The URL can be used to link to this page

Home My WebLink About1060C. In the event any expenses are validly assessed by the holder of the firsttrortgage by virtue of Mortgagor's failure to comply with the terms, covenants and provisions of the First Mortgage as set forth above in this Paragraph 3 (other than the payment of principal and/or interest) then Nbrtgagor shall be responsible for payment of said expenses, including legal fees, and in the event of failure of Mortgagor to make such payments within fifteen (15) days after written notice thereof, such failure shall oanstitute a default ender this Nbrtgage and shall entitle *4ortgagee, at its option, to exercise any and all rigk~ts and renedies given I~brtgagee in the event of a default heramcier. 4. So long as I~rtgagor is not in default raider the terms and provisions of the Pra~ni.ssory Note given by Mortgagor to Irbrtgagee and this Mortgage (including ccxnpliance with the terms, provisions and obligations of the aforesaid First ':"f~rtgage, other than payment of principal and interest) Mortgagor for itself and its respective heirs,_successors, personal representatives and assigns agrees as follows A. Mortgagee shall duly and timely comply with each every obligation of that certain Promissory Note secured by the aforesaid First Mortgage and will not cammi.t or suffer to be ocnmitted any default under said obligation. B. In the event of a default under the aforesaid Promissory Note secured by the said First *brtgage, the :~ortgagor shall have the right, but is not obligated, to cure such default and deduct any sums paid to cure same from the indebtedness evidenced by the Pranissory Note secured by this Mortgage. C. Nbrtgagee shall not make or permit to be made arty pre- payments under the Promissory Note secured by the aforesaid First Mortgage or the First Nbrtgage, except with the prior written consent of Mortgagor. In the event there is a prepayment of principal under the First Mortgage, whether by voluntary payments on any party's part or from insurance proceeds ar otherwise, which prepayment reduces the principal balance owing tinder said First 'mortgage, then the Promissory Note secured by this mortgage shall likewise be reduced by an equivalent aroint , which am~tnt shall be deducted from final payment to be made by Mortgagor to M~artgagee hereunder. g~ 344 ~~i0~60 ---_ ---: