HomeMy WebLinkAbout0137 d. The Mortgagee does not assume any of the obliga-
tions of the Mortgagor under the First Mortgage and the
Second Mortgage except as provided above with respect to
payments of principal and interest.
4. The Mortgagor agrees to pay to the Mortgagee any
sums required to be paid to the holder of the First Mortgage
and the Second Mortgage (other than payments of principal
and interest under the mortgages), at least twenty (20) days
prior to the last day under each of the mortgages so that
those payments may be made without constituting a default,
and the Mortgagee agrees to remit promptly those sums so
- paid to the Mortgagee by the Mortgagor to the holders of
the First Mortgage and the Second Mortgage in payment of
the sums due under that respective mortgage.
5. If the unpaid principal balance of the First Mort-
gage and/or the Second Mortgage is reduced by the holder
of that mortgage applying insurance proceeds in its reduc-
tion or by prepayment made by the Mortgagor with the prior
written consent of the Mortgagee so that the Mortgagee's
obligation to pay to the holders of the First Mortgage
and/or the Second 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 Mortgagor to the Mortgagee, in the inverse order of
their due date.
6. If the Mortgagee shall default in making any re-
quired payment of principal or interest under the First
Mortgage and/or the Second 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 10 percent (10$), per annum,
shall be credited against the next installment(s) of interest
and principal due under the note secured by this Third Mort-
gage.
7. The Mortgagor shall have the right to prepay the
~ whole or any part of the unpaid balance of the indebtedness -
under this mortgage at any time on thirty (30) days' notice
without penalty under this mortgage. If the Mortgagor pre-
pays the whole of the unpaid balance, the Mortgagee shall
remit to the First Mortgagee and/or the Second Mortgage,
as the case may be, out of the prepayment funds the unamor-
tized principal balance of the First Mortgage, together with
accrued interest, provided that the Mortgagor shall pay any
and all prepayment penalties or charges required by the First
Mortgagee or by the Second Mortgagee, as the case may be, for
prepayment of the First Mortgage and/or the Second Mortgage.
Any partial prepayment shall be applied against the sums
last payable under this mortgage, and if the amount prepaid -
exceeded the amount determined by subtracting the then unpaid
principal balance of the First Mortgage and/or Second Mortgage
from the then unpaid principal under this mortgage, then that
excess amount shall be remitted to the First Mortgagee (or
to the Second Mortgagee, as the case may be), by the Mortgagee,
provided that the Mortgagor shall pay any and all prepayment
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FEE. KOBLEGARD 81 TEEL. P. A.
ATTORNEYS AT LAW A
POST OFFICE BOX 1000 PAGf
FORT PIERCE. FLORIDA 3.7480 ( J
T[IEPNON[x13081461-8020
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