HomeMy WebLinkAbout2529 (c) Any and all exl~ens~•s, including, but out limited to, titit•
company char};rs, recording and filing fees. legal fees of thc•
attorneys for :.I~e Bolder of tl~e prior mortgages in prcP;~r.-tt icrn
of an ~zssignmc~nt of either mortgage and any tax, if any, that.
may be hereafter imposed by any taxis}; authority in connect ic?il
with the compliance by n?ortgagee with the provisions here~t
dea 1 in}~, with the: haymen t:s made or to be made to t hc• ho 1 etc r:: c l f
the prior mortgages shall be paid by the mortgagor or any
owner of the premises when requested by the title company ar~d/ur
the attorneys representini; the holder of the prior mort};a};es.
~i . (a) tart a};ee ~z};tees Co pay to the holder of the prior mort};a};es ,
the 23,233.5_4 unpaid principal balance of said
nx~rtt;aKe, t.~~};rt~her wiiti all interest thereon accruing thereunclc•r
from _ Mar~_ 3~______ 19 80
(b) All such payments provided to he Paid by mortga};ec, purtiuant
to Che provisions uI: subpara};raph (a) hc~rcof, shall be rnadc
by mortga};ec bclfc~re the expiration of the applicable t;race
Periods provided for such i~uyments as contained in the
prior mortgages . .
(c) Notwithst~rndin,; the foregoinf;, wort};a};ee's obli6ation to tnakc•
the respective payments of principal and interest as and when
clue under the pior mortgages is contained upon the following;:
(l) }•tort};a};or shall not bo in default under this mortt~:~t;c•,
(2) Mortga};ur shall con~Ply with all of the terms :zncl
provisions cif the }zrior mort_};,rt;es other than with res}~~•~~ t
to the payments of principal and interest due thereunder'
:rf ter March 3 1980
(d) Mortgagee does not assume any of the obligations of mort};aF;c~r
under the first mortgage except as hereinbefore provided
with respect to payments of Principal atid interest due
Il:ereunder alter ~~,-~.h -t 1`t8~_.
5 . tlortga};cr shall not be rectuirc•d to -and martEa~;~~cr agrees that i t wi } 1
not, m:cke any prepayments of }principal or cif interest under the
prior mort€ages unlrss n?ortt;at;or shall first consent in writing; therut•
V. ?1urt~;ag;or covenants and :r~;rees not to exercise any right or privil~•}•.c
of Prepayment of the prior mortg;at;es and furlhE+r covenants and
a};roes not to enter into any a};rcement with the holder of the prier
mortgages modifyinf; or .unendi.nt; auy ojl' the provisions dealing; with
Payment of principal car inter~•st thereunder without the prior written
consent of mart};af;ec t.ttc~reto .
7. In the evE~nt the unpaid Principal balances oC the prior mortf;af;cs arc•
ruduced by the holder of said rnort};aF,r applyin}; insurance proceeds
in reduction thereof or by Pret~ayrn~nts made by mortgagor witl? the
prior written consent ut mc~rtE;a};ee so that martg;agee's obl i};:rt iou
hereunder to pay to the hug dc~rs of the prior mortiages , the unpa i c!
principal balance of saiel ururtga};e as hereinbefore provided is
similarly reduced, then and its such event , mortga};ee a};rees that
mortgagor's obligation to Pay the total indebtedness to me?rtf;a};ec•
hereunder, shall be likewise reduced by an c•c}uivalent amount; such
equivalent amount to .,e deducted from the final E~ayment to be rcill~•
by mortgagor to mortga};ee hercunctc•r, in the inverse order of their
due date.
S. If the morCgagee shall default in making, any required payment of
principal and/or interest under either or both of the prior mortt;.rf•,e•::,
the mortgagor shall have the right~to advance the funds necessary
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