Common use of Stipulated Conditions Clause in Contracts

Stipulated Conditions. In the event of a default in any of the Homeowner/Mortgagor’s under the Mortgage, the Mortgagee shall notify IHT of such fact and IHT shall have upon receiving a copy of the notice of default the right (but not the obligation) within 120 days after its receipt of such notice, to cure such default in the Homeowner’s name and on Homeowner’s behalf, provided that current payments due the Mortgagee during such 120-day period (or such lesser time period as may have been required to cure such default) are made to the Mortgagee, and shall further provide that said Mortgagee shall not have the right, unless such default shall not have been cured within such time, to accelerate the note secured by such Mortgage or to commence to foreclose under the Mortgage on account of such default.