HomeMy WebLinkAbout2244 (c) Notwithstanding the foregoing, mortgagee's 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 terms and pro-
visions of the First Mortgage other than with respect
to the payments of principal and interest due thereunder
after November 7 , 19 79.
(d) Mortgagee does not assume any of the obligations of mort-
gagor under the First Mortgage except as hereinbefore pro-
vided with respect to payments of principal and interest due
thereunder after November 7. 19 79.
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 t~iereto.
6. Mortgagor covenants and agrees not to exercise any right or
privilege of prepayment of the First Mortgage and further
covenants and agrees to to enter
into any agreement with the
holder of the First Mortgage modifying or amending any of
the provisions deal g 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 the said mortgage apply ni
g
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 here-
in~fore
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 equiva-
lent 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 hereunder 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 i
advanced by mortgagor together with interest thereon at the
hi hest lawful rate per. annum shall be credited against the
next installments of interest and principal due under the note
secured by this mortgage.
9. (a) The mortgagor covenants that if and when required by the
~ mortgagee that at the time the mortgagee herein acquires the
First Mortgage 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 state-
ment 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 r
€ 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 acquired the First
Mortgage by assignment from the holder thereof (in lieu of
~ satisfaction) upon payment thereof by mortgagee to said holder,
that mortgagee, upon payment to mortgagee by mortgagor of the
total indebtedness of the note secured by this mortgage, will,
FEE, KOBLEGARD & TEEL, P. A.
ATTORNEYS AT LAW
POST OFFICE BOX 1000 Page 2
FORT PIERCE. FLORIDA 33480 ! fK ~7 A n