HomeMy WebLinkAbout2540 WRAP-AROUND RIDER
1. This is a purchase money second mortgage, subject only
to a first mortgage in favor of Sun Bank of St.-Lucie County
recorded in O.R. Book 255, page 1784, of the public records of
St. Lucie County, Florida, having an approximate unpaid principal
balance of $13,703.88, hereinafter called "prior mortgage".
2. (a) The Mortgagor agrees to comply with all of the terms
and conditions of the prior mortgage other .than with respect to
the payment of principal and interest due under the prior mortgage.
(b) 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 pay-
ments 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.
3. (a) The Mortgagee agrees to pay to the holder of the prior
mortgage the unpaid principal balance of the mortgage, together
with all interest accruing under it as and when required by the
terms of the prior mortgage, i.e., by paying the constant monthly
installments of $162.29 each provided to be paid for the duration
of the prior mortgage, when the Mortgagee shall pay the entire
unpaid principal balance of the prior mortgage 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 appli-
cable grace period provided for the payments as contained in the
prior mortgage.
I~! (c) Notwithstanding the foregoing, the Mortgagee's
obligation to make the respective payments of principal and inter-
est as and when due under the prior mortgage is conditioned upon
the following:
~ (i) The Mortgagor shall not be in default under
this mortgage;
(ii) The Mortgagor shall comply with all of the
terms, and provisions of the prior 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 prior mortgage except as provided above
~ with respect to payments of principal and interest.
4. The Mortgagor agrees to pay tQ the Mortgagee any sums
~ required to be paid to the holder of the prior mortgage (other than
~ payments of principal and interest under the mortgage) at least
twenty (20) days prior to the last day under the mortgage that
those payeents 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 prior mortgage
in payment of the sums due under the prior mortgage.
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