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~ • ~ EXHIBIT A
- WRAP-AROUND MtiR~ye+GE ADDENDUM
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10 phis is a purchase• money second mortgage, subject
on y to a first mortgage in favor of J T T GE CO.
~CfODt~CXYXHXXKIM[OCiCXiC~CO[~t having an approximate unpax principal
balance of 514,500.00 , hereafter galled "first mortgage."
I11)
(a) The Mortgagor agrees to comply with all of the terms 1
and conditions of the first mortgage other than with respect
to the payment of principal and interest due under the first
mortgage. - •
(b) If the 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-under it (other than with respect to
payments of principal and interest due), that failure on the -
- part of the Mortgagor shall constitute a default under this ~
mortgage and shall entitle the Mortgagee, at its option, to
• exercise any and all rights and remedies given the Mortgagee
in the event of a default under this mortgage.
(12)-
(a) The Mortgagee agrees to--pay to the holder of the first
mortgage the unpaid principal•balance of the mortgage, together
with all interest accruing under it as and when required by the
• terms of the first mortgage, i.e., by paying the constant
monthly installments of $ 354.05 each provided to be paid
to and including the date when the Mortgagee shall
pay the entire unpaid principal balance of the first mortgage
J and all interest accrued on it.
(b) All those payments provided to be paid by the
Mortgagee, pursuant to the provisions of subparagraph (a)
above, shall be made by the Mortgagee before the expiration
~ of the applicable grace periods provided for those payments
_ as contained in the first mortgage.
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(c) Notwithstanding the foregoing, the Mortgagee's
obligation to make. the respective payments of principal and
interest as and•when due under the first mortgage is conditioned
.upon the following:
. (i) The Mortgagor shall not•be in default under this
~rortgage;
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(ii~) The Mortgagor shall comply with all of the terms
. and provisions of the first mortgage other than with
, respect to the payments of-principal and interest due'.
(d) The Mortgagee does not assume any of the obligations
~ of the Mortgagor under the first mortgage except as provided
above with respect to payments of principal and interest due
after June 1, 1974.
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(13) The Mortgagor agrees to pay to the Mortgagee ~
any sums required to be paid to the holder of the first
mortgage (other than payments of principal and interest under
the mortgage) at least twenty (20) days prior to the last day
under each of the mortgages that those payments may be made ~
without constituting a default, and the Mortgagee agrees to
remit promptly those sums so paid to the Mortgagee by the ~
Mortgagor to the holder of the first mortgage in payment of
the sums due under that mortgage. Provided however, that this
Paragraph does not superc~d_e Paragraph NINE (9) hereinabove. •
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