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<br />88-104192 <br /> <br />It is specifically understood by and between the parties that this <br />is a second mor.tgage or lien upon the real estate described herein. subject to <br />the Notice of Contract filed as document #84-004297. <br />The mortgagors hereby covenant with mortgagee that mortgagors are <br />lawfully seized of said premises. that they are free from encumbrance, except <br />as set forth herein. and that mortgagors have good right and lawful authority <br />to convey the same and that mortgagors will war~ant and defend title to said <br />premises against the lawful claims of all persons whomsoever. <br />This mortgage is given to secure the payment of the Promissory <br />Note executed on even date herewith by mortgagors for $53.000 payable on <br />demand. <br /> <br />l'Iortgagors shall pay all taxes and assessments levied upon said <br />property which this mortgage is given to secure before the same become <br />delinquent and shall maintain fire. windstorm and extended coverage insurance <br />with a mortgage clause in an amount at least equivalent to the mortgage <br />indebtedness owing herein. <br />In the event of default in the performance of any of the terms and <br />conditions of this mortgage or the note secured by it. mortgagee shall be <br />entitled to immediatp possession of the property above described and all <br />rents, revenue and income derived therefrom during such time as the mortgage <br />indebtedness remains unpaid. which shall be applied by the mortgagee to the <br />payment of the note and all other sums secured hereby. <br /> <br />Dated 4{fU,.J.. <br /> <br />I, <br /> <br />. 1988. <br /> <br />_..:....-..~..... <br /> <br />