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HomeMy WebLinkAbout0964 ann~~.rn~ru TQ ..~4(,~RT~1~£ B~''.'.:'~~:~: ~;L':B L. ".L".!STQ':, H4RTCAG~R, :1.'VD ROBFRT A. VAIV tiATTA. ~ JAMES A. FREDENBURG, AND JAMES E. LANCE, MORTGAGEES. F. The mortgagee does not assume any of the obligations of the mortgagor under the prior mortgages, except as provided above with respect to the payment of principal and interest due after the date of this mortgage. G. The mortgagor agrees to pay to the mortgagee any sums required to be paid to the holder of the prior mortgages (other than payment of principal and interest under such mortgages) at least twenty (20) days prior to the last day under each of the mortgages that those payments may be made without constituting a default. The ~rtgagee agrees to remit promptl}• those sums so paid to the mortgagee by the mortgagor, to the holder of the prior mortgages, in payment of the sums due under such mortgages. _ H. If the mortgagee shall default in making any required payment of prin- cipal or interest under the prior mortgages, the mortgagor shall have the right to advance the funds necessary to cure the default, and all funds so advanced by the mortgagor, together with interest at the rate of thirteen per cent (13%) per annum, shall be credited against~the next installment of interes[ and prin- cipal due under the note signed by the mortgagor. I. The mortgagor shall have the right to prepay the whole or any part of the unpaid balance of the indebtedness under this mortgage at any time without penalty. If the mortgagor prepays the whole of the unpaid balance, the mort- gagee shall remit to the prior mortgagees, out of the prepayment funds, the unamortized principal balance of the prior mortgages, together with accrued interest, provided that the ~rortgagor shall pay any and all prepayment penalties or charges required by the mortgagee or mortgagees of the prior mort~ages for prepayment of such prior mortgages. Any partial payments shall be appled against the sums last payable under this mortgage, and if the amount prepaid exceeds the amount determined by subtracting the then-unpaid principal balance of the prior mortgages from the then unpaid principal under this mortgage, and the excess amount shall be remitted to the mortgagees of the prior mortgages by the mortgagee, provided that the mortgagor shall pay any and all prepayment penalties or charges required by the mortgagees of the prior mortgages for prepayment of the prior mortgages. J. The mortgagor and mortgagee agree not to enter into any agreement ' with the holders of the prior mortgages mofifying or amending any of the pro- ~ visions dealing with the payment of principal or interest under such prior f mortgages without the prior written consent of the other. i ~ E K. In the event mortgagor is unable to obtain financing at the time the f final payment is due, then mortgagee herein, agrees to finance, by a new note i and mortgage, an amount equal to 90~ of the principal balance remaining on said final payment due date. Said mortgage shall be a first mortgage and ~ shall bear interest at l~% above the FHA/VA rate prevailing on the date said final payment is due. This new note and mortgage shall be amortized over ~ ~ ten (10) years. THIS IS A BALLOON MORTGAGE AI3D THE FINAL PAYMENT OR THE BAI.A1~iCE DUE UPON MATURITY IS 567,151.92 , TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCII~hTS MADE BY THE MORTGAGEE ~ LiNDER THE TERMS OF THIS MORTGAGE. ' ~ ~ ~ _l _ ~ ~ J z ~ ? ~ , ~ ~ ~ L r \ ~ ~ ~ ~.~J1/~,~~_c.~' `'c 'tJ ~ David . Houston, Mortgagor Robert A. Van Natta, Mortgagee ~ ~ rn 3 ^I? I~. ' t ~ 1 / ~ i 5 ~ S t,~~r~,t , 1 / - "~i~ s ~ ~ ~ ' James A. Frede burg, Mortga , € . . v ~ ~ - ~ - 623s24 James ance, Mortgagee ~ ~ ~ _ ' f 411 PAGE 963 ~ ~1~.;~. ~ - - . - - - - = - , _ ~ ; ~