HomeMy WebLinkAbout1589 to cure such default and all funds so advanced by mortgagor together
with interest thereon at the rate of 20 % per annum shall be
credited against the next installments o interest and principal
due under the note secured by this mortgage.
9. (a) The mortgagor covenants that if and when requested by the
mortgagee that at the time the mortgagee herein acquires the
prior mortgages 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 reeular installments of principal thereon (and
no other) have been made.
(b) Mortgagee agrees that if mortgagee acquires the prior mortgages
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, at the
option of mortgagor, execute and deliver to mortgagor an
assignment or satisfaction of such prior mortgages 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.
10. That the mortgagor shall furnish to the mortgagee promptly
copies of all notices of default which .the holder of the prior
mortgages shall give to mortgagor,. or which the mortgagor shall give
to or receive from tenants of the premises or any part or parts
thereof based upon the occurrence or alleged occurrence, of any
default or defaults in the performance of leases of space tenants
occupying any portion of the premises.
11. Mortgagor shall have the right to prepay the whole or any part of
the unpaid balance of the indebtedness hereunder at any time on
thirty (30) days' notice without penalty, no uenalty
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Any partia prepayment sha be app ied against the unpaid principal
installments of the Note secured hereby in inverse order of
maturity. In the event mortgagor wishes to prepay the whole of the
unpaid principal balance of the indebtedness hereunder, the amount
to be paid by mortgagor shall be that amount determined by deducting
from the $ 90 000.00 original principal indebtedness of
mortgagor erein t e aggregate of the following:
(1) the aggregate of all payments credited on account of
principal because of payments made by mortgagor hereunder
in amortization of said original principal indebtedness
to the date of such prepayment and
(2) the aggregate amount, if any, by which said original
principal indebtedness hereunder has been reduced by mortgagor's
applying insurance proceeds and/or condemnation award
proceeds in reduction of said principal indebtedness; and
(3) that amount computed by deducting from $ 36 345.95
(the present total of the unpaid .principal ba ance under
the prior mortgages) the aggregate sum of all payments credited
on accounts of principal due under said prior mortgages because
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