HomeMy WebLinkAbout0929 until the Mortgagee shall pay the entire principal of said Second
Mortgage and all interest thereunder accrued and unpaid.
(3) All such payments provided to be paid by Mortgagee,
pursuant to the provisions of sub-paragraph (1) and (2) hereof,
shall be made by Mortgagee before 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 doe under the First Mortgage and Second Mortgage is conditioned
upon tre following:
(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 du_e 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 provisons 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 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 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 to
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 ire such event, Mortgagee agree
that Mortgagor's obligations to pay the total indebtedness
to Mortgagee hereunder,-shall be likewise rec?uced by an equivalent
amount; such equivalent amount to be deducted from the final
payment to be made by Iviortgagor 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 '
k _ other copies of any notices received by them from the holder of
the First Mortgage 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 tortgage and Second Mortgage, evidence that each such payment
has been made (a copy of Mortgagee's transmittal letter, if any,
t g~~K335 PAGE 926 316 P~~~2292
Ce-Fecerd
-
~ -