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property if the obligation secured by either of said mortgages have not been
fully satisfied by the sale under the prior partial foreclosure judgment.
Mortgagor, in the event of foreclosure of eithermortgage by Mortgagee, consents
to the Mortgagee foreclosing its lien against all of the mortgaged property
or against any part of the mortgaged property and the partial foreclosure shall
not constitute a release of the mortgage lien against the remainder of the
mortgaged pre~erty nor a waiver of the Mortgagee's right to proceed to foreclose
against the remainder of the mortgaged property, if any portion of the obligations
secured by either of the mortgages, including either or both of the replacement
notes, remains unsatisfied, default in one of the Replacement Notes shall constitute
a default in both such notes.
14. That if the mortgaged property sold under any decree of judgment
to foreclose or enforce either of said mortgages or the obligations secured
thereby, said mortgaged property shall ae sold in one parcel or several parcels,
as Mortgagee may elect, any provision of the law to the contrary notwithstanding.
15. That, as a condition precedent to the Mortgagee entering into this
Agreement, an Order of the Bankruptcy Court be entered authorizing the Mortgagee
and the Receiver to execute the replacement notes and enter into this Mortgage
Modification Agreement.
16. All of the terms, covenants, and conditions of each of the
mortgages hereinabove described, and the promissory note dated June 2, 1975 of
North Beach Water Company, as amended and modified by this Agreement, are ratified,
confirmed and approved in all respects. That this Mortgage Modification Agreement
shall apply to and inure to the benefit of and is binding upon the parties, their
heirs, representatives, personal representatives or assigns.
17. Notwithstanding anything contained or inferred herein to the
.contrary, the participation in this Agreement and execution thereof by the
Receiver is for the sole purpose of approving the giving and execution of same
by Mortgagor and the Receiver has not warranted and guaranteed any term or
provision hereof, and. has not personally obligated himself hereunder.
IN WITNESS WHEREOF, Mortgagee, Mortgagor and Receiver have executed
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