This section is from the book "Real Estate Principles And Practices", by Philip A. Benson, Nelson L. North. Also available from Amazon: Real Estate Principles and Practices.
This mortgage is subject and subordinate to.......mortgage.......given to secure the payment of..........Dollars and interest, recorded in the office of the..........of the County of........in Liber......of mortgages, page
......, now a prior lien on said premises, and shall be and remain subject and subordinate to any extension thereof or to any new mortgage replacing it, to an amount not in excess of........ dollars.
AND IT IS HEREBY EXPRESSLY AGREED, that should any default be made in the payment of the interest on ........ said prior mortgage.., and such interest remain unpaid and in arrears for the space of ten days, or should any suit be commenced to foreclose ........ said prior mortgage.., then the amount secured by this mortgage and the accompanying bond shall become and be due and payable at any time thereafter at the option of the owner or holder of this mortgage.
AND IT IS HEREBY FURTHER EXPRESSLY AGREED, that should any default be made in the payment of the interest on ......said prior mortgage..
the holder of this mortgage may pay such interest, and the amount so paid, with legal interest thereon from the time of such payment, may be added to the indebtedness secured by this mortgage and the accompanying bond, and shall be deemed to be secured by this mortgage and said bond, and may be collected thereunder.
 
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