HomeMy WebLinkAbout2541 5. If the unpaid principal balance of the prior 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
Mortgagee's obligation to pay to the holder of the prior mortgage
the unpaid principal balance of the mortgage as above provided is
similarly 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 payments to be made by the Mort-
gagor to-the Mortgagee, in the inverse order of their due date.
6. If the Mortgagee shall default in making any required
payment of principal or interest under the prior mortgage, the
Mortgagor shall have the right to advance the funds necessary to
cure that default and all funds so advanced by the Mortgagor,
together with interest at the rate of ten percent (108) per annum,
shall be credited against the next installment(s) of interest and
principal due under the note secured by this mortgage.
7. The Mortgagor shall have the right, after January 2, 1981,
to prepay the whole or any part of the unpaid balance of the~indebt-
edness under this mortgage at any time without penalty under this
mortgage. If the Mortgagor prepays the whole of the unpaid balance,
the Mortgagee shall .remit to the•prior Mortgagee out of the prepay-
ment funds the unamortized principal balance of the prior mortgage,
together with accrued interest, provided that the Mortgagor shall
pay any and all prepayment penalties or charges required by the
prior Mortgagee for prepayment of the prior mortgage. Any partial
prepayment shall be applied against the sums last payable under
this mortgage, and if the amount prepaid exceeds the amount deter-
mined by subtracting the then unpaid principal balance of the prior
mortgage from the then unpaid principal under this mortgage, then
-that excess amount shall be remitted to the prior mortgagee by the
Mortgagee, provided that the Mortgagor shall pay any and all pre-
payment penalties or charges required by the prior mortgagee for
prepayment of the prior mortgage.
j 8. The monthly escrow account charges, if any, for taxes and
insurance charged by the prior mortgagee shall be paid each month
i to the Mortgagee by the Mortgagor with and in addition to the regu-
lar monthly payment of principal and interest made under this mort-
j gage and the Mortgagee shall remit those escrow payments to the
~ prior mortgagee with its monthly payment of principal and interest
~ under the prior mortgage.
9. The Mortgagor and the Mortgagee covenant and agree not to
~ enter into any agreement with the holder of the prior mortgage
modifying or amending any of the provisions.,~a~,ing with payment
of principal or interest under that prior mo tgage without the
prior written consent of the other.
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