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HomeMy WebLinkAbout0616 4. The Mortgagar agrees to pay to the mort~agee sny sums required to be paid to the hoider of the prior mortgage (other than payments of principal and interest under the mortKage) at least t~~enty (20) days prior to the last day under the mortgage that those payments may be made without constituting a default, and the mortgagee agrees to remit promptly those sums so paid in the mortgage by the mortgagor ro the holder of the prior mortgage in payment of the sums due under the mortgage. S. If the unpaid balance of the prior mortgage is reduced by the holder of the mortgage applying insuran~e proceeds in its reduction or by prenayments made by..the mortgagor with the prior writeen consent of the morCgagee so that the mortgagee's obligation to pay to the holder of the prior mortgage the ~ unpaid principal balance of the Mortgage as above provided is similarly reduce~, then the mortgagee agrees that the mortgagor's obligation to pay the total indebtedness to the mortgagee shall be r~duced likewise by an equivalent amount; the equivalent a~ount is to be,.deducted from the final pay~ent to be made by the~mortgagor to the mortgagee, in the inverse order of its due ~ate. 6. If the ~tortgagee shall default in~-making any required pay~ent of princinal and interest under the prior mortgage, the mortga~or shall have the ripht to a~vance the funds necessary to cure that default and all funds so :-~c'~,Tanced by the mortgagor , together~. with interest at the rate of 133% per annum, shall be cre~ited against the next instal~ment(s) oi interest and principal due un~er the note secured by this mortgage. 7. The mortgagor shall have the right to prepay the ~ahole or any part of the unpaid balance of the indebtedness und~r this mort~age at any time on thirty (30) days' notice without penalty under tnis r.~ortgage. If the mortgagor orepays the whole of the unpaid balance, the mortgagee shall remit to the prior rr.ortgagee out o£ the pre- payment funds the unamortized principal balance o£ the prior mortgage, together with accrued interest, provided that the ~ort- gagor shall pay any and all prepayment penalties ~r charges reGuired by the prior ~:ort~age for prepayrlent of the prior mortgage. Any partial prenayr~.ent shall be applied against the su~s last payable under this mortgage, and if the a~r,ount prepaid exceeds the amount ~'K~~~ ~a~E V17 fi~~( ~ ~