HomeMy WebLinkAbout2147 It is expressly understood and agreed to by the makers
and endorsers of this Note that this Purchase Money Mortgage
Note and the mortgage which secures it are not assumable and
may not be assigned to any other party by tie makers an endorsers
of this Note and that if any attempt to assign this Note is made
by the makers and endorsers, then it shall be considered a_
default under the terms of this Note and the whole sum of principal
and interest remaining unpaid shall, at the option of the
holders. become immediately due and payable. Failure to exercise
this option shall not constitute a waiver of the right to
exercise the same in the event of any subsequent default.
On June~B, 1973 United Partners III, Inc. executed a
Promissory Note payable to Ben L. Deetjen and Mary F. Deetjen,
his wife in~ the principal amount of $120,000.00 which Note is
secured by a Mortgage dated June 8, 1973 and covering the same
real estate in the County of St. Lucie, State of Florida as is
covered by the Mortgage securing this Purchase Money Mortgage
Note, which Mortgage to Ben L. Deetjen and Mary F. Deetjen, his
wife is recorded in 0. R. Book 215, at Page 1209 of the Public
Records of St.Lucie County, Florida and is herein called the
"First Mortgage". Said Note dated June 15, 1973 and secured
by the First Mortgage is hereinafter. called "First Note".
On September 19, 1978 United Partners III, Inc. executed
a Promissory Note payable to Vernon L. Scott in the principal
amount of $25,077.00 which Note is secured by a Mortgage dated
September 19,1978 covering the same real estate in the County
of St.Lucie, State of Florida, as is covered by the Mortgage
securing this Purchase Money Mortgage Note, which Mortgage to
Vernon L. Scott is recorded in 0: R.Book 295 at Page 478 of
the Public Records of St.Lucie County, Florida and is herein
called the "Second Mortgage". Said Note dated Septembter 19,
1978 and secured by the Second Mortgage is hereinafter called
"Second Note".
The Holder of this Promissory Note,by accepting this
Promissory Note, agrees for itself and for its partners and
their respective heirs, personal representatives,, successors and
assigns, as follows:
1. It will duly comply with each and every of the
obligations of the maker under the First Note and Second Note, and
the Mortgagor under the First Mortgage and Second Mortgage, and
will not commit or suffer to be committed any default under
either of said instruments;
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2. In the event a default odcurs under either the First
and Second Note or the First and Second Mortgage, the undersigned
~ has the right but is not obligated, to cure such default and
to deduct any sums paid to cure same from the principal indebted-
ness evidenced~by this Purchase Money Mortgage Note.
3. The payments required to be made under this Purchase
Money Mortgage Note pursuant to the prgvisvns above may, at
the option of the undersigned, be paid directly to the holder
of the First and Second Note to the extent of the total payments
due under the First and Second Note, whether or not there has been
any default thereunder .and any and all such payments shall be
credited against the indebtedness under this Purchase Money
Mortgage Note; thus,if the undersigned elects to pay the monthly
installments required under the above provisions of this Purchase
Money Mortgage Note directly to the holder of the First and Second
Note to the extent of the total payments due under the First and
Second Note, the undersigned shall be relieved of the obligation
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