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hereb secured or untfl title to the Mort a ed P em 1
y , q q r ises sha 1
,have passed on sale under a foreclosure of this mortgage.
10. In the event all or any portion of the property hereby
mortgaged is included in any drainaqe or other improvement dis-
trict formed or authori~ed eubsequent to the date hereof, or in
the event said property, or any part thereof, is in a drainage or
other improvement district as of the date hereof, and subsequent to
~he date hereof the bonded indebtedness of such district is increased ~ t
or the diatrict is authorized to make additional assessments for
improvements in excess of 15$ of the assessment in force and ef-
fect as of the date hereof, then in any of such events the Mort-
qagee may, at its optfon, declare the entire indebtedness hereby
secured due and pnyable upon six monichs' notice. If such option
is~exerciaed and notice given, then upon the expiration of such
six montha' notice, the entire indebtedness hereby secured shall -
be due and payable and nonpayment thereof shall constitute a de- :
fault ur~der this n?~rtgaqe, and the same may be collected by #ore- ~
closure or in any-other manner provided by law. However, if the
Mortqagor pays the said additional assessment in cash within said
six montha' period, then the rfqht of the Mortqagee to accelerate i
the debt-secured hereby, for said specific nonpayment, shall ter- ~
minate as to such default, without in any manner ~ffecting the
riqhts of the Mortqagee under any other existing or subsequent ;
~
j default under this mortgage or the note secured hereby. ~
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11. Mortqagor covenants and aqrees that in the event of the ~
sale or other disposition of the property hereinbefore described ~
or referred to herein, Mortgaqee shall have the right, at its op-
tion, to require that the principal amount of the indebtedness '
' secured hereby be reduced to seventy-five percent (758) of the ;
principal amount disbursed, exclusive of any required payments ~
on princfpal for relea8e of security, insurance losses or con- `
demmation awards. In the event of the exercise of such option
by Mortqaqee and in the event Mortgagor, or its successors or
assigns, shall fail or neglect promptly to make such payments as
are necessary to so reduce said principal, Mortgagee shall have
the right, at its option, to im~nediately and without further notice
declare the entire indebtedness secured or to be secured by this
mortqage to be iunnediately due and payable and to foreclose or to
exercise any other rights or remedies which Mortgaqee shall have
in the premises. Failure of the Mortgaqee to exercise this option
ehall not he deemed a waiver of this option as ta any subsequent
sale or other disposition of the property. .
12. When and if Mortgaqor and Mortgagee shall reBpectively
become the Debtor and Secured Party in any Uniform Commercial
~ode Financing Statement af~ecting property either referred to
or described herein, or in any way connected with the use and
eajoyment of these premises, this mortqage shall be sieemed the
Security Agreement as defined in said Uniform Coirenercial Code
and-the remedies for any violation of the covenants, terms and
conditions of the aqreements herein contained shall be (i) as
prescribed herein, or (ii) by general law, or (iii) as to such
part of the security which is also reflected in said Financing
Statement by the specific statutory consequences now or here-
,after enacted and specified in the Uniform Commercial Code, all
at Mortgaqee's sole electfon.
13. This mortgage shall secure not only existing indebted-
ness, but alao such future advances, whether such advances are
obligatory or to be made at the option of the Mortgagee, or
otherwise, as are made within twenty (20) years from the date
hereof, to the same extent as if such future advances were made
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