Loading...
HomeMy WebLinkAbout0975 thereunder from Jan~ary 9 , 19 79 (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 first Mortgage. . (c) Notwithatanding the foregoing. mortgagee's obligation to make the respective payments of principa~. and interest as and when due under the first Mortgage is conditioned upon the following: ~ (1) Mortgagor shall not be in default under this mortgage; . (2) Mortgagor shall comply with all of the terms and pro- visions of the first Mortgage other than with respect ~to the payments~n ~pal and interest due thereunder ~ af ter January 9 , 19 79 ~ (d) Mortgagee does not assume any of the obligations of mort- gagor under the first Mortgage except as hereinbefore pro- vided with respect to payments of principal and interest due thereunder af ter January 9 , 19 79 S. ?4ortgagee shall not be required to and mortgagee agrees that it will not, make any prepayments of principal or of interest under the first Mortgage unless mortgagor•shall first consent in wr ting t ereto. . 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 modi£ying or amending any of the provisions~ea-Ii g with p ayment of principal or interest thereunder without the prior written consent of mortgagee there- to. 7. In the event the unpaid principal balance of the first _'_~Iortgage is reduced by the holder of said mortgage app ying • ~ insurance proceeds in reduction thereof or by prepayments made t by mortgagor 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 a 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 mortgagee hereunder, in the inverse order of ~ their due date. ~ ~ 8. If the mortgagee shall def~ult in makit~g any required paymen~ ~ of principal and/or interest under either or both of the irst ~ *iortgage. the mortgagor shall have the right to advance t e ~ funds necessary to cure such default and all funds so advanced ~ by mortgagor together with interest thereon at the rate of ~ . 9 3/4% per annum shall be credited against the next install- ment s) of interest and principal due under the note secured by this mortgage . _ r 9. (a) The riortgagor covenants that if and when requested by the mortgagee that at the ti.me the mortgagee herein acquires ~ the first '~ortgage that the owner of the premises will execute suc docwnents as mortgagee or the holder of this ~ mortgage or the note~ secured hereby may require to evidence ~ X s.= ~ ~ ~~RK301 rA:E 975 ~ ~ ~ . . ~ MCMADO O. ~IIEED. JR. ?a. • ATTWIMEY AT lA1M • 100 VIlIOINIA AV[MYE,iUfft fOt • FOIIT Nt11CE. ilOR10A i3~f0 - p061 Nb2170 ~s ~ ~ \ ; - - - , ~ - : ri ~~-~a.~~ ~,x ~ .g ~ ~ ~ a ~^-,ir~ .3 i ,r va... ~:-~~.~i. `~r.€~,