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201007999
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Last modified
1/11/2011 2:17:00 PM
Creation date
10/29/2010 8:53:42 AM
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DEEDS
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201007999
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2oioo7999 <br />and pa-ovisions of this Mortgage, vr to the extent, and only to the extent, any of the terms and <br />provisions in this Article conflict vcrith, or aare ambiguous when read together with, any of the <br />other terms and provisions af this Mortgage, the provisions of this Article shall govern. <br />Capitalized words and phrases contained in this Article shall have the definition ascribed to them <br />in the main body of the Mortgage, unless the context manifestly requires otherwise. <br />Section 7.2. RedEm tp ian. Pursuant to I.C. 11-310, in the event af a mortgage foreclosure <br />of the Mortgaged Property located in the state of Idaho, Mortgagor has the statutory right to <br />redeem the Martgaged Fraperty located in the stat� of Idal�o within ane year if the Mortgaged <br />Property is more than twenty (20) acres and within six rnonths if the Mortgaged Praperty is <br />twenty (20) acres or less. <br />Sectiaz� 7.3. Statute of F'rauds. Under I.C. 9-505(5), a pramise or cornrnitment to lend <br />money ar to grant credit in an original principal amount of fifty thousand dollars ($50,000) of <br />more, made by a person or entity engaged in the business of lending money or extending credit, <br />must be in writing or such a promise or commitrnent is not valid. <br />Section 7.4. One Action Rule. Fursuant to I.C. b-101, Idaho maintains a ane-action rule <br />for the recovery o� any debt or the enforcernent of any right secured by a mortgage upon real <br />property. Thus, upon the occu�rarenc� and during the continuance of any Event af Default, in order <br />far Secured Party to collect on the indebtedness secured by the Mortgage, Secured �arty must <br />foreclase on this Martgage. <br />Section 7.5. Deficiencv Judgment. In the event of a mortgage foreclosure, the parties <br />acknowledge that Idaho law may limit the amount of any deficiency judgment to the difference <br />between the indebtedness (plus casts of foreclosure and sale) and the reasonable value of the <br />Mortgaged Property. <br />ARTTCLE VTII <br />Special Indiana Provisians <br />Section 8.1. Inconsistencies, With respect to the Property located in the state of Indiana, <br />the provisions set farth in this Article shall apply to and be made a part of the Mortgage. In the <br />event of any inconsistencies between the terms at�d pravisions of this Article and the other terms <br />and provisions of this Mortgage, or to the extent, and only to the extent, any of the terms and <br />provisions in this Article conflict with, or are ambiguous when read together with, any of the <br />other terms and provisions of this Mortgage, the provisions of this Article shall govern. <br />Capitalized wards and phrases contained in this Article shall have the definition ascribed to them <br />in the rnain body of the Mortgage, unless the context manifestly requires otherwise. <br />Sectian 8.2. Indiana Responsible Property Transfer Law. To the best of Mortgagor's <br />actual knowledge, the Mortgaged Properties located in Indiana (the "Indiana Properties"): <br />(a) do not contain any facility that is subject to re�orting under Sectian 312 of the <br />Emergency Planning and Community Right-to-Know Act af 1986 (42 U.S,C. 11022); <br />SS <br />
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