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HomeMy WebLinkAbout2993 County of St. Lucie, State of Florida as is covered by the Wraparound Mortgage securing this Purchase Money Mortgage Note which Mortgage to Florida Bank at Fort Pierce is recorded in Official Records Book 210 at Page 1936 of the Public Records of St.Lucie County, Florida and is called the "First Mortgage". The Note dated February 1, 1973 and secured by the first mortgage is hereinafter called "First Note". The holder of this Promissory Note, by accepting this Promissory, agrees for itself and for its partners and its respective heirs, personal representative, successor and assigns as follows: 1. It will duly comply with each and every of the obligations of the maker under the First Note and the Mortgagor under the First Mortgage, and will not commit or suffer to be committed any default under either of said instruments. 2. In the event a default occurs under the First Note or the First Mortgage, the maker has the right but is not obligated to cure such default and 'to deduct any sums paid to cure same from the principal indebtedness evidenced by this Purchase Money Mortgage Note. 3. The payments required~to be made under this Purchase Money Mortgage Note pursuant to the provisions above may, at the option of -the undersigned, be paid directly to the holder of the First Note to the extent of the total payments due under the First 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 maker elects to pay the monthly installments required under the provisions of this Purchase Money Mortgage Note directly to the holder of the First Note to the extent of the total payments due under the First Note, the undersigned shall be relieved of the obligation to pay such monthly payments to the holder of this Purchase Money I~lortgage Note to such extent, and shall receive full credit for each such payment made to the holder of the First Note as though each such payment has been made to the holder of this Purchase Money Mortgage Note. 4. Neither the holder nor the maker of this Purchase Money Mortgage Note shall make or permit to be made any prepayments under the First Note or the First Mortgage, except with t~Iie prior written consent of the other, such consent will not be unreasonable withheld and it is hereby-noted by the Mortgagor and the Mortgagee that the First tote provides for the privilege of prepayment with/~~ialty, except as otherwise provided therein. 6 s 5. This Purchase Money Mortgage Note and the Mortgage are executed pursuant to an Agreement for Purchase and Sale of real ~ property executed on March 26, 1979 by the Seller, Joseph F. Corso ~ and Mae A. Corso, his wife and the Buyer,Kralhinkle Photography Group,Inc., a Florida Corporation, who has assigned its interest g to the Mortgagor herein and each and every of the representations and warranties contained in that Contract for Sale and Purchase are incorporated herein by reference and made a part hereof with the same force and effect as if set forth herein verbatim and shall survive the payment, cancellation and satisfaction of this Purchase Money Mortgage Note and the Mortgage. a 6. Anything in the Contract for Sale and Purchase or in this Purchase Money Mortgage Note or the Mortgage securing this Purchase Money Mortgage Note to the contrary notwithstanding, neither the undersigned nor any present or future partner in or of the undersigned, nor any other party or person, is or shall becotre liable, jointly or severally or otherwise, for the payment of any money by reason of anything contained in the Contract or in this Purchase Money Mortgage Note or in the Mortgage securing this Purchase Money Mortgage Note. :fakers understand that foreclosure of the Mortgage is not the sole remedy of the holder of this Purchase Money Mortgage Note. K ~o~ 3t17 ~f 2!92 3. .2.