HomeMy WebLinkAbout1874 mortgages shall be subject to foreclosure, at the option of the
Society, as provided in said mortgages or as otherwise provided
by law .
3: That the following clauses in said note dated January /S ,
1979, are rescinded: "Farm Income and other Payment Privileges",
"Prepayment Reserve Account", and "Prepayment Reserve Privilege".
4. (a) That the Society agrees that the Mortgagor will
have the privilege of paying without penalty on or after July 1,
1979, on any installment due date or at any time, sums in addition
• to installments required by Paragraph 1 hereof provided the additional
amount so paid in any one calendar year shall not exceed $180,000.00.
(b) Additional payments made in accordance with the fore-
going shall be credited to a Prepayment Reserve Account, hereinafter
sometimes called "Account", which shall be applied by Party of the
Second Part as hereinafter set forth. The Society may mingle all
monies so paid and credited to the Account with its other funds
and the Mortgagor expressly waives any rule of law or statute now
or hereafter in force relative to the treatment of such monies as
trust funds or requiring the keeping of such monies in separate
account. While there is a credit in such P_ccount, the interest as
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~ provided in Paragraph 1. hereof shall be computed on the difference
between the entire unpaid principal sum and the amount held in said
~ Account. The provisions of this paragraph shall not apply to any
reductions in principal resulting from the receipt of payments •
made for impairments to the security such as partial release payments •
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or compensation for insurance losses.
(c) If on any date on which any installment of principal'
or interest exce t the final ma become due and a able there
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is a credit in said Prepayment Reserve Account, iortgagor may by
thirty days' written notice to the Society require that the entire
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amount of said Account or a portion thereof be applied by the Society
on account of or in payment of such installment of principal or
~ interest; and, further, the rortgagor may at any time by written
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FEE. KOBLEGARD & TEEL. P. A.
ATTORNET6 AT LAW scoP'K 301 FM~.1869
POET OFFICE BOX 1000 1 ~
~ RORT PIERCE. RLORIOA 99460
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T[LgMOMS~ 1900) 46t-6020
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