HomeMy WebLinkAbout0962 thereunder from _T~,,,A,.' , 19~^.
(b) All such payments provided to be paid by mortgagee,
pursuant 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
fi,.Qr Mortgage .
(c) Notwithstanding the foregoing. mortgagee's obligation to
make the respective payments of principal and interest as and '
when due under the fj_rSt Mortgage is conditioned upon the
following:
(1) Mortg,agor shall not be in default under ~his mortgage;
(2) ;~iortgagor shall camply with all of the terms and pro-
visions of the Mortgage other than with respect
to the payments o princ pal and interest due thereunder
af ter Januarv „~0 , 19 78
(d) Mortgagee does not assume any of the obligations of mort-
gagor under the fixst Mortgage exceFt as hereinbefore pro-
vided with respect to payments of principal and interest due
thereunder af Ler _ JanuarY 30 19 78
5. ?iartgagee sha1Z reot be required to and mortgage~ agrees that
it wiZl not, make any prepayments of principal or of interest
under the __~i~ Mortgage unless mortgagor shall first
consenr in writing
tTereto. .
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 modify~ng or amending any of _
the provisions~a-Ii
g
with payment of princi{~al or interest
thereunder without the priar written consent of mortgagee there-
to.
7. In the event the unpaid principal balance of the first
'_riortgage is reduced by the holder of said mortgage app ying .
insurance proceeds in reduction thereof or by prepayments made
by mor_tgagor with the prior written consent of mortgagee so
that mortgagee's obligation hereunder to pay to the holders of
the first Mortgage. the unpaid principal balance of said ;
mortgage as ereinbefore provided is similarly reduced, then
and in such event, mortgagee agrees that mortgagor's obligation
to pay.the tozal 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 mortgagee hereunder, in the inverse order of
their due date. - ;
8. If the mortgagee shall default in making any required paytnent F
of principal and/or interest under the first
'r[ortgage, the mortgagor shall have the right to advance t e
funds necessary to cure such default and all funds so advanced -
by mortgagor [ogether with interest thereon at the rate of
9 7o per annum shall be credited against the next install-
ment s) of interest and principal due under the note secured
by this mortgage.
9. (a) The l~iortgagor covenants that if and when requested by
the mortgagee that at the time the mortgagee herein acquires
the first Mortgage that the owner of the premises will ~
execute suc documents as mortgagee or the holder of this
mortgage or the note secured hereby may require to evidence
~
. 80GK 281, DAGE 9~
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