HomeMy WebLinkAbout2327 cure such default and all funds so advanced by mortgagor together
with interest thereon at the rate of 1096 per annum shall be credited
against the next installment(s) of interest and;principal due under
the note secured by this mortgage.
5. Mortgagors shall have the right to prepay the whole or any
part of .the unpaid balance of the indebtedness hereunder at any time
without penalty under this mortgage. If mortgagor prepays the whole
of the unpaid balance, mortgagee shall remit to the first mortgage
out of said prepayment funds the unamortized principal balance of
the first mortgage, together with accrued interest thereon, provided
that mortgagors shall pay any and all prepayment penalties or charges
required by first mortgage for prepayment of the mortgage. Any
partial prepayment shall be applied against the sums last payable
hereunder; and if the amount prepaid exceeds the amount determined
by substracting the then unpaid principal balance of the first mort-
gage, then such excess amount shall be remitted to the first mortgagee
by mortgagee, provided that mortgagor shall pay any and all prepay-
ment penalties or charges required by first mortgagee for prepayment
of said mortgage.
6. Mortgagors and mortgagee covenant and agree not to enter
into any agreement with the holder of the first mortgage modifying
or amending any of the provisions dealing with payment of principal
or interest thereunder without the prior written consent of the
other thereto.
7. Pursuant to the provisions of Paragraph 3 of this Addendum,
mortgagee agrees to keep the mortgagors advised of the amount of the
tax and insurance escrow payment required to lie paid by the mortgagee
to the mortgagors (Anthony N. Chiavetta, Anna M. Chiavetta and John
J. Chiavetta), which payments the mortgagors shall make to the mort-
gagee in accordance with the afore aid Paragraph 3 of this Addendum.
8. Mortgagee agrees to furni h the mortgagors any paid copies
of the receipt for property taxes and/or insurance premiums or such
other information which shall advise the mortgagors payment of said
item and amount of same.
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9. Notwithstanding anything to the contrary herein contained,
to the extent that the total interest received in any one (1) year
exceeds the maximum rate permitted by law, then the amount so deter-
s mined to be in excess shall be applied $n reduction of principal of
~ the note secured by this mortgage.
10. It is specifically agreed that time is of the essence and
that no waiver of any obligation hereunder, or of the obligation
s secured hereby shall, at any time, be held to be a waiver of the
~ terms hereof or of the instruments secured hereby.
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