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responsible to Mortgagee for the payment of all allowable
costs and expenses of the holder of the First Mortgage with
respect to such default, including, but not necessarily
limited to, title company charges, recording and filing fees~
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
this day equals $29,609.19 ~ together with all interest which
shall 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 Mortgagee
to the holder of the First Mortgage, shall be paid by Mortgagee
before the expiration of the allowable grace period provided
thereunder.
D. Notwithstanding the foregoinR obligation of the
Mortgagee to make the payments 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 a£ 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 prenayments of nrincipal
or interest shall be made under the First '~ortgage, unless
the other party hereto consents in writing.
S. In the event the unpaid principal balance of the
First Mortgage is reduced by the holder o£ said mortgage
from the application of insurance proceeds, condemnation
award proceeds or by prepayments made by the Mortgagor with
the prior written consent of the Mortgagee, which nrepayment
~ or application reduces the unpaid principal balance of_ the
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First Mortgage and thereby reduces the Mortgagee's obligation
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