HomeMy WebLinkAbout1587 RIDER TO MOP.TGAGE dated ~ 3 19 79 between
Chris E. Jessen and Judith E. Jessen, his wife
as Mortgagor, and Jeffrey S. Furst and Maurice Snyder
as Mortgagee.
1. Prior Mortgages
(a) This mortgage is subject and subordinate to: The certain
mortgage, dated July 31 19 72 made between
James Wynn and Veronica Wynn, his wife as mortgagor,
and Dixie Gist Gentry and_Michele Gentry Samaca
as mortgagee, w is mortgage was recor a in t e o ice o s
the Clerk of the County of St. Lucie, on August 1 lg 72 ~
in O.R. Book 204 page 2182 of the Pu is Recor s o
St. Lucie County, and which mortgage
const tutes a first mortgage lien upon the premises, now in the
reduced principal amount of $ 29,861.16 with interest from
November 1 19 79 uc ~rst mortgage is
ereina ter re erred to as the "prior mortgages".)
(b) This mortgage is subject and subordinate to: The certain
mortgage, dated December 13 19 72 made between
Maurice Snyder, Theodore Smith and Jeffrey S. Furst as mortgagor,
and Dixie Gist Gentr
as mortgagee, w is mortgage was recor a in the o ice o
the Clerk of the County of St. Lucie on Januar 9 19 73 ,
in O.R. Book 209 ,.page 23 o t e Public Recor s o
St. Lucie County, and which mortgage
constitutes a second mortgage lien upon the premises, now in the
reduced principal amount of $ 6,484.79 with interest from
November .l 19 79 uc secon mortgage is
ereina ter re erre to as tie "prior mortgages".)
2. With respect to the principal indebtedness of mortgagor to
mortgagee in the sum~of $ 90,000.00 evidenced by the
note of even date herewit ma a by mortgagor to mortgagee #
and secured by this mortgage, mortgagee has conveyed to mortgator ~
on the execution hereof real property valued at $ 10.00 and O.V.C.
and mortgagor and mortgagee hereby agree that the a ance o sai
principal indebtedness (the "balance" totalling $ 36,345.95
as of the 1st day of December 19 79 as een va idly
incurred by mortgagee here y agreeing to retain such balance and,
as provided in paragraph 3 hereof, to pay to the holders of the
prior mortgages the $ 3b,345.95 unpaid principal balance as of
said date of said prior mortgages together with accrued interest. !
3. (a) Mortgagor agrees to comply with all of the terms and conditions
of the prior mortgages other than with respect to the payment
of principal and interest due under said prior mortgage.
(b) In the event mortgagor shall fail to so comply with all of the
• terms, provisions and conditions of the prior mortgage so as
to result in a default thereunder (other than with respect
to payments of principal and interest due thereunder after
December 3 19 79 ) such failure on the part of
mortgagor sha 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
default hereunder.
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