HomeMy WebLinkAbout1831 the First Mortgage and the Second 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 eleven (118) percent
per annum shall be credited against the next installment(s)
of interst and principal due under the note secured by this
mortgage.
~i. Mortgagor and Mortgagee agreed to promptly send
to the other copies of any notices received by them from the
holder of the First Mortgage and Second Mortgage. In addition,
Mortgagee agrees to send to Mortgagor at the time Mortgagee
makes each payment provided herein to be made by Mortgagee
to such holder of th First Mortgage and Second Mortgage,
evidence that each such payment has been made (a copy of
Mortgagee's transmittal letter, if any, will suffice),
should the Mortgagor so request of the Mortgagee in writing.
I. Notwithstanding any provision to the contrary
contained herein, interest shall not be payble by the Mortgagee
upon any sums deposited with or held in trust by the
Mortgagee pursuant to any provison 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 peanlty. However, it is agreed
between the Mortgagor and Mortgagee tht any prepayments shall
be first applied to the payment of the First Note and the
First Mortgage, then applied to the payment of the Second
Note and the Second tortgage. 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 the First Note, and then the Second
Mortgage and the 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
I~ hereunder.
K. 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 ~5
day of October, 1979.
MORTGAGOR: MORTGAGEE:
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FOR E HURST O. PETERSE,I
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VALERIE BILLINGH ST ~ ~ S ~
SL.I CC~L~TY.s~J~.
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