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and every part thereof, with the appurtenances of Mortgagor
in and to the same, and every part and parcel thereof unto
Mortgagee.
Mortgagor warrants that Mortgagor has a good and
marketable title to an indefeasible fee estate in the Mortgaged
Property subject to no lien, charge or encumbrance except such
as Mortgagee has agreed to accept in writing and Mortgagor
covenants that this Mortgage is and will remain a valid and
enforceable first mortgage on the Mortgaged Property subject
only to the exceptions herein provided. Mortgagor has full
power and lawful authority to mortgage the Mortgaged Property
in the manner and form herein done or intended hereafter to
be done. Mortgagor will preserve such title and will forever
warrant and defend the same to Mortgagee and will forever warrant
and defend the validity and priority of the lien hereof against
the claims of all persons and parties whomsoever.
Mortgagor will, at the cost of Mortgagor, and without
expense to Mortgagee, do, execute, acknowledge and deliver all
and every such further acts, deeds, conveyances, mortgages,
assignments,. notices of assignment, transfers and assurances
as Mortgagee shall from time to time require in order to preserve
the priority of the lien of this Mortgage or to facilitate the
performance of the terms hereof.
PROVIDED, HOWEVER, that if Mortgagor shall pay to
Mortgagee the indebtedness in the principal sum of Three Million
Eight Hundred Thousand Dollars ($3,800,000) as evidenced by
that certain promissory note (the Note), of even date herewith,
executed by Mortgagor and payable to order of Mortgagee, with
interest and upon the terms as provided therein, and together
with all other sums advanced by Mortgagee to or on behalf of
Mortgagor pursuant to the Note or this Mortgage, the final
maturity date of the Note and this Mortgage being j2 ~l d ,
and all other liabilities of the Mortgagor to Mortga ee whether
primary, secondary, direct, contingent, sole, joint or several,
j due or to become due or that might be hereafter contracted or
~ acquired, including any extensions, renewals, or changes in
~ form of the Note or any such other liabilities and shall perform
all other covenants and conditions of the Note, all of the terms
i of which Note are incorporated herein by reference as though
set forth fully herein, and of the Lo«n Agreement and the
documents and instruments delivered or to be delivered thereunder
by Mortgagor, then this Mortgage and the estate hereby created
shall cease and terminate.
Mortgagor further covenants and agrees with Mortgagee
as follows:
1. To pay all sums, including interest secured hereby
when due, as provided for in the Note and any renewal, extension
~ or modification thereof and in this Mortgage, all such sums
to be payable in lawful money of the United States of America
at Mortgagee's aforesaid principal office, or at such other
place as Mortgagee may designate in writing.
2. ~ To pay when due, and without requiring any notice
from Mortgagee, all taxes, assessments of any type or nature
and other charges levied or assessed against the Mortgaged
Property or this Mortgage and produce receipts therefor upon
demand.
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