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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 Mortgagee that any prepayments shall be first
applied to the payment of the First Note and the First Mortgage,
then applied to the payment of the Second Note and the Second
Mortgage. Any prepayment shall be applied to the interest accrued
to the date of prepayment and then to the principal indebtedness.
Any prepayment being applied to the ,principal shall be directly
paid for principal reduction of the First Mortgage and the First
Note, and then the Second Mortgage and Second Note, and any amounts
over and above the entire principal indebtednesses of the First
Note and the Second Note shall be paid over to the Mortgagee
hereunder. -
K. Mortgagor hereby agrees that if .any major modifications -
are to be made to the subject property, then said modifications
shall require express written permission from the Mortgagee, and-
if said modifications are•made without the express written permission
from the Mortgagee then said Mortgagor shall be considered in
immediate default under this Mortgage and Mortgagee may seek ~
immediate foreclosure without notice to said Mortgagor.
L. Mortgagor shall be responsible for obtaining insurance ~
on the property for.the highest insurable value and said Mortgagor
agrees to provide the insurance company with the names and the interests
of this Mortgagee as well as the holders of the First Mortgage and
the Second Mortgage.
E~iTERED INTO and agreed to by the undersigned this 13th
day of September, 1979.
E
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MORTGAGOB: MORTG E:
T HY F. IROZ - L F. PARSONS
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RECORD VERIisC~?-~
_493624
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1980 JU. 22 Pl1.2~ Ol
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