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HomeMy WebLinkAbout0663 Our File 5-42,782-3 Ihia m~Ktr+Er ur other Ir~nster uf Iille tu the murl~~rd pr~perty in e~l~n~uuhment of Ihe imlebtrJorss srcurrd hrreAy, aM rKhl, lilk soJ inlerest uf !ht Mwl=aRu~ in and lu any iosunnce pnlicies Ihrn in furcr shsll pass lu the purchaser w ~nntre. (h)Tu petform, a?mply wilh snd abWe by e,ch aod evsry IAr slipulstMins, a~retments, cund~~ns ynJ avvrnants in said pr~~missu~y nule snd io this Jsed sel furth. ~ I hat if any of s~iJ sums ot monty Atrrin rtfrrrrJ to At m~l p~omplly and tully paiJ w~thio fd~rrn ~sy~ orat afler the .ame ~ryttslly t+r:omes due rnd psyaAle. or if tach anJ tvery ~ht ~Upul~t~uox. ~Krrement.. r~~nJNr~ns and rorriuot. ut w~J {r~~m~.~xy ~otr and ~hi~ derd, or rilAtr, are rn?t fullY perf~xmed, rompl~rJ Hi1h and aA+drJ hy, the.:ww1 rgsreptt ~um menlN~neJ ~n v~J prom~~w~rY notr ahall Ae- ~ome Jua and payaMe fiHlhw~lh or tharrafta a1 Urc opUun of Ihr Mn~l~rtsr aa fully and ~ti~mpletrly aa if Ihr v~d aFRreKatr.um of saW promusory nolr ~asixq~~nally sl~pulalsd u~ br pad on surh ~Ly,~nylh~nR ~n uN1 prum~~M~ry notr or herrm to Ihr aY~~t~ary m~tvrith~lanJm~. (1) TAat in urJrt to arrrlerule lhr maturity u/ Ihr inJeb~rdnrss hrrrAy ~ecu~rd, hr~~ausr uf Ihr f~ilurc ut the Alurlra~eur tu pay any tat, assrcimrnt, li~hilily, ufili~alN~n ur rmumlxanre u~w~n sa~J {xoprrty, ac hrrrin ptuvKlrJ, it shall nu~ Ar nrcr~ury ur reyuis~tr thal Ihr mort~agcr stwU tirst pay ~hr srmr. The Mortgdgee may, at his option. and without waiving his ribls! iu acrtletate thr inskbtrdsitss l~rrlsy strtete~ and to foreclose the same, pay either before or after detiquency any or all of those certain oblig,~tiuns requircd by Ihe ternu hereof to be paid by the Morlgagor far the protcction of the mortgage security or for the collection of the indebtedness hereby secured. All sums so advanced or paid by the Mortgsgee shap be charged into the mortg~ge accou~t and beeome an integnl paN thereof, subject in aU respects to the terms, conditans, and covenants of the aforaaid promissory note, and this mortg,sge, as fully and to the same extent as though a part of the original indebtedness evidenced by said note and secured by this moKgage, excepting howevr~, that said susns shall be rcpaid the Mortgagee foMhwith ~poa its demand and be in addition to the rcgolar monthly instaqments provided by the mortgage note. . 3. That the abstract or abstraMs of tille cove~ing the mortgaged property shall at all times, during the lik of this mortgage, remain in posse~ion of the Mortgagee and in event of the foreclosure of this mortgage or other transfer ot titk to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. titk and interat of the Mortg,sgor in and to any such abstracts of title sfiaU pass to the purchaser or grantee. 4. To the eatent of the indebtedne~s ot the Mortg~gor to the Mortgagee described herein or secured hercby. the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or othe~ incumbrance on the land described herein which is paid and/or satisfied, in whok or in part. out of the proeeeds of the loan described herein or secured 'hrreby, and the respective iiens of said mortgages. (iens or otixr incum- b~nces, shall be and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee hercin as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and would have been passea to and been hetd by the Mortgagee had it been duly and regularly a$igned, trans- ferred, set over, and delivered unto the MortgAgee by separate deed of usignment, notwithstanding the fact that the same may be satisficd and cancelled of rernrd, it being the intention of the parties hereto that the same will be satisfied and can- celled of record by the holders thercof at or about the time of the recording of this mortgpge. 5. In the event the ovmership of the mortgaged premises, or any part thereof, becomes rested in a person other than ~ ; the Mortgagor, the Mortgagee may, without notice to the NoNgagor. deal with such sucoes.wr or successo~s in interest with - reference to this deed and the debt hereby secured, in the same manner as with the Mortg~gor without in any way vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby sec~red. No sale of the p~+emises hereby mortgaged and no forbearance on the part of thr Morigagee, and no eatension ot~the time for the payment of the debt hereby secured given by the Nortgagee shall operate to release, discharge. modify, change or afYect the original Gability of the Mortgagor , herein either in whole or in part. 6. The lien of this deed secures and shaU rnntinue to secure paymeet of said indebtedness or indebtedness, however t evidenced, whether by said promissory note or any renewal or extension thereof or substitute thercfor, or otherwis~, unt~ a0 ~ such indebtedness shaU have been fully paid_ ! 7. /?i tlre er~ent the nrortgagors scll, cunvey ur transfer the mortgaged premises during the lije ojthis mortgage, then ~ N~is mortR~ge sJmll, al the c~ption oj Nre .'lfortgagee herei?r, beconte immediately due and payoble for the jul/ sunt of the pnnrrpal hala~u•e airJ inte~est theit due. ~ 8. The terms "Mortgagoi ' and "Mortgagee" whenever used in this instrument shall include the heirs, personsl repre- ~ sentatives, successors and ascigns of the respective parties hereto. Wherever used the singular number shall include the plura) _ and the plural the singular, and the use ot any gender shall include al) genders. . ~ ~ ned, sealed deli red " the p e of= Seal) ~ F~ (Sea1) 1 COUNTI' F~A. ~ ` ROG?R PQITRAS ~ ~l.,c C',~. ~ ..i~2CUlT CQU ~ ~ . ~y:.:p~t{~_~ ~ r.' COUNTY O~~IDA ~ OcT 18 I I 1~ AN'T8 4;~p~6'7 ~ - ~~u ie Before me pe~sonally appeared MILLAGE B. COLLINS, an unmarried man = ~ ~ to mr well knovm and known to me to be the individuals describcd in and who executed the foregoing instrument~ and " acknowledged before me that they executed the same for the purposes therein expressed. WITNESS my hand and official sal ~ in the County and State last aforesaid this 9th day of October, 1978. ~ ~ _ ~ _ . _ _ ~ My Commission Expires: Ju[ie 30 ~ 1979 Notary Public, State of . ~ , r -f - ~ - . - , _ , ~ ~ ~~~.J~ F~ ~ . ~ ~ . ~ - - - , „ _ _ _ h ; - y~ _ ~ ..r . ~ a~a~~~"'~~~+',~'.