HomeMy WebLinkAbout2326 . ADDENDUM TO MORTGAGE
ADDENDUM TO MORTGAGE between P. M. BLAND and WILLENS BLAND,
his wife, as Mortgagors, and LORETTA LUSTIG, as Mortgagee, dated
this ~ day of March, 1979.
1. This is a Purchase Money Second Mortgage, subject only to a
first mortgage in favor of ANTHONY N. CHIAVE'1'TA, ANNA M. CHIAVETTA
and JOHN J. CHIAVETTA, a majority of the surviving Trustees of JADA
FARMS, INC., a dissolved Florida corporation, dated October 6, 1978,
and recorded November 7, 1976, in Official Records Book 297, at page
1518, of the Public Records of S t. Lucie County, Florida, having an
approximate unpaid balance of $15,000.00, hereinafter called "First
Mortgage".
(a) Mortgagors agree to comply with all of the terms and
conditions~of the first mortgage, other than with respect to the pay-
ment of principal and interest due under said first mortgage.
(b) In the event mortgagors shall fail to so comply with
all of the terms, provisions and conditions of the first mortgage,
so as to result in-a default thereunder (other than with respect to
payments of principal. and interest due under), such failure on
the part of mortgagors shall constitute a de cult under this mort-
gage and shall entitle mortgagee, at her op ion, to exercise any and
all rights and remedies given mortgagee in he event of a default
hereunder.
2. Mortgagee agrees to pay to the lder of the first mortgage
the unpaid principal balance of said mor gage, together with all
interest thereon accuring thereunder, as and when required by the
terms of said mortgage.
(a) All such payments provided to be paid by mortgagee,
pursuant to the. provisions hereof, shall be made by mortgagee before
the expiration of the applicable grace periods provided for such
payments as contained in such mortgage.
i
(b) Notwithstanding the foregoing, mortgagee's obligation
I to make the respective payments of principal and interest as and
° when due under the first mortgage is conditioned upon the following:
a
(i) Mortgagors shall not be in default under this mortgage;
~ (ii) Mortgagors shall comply with all of the terms and pro-
~ visions of the first mortgage, other than with respect
to the payment of principal and interest due thereunder.
3. Mortgagors agree to pay to mortgagee any sums required to be
paid to the holder of the first mortgage (other than payments of prin-
cipal and interest under said mortgage) at least twenty (20) days
} prior to the last day under said mortgage that such payment may be
made without ,constituting a default thereunder and mortgagee agrees
to promptly remit such sums so paid to mortgagee by mortgagor to the
holder of the first mortgage in payment of such sums due under such
mortgage.
4. If the mortgagee shall default in making any required pay-
ment of principal and/or interest under the first mortgage, the
mortgagors shall have the right to advance the funds necessary to
f _ 1 - ~cix 307 ~A~:2326
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