HomeMy WebLinkAbout2629 • .~.LC p"1~ RECORDEC
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E. Mortgagor agrees to pay to mortgagee any suns requiredo b ~~a p 34
to the holders of the items in Paragraph A (other than~~s AM
principal and interest under said mortgage) at least-twenty (20) 4:35134
days prior to the last day under said mortgage that such pay~ents~
may be made without constituting a default thereunder and ~~~~aQ~~,; _ _ _ 'f
agrees to promptly remit such sums so paid to mortgagee b~'ta~ictgagor
to the holders of the items in Paragraph A in payment of such suns
due under such mortgage. -
F. In the event the unpaid principal balance of the items in Paragraph A
are 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 obligation
hereunder to pay to the holder of the items in Paragraph A, the
unpaid principal balance of said mortgage as hereinbefore provided
is similarly reduced, then and in .such event, mortgagee agrees
_ that mortgagor's obligation 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. -
G. If the mortgagee shall default in making any required payment of
principal and/or interest under either or both of the items in
Paragraph A, the mortgagor shall have the right to advance. the funds
necessary to-cure such default and all funds so advanced by 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.
H. Mortgagor and mortgagee agree to promptly send to the other copies
of any notices received by ,them from the holder of the items in
Paragraph A. In addition, mortgagee agrees to send to mortgagor
at the time mortgagee makes each payment provided hereof, to be ~
made by mortgagee to such holders of the items in Paragraph A, an
advice that each such transmittal letter (if any) will suffice.
I. Notwithstanding any provision to the contrary contained herein, - - -
interest shall not be payable by the mortgagee upon any sums deposited
with and/or held in trust by the mortgagee pursuant to any provision
hereof. - '
J. Mortgagor shall have the right to prepay the whole or any part of the
unpaid balance of the indebtedness hereunder at any time on thirty (30)
-days' notice without penalty. Any partial prepayment shall be. applied
f against the unpaid principal installments of the Note secured hereby in
inverse. order of maturity. In the event mortgagor wishes to prepay -
the whole of the unpaid principal balance of the indebtedness hereunder,
the-amount to be paid by mortgagor shall be that amount determined by
deducting from the $18,400.00 original-principal indebtedness of
mortgagor herein the aggregate of the following:
- - t
(a) the aggregate of all payments credited on account of principal
because of payments made by mortgagor hereunder in amortization-of ~
said original principal indebtedness to the date of such prepayment- ~
and
(b) the aggregate amount, if any, by which said original principal
indebtedness hereunder has been reduced by mortgagee's applying
~ insurance proceeds and/or condemnation award proceeds in reduction
of said principal indebtedness; and
r (c) that amount nomputed by deducting from the present total of the
unpaid principal balance under the items in Paragraph A the aggregate
sum of all payments credited on accounts of principal. due under said
} items in Paragraph A because of payments made by mortgagee hereunder
in amortization of the unpaid principal balances of said items in _
Paragraph A.
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D J. P IS R / E
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DOROTHY M. PARA S CAROL VREELAND
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