HomeMy WebLinkAbout0944(b) Mortgagee agrees ~hat if mortgagee acquires Che prior
mortgage by assignment from the holder thereof (in lieu
of satisfaction) upon payment thereof by mortgagee to
said holder, that mortgagee. upon payment to mortgagee
by mortgagor of the total indebtedness of the note
secured by this mortgage, will, at the option of mort-
gagor, execute and deliver to tnartgagor an assignment
or satisfaction of such prior mortgage together with
an assignmen~ or satisfaction of this morCgage--aZl taxes
and expenses (including mortgagee's reasonable counsel
fees) in connection therewith to be paid by mortgagor.
(c) Mortgagee agrees that if, during the lien of the
wraparound mortgage, the first mortgage is accelerated
based on a due on sale clause or other similar provision
of the first mortgage and mortgagor incurs additional
expense or interest as a result that said additional
expense and interest shall reduce accordingly the principal
balance owed mortagee under the liens of the wraparound
promissory note secured by this mortgage.
10. That the mortgagor shall furnish~to the mortgagee
promptly copies of all notices of default which the holder
of the prior mortgage shall give to mortgagor, or
which the mortgagor shall give to or receive from
tenants of the premises or any part or parts thereof
based upon the occurrence or alleged occurrence, of any
default or defaults in the performance of leases of space
tenants occupying any protion of the premises.
11. Mortgagor shall have the right to prepay the whole or any
part of the unpaid balance of the indebtedness hereunder
at any time on thirty (34) days' notice without penalty.
Any partial prepayment shall be applied against the unpaid
principal installments of the Note secured hereby in
inverse order of maturity. In the event mortgagor
wishes to prepay the whole of the unpaid principal
balance of the indebtedness hereunder~ the amount to be
paid by mortgagor shall be that amount determitted by de-
duction from the $$47,942.00 original principal indebted-
ness of mortgagor herein the aggregate of the following:
(Z) The aggregate of all payments credited on account of
principal because of payments made by mortgagor hereunder
in amortization of said original principal indebtedness
to the date of such prepayment and _
(2) the aggregate amount, if any, by which said original
principal indebtedness hereunder has been reduced by
mortgagor's appZying insurance proceeds and/or condemna-
tion award proceeds in reduction of said principal
indebtedness; and
(3) That amount computed by deducting from $47,942.00, (the
present total of the unpaid principal balance under
the prior mortgage) the aggregate sum of all payments
credited on accounts of principal due under said prior
mortgages because of payments made by mortgagor
here under in amortization of the unpaid principal
balance of said prior mortgages.
(4) any increase in interest rate attributed to the first
mortgage accelerating the first mortgage during the
term of the wraparound mortgage based upon the due on
sale clause or other simiZar provisions of the first
~ortgage. ~
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