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HomeMy WebLinkAbout0943(c) Notwithstanding the fore~oing, mortgagee's obligation to make the respective payments of principal and interest as and when due under the prior mortgage is contained upon the following: (1) Mortgagor shall not be in default under this mortgage. (2) Mortgagor shall comply with all of the terms ~ and provisions of the prior mortgage oth than with respect to the payments of pri pa ,~.~' interest due thereunder after Dece ~? 980. S. Mortgagee shall not be required to and mortgagee agrees that it will not~ make any prepayments of principal or of interest under the prior mortgage unless mortgagor shall first consent in writing thereto, nor shall mort- gagee increase the principal balance of the first mortgage by advances. 6. Mcrtgagor covenants and agrees not to exercise any right or privilege of prepayment of the prior mortgage and further covenants and agrees not to enter into any agreement with the holder of the prior mortgage modifying or amending any of the provisions dealing with payment of prin- cipal or interest thereunder without the prior written consent of mortgagee thereto, provided however, nothing in this oaragraph shall preclude mortgagor from assuming the first mortgage and paying mortgagee the difference between the first mortgage principal balance and the wraparound mortgage principal balance plus accrued interest, if any. ~ 7. In the event the unpaid principal balance of the prior mortgage is reduced by the holder of said mortgage applying insurance proceeds in reduction thereof or by prepayments made by mortgagor with the prior written consent of mortgagee so that mortgagee's obli- gation hereunder to pay to the holders of the prior mortgage, the unpaid principal balance of said mortgage as hereinbefore provided is similarly reduced, then and in such event. mortgagee agrees that mortgagor's obligation 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. 8. If the mortgagee shall default in making any required ' payment of principal and/or interest under the prior mortgage. 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 9 3/4% per annum shall be credited against the next installment (s) of interest and principal due under the note secured by this mortgage. 9. (a) The mortgagor covenants that if and when requested by the mortgagee that at the ti~e the mor~gagee herein acquires the prior mortgages that the owner of the premises will execute such documents as mortgagee or the holder of this mortgage or the note secured hereby may require to evidence the unpaid balance owing to mortgagee or siad holder of this mortgage and said note. The failure of mortgagor to furnish such statement within ten (10) days of the request therefor, shall be deemed an acknowled~ment by mortgagor that of mortgagor's best information and belief. no offsets or defenses exist against mortgagor's indebtedness under the note secured hereby and that all regular installments of principal thereon (and no other) have been made. ~ :~. ._; ~ ~,~. ~.~. .w~: ~. 60t.K L~ P~6E ~7';1 ~ - ~ _~~