HomeMy WebLinkAbout0016 C. (la)Mortgagee agrees to pay to the holder of the
First Mortgage, the sum of $9,255.22 unpaid principal
balance of said mortgage, together with interest thereon
accruing thereunder from November 10,1980, as and when
required by the terms of said First Mortgage, i.e., by
paying the constant monthly installments of $98.52 provided
to be paid thereunder on the 10th day of each month until
the Mortgagee shall pay the entire principal of said First
Mortgage and all interest thereunder accrued and unpaid.
(lb)Mortgagee agrees to pay to the holder of the
Second Mortgage, the sum of $ 3,229.20 unpaid principal
balance of said mortgage, together with interest thereon
accruing thereunder from November 12, 1980 ,as and when
required by the terms of said Second Mortgage, i.e:, by
paying the constant monthly installments of $100.00 provided
to be paid thereunder on the 19th day of each month until
the Mortgagee shall pay the entire principal of said Second
Mortgage and all interest thereunder accrued and unpaid.
(lc)Mortgagee agrees to pay to the holder of the
Third Mortgage, the sum of $ 2,654.04 unpaid principal
balance of said mortgage, together with interest thereon
accruing thereunder from November 12, 1980 ,as and when
required by the terms of the said Third Mortgage, i.e., by
paying the constant monthly installment of $47.49 provided
to be paid thereunder on the 29th day of each month until
the I?lortgage shall pay the entire principal of said Third
Mortgage and all interest thereunder accrued and unpaid.
(2) All such payments provided to be paid by
Mortgagee, pursuant to the provisions of sub-paragraph (la,b,c)
hereof, shall be made by Mortgagee before the expiration of
the applicable grace periods provided for such payments as
contained in the First, Second and Third Mortgages.
(3) Notwithstanding the foregoing, Mortgagee's
obligations to make the respective payments of principal and
interest as and when due under the First, Second and Third
Mortgages is conditioned upon the following:
I
~ (a) Mortgagor shall not be in default under this
~ Mortgage;
I (b) Mortgagor shall comply with all of the terms
and provisions of the First,Second and Third Mortgages
~ other than with respect to the payments of principal and
~ interest due thereunder after November 10,1980.
D. Mortgagor covenants and agrees not to exercise any
right or privilege of prepayment of the First,Second and
Third Mortgages and further covenants and agrees not to
enter into any agreements with the holder of the First,
Second and Third Mortgages modifying or amending any of the
4provisions dealing with payment of principal and interest
~ thereunder without the prior written consent of Mortgagee
thereto.
E. Mortgagor agrees to pay to Mortgagee any sums
required to be paid to the holder of the First,Second and
Third tortgages (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,Second and
Third Mortgages in payment of such sums due under such
mortgage.
F. In the event the unpaid principal balance of the
First,Second and Third Mortgages is reduced by the holder of
said mortgage applying insurance proceeds in reduction
tfiereof or by prepayments made by Mortgagor with the prior
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