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interest thereon at the rate of ~cen par cent per anm~m shall
be credited against the next installment(s) of interest and
principal due •.uider 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 -
:~older of the First Mortgage and Second Mortgage. In addition,
. Mortgagee agrees to send to Mortgagor at the time Mortgagee
makes each payulent provided herein to be made by Mortgagee
- to such holder of the 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 ~n 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 t=ust 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 and thereafter to the Second Note and Second Mortgage.
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 far principal reduction of the First Mortgage
and First Zlote and then to the Second Note and the Second
Mortgage and any aaouuts over- and above the entire principal
indebtedness of the First Mortgage and the First Note and
the Second Mortgage and the Second Note shall be paid over
to the Mortgagee herein.
K. _ ~?iortgagor shall be. -z~e9ponsible...for _Qbt_aini~ng.__in.$u=ance_ _ _ _
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 Second Mortgage.
i
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ENTEP:ED INTO and agreed to by the undersigned on the _
day and year first above written.
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GAGOR MORTGAGEE
WILLARD I~. BOLTON AND ASSOCIATES,
D iel H. Lae'' ~ ~ SERI~ESl,1 - L~±IMyhTED PARTNERSHIP
- [ ~ ~ ~ ~ General Partner _
Carmella F. Lee , - ~ ~ -
- - ~ ~'732b3
X980 JAN t 8 PN 3 50 _
FILED AI~Up~CQROED
S P~i~R
POIT~~A~
~ - q.ERtt cll:alrt cAUrt
#Eil3R6 YERIFI~O~.
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