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(c) notwithstanding the foregoing, Mortgagees obligation to
make the respective payments of principal and interest as and
- when due under the First Mortgage is conditioned upon the
following: -
(1) Mortgagor shall not be in default under this mortgage;
(2) Mortgagor shall comply with all of the tercas and pro-
visions of the First Mortgage other than with respect
to the payments of principal and interest due thereunder
after September 24, 1979.
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(d) Mortgagee does not assume any of the obligations of Mortgagor
under the First Mortgage except as hereinbefore provided with +
respect to.pa~ments of principal and interest due thereunder after
September 24, 1979.
5. Mortgagee shall not be required to and Mortgagee agrees that it
will not, make any prepayments of principal or of interest under
the First Mortgage unless Mortgagor shall first consent in writing
thereto. .
6. .Mortgagor covenants and agrees not to exercise any right or
privilege of prepayment of the First Mortgage and further cove-
pants and agrees not to enter into any agreement with the holder
of-the First Mortgage modifyinp,~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 10-1/2%
per annum shall be credited-against the next instalment(s) of ~
interest and principal due under the note secured by this mortgage.
9. (a) The 2ortgagor covenants that if-.and when requested by the
-Mortgagee that-at the time the Mortgagee herein acquires the
' First tortgage that the owner of the premises will execute such
documents as Mortgagee or the holder of this mortgage or the
note secured hereby may require to evidence the unpaid balance
owing to Mortgagee or said holder of this mortgage 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 Mortgagor's best information
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-Mortgagee acquires the First
Mortgage by assignment from the holder thereof (in lieu of
satisfaction) upon payment thereof by tortgagee to said holder,
that Mortgagee, upon payment to Mortgagee by Mortgagor of the
total indebtedness of the. note secured by this mortgage, will,
at the option of Mortgagor, execute and deliver to Mortgagor an
assignment or satisfaction of such First Mortgage 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 Mortgagor.
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