HomeMy WebLinkAbout1457 RIDER TO HORTGAGE dated May 23, 1979, between JA1'~S A. BOLL?'~R and
PATRICIA A. BOLLMER, his wife, as Mortgagor, and ARTHUR B. EMtiONS
and MARGARET AtiN EMMOt~S, his wife, as Mortgagee.
1. This mortgage is subject and subordinate to: The certain
mortgage, dated Mav 20, 1977, made between ARTHUR B. EMMOt~S and
MARGARET AtJN EMMOt1S, his wife, as Mortgagor, and COMMUNITY
FEDERAL SAVINGS AIiD LOAN ASSOCIATION OF RIVIF•.RA BEACH, as
Mortgagee, which mortgage was recorded in the office of the
Clerk of the County of St. Lucie, on June 3, 1977, in O.R. Book
269, Page G24, of the Public Records of St. Lucie County, and
which mortgage constitutes a first wort ale lien upon the premises,
now in the reduced principal amount of ~19 719.91, with interest
from May 23, 1979. (Such first mortgage s ereinafter referred
to as the "First Mortgage.") .
2. With respect to the principal indebtedness of Mortgagor to
Mortgagee in the sum of 570,000.00 evidenced by the note of even
date herewith, made by Mortgagor to Mortgagee and secured by
this mortgage, Mortgagee has conveyed to Mortgagor on the
execution hereof real property valued at $80,000.00, and Mortgagor
and Mortgagee hereby agree that the balance of said principal
indebtedness (the "Balance") totaling S19 719.91 as of the 23rd
day of May, 1979, has been validly incurre y ortgagee hereby
agreeing to retain such Balance and, as provided in Paragraph 3
hereof, to pay to the holder of the First 1ortgage the $19 719.91
unpaid principal balance as of said date of said First ortpage
together with accrued interest.
3. (a) Mortgagor agrees to comply with all of the terms and con-
ditions of the First Mortgage other than with respect to .the
pavr~ent of principal and interest due under said First ?iortgage.
(b) In the event Mortgagor shall fail to so con~ly with all of
the terns, provisions and conditions of the First ?Sortgage so as
to result in a default thereunder (other than with respect to
pa;~ments of_nrincinal and interest due thereunder after May 23,
1979) such~~failure on the part of Mortgagor shall constitute a
default under this mortgage and shall entitle Mortgagee, at its
option, to exercise any and all rights and renedies given
Mortgagee in the event of a default hereunder.
(c) An;~ and all expenses, including, but not limited to, title
j cor_~pany charges, recording and filing fees, legal fees of the
attorneys for the holder of the First Mortgage in preparation
of an assignment of either mortgage and any tax, if any, that
may be hereafter imposed by any taxing authority in connection
with the compliance by tortgagee with the provisions hereof
~ dealing with the payments made or to be made to the holders of
the First t4ortgage shall be paid by the Mortgagor or any oc,mer
~ of the premises when requested by the title company and%or
~ the attorneys representing the holder of the First Mortgage.
4. (a) Mortgagee agrees to pay to the holder of the_First Mortgage,
the $ 19 719.91 unn_aid principal balance of said mortgage, together
with a interest thereon accruing thereunder from t~iav 23, 1979.
(b) All such payments provided to be paid by Mortgagee, pursuant
to the provisions of_ Subparagraph (a) hereof, shall be made b•~
Mortgagee before the expiration of the applicable grace periods
provided for such payments as contained in the First tiortgage.
(c) Notwithstanding the foregoing, Mortgagee's obligation to
make the respective payments of principal and interest as and -
when dhe under the First Mortgage is conditioned upon the
~ following:
(1) tortgagor shall not be in default under this riortga~;e;
(2) Mortgagor shall comply with all of the terms and pro-
visions of the First tsortgage other than with respect
to the payments of principal and interest due thereunder
after May 23, 1979.
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