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(14) -If the unpaid principal balance of the first
. mortgage is reduced by the holder of the mortgage applying
insurance proceeds in its reduction or by prepayments made
by the Mortgagor with the prior written consent of the
. :Mortgagee so that the Mortgayee's obliyation to pay to the ;
holders of the first mortgage the unpaid principal balance
of the mortgage as above provided is similarl}? 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 pa}~ments 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 tl~e first
mortgage, the Mortgagor shall have the right to advance
the funds necessary to cure that default and all funds so
advanced by the M~~tgagor,-toyether with interest at the
rate of 10$ per ~-r~inum, shall --lie credited against the next
installment(s) of interest and principal due under the note
secured by this mortgage.
(16) The monthly escroca account charges for taxes and '
insurance charged by the first Mortgagee shall lie paid each
month to the Mortgagee by the'Mortgayor with and in addition
to the regular monthly pa}~ment of principal and interest made
under this mortgage, and file Mortgayce shall remit those
escrow payments to the first Mortgagee with its monthly payment
of principal and interest under the first mortgage. This paragraph
shall only take effect if the mortgagor fails to exercise the ovtion
and close on same as set forth in Paragraph Nine (9) hereinabove.
(17) The Mortgagor covenants and
agrees not to enter into any agreement with the holder of the -F
. first mortgage modifying or amending any of the provisions
dealing with payment of principal or interest under that first
mortgage without the prior written consent of the Mortgagee
WINTESS our hands and seals this day of March, 1980.
Signed and sealed in~the presence -
Of : -
• ~ EDDIE LEE MARTIN
1 n
t980 MAR 19 AM ~ 48
fN.ED ANC ~ECOtt0E0
- ST lUC1E COIMIY.F A.
~OGE
tIERK C ~Oa~~Q
- 480005
B~.~c~~ PA6E~,~
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