HomeMy WebLinkAbout0080 pay the entire principal of said Second Mortgage and all
interest thereunder accrued and unpaid.
(2) All such payments provided to be paid by
Mortgagee, pursuant to the provisions of sub-paragraph (1)
hereof, shall be made by Mortgagee before the expiration of
the applicable grace periods provided for such payments as
contained in the First Mortgage and Second Mortgage. -
(3) Notwithstanding the foregoing, Mortgagee's
obligations to make the respective payments of principal and
interest as and when due under the First Mortgage and Second
Mortgage is conditioned upon the following:
(a) Mortgagor shall not be 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 December 9,1979.
D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of the First Mortgage and
Second Mortgage and further covenants and agrees not to '
enter into any agreements with the holder of the First
Mortgage and Second Mortgage modifying or amending any of
the provisions dealing with payment of principal and interest •
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
principal and interest under said mortgage) at least ten days
prior to the last day under said mortgage that such payments
may be made without constituting a default thereunder and
Mortgagee agrees to promptly remit such sums so paid to
Mortgagee by Mortgagor to the holder of the First Mortgage and
Second Mortgage in payment of such sums due under such -
mortgage.
_ F. In the event the unpaid-principal balance of the
First Mortgage and Second Mortgage is reduced by the holder
of said mortgage applying insurance proceeds in reduction
f thereof or by prepayments made by Mortgagor with the prior
writter. consent of the Mortgagee sc that Mortgagee's obligations
hereunder to pay to the holder 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 made by
Mortgagor to Mortgagee hereunder, in the inverse order of
their due date.
G. If the Mortgagee shall default in making a required
payment of principal and/or interest under either or both of
~ the First Mortgage or Second Mortgage, the Mortgagor shall
have the right to advance the funds necessary to cure such
default and all funds so advanced by Mortgagor together with
interest thereon at the rate of twelve (12$) per cent per
annum shall be credited against the next installment(s) of
a interest and principal due under the notes secured by this
mortgage.
H. Mortgagor and Mortgagee agree to promptly send to
the other copies of any notices received by them from the
holder of the First Mortgage and Second Mortgage. In addition,
i
~~;~K 327 PAGE 80
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