HomeMy WebLinkAbout2095 and every such payment shall bear interest from date at the
rate stated in the note secured hereby.
13. That the abstract or abstracts of title
covering the mortgaged property shall at all times, during
the life of this mortgage, remain in the possession of the
mortgagees and in the event of the foreclosure of this
mortgage or other transfer of title to the mortgaged property
in extinguishment of the indebtedness secured hereby, all
right, title, and interest of the mortgagors in and to any
such abstracts of title shall pass to the purchaser or grantee.
14. The mortgaged property is subject to certain
mortgages as follows:
(a) Mortgage dated April 25th, 1979, held by
BEATRICE F, RUSSO, herein called RUSSO, in
the principal amount of $21,000, recorded
April 26th, 1979 in Official Records Book 307,
Page 2062, iiartin County, Florida, public
records.
With respect to the RUSSO mortgage, mortgagors and
wraparound mortgagees agree as follows:
(b) There exists no default or any event that
would constitute a default under the RUSSO
mortgage.
the indebtedness secured hereunc3e;
(c) 2-iortgagors will pay /.iirectly to the mortgagees.
(d) 1liortgagors will not make any payment directly
to RUSSO or request any release, partial release,
amendment or other modification of the RUSSO
mortgage without the prior written consent of wrap-
- around mortgagees, their successors and assigns.
(e) The lien of this wraparound mortgage is
subject to and inferior to the above described
RUSSO mortgage.
(f) This is a PURCHASE MONEY ~SORTGAGE.
(g) It is the intention-of the parties hereto
to create hereby a wraparound mortgage, with the
mortgagees hereto retaining the responsibility of
payment of the aforesaid RUSSO mortgage, and the
mortgagors hereto being liable to mortgagees for
payments of installments of principal and interest
as required by the note hereby secured. The
parties acknowledge that the monthly payments to
be made by mortgagors hereto will be the primar-y
source from which funds will be available to the
mortgagees to make payments on the RUSSO mortgage.
In the event mortgagors fail to make payments of
installments of principal or interest as required
by the note hereby secured, and the wraparound
mortgagees incur any cost, or expense, including
reasonable attorneys' fees, in keeping the said
RUSSO mortgage current and preventing default
thereunder, mortgagors will indemnify wraparound
mortgagees against same, and in the event the
indebtedness secured by the RUSSO mortgage is
accelerated, or the mortgaged property or any part
thereof is sold, or attempted to be sold, pursuant
to said RUSSO mortgage, or any remedial action or
proceeding is taken or instituted in respect of
the mortgaged property or any part thereof under
the said RUSSO mortgage., in addition to other
remedies available to the wraparound mortgagees,
the mortgagors will indemnify wraparound mortgagees r
against any Ioss, cost or expense incurred wrap-
around mortgagees, including reasonable attorneys'
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