HomeMy WebLinkAbout2414 RIDER ATTACHED TO MORTGAGE MADE BY
LAKE LUCIE ESTATES, INC. TO
RO~YAL AMERICAN REALTY, INC.
1. This mortgage shall also secure any and all
future or additional advances which may be made by the
Mortgagee, at its option, to the Mortgagor, or its suc-
cessors in titl~, for any purpose, provided that all such
advances are to be made within fifteen years from the
date of this mortgage, or within such lesser period of
time as may be provided hereafter by law as a prerequisite
for thE• sufficiency of actual notice or record notice of
such optional ~dture or additional advances as against .
the rights of creditors or subsequent purchasers for ;
' valuable consideration. The total amount of indebted-
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k ness secured by this mortgage may decrease or increase
~ from time to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum
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~ principal amount of $1,500,000 plus interest, and any
' disbursements made for the payment of taxes, levies or
insurance on the property covered by the lien of this
mortgage, with interest on such disbursements.
~ 2. In case of any default under any term
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~ of this mortgage by Mortgagor, Mortgagor shall mail
~ notice thereof by First Class United States Mail, to
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~ each holder of a valid and sufficient Sales Contract ~
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~ ao~194 ~413
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