, rents, charges and premiums. If
at any time the funds so held by Mortgagee shall be insufficient to pay any tax, ~ '
assessment, rent, charge or premium, Mortgagor shall, upon receipt of notice
thereof, immediately deposit with Mortgagee such additional funds as may be
necessary to remove the deficiency. It is agreed that all sums so deposited
shall be irrevocably appropriated to Mortgagee in trust, to be applied to the
payment of such taxes, assessments, rents, charges and premiums, and at the
option of Mortgagee, after default, to be applied on the indebtedness hereby
secured.
~ 27. If a conveyance should be made by the Mortgagor of the premises herein
~ described, or any part thereof, without the written consent of the Mortgaqee,
~ and without assumption in regular form of law by the grantee, of the obligation
~ to the Mortgagee created by said promissory note and thfs mortgage, then, and
` in that event, and at the option of the Mortgagee, all sums of money secured
hereby shall immediately become due and payable and shall be considered in
default.
28. If any monthly payment is not paid within ten days of its due date, then
~ the Mortqagor shall pay to the Mortgagee a delinquency charge of four per cent
- on each such monthly payment.
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