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RIDER TO MORTGAGE dated the 20th day of November , 1979,
between PHILIP B. AHN and"JEAN J. AHN, his w e, as Mortgagor,
and H. H. REESE and IRENE H. REESE, his wife, as Mortgagee,
W I T N E S S E T H:
1. This mortgage is subject and subordinate to: The certain
mortgage, dated December 7 , 1970 , made between JOSEPH
LIPPSON as Mortgagor, and HAZEL
TRAVIS as Mortgagee, whic mortgage was
recor ed in the o ice o the Clerk of the County of St.
Lucie , on December 8 , 1970 , in~OR Book 188 ,
page 2230 , o e P lic Records of St. Lucie County,
and w
i~c
-mortgage constitutes a first mortgage lien
upon the premises, now in the reduced principal amount of
$ 83,774.99 , with interest from November 7 , 19 79.
(Such first mortgage is hereinafter re erred to as the 1
" First Mortgage".)
2. With respect to the principal indebtedness of mortgagor to
mortgagee in the sum of $ 250 000.00 evidenced by the
note of even date herewith, made y mortgagor to mortgagee
and secured by this mortgage, mortgagee has conveyed to mort-
gagor on the execution hereof real property valued at
$ 325,000.00 , and mortgagor and mortgagee hereby agree
that the balance of said principal indebtedness (the "Balance") )
totalling $ 83 774.99 as of the 7th day of November,
19 79, has een valid y incurred by mortgagee hereby agre-
e-
g
to retain such balance and, as provided in paragraph 3 hereof, s'.
to pay to the holder of the First Mortgage the $ 83,774.99 ,
unpaid balance as of said dates-said First Mortgage to-
gether 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 payment of principal and interest due under said First
Mortgage.
(b) In the event mortgagor 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 apyments of principal and interest due thereunder
{ after November 7 , 1979 ) such failure on the part of
f mortgagor shall constitute a default under this mortgage and
shall entitle mortgagee, at its option, to exercise any and
all rights and remedies given mortgagee in the event of a de-
fault hereunder.
[ ~ '
(c) Any and all expenses, including, but not limited to, title
company 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 mortgagee with the provisions hereof
dealing with the payments made or to be made to the holders
of the First Mor-tgage shall be paid by the mortgagor or any
owner o~the premises when requested by the title company
and/or the attorneys representing the holder of the First
f
Mortgage.
4. (a) Mortgagee agrees to pay to the holder of the First
Mortgage, the $ 83,774.99= , unpaid principal a~i lance of _
said mortgage, together with all interest thereon accruing
thereunder from November 7 , 1979 .
(b) All such payments provided to be paid by mortgagee, -
pursuant to the provisions of subparagraph (a) hereof, shall
be made by mortgagee before the expiration of the applicable
grace periods provided for such payments as contained in the
First Mortgage. '
FEE. KOBLEGARD 8c TEEL.. P. A. j
ATTORNEYS AT LAW ~ip`+~
POST OFFICE BOX 1000 ~I~~X D (;h~h~~`~~1V
€ FORT PIERCE. FLORIDA 33450 PaG