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HomeMy WebLinkAbout0958 the collection of the indebtness tiereby secured. All sums so advanced or paid by the Mortgagee shall be charged into the mortgage account and become an integral part thereof, subject in all respe~ts to the terms, conditions and covenants of the afore- said promissory Note, and this Mortgage, as fully and to the same extent as though a part of the original indebtness evidenced by said Note an~ secured by this Mortgage, exceptinq however, that said sums shall be repaid the Mortqaqee forthwith upon its demand and be in addition to the regular monthly installments pr~vided by the Mortgage Note. That.the abstract or abstracts of title coverinq the mortgaqed property shall at all times, during the life of this Mortgaqe, ~ remain in possession of the Mortgagee and in the event of the foreclosure af this Mortgage or other transfer of title to the ~ mortqaqed property in extinguishment of the indebtness secured hereby, all right, title and interest of the Mortgagor in and to any such abstract of title shall pass to the purchaser or gran- tee. To the extent of the indebtness of the Mortqagor to the Mortgagee ? described herein or secured hereby, the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mo.rtgage, lien or other ; encumbrance on the land described herein which is paid and/or ' satisfied, in whole or in part, out of the proceeds of the loan } described herein or secured hereby, and the respective liens of ; said mortqages, liens or other encumbrances, shall be and the ~ same and each of them hereby is preserved and shall pass to and ~ f~ be held by the Mortgagee herein as security for the indebtness to zi the Mortgagee herein described or hereby secured, to the same ; extent that it would have been preserved and would have been ~I passed to and been held by the Mortgaqee had it been duly and regularly assigned, transferred, set over, and delivered unto the Mortgagee by separate deed of assignment, not~aithstanding the fact that the same may be satisfied and cancelled of record, i~ ~ being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or ~ about the time of the recording of this Mortgage. In the event the ownership of the mortgaged premises, or anv part f thereof, becomes vested in a person other than the Mortgagor, the a Mortgagee may, without notice to the Mortgagor, deal with such ; successor or successors in interest with reference ta this Deed ~ and the debt hereby secur~d, in the same manner as with the ~ Mortgagor without in any way vitiating or discharging the 3 ; Mortgagor's liability hereunder or upon the debt hereby secured. ' No sale of the premises hereby mortgaqed and no forbearance on the part of the Mortgagee, and no extension of the time for the ' payment of the debt hereby secured given by the Mortgagee shall ! operate to release, discharge modify, change or affect the oriqi- ~ nal liability of the Mortgagor herein either in whole or in part. ~ ~ The lien of this Oeed secures and shall continue to secure ~ payment of said indebtness, however evidenced, whether by said j Promissory Note or any renewal or extension thereof or snbstitute therefor, or otherwise, until all such indebtness shall have been fully pai~. In the event the property encumbered by this Mortqage shall become involved in any condemnation prviceedings, the holder o£ this Mortgage shall become entitled to defend any such action, and the title holder shall be liable for all costs and attorney's ~ fees incurred in connection with such defense, the same to be ~ Eixed and set by the condemnation jurv, and the holder of this ~ Mortqage shall be entitled to rece'ive any award made in such con- demnation proceedinqs for the property taken, such sums when paid to be applied to a reduction of the mortgaqe indebtness. 4 S(lOK ~J~~ PACE ~7~0 --.-_-~--,.o....~.- '