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RIDER TO MORTGAGE
Rider to Mortgage dated. February 13,1980 between HENRY GAHN,
III, as Mortgagor and G & A VENTURES, a Florida General Partnership
as Mortgagee=.
A. This mortgage is subject and subordinate to:-that
certain consolidated mortgage dated March 28,1974 and executed
by Lloyd Taylor and Clotilds F. Taylor his wife in favor of
First Federal Savings and Loan Association at Fort Pierce, which
mortgage was recorded in O.R.Book 225, at Page 1543 of the Public
Records of St.Lucie County, Florida, which consolidated:
mortgageconstitutes a first mortgage lien on the premises
described in .this mortgage, now in the principal amount of
$9,359.86 ,with interest from,January 20,1980 (such consolidated
mortgage is hereinafter referred to as the "First Mortgage"):
B. (1) Mortgagor agrees to comply with all of the terms
and conditions of-the First Mortgage other than withrespect
to the payment of principal and interest under said First
Mortgage.
(2) 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 the payments of principal and
interest due thereunder after January 2p,1980) such failure
on the part of Mortgagor shall constitute a default under
tilits uta~l~tgaye sild aajyii, entitle ~'.-~w~rt~~~Q~ ~t his ~pt~Qn to
s
_ exercise any and all rights and remedies given Mortgagee in
the event of a default. hereunder.
(3) 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 tax, .
if-any, that may be thereafter imposed by any taxing authority
in connection with the compliance by Mortgagee with the
provisions hereof dealing with the payment made or to be
made to the holder of the First Mortgage shall be paid by
the Mortgagor or any owner of these premises when requested
by the title company and/or the attorneys representing the
holder of the First Mortgage.
C. (1) Mortgagee agrees to pay to the holder of the
First Mortgage, the sum of $9,359.86 unpaid principal
balance of said mortgage, together with interest thereon
accruing thereunder from January 20,1980, as and when required
by the terms of said First Mortgage, i.e., by paying the
constant monthly installments of $122.00 provided to be paid
thereunder on the 20th day of each month until the Mortgagee
shall pay the entire principal of said. First Mortgage and
all interest thereunder accrued and unpaid.
(2) All such payments provided to be paid by
Mortgagee, pursuant to the provisions of sub-paragraph (1)
hereof, shall be made by Mortgagee-before the expiration of
the applicable grace periods provided for such payments as
contained in the First Mortgage.
(3) Notwithstanding.the foregoing, Mortgagee's
obligations to make the respective payments of principal and
interest as and when due under the First Mortgage is conditioned
upon the following: