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83- i) 0 iJ 6 Mortgaged Property, or any part thereof, as estimated by Holder, less all sums paid previously to Holder therefor, divided by the number of months to elapse before one month prior to the date cahen such premiums, taxes and assessments will become delinquent, such sums to be held by Holder, orithout interest, for the purposes of paying such premiums, taxes and assessments. Any excess reserve shall, at the discretion of Etolder, be credited by Holder on subsequent payments to be made on the Secured Indebtedness by Grantor, and any deficiency shall be paid by Grantor to Holder an or before the date when such premiums, taxes and assessments shall become delinquent. Transfer of 1eaa1 title to the Mortgaged Property shall autcmaticall~r transfer to the trans- feree title ir. all sums deposited under the provisions of this Section 5.8. 5.° It is understood and acreed that the proceeds of the note, to the extent the same are utilized to renew or extend any indebtedness or take up any outstanding Liens against the Mortgaged Property, or any por*_ion thereof, have been ad- vanced by Holder at Grantor's request and upon Grantor's representation that such amounts are due and payable. Holder shall he subrogated to any and all Rights and Liens owned or claimed by any owner or holder of said outstanding Rights and Liens, however remote, regardless of whether said Rights and Liens are accuired by assignment or are released by the holder thereof upor. payment. 5. '_0 Each and every party caho signs this t•:ortgage, other than Holder, and each and every subsequent owner of the Mortgaged Property, or any part thereof, covenants and agrees that he or it will perform or cause to be performed, each and every condition, term, provisior. and covenant of this A1ort- gage, except that he shall have no duty- to pay the indebted- ness evider:ced by the rate except ir: accordance with the terms of the note, and ail renewals urd extensions thereof, ar.d t're terms cif this Mortgage or in accordance eaith the terms o*" the transfer to him. :dherever this Mortgage re- auires notice to Grantor, such notice shall be deemed to have Neer, giver. en the day it is deposited in the United States mail in an envelope addressed to Grantor at the address stated or. the first page hereof, or at Grantor's address as shown by Holder's books. S.il If the Rights and Liens created by this 1•iortgage shall be invalid er unenforceable as to ary part of the Secured Indebtedness, then ary portion thereof that is so determined to be unsecured shall be completely paid prior to the payment of the remaining and secured portion of the Secured Indebtedness, and all payments made on the indebted- ness of Grantor to Holder shall be considered to have been paid on and applied first to the complete payment of any unsecured portion of such indebtedness. S,I2 This ~:ortgage is binding upon Grantor and Grantor's successors, and shall inure to the benefit of Holder, and its successors and assigns, and the provisions hereof shall likewise be covenants running with the land. The duties, covenants, conditicns, obligations and warranties of Grantor in this Mortgage shall be paint and several obliaations of Granter and Grantor's successors. 5.13 This Mortgage has simultaneously been executed in a number of identical counterparts, each of which, for all purposes, shall be deemed an original. If any Grantcr is a corporation, this instrument is executed, sealed and attested by Grantor"s officers herPUrto dulp• authorized. -lt-