HomeMy WebLinkAbout2293 . _
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will suflicef;•should•the Mortgagor so request of the Mortgagee
in -writing. -
I. Notwithstanding any prevision to the contrary contafued
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 Mortgagee that any prepayments shall be first
applied to the payment of the First Note and the First Mortgage,.
then-applied to the payment of tare Second Note and the .Second -
Mortgage. Any prepayment shall be applied to the interest accrued
to the date of prepayment and then to_the ps~.ncipa3 indebtedness.___ _
Any prepayment being applied to the_principal shall be directly
paid for principal reduction of the First Mortgage and the First
Note, and then the Second Mortgage. and Second Note., and any amounts
over and above the entire. principal indebtednesses.of the First -
Note and the Second Note shall be paid over to the. Mortgagee
hereunder.
K. Mortgagor hereby agrees that if any major modifications -
are-to be made to the subject property, then said modifications -
shall require express written permission from the Mortgagee, and
if said modifications are made without-the express written permission
from the Mortgagee then said Mortgagor shall be considered in
immediate default under this Mortgage and Mortgagee may seek -
iimaediate foreclosure without notice to said Mortgagor. -
L. Mortgagor shall be responsible for obtaining. insurance -
on the property for the highest insurable value and said Mortgagor
agrees to provide the insurance company with the names and the interests
of this Mortgagee as well as the holders of the First Mortgage and
.the Second Mortgage.
ENTERED-INTO and agreed to by the undersigned this 13th
I; day of September, 1979.
MORTGAGOR: MORT E:
T HY F. IROZ F. PARSONS - -
459~~5
1919 S£t' ~ 8 Ilt~ ~ 33
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