HomeMy WebLinkAbout2143 The Mortgagee agrees for themselves and their respective
heirs, personal representatives and successors and assigns as
follows:
1. It will duly comply with each and every of the
obligations of the maker under the First and Second Note and
the Mortgagor under the First and Second Mortgage, and will not
commit or suffer to be committed any default under either of
said instruments. -
2. In the event a default occurs under the First and
Second Note or the First and Second Mortgage, the Mortgagor
has the right, but is not obligated to cure such default and
deduct any sums paid to cure same from the indebtedness evidenced
by the Note.
3. The payments required to be made under said Note
may, at the option of the Mortgagor, be paid directly to the
holder of the First and Second Note to the extent of the total
payments due under the First-and Second Note, whether or not
there has been any default thereunder, and any and all such
payments shall be credited against the indebtedness under the
Note-and against the sums matured or first maturing thereafter
under the Note; thus, if the Mortgagor elects to pay the monthly
installments required in the provisions of said Note directly
to the holder of the First and Second Note to the extent of the
total payments due under the First and Second Note, the Mortgagor
shall be relieved of the obligation to pay such monthly
payments to the holder of the Note to such extent, and shall
receive full credit for each such payment made to the holder of
the First and Second Note as though each such payment has been
made to the holder of the Note.
4. The holder of the Note shall not make or permit
to be made any prepayments under the First and Second Note or
the First and Second Mortgage, except for the prior written
consent of the Mortgagor, such consent will not be unreasonably
withheld by Mortgagor and it is hereby noted by the Mortgagor -
and the Mortgagee that the First and Second Note and the Note
herein both provide for the privilege of prepayment without
penalty;except as otherwise provided herein.
I S. The Note and this Mortgage are executed pursuant
to an Agreement for Purchase and Sale of Business and Real Property
executed on December 1, 1978 by the Seller, United Partners III,
f Inc. and the Buyer, Craig C. Matthews and Barbara Y. Matthews,
his wife, who have assigned their interest to the Mortgagor
herein and each and every of the representations and warranties contained
° in that Agreement for Purchase and Sale of Business and Real
Property are incorporated herein by reference and made a part
hereof with the same force and effect as if set forth herein
verbatim and shall survive the payment, cancellation and satis-
faction of the Note and this Mortgage.
Notwithstanding anything to the contrary contained in the
Agreement for Purchase and Sale of Business and Real Property
or in this Mortgage, the Mortgagor and Mortgagee agree that the
~ Mortgagor, their successors and assigns shall not have the right
to en~ge in secondary financing with respect to the Mortgaged
Premises without first obtaining written consent from the Mortgagee.
r
k< Anything in the Agreement for Purchase and Sale of Business
and Real Property or in the Note or in this Mortgage to the -
b contrary notwithstanding, neither the Mortgagor nor any present ~
or future partner in or of the Mortgagor nor any other party or
person is or shall become liable jointly or severally or otherwise
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