HomeMy WebLinkAbout0343 RIDER TO MORTGAGE dated June 1, 1977. between SOUTHERNAIRE MOTEL
CORPORATION OF FT. PIERCE, a Florida corporation, as Mortgagor, and
JOSEPH L. LACH and MARY ANN LACH, his wife, as Mortgagee.
1. This mortgage is subject and subordinate to: The certain
mortgage, dated September 5 , 19 63 , made between
M. Vernon Jenkins & Dorothy Henry Jenkins, his wife as
mortgagor, an First Federal Savings and Loan Associatio~ of Ft.
Pierce as mortgagee, which mortgage was recorded in the
o~
ic~~e~-the Clerk of the County of St. Lucie , on
Se ember S , 19 63 , in . oo
page 7 o t e ublic
~rds of~ St. Lucie
County, a`n~wTiich mortgage constitutes a first mortgage
lien upon the premises, now in the reduce pr nc pa amount of
$ 15 387.07 , with interest from June 1. •
1 y7 . uc fir•t mortgage is here na ter re erre to
as tTie " Prior ortgage" . )
2. This mortgage is subject and subordinate to: The certain
mortgage. dated February 1 , 191~, made between
JOSEPH J. LACH and MARION C. LACH, his wife as
mortgagor, and M VEIZNON TENKINS ~nd DOROTHY H_ TE INS,_h~
, as mortgagee, which mortgage was recorded in
t e o ce o t e Clerk of the County of St. Lucie ,
on t r Z , 19 71 , in 0. R, oo , page
27 o t e u c Recor~s of St. Lucie ounty, and
w ic mortgage constitutes a mortgage lien upon
the premises, now in the reduce principal amount of $ 271.766.29
with interest fram June 1 , 19~. (Such mortgage
is hereinafter referre to as t e~-prior Mortgage".)
3. With respect to the principal indebtedness of mortgagor to
:~ortgagee in the svm of $~i35, 000. 00, ei~i~e^.~Qd b~ the note
' of even date herewith, made by mortgagor to mortgagee and se-
~ cured by this mortgage, mortgagee has conveyed to mortgagor
€ on the execution hereof real property valued at $433,Z34.94,
' and mortgagor and mortgagee hereby agree that the balance of
~ said principal indebtedness (evidenced by the prior mortgage)
~ totalling $ 87.153 ~ as of the lst day of ,
a 19 , has een va~ia~incurred by mortgagee here y agreeing
~ to satisfy such balances according to the terms and, as provided
~ in Paragraph 5 hereof, to pay to the holder of the prior mort-
gages the $ unpaid principal balance as ,
~ of said date o sa prior mortgages together. with accrued in- ;
,
terest.
4. (a) Mortgagor agrees to comply with all of the terms and con-
ditions of the prior mortgages other than with respect to the
payment of principal and interest due under said prior mortgages. ,
t
d ~
~ (b) In the event mortgagor shall fail to so comply with all ~
~ of the terms, provisions and conditions of the prior mortgages ~
~ so as to result in a default thereunder (other than with re- ~
~
spect to payments of principal and interest due thereunder
after June 1, 1977) such failure on the part of mortgagor.
~ shall constitute a default under this mortgage and shall en- ~
~ title mortgagee, at its option, to exercise any and all rights ~
and remedies given mortgagee in the event of a default hereunder. ~
~ ;
~ ~
_ ~
i
~0~~269 ~A~E 343
~ ~
iaca~o o. ~mn. r~ • ~r?o~amr.~r uw • reo vnwa~u? ~veMUa.wrrt ~a • sarr rK~c~. naaa? u~o w~n~o