HomeMy WebLinkAbout0051 Party of the second part covenants and agrees to comply with all of
the terms and provisions of said mortgage (except the requirement to
make the payments of principal and interest thereon), and upon compli-
ance by party of the second part with the terms and provisions
contained in said mortgage and contained herein, party of the first
part will pay the installments of principal and interest from time to
time due under said mortgage in accordance with its terms. Nothing
contained herein shall require f;he Harty of the first part to perform
the terms of provisions contained in said mortgage required to be
performed by party of the second part, its successors and assigns,
except the payment of installments of principal and interest but only
in accordance with the terms. and provisions hereof. If party of the
second part shall default in the performance of any term or provision
contained in this Agreement, party of the first part shall not be
obligated to pay any principal or interest under the mortgage.
Party of the second Hart coverants and agrees that, to the extent
party of the first part pays an~~ installment of principal or interest
or any other sums due under the mortgage, _rarty of the first part
shall become entitled to a lien on the above premises hereunder but
equal in rank and priority to t~~e mortgage and, in addition, to the
extent necessary to make effective such rank and priority: (i) party
~~ua v
of t;~ firs* ^~r~ shall become subrogated to, receive and enjoy all
of the rights, liens, powers and privileges granted to the mortgagee
under the mortgage, and (ii) the mortgage shall remain in existence
for the benefit of and to further secure the debt and other sums
secured, or that hereafter become secured, hereunder.
In case of default hereunder, in addition to any other rights and
remedies available to party of the first part, party of the first part
may, but need not make any payment or perform-any act herein required
of party of the second part in any form and manner deemed expedient,
and may, but need not, make full or partial payments of principal or
interest on the mortgage, other prior encumbrances, if any, and
purchase discharge, compromise or settle the mortgage, any tax lien
or other prior lien or title or claim thereof, or redeem from any tax
sale or forfeiture affecting said premises or contest any tax or assess-
ment.
All moneys paid for any of the purposes herein authorized and all
expenses paid or incurred in connection therewith, including attorneys'
fees, and any other money advanced by party of the first part to
protect the above premises and the lien hereof, shall be so much addi-
tional indebtedness secured hereby and shall become immediately due
and payable without notice and i•~ith interest thereon at the rate of
twelve and ' Per centum (12,66 ) per annum. Inaction of party of the first
part shah never be considered as a waiver of any right accruing to
it on account of any default on the part of party of the second part.
' If the unpaid principal balance of the mortgage is reduced by the
holder of the mortgage applying insurance proceeds in its reduction
or by prepayments made by the party of the second part with the prior
written consent of the party of the first part so that the party of
the first part's obligation to pay to the holder of the mortgage the
unpaid balance of the mortgage as above provided is similarly reduced,
then the party of the first part agrees that the Harty of the second
part's obligation to pay the total indebtedness to the party of the
first part shall be reduced likewise by an equivalent amount: The
equivalent amount is to be deducted from the final payments to be
made by the party of the second part to the party of the first part,
in the inverse order of their due date.
In case of failure of the said party of~the second part to make any
of the payments or any part thereof, or to perform any of the covenants
hereby made and entered into, this contract shall, at the option of
the party of the first part, be forfeited and terminated, and the party
of the second part shall forfeit all payments made on this contract;
and such payments shall be retain~•.i by the said party of the first part
in full satisfaction and liquidatiur~ of all damages sustained.
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