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to herein as the "mortgages"), and that from and after the
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execution and delivery of this instrument, said mortgages shall ~
each be deemed primary security (and not merely collateral in
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nature) for the entire indebtedness evidenced by the Note and
each and every obligation of the mortgagor under the other -
mortgage and agree that Bankers has the absolute right to ;
pursue any and all remedies available to it pursuant to the ;
terms of both mortgages or of either mortgage standing-alone to
- the same degree and extent as though such mortgage were the
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only mortgage securing the indebtedness and without any
limitation or obligation on Barkers or any right of Lakeview or
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Oceanview or those claiming under either or both of them to a
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marshalling of liens, exonerations of security or other similar
rights or remedies as a result of the existence of the other
mortgage or otherwise, such rights being subject only to the
express limitations and agreements provided therein and herein.
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5. Lakeview represents and warrants to Bankers and
agrees that:
(a) The Lakeview Property is not encumbered by any
mortgages, other than as provided in the Lakeview
mortgage, except .for (i) the lien of that certain first
mortgage given by LVC to New Jersey Realty Mortgage
Company, a New Jersey corporation, dated September 28,
F _ 8 BoflK 342 PAGE j,
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N[I15NON, sAWY[N, JONNSTON, OUNWODT i GOL[, Id00 SOUTN[AST /IpST NATIONAL DANK OUILOtNO, NIAM1, /LO"IOA ~31~1
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