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HomeMy WebLinkAbout1441 ~ + , , . ~3~ . AGRSEMB NT . c'.ic~ ~ ~e r ~ THIS AGRESMENT, made this the ~day of Gep~, 1975, between FIRST NATIONAL BANK OF PALM BSACH GARDSNS, a national banking aesociation, hereinafter referred to as BANK, HARRIS OONSTRUCTION OORPORATION, a Florida Corporation, hereinafter referred to as HARRIS, NEIL S. BURD~ RUSSELL K. BURD, II, and NANCY S. BURD, his wife, hereinafter referred to as MORTGAOORS. WITNSSSETH: 1. That the BANK is the owner and holder of a certain first mortgage secured by mortgage note of even date in the original amount of Eighty Thousand Dollars ($80,000.00), made and qiven by the ~ ~IyORTGAGORS dated June 25, 1974, and recorded in Official Record Book 229. Page 10, of the Public Records of St. Lucie County, Florida. 2. That the principal unpaid~balance of said first mortgage is the sum of Seventy Five Thousand Three Hundred Ninety Four pollars and Forty Cents ($75,394.40) and that the said note and mortgaqe bal- ance are delinquent and in default in the sum of Fcur Thousand Two Hundred and Sixty Five Dollars and Three Cents including principal aid interest and late ~haryes up to and including the 25th day of September, 1975. 3. That HARRIS is willinq and able to qrant a aecond mortqage loan unto the MORTGAt~ORS in the amount of Twenty Seven Thousand Five Hundred Dollars ($27,500.00) provided that the BANK will waive pro- hibition against such second mortgages contained in Paraqraph 17 of the said first mortgage, and in further consideration of the other mutual agreements contained herein; that the BANK does hereby waive the prohibitions_stated in Paragraph 17 specifically, as to the said second mortgage in favor of HARRIS, but not otherwise, and the pro- v isions of ~aid Paraqraph 17 shall remain in full force and effect $ e xcept for the said HARRIS second mortgage. A copy of said HARRIS second mortgage to b~ eYecuted by the MORTGAGORS is attached hereto a nd by reference made a part hereof. -4. That upon closinq the said second mortgage HARRIS shall dispurse from the proceeds thereof the swa of Four Thousand Two G ~ Hundred Sixty Five Dallars and Three Cents to the BANK, which eum ; . shalt cure the delinquency, default and arrearage existing on the ~ BANK'S first mortgage, aad brinq said first mortgage current as of ~ ~ ~ the 25th day of September, 1975. ~ ~ 5. That the BANK hereby agrees that before it wi1Z accelerate ~ or foreclose its first mortgaqe it will first give HARRIS thiity (30) 3 days notice in writing by certified mail addressed to HARRIS at 410 ~ ~ Orange Avenue, Fort Pierce, Florida 33450, which thirty day notice s hallst~te the amount of any arrearaqe or default in principal, in- r terest, taxes, insurance or any governenental assessments or other ~,`t charges, and HAR~:SS shall have a_period of thirty (30) days from the 3 date of said notice to pay any and all such sum nr sums necessary to c ure such arrearage or default and to BANK in full. ~ \ Should the said HARRIS not pay such arrearage or cure such ~ d efault within said thirty (30) days the BANK shall retain and exer- v cise all of its rights of acceleration, collection and enforcement, by foreclosure or otherwise .contained in the said first mortgage and ~ ~ note. _ ~ '~~'i 6. The BANK hereby covenants and agrees with HARRIS that the ~ ~ second mortgage lien in favor of HARRIS shall be paramount and su- ~ perior to any future advances that may be made by the BANK ~ursuant ~ a ` - ~ ~ ~ n ~ ~ ~ ~ ~ ~ 6GCK~~i'~ PJIGE~"~ ~ ~ ~ . - - , ~ { ~ ; _ ^