HomeMy WebLinkAbout2174Mortgagee under the Wraparound Promissory Note secured
under this Mortgage, shall likewise be reduced in an
equivalent amount; such equivalent amount to be deducted
from the final payment or payments to be made by Mortgagor
to Mortgagee hereunder in the inverse order of their due
date. ~
6. In the event Mortgagee shall default in making
any required payment of principal and/or interest under the
First Mortgage, 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 11% per annum shall be credited against the
next installment or installments of interest and principal
due under the Wraparound Promissory Note secured by this
Mortgage.
7. The parties shall furnish promptly to each other,
copies of any notices of default which the holder of the
First Mortgage shall give to either party.
8. Mortgagor has the right to prepay in whole or in
part the unpaid principal balance of the indebtedness evidenced
by the Wraparound Promissory Note secured hereby, without
penalty, at any time after one vear from the date hereof.
Any partial prepayment shall be applied against the principal
installments of the said Wraparound Note secured hereby in
inverse order of maturity. In the event of prepayment
under the said Wraparound Note and/or application to the
indebtedness of said Wraparound Note from insurance proceeds
and/or condemnation award proceeds, which in their aggregate
reduce the principal indebtedness and any accrued interest
under said Wraparound Note to a sum equal to the then outstanding
principal balance owing under the First ~ortgage, then and
in that event the parties agree between themselves that
Mortgagor shall have the right to assume the First Mortgage
and at the time such mortgage is assumed with the holder of
the First Mortgage, Mortgagee agrees to satisfy and release
this Mortgage and the indebtedness secured hereby, provided
same is not otherwise in default; or in the event Mortgagor
-3- Sa~x~~~ PAGE~~.~ ,
- _ -- - ~z - 55., ~
" . i~9u_~.~~:~-~ ~ ~ ~ ~ _ ._