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December , 197 5 of said mortgages, together with all
interest thereon accuring thereunder from the 22na day of ;
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December , 1975 i
(b) All of such payments provided to be paid by Mortgagee, ~
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on pursuant to the provisions of subparagraph (a) hereof, shall ;
be made by Mortgagee before the expiration of the applicable grace
period provided for such payment as contained in the first and second
mortgages, if any.
(c) Notwithstanding the foregoing, Mortgagee's obligation
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to make the respective payments of principle and interest as and
when due under the first and second mortgages conditioned upon the
following:
(1) Mortgagor shall not be in default under this
mor~gage;
(2) Mortgagor shall comply with all the terms and
provisions of the first and second mortgage
other than with respect to the payment of
principle and interest due thereunder after the
22nd day of December , 197~_.
(d) Mortgagee does not assume any of the obligations of
the Mortgagor under the first and second mortgage except as herein
above provided with respect to payments of principle and interest
due thereunder after 22nd day of December , 197~.
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! 5. In the event the unpaid principle balance of the first
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; mortgages reduced by the holder of either~of said mortgage applying
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~ insurance proceeds in reduction therof or by prepayment by Mortgagor.
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with the prior written consent of t4ortgagee so that Mortgagee's
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~ ~ obligation thereunder to pay the holders of the first mortgage,
~ the unpaid principle balance of said mortgage, as herein above
~ provided, is similarly reduced, then
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~ and in such event, Mortgagee agrees that Mortgagor's obligation
~ to pay the total indebtedness to Mortgagee hereunder, shall be like-
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wise reduced by an equivalent amount; such equivalent amount to be
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~ reduced-from the final payment to be made by Mortgagor to Mortgagee
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~ hereunder, in the inversed order of their due date.
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~ 6. If the Mortgagee shall default in making any required
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RICHARD O. SNEED. JR. P.A. 7~+;~;,~ 12~
ATTORNEY AT UW
700 VIRGINIA AVENUE, SUITE 102 - FORT PIERCE. FLORIDA 33450 -(30~ 485~2330
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