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totes •ottr RAMCO FORM R[S
Executed the 5th day of May A. D. 19 80 6r
CESAR A. MONTOYA
hereinafter called the mortgagor, to RECf1YED :
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7__00 ~ p~y~ pF TAXE~
~~j CUS Gy CL°?S 'C I;IT:.~S BLE P~f.SO::..l PROPERTY,,
~5• LON F. PARSONS Fuii;:,:~;lr Tv .I~:PT.3 n-~~4, acts OF t9]l.
ft.u~Z Pt:ITkAS
• CL.RK p:;;.UIT ~OUaT. ST, LUKE f1~.~•
hereinafter called the mortgagee:
(N'bemYr LLsed heKt6 the terms "snorts and "asort~tasee" inctudt all the polies to this imtrttment and the htin.
hypl representatis~es aad aniRm o/ iadivi and the succevnrs and assitm of corporations: and t4 urm "wu"
inludes all the note herein described i( more ihaa one.)
~~~SSebt, that jor good and valuable considerations, and also in consideration of the aggre-
gate sum named in the promissory note o/ even date herewith, hereinajter described, the mortgagor here-
by grants, .6argnins, sells, aliens, remises, conveys and confirms unto the mortgagee all the certain land
of which the mortgagor is now seized and in possession situate in $t. Lucie County.
Florida, viz:
Lot 10, Block 1, CRAMERS ADDITION, together with the West 5 feet
( of vacated alley adjacent on East, according to the plat thereof,
recorded in Plat Book 2, page 10a, of the Public Records
of St. Lucie County, Florida.
I~I~ THIS IS A WRAP-AROUND MORTGAGE
l!
- At the time of the execution of this mortgage there in an outstanding
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_ mortgage in favot of THE LOMAS AND NETTLETON COMPANY, recorded_in Official Records
- Book 252, page 1945 of the Public Records of St. Lucie County, Florida.
_ 1. The mortgagor agrees to comply with all of the terms and condition
~ of the prior mortgage other than with respect to the payment of principal and .
interest due under such mortgage.
=
2. If the 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
= , under it (other than with respect to the payment of principal and interest),
that failure on the part of the mortgagor shall constitute a default under this
~ mortgage, and shall entitle the mortgagee, at his option, to exercise any and
all rights and remedies given the mortgagee in the event of a default under this
. _w mortgage.
f -
~ - ~ 3. The mortgagee agrees to pay to the holder of the prior mortgage
~ the unpaid balance of such mortgage, together with all interest accruing under
~ ~ it, as and when required by the terms of such mortgage.
# 4. All those payments provided to be paid by the mortgagee pursuant
~ ~i to the provisions of (3) above shall be made by the mortgagee before the expiratio
of the applicable grace period provided for those payments as contained in the
~ I prior mortgage.
~ ~ 5. The mortgagee's obligation to make the payments of principal
and .interest as and when due under the prior mortgage is conditioned upon the
following:
I! (a) The mortgagor shall not be in default under this mortgage;
(b) The mortgagor shall comply with all of the terms and provisions
of the prior mortgage other than with respect to the payment of
principal and interest due.
6. The mortgagee does not assume any of the obligations of the
':mortgagor under the prior mortgage, except as provided above with respect to
the payment of principal and interest due after the date of this mortgage.
I 7. If the mortgagee shall default in making any required payment
!~of principal or interest under the prior mortgage, the mortgagor shall have the
;right of advance the funds necessary to cure the de#ault, and all funds so advance
~by the mortgagor together with interest at the rate of fourteen (14) percent
per annum, shall be credited against the next installment of interest and princpal
due under the note signed~by~the mort~a
or.
a ~r~K~ PeGE~ (.3 SEE ATTACHED RIDER