HomeMy WebLinkAbout1458 (d) Mortgagee does not assume any of the obligations of Mortgagor
under the First Mortgage except as hereinbefore provided with
respect to payments of principal and interest due thereunder after
May 23, 1979.
5. Mortgagee shall not be required to and tortgagee agrees that it
will not, make any prepayments of principal or of interest under
the First Mortgage unless Mortgagor shall fist consent in writing
thereto.
6. Mortgagor covenants and agrees not to exercise -any right or
privilege of prepayment of the First tortgage and further cove-
nants and agrees 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 Mortgagee thereto.
7. In the event the unpaid principal balance of the First Mortgage
is 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 holders of the First Mortgage,
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.
8. If the Mortgagee shall default in making any required payment of
principal and/or interest under either or both of the First
Mortgage, 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 8-3/4%
per annum shall be credited against the next installrient(s) of
interest and principal due under the note secured by this mortgage.
9. (a) The Mortgagor covenants that if and when requested by the
Mortgagee that at the time the tortgagee herein acquires the
First Mortgage that the owner of the premises will execute such
documents as Mortgagee or the holder of this riortgage or the
note secured hereby may require to evidence the unpaid balance
owing to Mortgagee or said holder of this r_tortgage and said
note. The failure of Mortgagor to furnish such statement within
ten (10) days of the request therefor shall be deemed an
acknowledgment by Mortgagor that to ?iortgagor's best information
I and belief, no offsets or defenses exist against Mortgagor's
indebtedness under the note secured hereby and that all regular
installments of principal thereon (and no other) have been made.
~ (b) Mortgagee agrees that if tortgagee acquires the First
Mortgage by assignment from the holder thereof (in lieu of
satisfaction) upon payment thereof by Mortgagee to said holder,
that Mortgagee, upon payment to Mortgagee by Mortgagor of the
total indebtedness of the note secured by this mortgage, dill,
at the option of Mortgagor, execute and deliver to Mortgagor an
assignment or satisfaction of such First tiortgage together with
an assignment or satisfaction of this mortgage - all taxes and
expenses (including Mortgagee's reasonable counsel fees) in
connection therewith to be paid by tortgagor.
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10. That the ?4ortgagor shall furnish to the Mortgagee promptly
~ copies of all notices of default which the holder of the First
Mortgage shall give to Mortgagor, or which the Mortgagor shall
give to or receive from tenants of the premises or any Hart
or parts thereof based upon the occurrence or alleged occur-
3 rence, of any default or defaults in the performance of
leases of space tenants occupying any portion of the premises.
11. Mortgagor shall have the right to prepay the whole or anv part
of the unpaid balance of the indebtedness hereunder at any time
~ on thirty (30) days' notice without penalty.
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BOOK JU9 PACE 14JV