HomeMy WebLinkAbout1885 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1979, are rescinded: "Farm Income and other Payment Privileges",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
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to installments required by Paragraph 1 hereof provided the {
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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 ~
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account. While there is a credit in such Account, the interest as
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 -
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3 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, except the final, may become due and payable there
is a credit in said Prepayment Reserve Account, Mortgagor may by
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thirty days' written notice to the Society require that the entire
amount of said Account or a portion thereof be applied by the Society
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on account of or in payment of such installment of principal or
interest; and, further, the Mortgagor may at any time by written
notice to the Society require that any credit in said Account be
applied on unpaid installments of principal in the inverse order
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FEE. KOBLEGARD 8~ TEEL. P. A. j~ C RQ
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PORT PIERCE. FLORIDA 83450
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