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HomeMy WebLinkAbout0552 ~ ~ S . ~ i ~ ~ ADUF.(Dl::t ~ ~ ::~I.~z~~ P:tOVISIO:iS: r:ortQagee aareay to release con:~o~inium uni[s fraa the lien of the ~~;aae upun request of the 1`tortga~or so long as this tr.ortgage and the first ~nortgage on :;:?i:3 p:oaarty be in good standieg and free from default for th~ pay~ent of no additional ~rinci~~l until the satisfaction of the first mortgage. Buyer agrees that there will be no ~-:oc'_iii~ation of the ~err.~s and condiCions o= the existing First Mortgage.or in the event o~ a s~:~stitution of ~irst Mortgagzes, the :elsase provisions ur?der said substituted First ~ ~`_~rt~a~z will be at least equal to or greater ihan the release requirer.?ents under the E~::isti~~ First :[ortgage, Which calls for the payment of 95r of the sales price'of such coa~o~iaiu.m unit in order to effect a release from the lien of said First r:or[gage. At s~ch t?~e as the First Mortgage is satisfied and from that tine until satisfaction of the ~ I'~*_-caase `:oney Second Mortgage, the release price per unit from the liea of the Puzchase ~ :~'or.ey "_~rtgage will be a sum equal to 90R oF the sales price of such unit together with accrued iaterest thereon. Upon request by the Buper and so long as the terms and conditions of the Purchase :ioney `~.ortgage be ±n good standing and fYee from default by the Buyer, and in the fcrther evenr that the Buyer is unable to renes~ on the same terms and conditions as presently contained therein, ~r l~or an e:ctended term the eaisting First Mortgage, Seller agrees to< suborn=nate the lien of the Purchase Money Mortgage to a new institutional first mortgage loan for a sum not in excess of the balance remaining unpaid on the existing First Mortgage at the ti~e~s~h renaWal, and t~ith a maturity date of said new nortgage for no less than oaP ysar from date of its inception and with all of the terms aad conditions oF said new nortgage being identical with the terms and conditions of the existir.g First t~o'rtgage u:~less such alteration or modification be approved by thz Seller in ~,rriting. ~iortgagor agrees to maintain the lien of the first mortgage in good standing and free from default, failing which mortgagee may at its option accelerate the lien o£ [he within mortgage and the note secured hereby~ ~ ~ ~ • S ~ j f I~ t i ~ ~ i 1 ` i I i ~ i 1 ~ , ; ~ - ~ ~ 7 ( 1 ~ ~ ~ ; a I ~ . - i , t ~ t ' ft1.ED Ay % NECOr~CEO s ~ sT-lUC'C.;;QItM1Y flA- 1~ I FOGE•. ~ ~ R~'S t Ct~RR :.uf ET COUR ~ RErr.'r' vf ~ . ~ a ek'z~ _ ~u~. I , 2g~'750 ~ ~ o~ aoac~ ~ ~I~ _ ~x~~- ; F ' ~'c - ,-~s'"~ a . g`"` - rI~C M1' iq~... ~ ~ ,e 9 ~ ~ • Y ^s~ e,~ 7""%'~ ~ ~ . _ .