HomeMy WebLinkAbout1369 RIDER AT'PACHI:D 'r0 MORTGACC DE~D DY AND BET~VF.L'N •
BLIICKT~CR~ I:~1~L9'Y CORP. AND LOMAS & NETTLETUN
FINANCIAL COI2PORl1TTON
DATED June 16, 1973
This Dfortgage is a"wrap-arounci" mortqage deed, and
the l~ote is a wrap-around n~te as described in the Note. The agree--
ment of tlie Mortgayee to make payments on the hereinafter described
notes (the "Other Notes") is set forth in the Note, and the provisions
of the Note are incorporated herein by reference as if set Eorth at
length herein. This Mortgage is subordinate and inferior to the four
following mortgage deeds (the "Other tdortgaqes"), each of which covers
the above-described property: ~
l A. Mortgage Deed dated September 20, Z971, recorded ~
in Book 195, Page 2308 of the mortgage deed records of St.
Lucie County, Florida. securing the payment of a note of
even date therewith in the original principal sum of
$383,OQ0 executed by William H. Watson, as Trustee, pay-
able to the order of Charlotte B. Gotfredson.
8. Mortgage Deed dated September 20, 1971, recorded
in Book 19S, Page 2313 of the mortgage deed records of St.
Lucie County, Florida, securing the payment of a note of even
date therewith in the original principa2 sum of $62,500 exe-
cuted b~? William H. t~latson, as Trustee, payable to the order
of Charlotte B. Gotfredson.
C. Mortgage Deed dated of even date herewith, recorded
in Book 2 i$ , Page /35 3 0~ the mortgaqe dee~ ~ records of
St. Lucie County, Florida, securing the payment of a note of
even date herewith in the original principal sum-of $1,031,010
executed by David Serns, as Trustee, payable to the order of
Richard Verbic and Eugene L. LeMaire, as Co-Trustees.
D. Mortgage Deed dated of even date herewith, recorded
in Book Z~S , Page /3 y y of the mortgage deed records of
St. Lucie County, Florida, securing the payment of a note of
even date herewith in the original principal sum af $176,240
executed by David Serns, as Trustee, payable to the order of
- Richard Verbic and Eugene L. Le2~laire, as Co-Trustees. •
Mortgagor agrees to perform all of the covenants and obligations
contained in such Other Mortgages and Mortgagee may, but shall not
be obligated to, perform such covenants and obligations for the
account of and at the expense of Mortgagor, and any sums disbursed
` for such purpose by Mortgagee shall be payable to Mortgagee on demand
` with interest at the rate specified in the Note and shall be secured
by this 1~:ortgage; provided, hoc~ever, so long as Mortgagee is obligated
E to make payments on the Other Notes as set forth in the Note, and
; provided-Mortgagor is not then in default hereunder or under the Note,.
; Mortgagee shall not be required to make payments on the Other Notes.
~ Any default by riortgagor under any of the Other Mortgages (other than
r a default in the payment of money which Mortgagee has agreed to pay)
: shall constitute a default hereunc:er.
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; Mortgagor agrees that in the event Mortgagee should
s become the purchaser at foreclosure hereof, Martgagee may, at its
~ optioii, credit the purchase price against the Note only to the ex-
~ tent of the aggregate amount of principal actually disbursed to
- Mortgagor by ~'ortgagee under the ~ote less any principal payments
thereon, plus interest accruecl on the Note and zny advances or other
; disbursem:~nts made o~arsuan~ to the provisions :~ereof and any other
amounts c•mich the i,'.ortgagce rnay by lac•~ be per~nitted to receive, or ~
~ if riortgagee is not t}ie purchaser at such sale if the fareclosure
; sales price daes not eyceed the ar~ount which c~•ould be so credited
~ against the I~ote if tfortgagee had so elected to become tt~e Yutc ~uscr
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