HomeMy WebLinkAbout2196 •
~'~J~
WIL •AROUND 61OR'1'G~\GE ADDENDUM
(101 This is a purchase money second mortgage, subject
only to a first mortgage in favor of First Federal Savings & Loan,
9[~(~gG4tX3tXgaid(DIXDIXgdi~fXd(K~~ia haviny an approximate unpaid principal
balance of $_.9,000.00 , hereafter galled 'first mortgage."
(11)
(MARTIN)
(a) The Mortgagor/agrees to comply with all of the terms
and conditions of the first mortgage other than with respect
to the payment of principal and interest due under the first .
mortgage.
(b) If the Mortgagor shall "fail to so comply with all of
the terms, provisions and conditions of the first mortgage so
as to result in a default under it (other than with respect to
payments of principal and interest due), that failure on the
part of the Mortgagor shall constitute a default under this"
mortgage and shall entitle the Mortgagee, at its option, to
• exercise any and all rights and remedies given the Mortgagee
in the event of a default under this mortgage.
I12)
(URSO)
(a) "The Mortgagee/agrees to pay to the holder of the first
" mortgage the unpaid principal".balance of the mortgage, together
with all interest accruing under it as and when required by the
. terms of the first mortgage, i.e., by paying the constant
monthly installments of S 178.00 each provided to be paid
~ to and including the date when the Mortgagee shall
pay the entire unpaid principal balance of the first mortgage
and all interest accrued on it.
(b) All those payments provided to be paid by the
J Mortgagee, pursuant to the provisions of subparagraph (a)
above, shall be made by the Mortgagee before the expiration
of the applicable grace periods provided for those payments .
as contained in the first mortgage.
(c) Notwithstanding the'.foregoing, the Mortgagee's
obligation to make the respecti~~e payments of principal and
interest as and when due under the first mortgage is conditioned
upon the following:
' ~ - -
J (i) The Mortgagor shall not"be in default under this
mortgage;
(ii) The Mortgagor•.shall comply with all of the terms
J and provisions of fhe~first mortgage other than with
respect to the payments of pr~.ncipal and interest due.
(d) The Mortgagee does not assume any of the obligations
of the Mortgagor under the first mortgage except as provided
above with respect to payments of principal and interest due
after June 1, 1974.
' (13) The Mortgagor agrees to pay to the Mortgagee
any sums required to be paid to the holder of the first ~
' mortgage (other than payments of principal and"interest under
the mortgage) at least twenty (20) days prior to the last day
under each of the mortgages that those payments may be made
without constituting a default, and~the Mortgagee agrees to
remit promptly those sums so paid to the Fortgagee by the
Mortgagor to the holder. of the first mortgage in payment of
the sums due under that mortgage.
i
'~~327 P~~2195
- B~:OK