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(3c) Notwithstanding the foregoing, the t40RTGAGEE'S ~
obligation to make the payment of principal and interest
as and when due under the prior mortgage is conditioned
upon the followittg
(i.) The MORTGAGORS shall not be in default
under this mortgage;
(ii) The ?iORTGAGORS shall comply with all of
~ the ~erms, and provisions of the prior
mortgage other than with respect to the
payment of principal and interest due.
~ (3d) The MORTGAGEE does not assume any of the obligations
of the DSORTGAGORS under the prior mortgage except as provided
above with respect to payments of principal and interest.
(4) The MORTGAGORS agree to pay to the i~ORTGAGEE any sums
required to be paid to the holder of the prior mortgage(other
than payments of principal and interest under the mortgage)
at least twenty(20) days prior to the last day under the
mortgage that those payments may be made without cons~ituting
a default, and the MORTGAGEE agrees to rernit promptly those
sums so paid to the MORTGAGEE by the MORTGAGORS to the holder
~of the prior mortgage in payment of the sums due under the
mortgage.
(5) If' the unpaid principal balance of the prior mortgage is
' redu'ced by the holder of the mortgage applying insurance
I proceeds in its reductian or by prepayments made by the
~ MORTGAGORS with the prior written consent of the MORTGAGEE
so that the MORTGAGEE'S obligation to pay to the holder:of
the prior mortgage the un~aid prineigal balance of the mortgage
as above provided is similarly ~educed, then the MORTGAGEE_
a~rees that the MORT~AGORS~;.obliga~ion to pay the total
indebtedness to the MORTGAGEE shalZ be redueed likewise by
an equival.ent amount; the equivalent amount is to be deducted
from the final payment to be made by the MORTGAGORS to the
riORTGAGEE, in the inverse order bf its due date.
(6) If the MORTGAGEE shall default in making any requlred
payments of principal or interest under the prior mortgage;
the MORTGAGORS shall have the right to advance the funds -
necessary to cure that default and all funds so advanced by the
MORTGAGOR, together with interest at the rate of 15~ per annum
sha11 be credited against the next installment(s) of interest
and p+rincipal due under the note secured by this mortgage.
(7) The MORTGAGORS shall have the right to prep ay the whole or
any part of the unpaid balance of the indebtedness under this
mortgage at any time on thirty(30) days~ notice without penalty
under this mortgage.'If the MORTGAGORS prepays the whole of the
i unpaid balanee, the ?~ORTGAGEE sha11 remit to the prior mortgagee
out of the prepayment funds the unamortized principal balance
of the prior_mortgage, together with accrued interest, provided
that the MORTGAGORS shall pay any and all prepayment penalties
~ or charges required by the~prior MORTGAGEE for prepayment of the
prior mortgage. Any partial prepayment shall be applied against
# the sums last payable under this mortgage, and if the amount
prepaid exceeds the amount determined by subtracting the ~hen ~
unpaid principal under this mortgage, then that excess amount
shall be remitted to the prior mor~gagee by the MORTGAGEE,.
provided that the MORTGAGORS shall pay any and all prepayment
penalt~es or charges required by the prior MORTGAGEE for prepayment
of the, prior mortgage .
(9) The MORTQAGORS and the MORTGAGEE covenant and agree not to
enter into any agr~ement with the holder of ~he prior mortgage
modifying or amending any of the provisions de aling with payments
of pr3ncipal or interest under the prior mortgage without the
prior written consent of the other.
(lp)Notwithstanding, the above stated right of pre-payment:, the
within mortgage & note can not be paid-off in full until
1
October .1, 19g2 except that permission is given to pay~up
to an extra $4,200:00 per year in principal.
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