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HomeMy WebLinkAbout2982 2. In the event a default occurs under the First Note or the First Mortgage, the maker has the right but is not obligated, to cure such default and to deduct any sums paid to cure same from the principal indebtedness evidenced by this Purchase Money Mortgage Note. 3. The payments required to be made under this Purchase Honey Mortgage Note pursuant to the provisions above may, at the option of the undersigned, be paid directly to the holder of the First Note to the extent of the total payments due under the First Note, whether or not there has been any default thereunder and any and all such pay- ments shall be credited against-the indebtedness under this Purchase Money Mortgage Note; thus, if the undersigned maker elects to pay the monthly installments required under the above provisions of this Purchase Money Mortgage Note directly to the holder of the First Note to the extent of the total payments due under the First Note, the undersigned shall be relieved of the obligation to pay such monthly payments to the holder of this Purchase Money Mortgage Note to such extent, and shall receive full credit for each such payment made to the holder of the First Note as though each such payment had been made tothe holder of this Purchase Money Mortgage Note. 4. Neither the holder nor the maker of this Purchase Money Mortgage :dote shall make or permit to be made any prepayments under the First Note or the First Mortgage, except with the prior written consent of the other, such consent will not be unreasonably withheld and it is hereby noted by the Mortgagor and the Mortgagee that the First Note provides for the privilege of prepayment with penalty, except as otherwise provided therein. _ cute uant to an Agreement for purchase and sale of real p~~ executed on 18,1979 by the Seller, D. K. Landau t~i. Jane Landauer, his wife a e Buyer David J. Cat who have assigned their interest to the Mortg erein ach and every of the representations and warranties in that Contract for Sale and Purchase are incor herein by re a and made a part hereof with the orce and effect as if set o erein verbatim and shall- vive the payment, cancellation and satisfact 6. Anything in the Contract for Sale and Purchase or in this Purchase Pioney Mortgage Note or the Mortgage securing this Purchase Dioney Mortgage Note to the contrary notwithstanding, neither the s undersigned nor any present or future partner in or of the undersigned, nor any other party or person, is or shall become liable, jointly or severally or otherwise, for the payment of any money by reason of anything contained in the First Mortgage and First Note. riakers understand that foreclosure of the tiortgage ~ is not the sole reneuy of the holder of this Purchase Money tiortgageNote. Both the makers and the holders of this Purchase Money Mortgage Note understand that should the holder seek foreclosure pf ~ the Mortgage securing this Purchase lfoney Mortgage Note they shall be entitled to seek ~i14m ~t.~i$l4 a deficiency jud ment if necessary the award of which shall be in the sole discretion of ~he Court. 7. Notwithstanding the existence of the First Note and the First tiortgage, 7~3C io~t.14 M~7E$3Q~x1~c X.lD b1Q 7A~7f]LR11?j and notwithstanding whither the principal indebtedness under said First Note and First :Mortgage is or will be credited on account of the sum owing under this Purchase t~;oney Mortgage Note, it is agreed that the maker hereof (including without limitation all present and future partners in and of the maker of the Purchase Money Mortgage Note) has not and will not become liable for, and does not and will not directly, indirectly, r expressly, or impliedly, primarily or secondarily, or otherwise, be- come liable for, or assume, any indebtedness for or under the said First tiortgage, as both modified or to be modified, or any obligation in connection with any of said instruments by way of indemnity or otherwise, to the payee or holder of this Purchase Money Mortgage Note ' or the payee or holder of the First Note or any party named in the First Y eE 5 '4 `d 3 Page 2 goox 30T ~~f 298i _v~ q =v. - . -