HomeMy WebLinkAbout1928 (a) Mortgagor shall not be in default under this
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Mortgage=
(b) Mortgagor shall comply with all of the terms
and provisions of the First Mortgage other than with respect
to the payments of principal and interest due thereunder
after May 11, 1980.
D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of the First Mortgage and - j
further covenants and agrees not to enter into any agreements
with the holder of the First Mortgage modifying or amending
any of the provisions dealing with payment of principal and
interest thereunder without the prior written consent of
Mortgagee thereto.
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E. Mortgagor agrees to pay to Mortgagee any sums
required to be paid to the holder~of the First Mortgage
(other than with respect to payments of principal and interest
under said mortgage) at least ten days prior to the last day
under said mortgage that such payments may be made without
constituting a default thereunder and Mortgagee agrees to
promptly remit such sums so paid to Mortgagee by Mortgagor
to the holder of the First Mortgage in payment of such sums
due under such mortgage.
F. In the event the unpaid principal balance of the
First Mortgage is reduced by the holder of said mortgage.
applying insurance proceeds in reduction thereof or by
prepayments made by Mortgagor with the prior written consent
of the Mortgagee so that Mortgagee's obligations hereunder
to pay to the holder of the First Mortgage, the unpaid
principal balance of said mortgage as hereinbefore provided
is similarly reduced, then and in such event, Mortgagee
agrees that Mortgagor's obligations to pay the total indebtedness
to Mortgagee hereunder shall be likewise reduced by an
equivalent amount; such equivalent amount to be deducted
from the final payment to be made by Mortgagor to Mortgagee
hereunder, in the inverse order of their due date.
G. If the Mortgagee shall default in making a required
payment of principal and/or interest under either or both of
~ the First Mortgage, the Mortgagor shall have the right to
advance the funds necessary to cure such default and all
funds so advanced by Mortgagor together with interest thereon
j at the rate of twelve per cent per annum shall be credited
against the next installment(s) of interest and principal
due under the note secured by this mortgage. ~
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H. Mortgagor and Mortgagee agree to promptly send to
the other copies of any notices received by them from the
holder of the First Mortgage. In addition, Mortgagee agrees
to send to Mortgagor at the time Mortgagee makes each
payment provided herein to be made by Mortgagee to such
holder of the First Mortgage, evidence that each such payment
has been made (a copy of Mortgagee's transmittal letter, if
any will suffice), should the Mortgagor so request of the
Mortgagee in writing.
; I. Notwithstanding any provision to the contrary
contained herein, interest shall not be payable by the
Mortgagee upon any sums deposited with or held in trust by
the Mortgagee pursuant to any provision hereof.
J. Mortgagor shall have the right to prepay the whole
or any part of the unpaid balance of the indebtedness hereunder
at any time without penalty. However it is agreed between
the Mortgagor and the Mortgagee that any prepayments. shall .
be first applied to the payment of the First Note and
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