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D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of-the First Mortgage and
further convenants and agrees not to enter into any agreements
with the holder of the First Mortgage modifying or amending any
of the provisions dealing with payment of principal and interest
thereunder without the prior written consent of mortgagee
thereto.
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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
three (3) 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
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 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 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.
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G. ~If the mortgagee shall default in making a 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 ten (10$)per cent 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 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
Mortgagor,an advice that each such payment has been made (a
copy of Mortgagee's 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/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 without penalty. however, it is agreed between the
Mortgagor and the Mortgagee that any prepayment shall be first
applied to the payment of~the First Note and First Mortgage.
Any prepayment shall be applied to the interest accrued to the
date of prepayment and then to the principal indebtedness. Any
prepayment being applied to the principal shall be directly
paid for principal reduction of the First Mortgage and First
Note and any amounts over and above the principal indebtedness
of the First Mortgage and the First Note shall be paid over to
the Mortgagee hereunder.
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