HomeMy WebLinkAbout2421Second Mortgaqe the sum of $42,546.04 unpaid principal baianc~
of said mortgaqe,together with interest thereon accruing
thereunder from March 31,1981 as and when r~quired by the
terms of said Second Diortga9e, i.e., by paying the constant
monthly installments of $507.04 provided to be paid thereon
on the first day of each month until the Mortga~ee shall pay ~
the entire principal balance of said Second Mortgage and all
interest thereunder accrued and unpaid.
(c) Mortqagee agrees to pay to the hold2r of the Third
;lortgage the sum of $29,588.23 unpaid principal balance of
said mcrtgage, together with interest thereon accruing thcreunder
from March 31,1981 as and when required by the terms of said
Third Mortg~ge, i.e., by paying the constant monthly installment
of $419.88 provided to be paid thereon on the first day of
each month until the Mertgagee shall pay the entire
principal balance of said Third Mortgage and all i~terest
~hereunder accrued and unpaid.
( 2) HI I sucii paytnents prov ided t~ be F~ai~3 by
~lortgagee, pursuant to the provisions oi sub-paraqraph (I}
(a,b,and C) hereof, shall be mad~ by Mortgagee before the ex-
piration of the ap~licable grace periods provided for such
payments as contained in the First,Second and Third mortgages.
(3) Notwithstanding the foregoing, Mortgagee's
obligations to make the respective payments or principal and
interest and and whan d~:e under the First,Second and Third
Mortc~age is conditioned upon the following;
(a) Mortgagor shall not be in default un~er this Mortgage;
(b) Mortgaqor shall comply with all of the terms and
conditions of the First,Second and Third Mortgages other than
with respect to the payments of principal and interest due
*_hereunder after ~iarch 31, 1981. -
D. Mortgagor covenants and agrees not to exercise any
right or privilege of p~epayment of the First,Second and
Third Mortgage and further coveriants and agrees not to enter
into any agreements with the holders of the First, Second and
Third Morigages modifying or amending any of the provisions
dealing with payment of principal and interest thereunder
wi*hout the prier written consent of Mortgayee thereto.
E. Mortgagor agrees to pay to Mortgagee an1~ surns required
to be paid to the holder of the First,Second and ~hird
Mortgagees (other than with respect to payments of principal
and interest under said mortgages that such payment may be
made without constituting a default thereunder and Mortqagee
agrees to promptly remit such sums so paid to N~ortgagee by
Mortgagor to the holder of thE First,Secor.d and Third Mort;~ges
in payment of such sums due unde*- such mortgages.
F. In the event the unpaid principal balance of the
First,Seccnci and Third "~ortgaqes is reduced by the holaer
of said mortgage applying insurance preceeds irt reduction
thereof or by prepayments made by ~ortgagor with the prior
written consent of the Mortgagee so that Mortgagee's
obligafions hereunder to pay to the holder of the First,Second
and Third i~ioretgage, the unpaid principal balance of saiu
mortgage as hereinbefore proviaed i_s similarly redt;ced, then
anu in such event, :~Iortgagee agrees that Mortgagor's obligations
tc pay the total indebtedness to Mortgagee hereunder shall be
likew~se re~uced by an equivalent arr:ount; such equivalent
a~<<a~r~t ~~ be deducted from tYie final payment to be made by Mortgagor
to Mortgagee hereunder, in the inverse order of their due date.
;.:~~x~35i ~~~241?