HomeMy WebLinkAbout1528writing at Che time of execution of this Mortgage that interest
on the funds shall be paid Co Mortgagor, and unless such agreement
is made or applicable law requires such interest to be paid,
Mortgagee shall not be required to pay Mortgagor any interest
or earnings on the funds. Mortgagee shall give to Mortgagor,
without charge; an annual accounting of the funds showing credits
and debits to the funds and the purpose for which each debit
to the funds was made. The funds are pledged as additional
security for the sums secured by this Mortgage.
If the amount of the funds held by Mortgagee,
together with the future monthly installments of funds payable
prior to the due date of taxes, assessments, insurance premiwns
and ground rents, shall exceed the amount required to pay said
taxes, assessments, insurance premiums and ground rents as
they fall due, such excess shall be, at Mortgagors option,
either promptly repaid to Mortgagor or credited to Mortgagor
on monthly installments of funds. If the amount of the funds
held by.Mortgagee shall not be ~ufficient to pay taxes, assessments,
insurance premiums and ground rents as they fall due, Mortgagor
shall pay to Mortgagee any amount necessary to make up the
deficiency within thirty (30) days from the date notice is
mailed by Mortgagee to Mortgagor requesting payment thereof.
Upon payment in full of all sums secured by
this Mortgage, Mortgagee shall promptly refund to Mortgagor
any funds held by Mortgagee. If under paragraph 8 hereof the
property is sold or the property is otherwise acquired by Mortgagee,
Mortgagee shall apply, no later than immediately prior to the ,
sale of the property or is acquisition by Mortgagee, any funds
held by Mortgagee at the time of application as a credit against
the sums secured by this.Mortgage.
15. If all or any part of the Property or an interest
therein is sold or transferred without Mortgagee's prior written
consent, Mortgagee may, at Mortgagee's option, declare all~
the swns secured by this Mortgage to be immediately due and
payable. Mo~tgagee shall have waived such option to accelerate
if prior to the sale or transfer, Mortgagee and the person
to whom the property is to be sold or transferred reach agreement
in writing that the interest payable on the sums secured by
this Mortgage shall be at such rate as Mortgagee shall request.
If :4ortgagee exercises such option to accellerate,
Mortgagee shall mail Mortgagor notice of acceleration. Such
notice shall provide a period of not less than thirty (30)
days from the date the notice is mailed within which Mortgagor
may pay the sums declared due. If Mortgagor fails to pay such
sums prior to the expiration of such period, Mortgagee may
without further notice or demand on Mortgagor, invoke any~remedies
permitted by Paragraph 8 hereof.
IN WITNESS WHEREOF, ~]~e Mortgagor has caused these
presents to be executed this /SZ`` day of January, 1981.
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STERLING DEVELOPMEIJT , INC .
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Mervyn G' et , ice" sident
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