HomeMy WebLinkAbout2399 . r ~
• . i
RIDER TO MORTGAGE - FZ'- PIERCE CONSTRUCTION CORP. ~
;
1. COVENANT TO KEEP FIRST MORTGAGE CURRENT ~
The Mortgagor hereby agrees that in case of a default
in the performance of the First Mortgage now held by First Wiscon-
sin l~ational Bank or in the performance under the note secured s
thereby, the holder of this Mortgage may proceed to cure such
>
default by the paymen~ of all or any part of the indebtedness
secured by the First Mortgage and the holder hereof shall be sub-
rogated to the lien of the First Mortgage to the extent of such
payment; or at the option of the holder hereof, such default under ~
the First Mortgage shall be deemed a default hereunder and shall -
entitle the holder hereof to foreclose this Mortgage as provided
by law. Mortgagor waives notice of the exercise of such option
' and consents to the assignment of the First Mortgage to the holder
~
~ of this Mortgage.
~ 2. DISBURSEMENT OF LOAN AMOUNT
~ The total amount disbursed pursuant to the terms of the ~
a
k '
~ loan secured by this Mortgage shall equal the sum of $200,000 and
such sum shall be disbursed from time to time as follows: to pay
the necessary expenses of the closing of this transaction including
legal fees, recording fees and stamp taxes for the recording of the
~ Mortgages; to pay the cost of a Mortgagee's policy of title in-
~ surance in the amount of $226,000; to pay a contractor or sub-
contractors who have performed work in connection with the con-
~
~ struction of a condominium project located in Fort Pierce, Florida,
~ and known as The Colonnades; to pay interest or principal due on }
the First Mortgage; or to make payments directly to the Mortgagor.
~
_ go~K225 ~2393 - ~
~ - _ _ _ -
~ ~ i
~ -
< - wti