HomeMy WebLinkAbout1480 nBn
N~1GA~ A~IDI~I
1. This is a purdlase money seoa~d mortgage subject to the followinq
mart~gage, which has an unpaid balance of approocimately $12,341.28:
FROM ~ Recorded Pu'~lic
Wil.liaa J. Robertson and First Federal Savings & Loan ~O°~s-Martin
Mary R. Robertsrn, his wife Associatirn of Martin County ~ 3
P 1611
a. For the purpose of this mortgage, the following terms shall mean:
(1) First mortgage -The above mortgage to First Federal Savings & Doan
Association of Martin Coiuity.
(2) Hank -First Federal Savings & Loan Associatirn of Martin Camty,
' ar assigns, as mortgagee ar holder of any of the above mart~gages.
(3) Mortgagee - Wil7;a„n J. .Robertson and Mary K. Robext.9on, his wife,
as mortgagees in this mortgage.
(4) MforGgagor - FI00 INC., an India*+a C7orporation, as mortgagar in
this mortgage. ~ .
b. The nnrtgagor agrees to comply. with all of the terns and conditions
of the first mortgage other than with respect to the payment of principal and
interest due under said mortgage.
c. If the mortgagor should fail to so Damply with all of the terntis,
previsions and conditions of said mortgage so as to result in a default wider
it (other than with respect to payment of principal and interest due), that
failure on the part of the mortgagor shall constitute a default under this
mortgage and shall entitle the mortgagees, at their option, to exercise any and
all rights and remedies given the mortgagees in the event of default wx3er this
~
2. a. The m4rt~gagees agree to pay to Bank the unpaid principal
balance of the first mortgage, together will all interest accruing wx3er it,
as and when. required by the terns of said mort~gag, until it is paid in full,
provided, however, that at such time as the mortgagors pay off this purchase
money seoor~d mortgage in the manner provided for in the Note attached hereto or
earlier shatid mortgagors so elect, the mortgagees shall immediately pay off the
First mortgage to the Bank from the proceeds of the sec~o9rx1 mortgage pay off, or .
the mortgagor at its option may pay off the first mortgage directly to the bank
thereby satisfying said obligation. - 4
b. All of the payments provided to b8 paid by the mortgage pursuant
to the provisions of subparagraph a, above, shall be paid by the trortgagee before
the expiration of the applicable grace periods provided for in said first mort- ~
gage.
c. Notwithstanding the foregoing, the mortgagee's Abligations to make
the respective payments of principal and interest as and when due under the first
rtgage, are conditioned upon the following:
1. The mortgagor shall not be in default under this mortgage;
2. the mortgagor shall purply with all of the terms and provisions
f the above described mortgage other than with respect to the payment of
rincipal and interest due.
d. The mortgagee has not asstrned any of the obligations of the mart-
gor under the above described mortgage except as provided above with respect
P
erlr,~c
~'"329 P~E1479