HomeMy WebLinkAbout2774 A D I) E~l D L i~
P:OVISIOVS: *:ortoa~ee a~rees to relelse condo^~inium units fra~ the lien of ths
~~;~~a upun request of the Mortpa~or so long as this mort~agz and the first ~ortgage on •
a;~a~rty be in good s~anding and free from default for thz pay~ent o: no additional
~ria~=~31 until the satisfaction of the first ~artgage. B~iyer agrees that t:tere will be no
t:.oc?iT~ca~ion of the terrls and conditions o= the existing First Hortgage or in the event
o:. a s::~stitution of First Martgagees, the release provisions u;~der said substituted First
"_~~tgaaa will be a[ least equal to or greater than the release requirenents under the
~•::isti:~ ~irst ;tortgage, Which calls for the payment of 95y of the sales price of such
con~o~iai~ua unit in order to effect a release from the lien of said First Mortgsge. At
~;~ch ~i=~ as the First Mortgage is satisfied and from that tine until satisfaction of the
~':~=c~ase ':aney Second N;ortgage, the release price per unit from the lfen of f.iie Purchase
'`-or.ey "_ortgage will be a sum equal to 90L of the sales price of such u~it together t~aith
:~cn:zd interest thereon.
i.;pen request by the Buyer aad so long as the terms and conditions of the Purchase
`!oney `~.Artgage be in good standing aad itee from default by the Buyer, and in the further
evznt that_the Buyer is unable to rene~ on the same terms and conditions as presently
contained thereia, ~rl~or an extended term the eaisting First Mor[gage, Seller agrees to
su~orcinate 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 Hortgage '
at th~ tiae^s~h renac~al, aad vith a maturity date of said ne~ nortgage for no less than
oae ysar from date of its inception and with all of the terms and conditions of said neW
r,ortgage being identical with the terms and conditions of the existing First 2!o'rtgage
L:~less such alteration or u~odification be approved by thz Seller in writing.
`!ortgagor 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 of the
within mortgage and the note secured hereby. _
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