HomeMy WebLinkAbout2784(c) t~otwithstandin~ the foregoing, ~ortga~ees' obli~ation
to nake the respective payc~ents of Principal and interest
as and when due under the nrior mortp,a~e is contained upon
the following:
(I) MortFagors shall not be in de~ault under this
mortga~e,
(2) ?4ortgagors shall co~~ly with all o£ the terms
and provisions of the prior rnort~age other than with
re3pect to the payments of principal and interest due
thereunder afte~ February 10, 1981,
S, tiortgap,ees s~iall not be required to and mort~a~ees agree
tliat they will not, ~ake anv prePayments of principal or
of interest under the prior~mort~age unless Mortp,agors shall
first consent in writing thereto, nor shall mortgagees in-
crease the principal balance of the first mort~age by advances,
6. Mortgagors covenant and agree not to exercise an;~ right or
privilege of prepayr.ient of tlie nrior ~ortgage and further
covenant and agree not to enter into any agreerient c~ith the
holder of the prior r.rort~age modifying, or amending any of
the provisions dealing with payrsent of principal or interest
thereunder without the prior written consent of raortga~;ees
thereto, provided however, nothing in this paragraph shall
preclude mortgagors £rom assur.iing the first r.~ort~ape and
paying mortgagees the difference between the first mortgage
principal balance and the wraparound r.lortgage nrincipal bal-
ance plus accrued interest, if any,
7. Tn the event the unnaid principal balance of the prior
mortgage is reduced bv the holder of said mortp,a~;e appl~~in~
insurance nroceed~ inrreduction thereof or by nrepavments
.made b;~ r.-ortgagors witti the prior written consent of the
mortgagees so that.riortgagees' obligation hereunder to pa~~
to the h6lder of the prior ruortp,a~;e, ~the unPaid principal
balance of said r~ortp,age as hereinUefore nrovided is similar-
ly reduced, then and in such event, mortga~;ees agree that
mortgagors' obligation to pay ttie total indebtedness to
rnort~;agees hereunder shall be likewise reduced b~ an equiva-
• lent amount; such equivalent amount to be deducted from the
final pavr_-ent to~ be riade bv r~ort~agors to mortga~;ees hereunder,
in the inverse order of their due date.
8. If the rsortgagees shall de£ault in r-a~:in~; am~ required nav-
r.ient of principal and/or interest under the prior mort~age,
the mortgagors shal~ have the right to advance the funds
necessar~~ to cure such default and all funds so advanced bv ,
riortgagors together with interest thereon at ttie rate of ~
9 3/4;; per annum shall be credited against the next install-
nent (s) of interest and Principal due~under the note ~ecured
by this r.-ortgap,e .
9. (a) ?'he mortgag~rs covenant that if and when requested b•~
the mortgagees that at the tir:~e the r.tortga~;ees herein
acquire the prior riort~;ages tliat the owner o~ ttte rremises
~aill execute such docur~ents as r.iortgagees or the holder of
this nort~a~e or the note secured hereby may require to evi-
dence Che unpaid balance owinp', to r.iortgagees or said holder
of this r.iortgage and said notP. ?he failure of rnortgagors
, to,furnish such statement, within ten (10) days of.the request
therefor, shall be ~ deeried an ac~:nocaled~nent by r.tortgagors
that of raortgagors' best inforesation and belief_, 'no offsets
or defenses exist against mortgagors' indebtedne~s under the
note secured herebv and that all regular installrsents of
principal thereon (and no other) have been made.
(b) Mortgagees agree that if raortgagees acquire the nrior
mortga~;e by assi~;nr~ent fron the holder thereof (in lieu of
satis£action) upon pa~~ent thereof ~by r,iort~;ag,ees to said
holder, that mortgagees, upon payment to r~ortgagee by
nortga~or_s of the total indebtedness of the note secured by
this mortgap,e, wi_11, at the option of mortgagors, execute
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- ~ - . ~~~~348 P~~E2782
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