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defend the same against the lawful ~laim of all persons
whomsoever.
PROVIDED, ALWAYS, that if Mortgagor shall pay to
Mortgagee all sums due under the terms of this Mortgaqe and all
the indebtedness evidenced by a certain Promissory Note of even
date herewith, which is incorporated herein by reference, and
is signed by Martgagor, and payable to the order of Mortgaqee
in the principal sum of One Million Dollars ($1,000,000)
bearing interest at the rate set forth therein with principal
and interest payable as set forth therein, the last installment
of the entire unpaid balance of principal and interest to
become due and payable on the earlier of March 28, 1986 or the
date on which Mortgagee obtains funds under a constructi~n loan
secured by the premises, and as thereafter modified, renewed or
extended, together with all interest thereon, and; FURTHER
PROVIDED, that if Mortgagor shall duly, promptly and fully
perform and comply with and abide by all of the covenants and
agreements of the said hote and this Mortgage and every other
instrument securing said Note, then this Mortgage and the
estate hereby created shall cease and be null and void.
AND PROVIDED ALWAYS, and this Mortgaqe is upon this
express condition, that if said Mortgagor shall pay }he
indebtedness evidenced by said Promissory Note and all renewals
and extensions thereof, together with interest thereon and all
other sums secured by this Mortgaae and shall fully perform and
comply with all the covenants and agreements of said I~ote and
this Mortgage and every other instrument securinq said Note, ~
then this Mortgage and the estate hereby granted shall cease ,
and he null and void.
~ AND the rtortgaqor covenants and agrees to and with the
~ h'lortgagee as follo4~s:
e
d
s 1. Mortgagor shall pay the principal and interest
; an~ the varioUS and sundry sums of money payable by virtue of
~ said Promissory Note and this Mortgage and every other
~ instrument securing said Note, promptly on the days the same
~ become due, and Mortgagor will promptly perform and comply with
each and every other covenant and agreement in said Promissory
~ Note and this Mortgage and eveiy other instrument securing said
~ Note.
~
2. Mortgagor sha)1 pay and discharqe as the same
~ become due all taxes and assessments (excent income taxes of
~ Mortqagee) that may accrue, be levied, or assessed upon the
~ premises or any part thereof , or whi~h n~ay be or recome a lien
~ prior to the lien of this Mortgage or have priority in payment
~ to the cuebt secured hereby, or upon Mortgaqee's interest
- therein or upon this Mortgage or the inaebtedness or evidence
of indebtedness secured hereby, without regard to any law
heretofore or hereafter enacted imposing payment of the whole
or any part thereof upon Mortgagee; upon the passaae of any ~aw
imposing the payment of the whole or any part ther~of u~on
Mortgagee or upon the rendering hy any appellate court of
~ competent jurisdiction of a decision that the undertakinq hy
r Mortgagor to pay such taxes is legally inoperative, then rhe
indebtedness hereby secured, without deduction, shall, at the
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