HomeMy WebLinkAbout0093 (a) riortgagor shall not be in default under this Mortgage;
(b) Mortgagor shall comply with all of the terms and
provisions of the First Mortgage other than with respect to
the payments of principal and interest due thereunder after June
29, 1979.
D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of the First Mortgage and
further covenants and agrees not to enter into any agreements with
the holder of the First Mortgage nodifying or amending any
of the provisions dealing with payment of principal and interest
thereunder without the prior written consent of mortgagee
thereta.
E. Mortgagor agrees to pay to mortgagee any sums required
to be paid to the holder of the First Mortgage (other than payments
of principal and interest under said mortgage) at least ten
(10) days prior to the last day under said mortgage that such
payments may be made without constituting a default thereunder
and mortgagee agrees to promptly remit such sums so paid to
mortgagee by mortgagor to the holder of the First Mortgage in
payment of such sums due under such mortgage.
F. In the event the unpaid principal balance of the First
~ortgage is reduced by the holder of said mortyage applying
insurance proceeds in reduction thereof or by prepayments made by
mortgagor with the prior written consent of mortgagee so that
mortgagee's obligations hereunder to pay to the holder 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 obligations to pay the
total indebtedness to ~ortgagee hereunder, shall be likewise
reduced by an equivalent amount; such equivalent amount to be
deducted from the final Fayment to be made by mortgagor to
mortgagee hereunder, in the inverse order of their due date.
~ G. If the mortgagee shall default in making an required
~ payment of principal and/or interest under either or both of
d
' the First Mortgage, the mortgagor shall have the right to advance
i the funds necessary to cure such default and all funds so ad-
~ vanced by mortgagor together with interest thereon at the rate
of 6$ per annum shall be credited against the nex.t installMent(s)
; of interest and principal due under the note secured by this
~ mortgage.
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~ H. Mortgagor and mortgagee agree to promptly send to the
- other copies of any notices received by them from the holder of
~ the First Mortgage. In addition, mortgagee agrees to send to
~ mortgagor at the time mortgagee makes each payment provided
hereof, to be made by mortgagee to such holder of the First
~ Mortgage, an advice that each such payment has bee made (a copy
~ of Mortgagee's transmittal letter, if any, will suffice).
~ .
= I. i~otwithstanding any provision to the contrary contained
= herein, interest shall not be payable by the mortgagee upon any
~ sums de osited aith or held in trust b the mort a ee
P / y g g 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 without penalty. However, it is agreed between the
biortgagor and the Mortgagee that any prepayments shall be first
.
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