HomeMy WebLinkAbout0923 provided to be paid thereunder on the first day of each month
until the Mortgagee shall pay the entire principal of said Second
Mortgage and all interest thereunder accrued and unpaid.
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(3) All such payments provided to~be paid by Mortgagee,
pursuant to the provisions of sub-paragraphs.(1) and (2) hereof,
shall be made by Mortgagee refore the expiration of the applicable
grace periods provided for such payments as contained in the First
Mortgage and Second Mortgage.
(4) Notwithstanding the foregoing, Mortgagee's obligations
to make the respective payments of principal and interest as and
when due under the First Mortgage and Second Mortgage is conditioned I
upon the following: f
(a) Mortgagor shall not be in default---under this Mortgage:
(b) Mortgagor shall comply with all of the terms and
provisions of the First Mortgage and Second Mortgage other than with
respect to the payments of principal and interest due thereunder
after September 13, 1979.
D. Mortgagor covenants and agrees not to exercise any right
or privilege of prepayment of the First Mortgage and Second Mortgage
and further covenants and agrees not to enter into any agreements
with the holder of the First Mortgage and Second Mortgage modifying
or amending any of the provisions dealing with the payment of .
principal and interest thereunder without the prior written
consent of the Mortgagee thereto.
E. Mortgagor agrees to pay to Mortgagee any sums required
to be paid to the holder of the First Mortgage and Second Mortgage
(other than payments of principal and interest under said mortgage)
at least ten (10) days prior to the last day under said mortgage
that such payments-may be made without cons~ituting a default
thereunder and Mortgagee agrees to promptly remit such sums so paid-
; to Mortgagee by Mortgagor to the holder of the-First Mortgage and
Second Mortgage in payment of such sums due under such mortgage.
~ F. In the event the unpaid principal balance of the First
Mortgage and/or Second 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 Mortgagee so that Mortgagee's obligations hereunder to pay
the holder of the First Mortgage and/or Second Mortgage, the unpaid
principal balances of said mortgages as hereinbefore provided
are similarly reduced, then and in such event, Mortgagee agrees
that Mortgagor's obligations to pay the total indeY:tedness
to Mortgagee hereunder,_shall be likewise reduced Yiy 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 and the Second 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 at the
rate of 12$ per annum shall be credited against the next installment(s)
of interest and principal due under the note secured by this mortgage.
~ H. Mortgagor and Mortgagee agree to promptly send.to the
other copies of any notices received by them from the holder of
the First t~:ortcage and Second 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 and Second Mortgage, evidence that each such payment
has been made (a copy of Mortgagee's transmittal letter, if any,
)
~ 8(tOK~S P~Gf e~~ d,l~K~~~ P~GE~.~iG77
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