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200316465 <br />And the Mortgagors do hereby covenant with the Mortgagee and <br />with Mortgagee's heirs and assigns that Mortgagors are lawfully <br />seized of said premises, that they are free from encumbrance, <br />that Mortgagors have good right and lawful authority to convey <br />the same, and that Mortgagors warrant and will defend the title <br />to said premises against the lawful claims of all persons <br />whomsoever. <br />However, it is understood and agreed that this Second Real <br />Estate Mortgage shall be subordinate to the purchase money Deed <br />of Trust executed by Mortgagors to secure the payment to Heritage <br />Bank of the principal sum of One Hundred Twenty -one Thousand and <br />No /100 Dollars ($121,000.00). <br />This Mortgage is given to secure the payment of the <br />principal sum of One Hundred Twenty -one Thousand and No /100 <br />Dollars ($121,000.00) and interest thereon, according to the <br />terms of a certain Promissory Note of even date, executed by one <br />of the Mortgagors to the Mortgagee, due the 10th day of January, <br />2014. <br />The Mortgagors further agree to maintain insurance upon the <br />residence located upon the above described premises in an amount <br />not less than the insurable value thereof with a loss - payable <br />clause in favor of Heritage Bank, Mortgagors and Mortgagee as <br />their interests may appear. <br />The Mortgagors agree to pay all taxes and assessments upon <br />said real estate and all other taxes, levies and assessments <br />levied upon this Mortgage and the Note which this Mortgage is <br />given to secure before the same become delinquent. In the event <br />the Mortgagors shall fail to make any payments of principal or <br />interest due to Heritage Bank required by its above described <br />Deed of Trust, to obtain such insurance or pay such taxes before <br />delinquent, the Mortgagee may purchase such insurance and pay <br />such taxes or other liens and shall have a lien secured hereby <br />for the amount so advanced with interest thereon at the rate of <br />seven percent (7 %) per annum. This paragraph does not require <br />Mortgagee to make any advancements or payments. <br />In the event the Mortgagors default in the payment of said <br />indebtedness or any installment thereof, or fail to perform any <br />of the other agreements herein, the Mortgagee at Mortgagee's <br />2 <br />