HomeMy WebLinkAbout2530 to cure such default and .ell lands so adv:mccd by mortga};or to};ether
with interest ~ hcrron :rt the rat r of 11 'Z per :?nnum sh:+l I I?~•
credited against the next installment~s~-offinterest ~rnd p?•irici.l,:+l
due under the Hate secured by tl+i~: more};:r};e .
9. (a) The mortpa};or covrnant s that i f :rod when requested by the
mortgagee ihal at the time the mortgagee herein acquire:: thr
prior mart};a};cs that the owner oC the premises will cxccrrte
such documents as mart};af;ce or the holder of this murt};:+};c
or the note securccl hereby m:ty require./ Co evidence the unpa i~l
balance uwint; tc, nu,rt};a};ee or said hplder of this rnc,rt};r~};c•
acrd said note, 1'he failure of n,ort};a};or to furnish such
statc~mcnt within icn (10) days c?C t•he request therefor shall
be deemed an acknowl ed};ment by mortgagor that to mart};a};c,r'
best information and bctic~f, no offsets or defenses exist
against mortga};or's indebtedness under the note secured here;,y
and that all rc};ul:tr installments of principal thereon (ancl
no other) have been made.
(h} Mort};ogee .+ti;rees th:+t i C ruortf;a};ce acquires the prior more};:ry;c•ti
by assif;nmc.:nt frorn the t+vlder iherrof (in lieu of satisfact.ic,r,)
+?pon payr+rerr t t hr rru f by uu,r t};.r};re t o said holder , th:+ t
r!?urt};a};ee, upc,n t~:rynrent to u+ort};a};ec by nu,rt};a}~,or of th+~ icltal
indebtednes c,t thc~ Hole secured t}y this u?origa};c, wi 11 , at thc•
option of mart};a};or, exc~cutc :md deliver to mortgagor :rn
assi};nnu~nt car s:+t isf:rc•tion of ;;uch prior mart};:t};es to};tether
with :rn assi};nn+cnt or s:+ti,:f:+rt_ic,ii c, t- this ruort};a};e--:+11 t:tx~~:
:tnd expenses (including; mart};a};ee's reasonable counsel fc~e::)
in conn~•ction thcrct:i tit to be paid by mart-};a};or.
10. That the mart};a};or shall furnish to the mori-g;a};c•~• promptly
copies of all notices of default which the holder of the prior
mortg<-r};es shall };ive to more-}vapor, or which the mart};al;or sh:+ll g;iv+•
to or receive from tenants of the premises or any part or par's
thereof based upon the c,ccurrrncc c,r allc};cd c~ccurrcnce, of any
default or defaults in the performance of leases of space Len.+nt::
occupyinf; any portion of the premises.
11. ?;urtga}~,or shall have the rii;ht to prepay thr wh+~lc ur any part c,f
• the unpaid balance of the indebtedness hercurtder at :rny tir:~e on
thirty (30) days' notice without penalty, na ~,~nalty
Any partia prej,ayment slial~-Ti~•~ip}~it~cT again::t thc• un~~aicT ~,rin~~ipal
installments of the Note secured hereby in inverse order of
maturity. In the c~•ent mortgagor wishes to prepay the whole c,f ihc-
unpaid principal balancr of t_hc• indebtc•dncss hcreundc~r, the :+n~n?rnt
to bey paid by mortF,al;or shall be that. amount determined by dc•~h:ctin,•
from the $ 2.00,00 ori};inal principal i.ndebteJnc~ss oti
mort~,agor t~rein~ CFc`-:i};~;re};.1te of thc~ follc,win};:
(I) the a};};re};ate of ai 1 payments c•redi ted c,rt account c,E
principal hc~c:+usr oC payments m:rdc• by morti;a};or hereunder
in amortization of said ori}~,inal princi_p<~1 i_ndcbtedness
to the date rl such prel,ayrnc~nt .•rnd
(2) the at;};re};ate amount, it :rny, by which said ori};ir~:?1
1*rincip.tl indebrl•dn~rss hereunder has been reduced by mortk;:?f;ur';;
applyin}', insurance ~~rvee~•cls :+nd/ur c+,ndc•mnation award
proceeds in reducti~+~ of :::ii I principal indebtl~dness; and
(3) the:r_ amount computed i,y dc~duc•tin}; frc,m $42,000.00
(the present tot:+l c,L the unsaid principal hnlai~ce under
the pric,r r:ort};:+};es) the of;g;re~,;:rtc• s+,rn ~f all }u+yments crcclitecl _
on accounts of l~r inc ipa 1 dt:c• tinder sn i d pr i c,r mort~,:i};eti bcc:+usc•
- Xx
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