HomeMy WebLinkAbout0267 premiums in manner and form as prov~ded herein for the payment
of taxes and assessments. This paragraph shall be inapplicable so
long as there exists reserves for such purpose pursuant to terms of
Construction Loan Agreement of even date herewith .
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34. That the Mortgagor will on the requcst of the Mortgagee
furnish a writtcn statement of the amount owing on the obligation
which this Mortgage secur~s and therein state whether or not
Mortgagor claims any defens~s or ofFsets thereto. !
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35. The Mortgagor covenants, that in the event the owner-
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ship of said property or any part thereof becomes vested in a
person other than the Mortgagor, the Mortgagee may, without notice
to the Mortgagor, deal with such successor or successors in interest
witii e^aference to this Mortgage and the debt hereby secured in ~
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the same manner as with the Mortgagor, and may forbear to sue or
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may extend time for payment of the debt, secured thereby, without ~
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discharging or in ar~y way affecting_the liability of ttie' ~
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Mortgagor hereunder or upon the debt hereby secured. '
~ 36. That this Mortgage cannot be changed orally.
37. That the whole of the principal sum and the interest
si~all become due at the option of the Mortgagee in the event of
default under tt~at certain Construction Loan Agreement (the
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"Agreement") entered into between the Mortgagee and the Mortgagor `
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~ of even date herewith, in any case where said Agreernent by its ;
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terms gives the Mortgagee the right to terminate its obligation
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~ to make any advance or further advances under said Agreement,
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an original or true copy of which witl be avaitable at the ;
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offices of Doumani, Aldrich & Worthington, 10960 Wilshire Boulevard, #
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Los Ar~geles, California 90024, attorneys for the Mortgagee, for
inspection by any party having an interest therein.
38. That with respect to the Mortgaged Premises and the
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