253-26 EC Register - Recorded-Filed WOHRP Mtg..pdf

. 3 When he/she pays all amounts due to the LENDER under this Mortgage Note and Mortgage, LENDER’S rights under this Mortgage will end. The LENDER will then cancel this Mortgage at BORROWER(S) expense. 9) Term. This Mortgage shall be due and payable whenever this property shall be sold or title treinsferred as provided for in the Mortgage Note. 10) The Lender will subordinate the lien of this Mortgage to the lien of any home equity loan, secondary mortgage or refinancing to be procured by the BORROWER(S), not exceeding the sum of fifty percent (50%) of the amount of this mortgage; this provision to be binding upon the parties hereto, their heirs and executors 11) This mortgage shall be subject to and subordinate to a mortgage’ executed by BORROWER(S), to secure a !oan in such amounts as are ‘granted bya bonafide institutional lender for construction of improvement airs upon the premises and to finance same on a permanent basis, bh jage or mortgages, when duly recorded, shall constitute a lien and caren sb lands prior and superior to the lien in charge of the Mortgage. The LE! shall, if required by the lending institution, execute such documents as mq necessary within five days of request to do so, to further indicate the subordinate character of the Mortgage; it being the intention of the parties thereto that the omy sro be automatically subordinate to any bonafide institutional ithout necessity of execution of any further documents..