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86102318
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Last modified
10/18/2011 10:17:28 AM
Creation date
3/31/2008 2:23:59 PM
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DEEDS
Inst Number
86102318
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85- 102318 <br />A. To the payment of the costs and expenses of <br />the sale, including a reasonable compensation to the <br />Trustee, its agents, and attorneys, and all expenses, <br />liabilities and advances made and incurred by the <br />Trustee in managing and maintaining the property hereby <br />mortgaged and all taxes and assessments superior to the <br />lien of this mortgage. <br />B. To the payment of the whole amount of <br />principal and interest accrued and unpaid upon all of <br />the bonds outstanding and secured hereby, without <br />preference or priority, and in case the proceeds shall <br />not be sufficient. to pay the whole amount of such <br />principal and interest owing and unpaid upon such bonds <br />in full, then to the payment of the principal and <br />interest in proportion to the aggregate amount of the <br />principal and accrued and unpaid interest. <br />C. The Trustee shall pay any surplus to the <br />Building Association. <br />6. RELEASE 'OF PURCHASER AT SALE ON MORTGAGOR'S DEFAULT. <br />The receipt of the Trustee shall be a sufficient discharge to the <br />purchaser at the sale of the mortgaged property, and such <br />purchaser or purchasers shall not, after paying the purchase <br />price and receiving the receipt of the Trustee therefor, be under <br />any obligation to cause the purchase money to be applied upon or <br />for the trusts or purposes of this mortgage. <br />7. SATISFACTION OF MORTGAGE. The Trustee shall, upon the <br />written request of the mortgagor, enter satisfaction of this <br />mortgage in the records of the proper office or offices where <br />both the principal and interest of all bonds issued hereunder <br />shall have been paid. <br />8. CONDITIONS OF TRUST. The Trustee accepts this trust <br />under the conditions of this paragraph only, and the Building <br />Association and all holders of bonds and coupons secured hereby <br />agree to said terms and conditions. <br />A. The Trustee shall not be personally liable <br />for any debts contracted by it or for any tort <br />liability arising during the time that the Trustee may <br />manage the mortgaged property hereunder, but the trust <br />estate is to be primarily liable for every liability of <br />every kind which the Trustee may incur. The Trustee <br />shall be under no duty to do any act. hereunder unless <br />it is requested in writing to do so by some person <br />interested in the trust. <br />B. The "Trustee may resign and discharge itself <br />of the trust hereby created by notice in writing to the <br />mortgagor to be given at least three (3) months before <br />such resignation is to take effect. <br />C. If any bond secured hereby shall become <br />mutilated, lost or destroyed the mortgagor, in its <br />discretion may issue, and the Trustee may certify a new <br />bond bearing the same serial number and in identical <br />form in substitution or exchange f-Or the bond so <br />mutilated, lost or destroyed, upon the surrender oC the <br />mutilated bond to the Trustee or upon filing with the <br />Trustee evidence of such loss or dostruction. <br />D The mortgagor will pay the Truster` hc'reunder- <br />Its necessary ltrs anr! exl >ensc`s in the i,xecltt ion ot the <br />s <br />tv <br />L. tr!ISt hereby i re�tied. <br />�. <br />fN WITNESS WIIERb.ol- th;' mt�t I _';IS'I,r (liar tdin;.� itt�t'� iat legit) ha:. <br />It.. - l'CI't 'sr <br />t i,, I fI I rh,, 1 . <br />
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