HomeMy WebLinkAbout0944 that any credit in said account be ~pplied on unpaid installments }
of principal in the inverse order of their maturity. In the event
~of any default hereunder or under said mortgages, the Society may, ; ~
at its option, apply any credit in the account in payment of any ;
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~part of the indebtedness which is then due and payable. If, at any ~
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~time, the credit in the account equals the total amount of the in-
debtedness, the Society shall iimnediately apply such credit in pay-`
n~ent thereof. In the event an owner of the premises subject ~o the =
lien of said mortgages shall :nake an assignment for the benefit of ~ ~
creditors or become voluntarily or involuntarily subject to the
Feaeral Bankruptcy I,aca or to any state or federal sta~utes of
similar nature now or hereafter in effect, then the occurrence of ;
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such event shall of and within itself and ~vithout any further act ~
automatically operate as an application of suc.~ credit on account
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of said indebtedness. ~
4. That the mortgagor is now the owner of the
premises upon which tne mortgages hereinabove refeXred to create
valid first and second liens for the total principal indebtedness
specified above in paragrapn 1., with interest thereon at the rate : ~
set fortn, and that there are no defenses or off-sets to said mort-
gages or to the said total indebtedness.
! 5. That when tne terms and provisions contained
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~ in said notes and said first and second mortgages in any way con- ~
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! flict with the terms and provisions contained in this agreement, ~
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tne terms and provisions herein contained shall prevail, and that ;
as thus modified by this agreement tne said notes and mortgages are :
hereby ratified and confirmed.
6. Tnis agreement may not be changed or terminated
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orally. The covenants contained in this agreement shall run with ~
tne land and bind the mortgagor, tneir successors and assigns and
all subsequent owners, encumbrances, tenants and sub-tenants of the-
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~ said premises, and snall enure to the benefit of the Society, its
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~ successors and assigns and all subsequent holders of said notes and
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mortgages.
IN WITNESS VlHEREOF, this agreement has been duly
executed by the parties hereto.
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