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terms and provisions hereof. If mortgagors~shall default in
the performance of•any term or provisions contained in this t
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mortgage, mortgagee shall not be obligated to pay any principal ;
or interest under the senior mortgage. A.default under the
senior mortqage, except for the payment of principal, interest,
taxes, assessments, and insurance premiums, shall be a
default~under this wrap-around mortgage. There shall be no
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increase in indebtedness or future advances under the senior
mortgage nor shall there by any modification of the senior
mortgage. ~
THIRD: In the event the mortgagee under this mortgage
fails to make any payments due under the first mortgage the
mortgagor under this mortgage shall have the right to make
~ all payments due_directly to mortgagee under said first
mortgage and to deduct any amounts paid under said first
mortgage from the payments due under this mortgage. The
mortgagors agree to subrogate ~o the mortgagee, any rights
acquired by it in the equity or the senior mortgage as long
as the mortgagee-under this mortgage does not cause a default
in said senior mortgage.
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, FOURTH: Mortgagors covenant and agree that, to the
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E extent mortgagee pays any installments of principal or
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~ interest or any other sums due under the senior mortgage,
~ mortgagee shall become entitled to a lien on the mortgaged
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premises hereunder but equal in rank and priority~to the
~ senior mortgage. ~
~ FIF`TH: In the case of default hereunder, in addition
~ to any other rights and remedies available to mort a ee
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~ mortgagee may but need not, make any payment of perform any
~ act herein required of mortgagors in any form and manner
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~ ~ deemed expedient, and may, but need not, make full or partial
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~ payments of principal or interest on the senior mortgage,
~ other rior encumbrances if an and
~ p , y purchase, discharge,
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~ compromise or settle the senior mortgage, any tax lien or
_ other prior lien or title or claim thereof, or redeem from ~
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any tax sale or forfeiture affecting said premises or contest
~ any tax or assessments. Al1 monies paid for any of the
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° purposes herein authorized and a1l~expenses~pR id or incurred
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