HomeMy WebLinkAbout0249 (3) Notwithstanding the foregoing, mortgagee's obligatlon to ;
make the reapective paynenta of principal and intereat a8 and i
. when due under the Firet Mortgage is conditiot?ed upon the t
follo~ring: ;
,
(a) Mortgagor shall not be in default under this i
Mortgage; ~
~ (b) Mortgagor shall cauply with all of _the te~a
and provisious of the First ![~rtgage other than
vith respect to the paymeats of principal and inCerest
due thereunder after December 1, 1978.
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D. Mortgagor cavenants and agreea not to exercise aay~right or '
privilege of prepayment of the First Z~tortgage and further ~
cavenants and agrees not to enter into any agre~eata with the _ ,
- holder of the Firet Hortgage modifying or amending any of the provisions
dealing with payment of princigal or interest thereunder without the
prior written consent of mortgagee thereto~ ~ -
~ ~ E. Hortgagor agrees to pay to mortgagee any sums required to be paid .
to the-holder of the First Hortgage (other than payments of
principal aad interest under said wortgage) at least twenty (20~ ~
days prior to the ~last day under said mortgage that such payments ~
may be made without constituting a default thereunder and~
mortgagee agrees to pramptly remit such sums so paid to anortgagee
by mortgagor to the ho2der of the First Mortgagee in payment
of such sums due under such mortgage.
F. In the event the unpaid principal balance of the First Mortgage ~
is reduced by the holder of said mortgage applying insurance ° £
proceeds in reduction thereof or by prepayments made by mortgagor ~
with the prior Written consent of~mortgagee so that mortgagee's =
~~~~gation hereunder to pay to-the holder of the Pirst Mortgage, .
~ the unpaid principal balance of said mortgage as hereinbefor.e ~
provided is similarly reduced, then and in such event, mortgagee ~
~ agrees that morkgagor's obligation to pay the total indebtedness
to mortgagee hereunder shall he likewise reduced by an equivalent
amount, such equivalent amount to be deducted from the final
payment to be niade by ~nortgagor to mortgage hereunder, in the .
imerse order of their due date.
G. If the mortgagee shall default in making~any rec2uired payment of ;
principal and/or interest under either or both of the First ~
Mortgage, the mortgagor shall have the right to advance the funds -
necessary to cure such default and all~funds so advance by the
mortgagor together with interest thereon at~the rate of 6X per
annum shall be credited against the next installment(s) of ;
interest and principal due under the note secured by this mortgage. '
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H. Mortgagor and mortgagee agree to promptly send to the other ~
~ copies of anq notices received bq tham from the holder of the
First Mortgage. In addieion, mortgagee agrees to send to
mortgagor at the time mortgagee makes each payment provided
-hereof, to be made by mortgagee to such holder of the First
Mortgage, an advice that each such payment has been made (a
copy of mortgagee's transmittal letter, if any, will suffice.)
I. NotwiChstanding a~? proviaion to the contrary contained herein, ~
interest shall not be payable by the mortgagee upon any sums
deposited irith and/or held in trust by the mortgagee pursuant
to any provision hereof.
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- Bo~~ ~99 P,~ 249 . 1
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