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of the total payments due under the First Note, the Mort~aRor
shall be r~lie~ed c~f t!?e c~b1_igatic~n tc~ ~Ay s»ch mc_~nthly payment-s
to the holder of the Note to such extent, and shall receive full
credit for each such pdyment made to the holder of the First
Note as though each such payment had been made to the holder
of the Note. ~
4. The holder of the Note shall not make or permit to be
made any prepayments under the First Note or the First Mortgage,
except with the prior written consent of the Mort~agor, such
consent will not be unreasonably withheld by MortgaRor and it
is hereby noted by the Mortgagor and the Mortga~ee that the
First Note and the Note herein both provide for the privilege
of prepayment without penalty.
5. When the sum owing under the Note is reduced to the
amount owing upon_the First Note, the Note shall be fully satisfied
and all the land. nremises, and leaseholders includeci in this
Mortgage shall be immediately and automatically duly revested
in the Mortgagor; and the oayee and holders of the Note, and the
MortgaRee unde~r this Mortgage, shall each i~nediately mark both the
Note and this Mortgage "paid in full" and sign each of such
instruments and inmiediately deliver them to the Mortgagor, and
shall further duly execute and deliver to the Mortga~or a discharRe
in full of this MortRa~e, in recordable form.
6. The Note and this Mortgage are executed pursuant to
a Contract for Sale and Purchase executed on January 12, 19~8
by the Seller, Gerald M. Smith and Linda Smith and on January
5, 1978 by the Buyer, Ellen Higinbotham who has assip,ned her
interest to the Mortgagor herein and each and every of the
representations and warranties contained in that Contract for
Sale and Purchase are incoruorated herein by reference and
made a part hereof with the same force and effect as if set forth
herein verbatim and shall survive the payment, cancellation,
and satisfaction of the *Tote and this MortgaRe.
Notwithstanding anything to the cuntrary contained in
the Contract for Sale and Purchase or in this Mortgage, the
~ Mortgagee agrees that the Mortgagor, its successors and assigns
! shall have the right to engage in secondary financinR with
! respect to the Mortgaged Premises and as security therefore to
~ grant to the lender a mortgage or mortgages covering all or
any portion or portions of the Mortgaged Premises hereinafter
; called the "Second Mortgage".
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~ Anything in the Contract for Sale and Purchase or in the
~ Note or in this Mortgage to the contrary notwithstanding, neither
~ the Mortgagor nor any present or future partner in or of the
~ MortgaQOr nor anv other nartv or person, is or shall become liable,
~ jointly or severally or otherwise, for the payment of any money
~ by reason of any contaned in the Contract for Sale and Purchase
~ ~ or in the Note or in this Mort~age. The sole rer.~edy of the holder
~ of the Note in the event of default by the Mort~agor shall be
~ to foreclose this Mortgage and to look exclusively to the
~ properly encumbered thereby for satisfaction of the andebtedness
~ evidenced by the Note~ and no deficiency j udgment shall be sought
~ or obtained.
= Notwithstanding the existence of the First Note and the
~ First Mortgage, as both modi-fied or to be modified, and not-
~ withstandinR whether the principal indebtedness under said
~ First Note and First Mortgage is or will be credited on account
- of the sum owing under the Note secured hereby, it is agreed
F that the Mortga~or(including without Iimitation all present and
~ future partners in and of the Mortgagor~ has not, and will not,
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~ ~Q~ 282 P~ 84~
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