HomeMy WebLinkAbout2888 (d) Mortgagee does not assume any of the obligations of
mortgagor under the first mortgage except as hereinabove provided
with respect to paym~ t~ ~~f prin~ipal and interest due thereunder
after November~~/7 , 1975. .y ~
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5. Mortgagee shall not be required to and mortgagee agrees
that it will not, make any prepayments of principal or interest
under the first mortgage unles$ mortgagor shall first consent in
writing. " .
6. Mortgagor covenants and agrees not to exercise any right
or privilege of prepayment of the first mortgage and further covenants
and agrees not to enter into any agreement with the holder of the
first mortgage modifying or amending any of the provisions dealing
with the payment of principal or interest thereunder without prior
written consent of mortgagee thereto.
7. In the event the unpaid principal balance of the first mort-
gage is reduced by the holder of said mortgage applying inaurance
proceeds in reduction thereof or by prepayments made by mortgagor
with the prior written consent of mortgagee so that mortgagee's ob-
, ligation thereunder to pay to the holders of the firat mortage, the
' impaid principal balance of said mortgage,as hereinabove provided,
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is similarly reduced,~then and in such event, mortgagee agrees that
~ mortgagor's obligation to pay the total indebtedness to mortgagee
~ hereunder, shall be likewise reduced by an equivalent amount;
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~ such equivalent amount to be reduced from the final payment to be -
~ made by mortgagor to mortgagee hereunder, in the inverse order of
~ their due date.
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\ `,8. If the mortgagee shall default in making any required payment
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l of~principal and/or interest under either or both the first mortgage,
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ti ' the mortgagor shall have the right to advance the funds necessary to
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E cure such default and all funds so advanced by mortgagor together
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¢ with interest thereon at the rate of 8~~ per annum shall be credited
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~ against the next installments of interest and principal due under
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~ the note secured by this mortgage.
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~ ~ s~~K 245 ~A~~ ~8
~ RICHARO D. SNEED, JR. P.A.
~ ATTORNEV AT U?W
~ 700 VIROINIA AVEI~iU~ SUITE lOZ - fORT PIERCE. fLOR10A ~3~tS0 -(306) 465-23~0
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