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HomeMy WebLinkAbout0962 , t (a) Mortgaqor shall not be in default under this Mortgage; ; (b) Mortgagor shall comply with all of the terms and ~ provisions of the First Mortgaqe other than with respect to the payment of principal and interest due thereunder. D. Mortgagor covenants and agrees not to exercise any right or privileges or prepayment of the First Mortgage and further covenants and agrees not to enter into any agreements ~ with the holders of the First Mortgage modifying or amending ~ any of the provisions dealing with payment of principal and ~ interest thereunder without the prior written consent of Mort- gagees thereto. E. Mortgagor agrees to pay to the Mortgagees any sums . required to be paid to the holder of the First Mortgage (other than with resgect to payments~of principal and interest under said mortgage) at least ten days prior to the last day under said Mortgage that such payments may be made without constitut- ing a default thereunder and Mortgagee aqrees to promptly remit such sums so paid to Mortgagees by Mortgagor to the holder of the First Mortgage in payment of such sums due under such mortgage. F. In the event that unpaid principal balance of the First Mortgage is reduced by the holder of said mortgage applying insurance proceeds in reduction thereof or by prepayments made by Mortgagor with the prior written consent of the Mortgagees so that Mortgagees' obligations hereunder to pay to the holder of the First Mortgage, the unpaid principal balance of said mortgage as hereinbefore provided is similarly reduced, then and in such event, Mortgagees agree that Mortgagor's obligations t~ pay the total indebtedriess to Mortgagees hereunder shall be like- wise reduced by an equivalent amount; such equivalent amount to be deducted from the final payment to be made by Mortgagor to Mortgagees hereunder, in the inverse order of their due date. G. If the Mortgagees shall default in making a required _ ; payment of principal and/or interest under either or both of the ~ First Mortgage, the Mortgagor shall have the right to advance ` the funds necessary to cure such default and all funds so ad- i vanced by Mortgagor together with interest thereon at the rate ~ of eleven percent per annum shall be credited against the next installment(s) of interest and principal due under the note ` secured by this Mortgage. ~ ~ H. Mortgagor and Mortgagees agree to promptly send to the ~ other copies of any notices received by them from the holder of the First Mor~gage. In addition, Mortgagees agree to send to Mortgagor at the time Mortgagees make each payment provided herein to be made by Mortgagees to such holder of the First Mort- gage, evidence that each such payment has been made (a copy of . Mortgagees' transmittal letter, if any, will suffice), should ~ the Mortgagor so request of the Mortgagees in writing. ~ ~ I. Notwithstanding any provision to the contrary contained ~ herein, interest shall not be payable by the Mortgagees upon any ~ sums deposited with or held in trust by the Mortgagees pursuant to any provision hereof. 4' f J. Mortgagor shall have the right to prepay the whole or ~ ~ any part of the unpaid balance of the indebtedness hereunder at any time without penalty. However, it is agreed between the s Mortgagor and the Mortgagees that any prepayments shall be first ~ applied to the payment of the First Note and First Mortgage. Any ~ ~ ~ • ~ `s ~ BOOK P1GE ~ ~ . ' ~,,.I - . _ L~ _ ' -