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C. (lb) Mortgagee agrees to pay to the holder of the
- Second Mortyage, the sum of $5,933.15 unpaid principal balance
of said mortgage,~together-with interest thereon accruing
thereunder from December 29, 1979, as and when req~dirQd by
the tc~~nns of the Second Mortgage, i.e.', by paying the constant
monthly instalments of $59.33 provided to be paid thereunder
on the 27th day of each month until the Mortgagee shall pay
the entire principal of said Second Mortgage and all interest
thereunder accrued-and unpaid.
(2) All such payments provided to be gaid by
Mortgagee,~pursuant to the provisions of sub-paragraph (la) -
and alb) hereof,..shall be made by Mortgagee before the
expiration of the applicable grace periods provided for such ~ I
payments as contained in the First Mortgage and Second Mortgage.
(3) Notwithstanding the foregoing, Mortgagee's
obligations to make the respective payments of grincipal and - ~
interest as and when. due under the First Mortgage and Second- 1
Mortgage is-conditioned upon the following:
(a) Mortgagor shall not he 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 January 1, 1980 as to ,the First Mortgage
and December 28, 1979 as to the Second Mortgage.- _
D.- Mortgagor covenants and agrees not to exercise-any
right or privilege of prepayigent of the First 2ortgage sand -
~ Second Mortgage and-further covenants and agrees not toy •
.enter into any agreements with the holder of the First -
' Mortgage or ,Second Mortgage arodifying . or amending arry ~of `.the
provisions deazing with-payment of-- prirtri;pa2 =-and in erect. - - - -
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 and -
~ Second•Mortgage (other than with respect to payments of
pri:=rici:pal and interest under said mortgage) at least ten days
.prior t_o the-last day=under said mortgage that such payments
may be made witr~out constituting a default thereunder and
Mortgagee=agrees to pr-omptly remit such sums so paid to
Mortgagee by Mortgagor to-the holder of the First Mortgage and .
Second Mcrfgage in.payment o~ such sums due under such-
mortgage. - -
F. In the event the unpaid principal balance of:ttie
First Mortgage and Second Mortgage is reduced by`the'halder -
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 Y~older of the First Mortgage and -
Second 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 indebtedness to Mortgagee hereunder shall be
likewise reduced by an equivalent amount; such equivalent
~ amount to be deducted from the final payment to be grade by
Mortgagor to Mortgagee hereunder, in the inverse order of
their-due date. ~ ~
G. Zf the Mortgagee shall default in making a required
payment of principal .and/or interest under either or both of -
the First Mortyage or Second Mortgage the Mortgagor shall ~
have the right to advance the funds necessary to cure such -
t
default and all funds so advanced by Mortgagor together with
- BO
K~~. PuGE ~rOci