HomeMy WebLinkAbout2173costs and expenses of the holder of the rirst Mortgage
with respect to such default~ including, but not necessarilv
limiCed to, title company charges, recording and filinR f.ees,
and legal fees.
3. Mortgagee shall comply with the following terms,
covenants and conditions:
A. Mortgagee agrees to pay to the holder of the
First Mortgage, the unpaid principal balance thereunder which
Chis day equals $21,626.97~ together with all interest which
sha11 accrue thereon from this date.
B. Mortgagee covenants that the First Mortgage is
now in good standing and not in default in any manner whatsoever.
C. All such payments provided to be paid by ~ortgaRee
to the holder of the First Mortgage, shall be paid by ~ortga~ee
before the expiration of the allowable grace period provided
thereunder.
D. Notwithstanding the foregoing obligation of the
riortgagee to make the paymenCs of principal and interest as
and when due under the First Mortgage~ such obligation is
conditioned upon the following:
1) Mortgagor shall not be in default under
this mortgage;
2) Mortgagor shall comply with all of the terms,
covenants and conditions of the First Mortgage~ other than
with respect to the payment of principal and interest due
thereunder.
4. The parties agree that no prepayments of principal
or interest shall be made under the First Mortgage, unless
the other party hereto consents in writing.
5. In the event the unpaid principal balance o.f the
First Mortgage is reduced by the holder of said mort~aRe
from the application of insurance proceeds or by prepayments
made by the Mortgagor with the prior written consent o£ the
Mortgagee, which prepayment or application reduces the unpaid
principal balance of the First Mortgage and thereby reduces
the Mortgagee's obligation thereunder, then and in such event,
Mortgagor's obligation to pay the total indebtedness to
en.~i345 P~cE2172
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