HomeMy WebLinkAbout2909 (a) Mortgagor shall not be in default under this
tortgage;
(b) Mortgagor shall comply with all of the terms
and provisions of the First Mortgage other than with respect
to the payments of principal and interest due thereunder
after October 20,1979.
D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of the First Mortgage and
further covenants 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.
E. Mortgagor agrees to pay to Mortgagee any sums
required to be paid to the holder of the First Mortgage
(other than with respect to payments of principal and
interest under said mortgage) at least ten 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 the 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 in-
debtedness to Mortgagee hereunder shall be likewise reduced
~i by an equivalent amount; such equivalent amount to be
deducted from the final payment to be made by Mortgagor to
j 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
p 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 11 3/4 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 herein to be made by Mortgagee to such
holder of the First 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 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 prepayments
shall be first applied to the payment of the First Note
and First Mortgage. Any prepayment shall be applied to the
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~~1'~K319 Pa~E 89