HomeMy WebLinkAbout1365 . . ~
or ~•~cc~i.vecl, o~• h~i..~ exr.r.., c,r:: a.1t~11iI.I1:I.:,i:~•.1i:ors ~i• zs ;tLns, or nttyonc cl~~im-
j_ne uiick~z~ ~uc1~ le:~sc or :,ci~lcnt coi~trrtci;.
(1a. ) A1:Y l'111tT OF :~:c: ~r.or~~;~: ;ed ~~ropert;~ m1y be rel,elsed by Lhc ~
1~oi•t~~.~;ce' :•~~t~~oti1: ~:i'~ ec!: i:i~c l:i.cn i~ercoi' z~~ in ~i: the rem~ii~der. 7'llc
lien ~ncl .rz~ hts hcret~y ~_~::t~ted sh11.]. t~ot zi'1'eci: or U~ 1i'fecl;ecl by ~tny o;;'.ier
securii:y tz~::cn for t~i~ s~i::e itlc'.c~;:cdnc .s or .~ny p~er1: thereof. Z`he Lr.Yxi~r
of rddition:.1 securit-y, or i:he exi:e~~sioci or z•ene:•~al of' 1:he sa~ae indebLed--
ne~s oi~ an;t p: rt ~hc~•eof, sh:~tl a~ no ti:^e rclcz~e or ir.:nair ~:he lien knd
ri~;hts ~;r. ntcu hcreby, or ~ffec~ i:}~e li^bilit;? of ~ny endorscr or surc 4;? ,
or ~inpro~~c ~hc ri~;h~ of an3• junior lienholc;~r; ~nd this :•iort~;~ Uc, as ~•:e? l
as any inst2-u^:e:~~ ~,iven i:o sec:irc any renc:•t~ .l or ex~:ension of ~r.e indcated-
ness secu?•ed rereUy , or ~n;~ U~ rt tzercof, sh~ 11 be a.nd renlin a ~ irst ~:-id
p2•ior lie.i, etcept <s hcrein cxni•essly subordin~ted, oi1 ~11 of the ~,or~-
(~c1(~CCI ~1^O'.1C:'~y not e~pressly rc~eased until the said indebtedness is co:n--
plctely paid. •
(1'7) Ti?~ II~'`.'J~?LIDITY, rn• ti;~enforce-^.bi].ity in par~i.cular eireu~?st~ *~ces,
of. ~ny prova.sion oi this I•so2•~ ;^~e sh^11 tioi; extend beyona such prov~ sion
oi• such cii•cu:.~i:~ nee~; no ot~~~r provi~ion of t:ni~ instrtv~ent shall be
affected ~;nel•~~y. If, ~ ro:n ~ ny circu::ista.~~ce ~rn~ tever, f~alfill:~~ent o~ zny
prova.sion o~ :~is '?ort~~~;c, ~ t i:tle tir:~c pe2•for:~~ nce of s~ach provision
sh~ 11 be au~, sh~ll involve tr~r.scend~r. ; ~he lir~i~ o~ validit~? nrescrioed
by the usu~•y ~t~tu~e or 4ny o~~er ].at•~, then, ipso facto, the ob ligation
to be ful~ill~c: shall be reci•.zcpd to t~le li~nit o£ such vwlidit~?, so_ that
:in no even~ sh~ll ~n~l ex~c~io:i be poss3.ble under ~:his 1~iori:~a~,e, or under
any note or no~es represen~ir.~ t'r.e indeb~edness secured hereby, tha~ is
~.rl excess of ~re 1i^~it o~ ~~uc'~ v~ lidi ~y. In no event sh~ll ~he 'r;or~~a_-
~or, ~.ts heirs, repi•esen~a~i~~es or assi~ns, be bound to pay for the=use,
forbe~r~.r•ce or detei:~ion oi *~oney loar.ed ~nd secured hereby interest in
excess of ~he :li~ 1~
:•;ful rate; ~he ri~ht ~o c.eM~nd any suel: excess
shall be ~ nd is hereL~y ~•:aivec:, and this provision sn~.ll con4rol every
.vther provisio:~ o~ this 2•_or~~;~ ge.
(18 ~ ~ t;ORTGAGGR S~-i!tLL never have or asfiert an;r raght under any
statute o?• rulc of la~•r pertaitlin~ to the m~rshwlin~ of assets, the ex~r~~-
tion of ho:r.es ~~~d, th~ ~~d:~:inistr~t~ on o£ est~tes of dece~ents, or other
matter w'r~atever ~o d~i reduc~ or 2i'fect the right; of ~he 1•iort~ar,;ee,
ut~der th~ t~r~:s of ~;~iis .•:or~~h~e t;o a sale of the r~ort~a~ed prc~ert;~ for
the c'ollectior_ o~ s~id indcU~ecness (~•:ithout ~ny pi ioY or ai~'ferent resor~
for collcctio;~) or the ri~ht of '.•:ortga~eE, under the ~err:s of this ;:ort-
~a~;e, to the ~a~:^~:~~ o.: such i:~d~b~ecin~ss out of the proceeds or sale o~'
thc morL~?~e^ pronei•t;~ in p2•~ierence to ever;~ o~her person anci clai.::~n~
ti•~hatevei~ (o~ly re~~onaoi e expenses as aforesaid being first deducted _
` (•19) IT IS I1GR~~D that i~ default be m~de in i;he ~ayr:2ent of 2ny
~ inst~ llr:en~ o? t:~e r.oie secvre:i oy this ;~'ort~~ ~e, the h~lder of the ir.-- ,
s debtednes ~ or un;~ p~ri; ~hez•coi on ::nicin tY~e payrzent is delinauen:: sY:~l1
; have ~:he oo ~ien ~o p~~~eed ith for~c~osure in sa ~isfGe ~ion of such i ~e~
' as ir under a full foreclo:;ure, conduc;:i:~~ the sule as nerein providea, ;
4 i
~ znd t•riLho:~:: c~c? ~r~ n~ :~:role c~~~~ due, und provideci tnat if sale is t
€ made b~c~ ;:sc o= de~'~ ir~t o£' un in~t~~.11:~er.t;, or u p~rt o~ an installmen~,
s such lc c^ ?.T:^!:~ su~ject to ~Y:e u:~-^: tured p~rt of t?:~ no~e ~nd deb~ .
j secu2•ed b~; ~his :-.ar± r:~:;`'; .:nd it zs a€;2-eed tiiat such ~~_2e, if so de, ,
; sh~ 11 not irt ~ n~~ ~^~~r.:i~,• 4:_'ec:, ,ar^~.:~uz-ed p~ r~ of Lh° debL sccur~c) ~
? by i.hS.s :':>>•t ;~~re, tizi~ Lo ::ucii L:n~::~tcu~ca na~-t tliis ;:ort~^~c shal_1. re:^~~n
, r . . , i~ i n C~ ~ ~ fh~l P
in full ~ orce . ect ;usL ~.i.,L~,~ r.o ul.c. ~l~.d been ~c;e unci r t%~e
~ t, 1 f` s. t ~ r. -1 ..`i r~1 • l~?~ { r {l l~" 'i ff n/, J' t_ c~ l: V C~'i ~ i,. C~ CJ
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