HomeMy WebLinkAbout0345 mortgages, the mortgagor shall have the right to advance the
funds necessary ta cure such default and all funds so advanced
by mortgagor together with interest thereon at the rate of 9~
per annum shall be credited against the next installment(s)
of interest and principal due under the note secured by this
mortgage. Provided further, mortgagee agrees to indemnify
and hold harmless mortgagor, its successors or assigns, from
and of all costs, expenses, and attorney's fees (including
appellate proceedings) concerning the collection through fore-
closure proceedings or otherwise of the principal indebtedness
plus interest, cost and attorney's fees of the prior mortgages
hereinabove described, incurred by reason of mortgagee's de-
fault in payment of the same.
9. (a) The mortgagor covenants that if and when requested by the
mortgagee that at the time the mortgagee hgrein acquires the
prior mortgage or mortgages that the owner of the premises will
execute such documents as mortgagee or the holder of this mort-
gage or the note secured hereby may require to evidence the un-
paid balance owing to mortgagee or said holder of this mortgage
and said note. The failure of mortgagor to furnish such state-
ment within ten (10) days of the request therefor shall be
deemed an acknowledgment by mortgagor that to mortgagor's best
information and belief, no offsets or defenses exist against
mortgagor's indebtedness under the note secured hereby and
that all regular installments of principal thereon (and no
other) have been made.
(b) Mortgagee agrees that if mortgagee acquires the prior mort-
gages b~assignment from the holder thereof (in lieu of satis-
faction~ upon payment thereof by mortgagee to said holder, that
mortgagee, upon payment to mortgagee by mortgagor of the.total
indebtedness of the note secured by this mortgage, will, at the
option of mortgagor, execute and deliver to mortgagor an assign-
' ment or satisfaction of such prior mortgage or mortgages together
~ wi.th an assignment or satisfaction of this mortgage - all taxes
~ and expenses (including mortgagee's reasonable counsel fees) in
f connection therewith to be paid by mortgagor.
~ 10. That the mortgagee shall furnish to the mortgagor promptly
~ copies of all notices of default which the holder of the prior
~ mortgage shall give to mortgagee.
11. Mortgagor shall have the right to prepay the whole or any part
of the unpaid balance of the indebtedness hereunder in inverse
order of maturity. In the event mortgagor wishes to prepay~
the whole of the unpaid principal balance of the indebtedness
hereunder, the amount to be paid by mort agor shall be that
amount deternained by c~educting from the ~435,000.00 original
principal indebtedness of mortgagor herein the aggregate of
the following:
; (1) the aggregate of all payments credited on account of
principal because of payments made by mortgagor hereunder
~ in amortization of said original principal indebtedness to
the date of such prepayment and
~
(2) the aggregate amount, if any, by which said original
~ principal indebtedness hereunder has been reduced by mort-
~ gagor's applying insurance proceeds and/or condemnation award
~ proceeds in reduction of said principal indebtedness; and
~
~
BC'Cr ~~~7 ~GF 345
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