HomeMy WebLinkAbout0017 written consent of the Mortgagee so that Mortgagee's obligations
hereunder to pay to the holder of the First, Second and Third
Mortgages, the unpaid principal balance of said mortgage as
hereinbefore provided is similarly reduced, then and in such
event, Mortgagee agrees that Mortgagor's obligations to pay
the total indebtedness to Mortgagee hereunder shall be
likewise reduced by 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,Second or Third Mortgages, 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 ten per cent 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,Second and Third Mortgages. 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,Second and Third Mortgages,
evidence that each such payment has been made (a copy of
Mortgagee's transmittal letter, if any 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 the Mortgagee that any prepayments shall
be first applied to the payment of the First,Second and
Third Notes and rr^irst,Sacond and Third Mortgages. 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 ,Second and
~ Third Mortgages and First,Second and Third Notes and any
amounts over and above the entire principal indebtedness of
e the First,Second and Third Mortgages and the First,Second and
Third Notes shall be paid over to the Mortgagee herein. -
~ K. 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, Second and Third Mortgages.
ENTERED INTO and agreed to by the undersigned on the
day and year first above written.
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X MORTGAGOR: MORTGAGEE:
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MICHAEL A. LOMBARDI RAYr I.2G B . VAN MEERTEN
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ROSALIE A. LOMBARDI
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