HomeMy WebLinkAbout0344 (c) Any and all expenses, including, but not limited to. title
company charges. recording and filing fees, legal fees of the
attorneys for the holder of the prior mortgages in preparation
of an~assignment or satisfaction of either mortgage and any
tax~ if any. that may be hereafter imposed by any taxing author-
ity in connection with the compliance by mortgagee with the
provisions hereof dealing with the payments made or to be made
to the holders of the prior mortgages shall be paid by the
mortgagor or any owner of the premises when requested by the
title company and/or the attorneys representing the holder of
the prior mortgages.
5. (a) ~ Mortgagee agrees to pay to the holder of the prior mortgages
the $ 287 153.36 unpaid principal balance of said mortgage,
toget er t a nterest thereon accruing thereunder from
June 1 , 19_~_.
(b) All such payments provided to be paid by mortgagee, pur-
suant to the provisions of subparagraph (a) hereof, shall be
made by mortgagee before the expiration of the applicable grace
periods provided for such payments as contained-in the prior _
mortgages.
(c) Notwithstanding the foregoing, mortgagee's obligation to
make the respective payments of principal and interest as and
when due under the prior mortgages is conditioned upon the
following:
(1) Mortgagor shall nat be in default under this mortgage;
(2) ~Iortgagor shall comply with all of the terms and pro-
visions of the prior mortgages other than with respect to
the payments of principal and interest due thereunder after
June 1, 197 7 .
(d) Mortgagee does not assume any of the obligations. of mort-
-gagor under the prior mortgage except as hereinbefore provided
with respect to payments o€ grincipal and interest due there-
E under after June 1, 1977.
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~ 6. Mortgagor covenants and agrees not to exercise any right or
; privilege of prepayment of the prior mortgage and further
~ covenants and agrees not to enter into any agreement with the
~ holder of the prior mortgages modifying or amending any of
the provisions dealing with payment of principal or interest
thereunder without the prior written consent of mortgagee
thereto.
7. In the event the unpaid principal balance of the prior mortgages
is reduced by the holder of said mortgage applying insurance
proceeds in reduction thereof or by prepayments made by mort-
gagor with the prior written consent of mortgagee so that
mortgagee's obligation hereunder to pay to the holders of the
prior mortgages, the unpaid principal balance of said mortgage
as hereinbefore provided 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; such equivalent amount to be ;
~ deducted from the final payment to be made by mortgagor to mort-
~ gagee hereunder, in the inverse order of their due date.
~ 8. If the mortgagee shall default in making any required payment
of principal and/or interest under either or both of the prior
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