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Mortgagee agrees to send to Mortgagor at the time Mortgagee
makes each payment 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 in 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 trust 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
as shown in the Note herein. However it is agreed between
the Mortgagor and the Mortgagee that any prepay~ents shall
be first applied to the payment of the First Note and Second _
Note and First Mortgage 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 for principal reduction of the First Mortgage and Second
Mortgage and First Note and Second Note and any amounts over
and above the entire principal indebtedness of the First
Mortgage and Second Mortgage and the First Note and Second
Note shall be paid over to the Mortgagee herein.
K. Mortgagor shall be responsible for obtaining insurance
on the property for the highest insurable value and said
1?iortgagor 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.
L. The Note and this Mortgage are executed pursuant
to an Agreement for Purchase and Sale of Business and Real
Property executed on January 1, 1980 by the Seller, United
Partners III,Inc. and the Buyer, Craig C. Matthews, and
each and every of the representations and warranties contained
in that Agreement for purchase and Sale of Business and Real
Property are incorporated herein by reference and made a
part hereof with the same force and affect as if set forth
herein verbatim and shall survive the payment, cancellation
and satisfaction of the Note and this Mortgage:
M. Notwithstanding anything to the contrary contained
in the Agreement for Purchase and Sale of Business and Real
Property or in this Mortgage, the Mortgagor and Mortgagee
agree that the Mortgagor, his successors and assigns shall
not have the right to engage in secondary financing or
wraparound financing with respect. to the mortgaged premises
without first obtaining written consent from the Mortgagee.
i Any attempt to obtain secondary financing or wraparound financing
j with respect to the mortgaged premises without first obtaining
~ written consent from the Mortgagee shall accelerate the Note
which Note shall become immediately due and payable.
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~ N. Anything in the Agreement for Purchase and Sale of
~ Business and Real Property or in the Note or in this Mortgage
to the contrary notwithstanding,neither the Mortgagor nor
~ any present or future partner in or of the Mortgagor nor any
other party or person is or shall become liable jointly or severally
or otherwise for the payment of any money by reason of anything
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~o~~K 327 e~GE 81
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