HomeMy WebLinkAbout1830 (2) Mortgagee agrees to pay the holder of the Second
Mortgage the sum of $932.02 unpaid principal balance of said
mortgage together with interest thereon accruing thereunder
from October 1, 1979 as and when required by the terms of
the Second Mortgage, i.e., by paying the constant monthly
payments of $50.00 provided to be paid thereunder on the first
of each month until the Mortgagee shall pay the entire
principal of said Second Mortgage and all interest thereunder
accrued and unpaid.
(3) All such payments provided to be paid by Mortgagee,
pursuant to the provisiones of sub-paragraph (1) and (2)
hereof, shall be made by Mortgagee before the expiration of
the applicable grace periods provided for such payments as
contained in the First Mortgage and Second Mortgage.
(4) Notwithstanding the foregoing, Mortgagee's
obligations to make the respective payments of principal and
interest as and when due under the First Mortgage and Second
Mortgage is t:onditioned upon the following:
(a) Mortgagor shall not be in default under this
Mortgage;
(b) Mortgagor shall comply with all of the terms and
provisions of the First Mortgage and Second Mortgage other
than with respect to the payments of principal and interest
due thereunder after September 15, 1979 as to the First
Mortgage and October 1, 1979 as to the Second Mortgage. }
D. Mortgagor covenants and agrees not to exercise any ?
right or privilege of prepayment of the First Mortgage and
Second Mortgage and further covenants and agrees not to enter into
any agreements with the holder of the First Mortgage and
Second Mortgage modifying or amending any of the provisions -
dealing with the payment of principal and interest thereunder
without the prior written consent of the Mortgagee thereto.
E. Mortgagor aggrees to pay to Mortgagee any sums re-
quired to be paid to the holder of the First Mortgage and
Second 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
to holder of the First Mortgage and Second Aortgage in payment
of such sums due under such mortgage.
F. In the event the unpaid principal balance of the
First tortgage and/or Second Mortgage is reduced by .the holder
of said mortgage applying insurance proceeds in reduction
thereof or by prepaymerts 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 and/or _
Second Mortgage, the unpaid principal balances of said
mortgages as hereinbefore provided are 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 equivablent 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.
G. If the Mortgagee shall default in making a required
payment of principal and/or interest under either or both of
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