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HomeMy WebLinkAbout2715 l~' • ~ _ ~::~1• , . 198Q MAit -7 AM 7= 38 . i • (14) If the unpaid principal balance of the firs mortgage is reduced by the holder p~ the mortgage appl insurance proceeds in its reduction or by prepayme by the Mortgagor with the-prior written consent of the Mortgagee so that the Mortgagee's obligation to pay to the { holders of the first mortgage the unpaid principal balance I of the mortgage as above provided is similarly reduced, then ~ the Mortgagee agrees that the Mortgagor's obligation to pay ~ the total indebtedness to the Mortgagee shall be reduced likewise by an equivalent amount; the equivalent amount is to be deducted from the final payments to be made by the " .Mortgagor to the Mortgagee, in the inverse order of their due date. (15) If the Mortgagee shall default in making any required payment of principal or interest under the first mortgage, the Mortgagor shall have the right to advance the funds necessary to cure that default and all funds so advanced by the MQr~tgagor, together with interest at the ~ rate of 10$ per aAnum, shall,be credited against the next installment(s) of interest and principal due under the note secured by this mortgage. 1161 The Mortgagor shall have the right to prepay the whole or any-part of the unpaid balance of the indebtedness under this mortgage at any time on thirty (30) days' notice without penalty under this mortgage. If the Mortgagor pre- ~ pays the whole of the unpaid-balance, the Mortgagee shall. ` remit to the first Mortgagee our of the prepayment funds- the unamortized principal balance of the first mortgage, • together with accrued interest,. provided that the Mortgagor shall pay any and all prepayment penalties or charges required by the first mortgagee for prepayment~of the first mortgage. ~ 1 Any partial prepayment shall be applied against the sums last payable under this mortgage, and if the amount prepaid exceeds the amount determined by subtracting the then unpaid principal balance of the first mortgage •from the then unpaid principal under this mortgage, then that excess amount shall be remitted to the first Mortgagee by the Mortgagee, provided that the Mortgagor shall pay any and all prepayment penalties or ` charges required by the first Mortgagee for prepayment of the first mortgage. - -(17) The monthly escrow account charges for taxes and insurance charged by•the first Mortgagee shall be paid each month to the Mortgagee by the Mortgagor•with and in addition • to the regular monthly payment of principal and interest made ~ under this mortgage, and the Mortgagee shall remit those ~ escrow payments to the first Mortgagee with its monthly payment f of principal and interest under the first mortgage. This paragraph shall only take effect if the mortgagor fails to exercise the option and close on same as set forth in Paragraph Nine (9) hereinabove. The Mortgagor •eovenants and ~ (18) agrees not to enter into any agreement with the holder of the first mortgage modifying or aanending any of the provisions dealing with payment of principal or interest under that first 1 mortgage without the prior written consent of the Mortgagee J. WINTESS our hands and seals this 5th day of March, 19 a0. • 1 Signed and sealed in the presence - Of ~ r (L.S.) RO RT L E T, III `T~ nn ~ (L.S.) lA iY ~.L ~ i - • ~ J. PY T ` ~ ~ ~ - ~~26 -~~E2.713