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WRAP-AROUND MORTGAGE~ADDENDUM
This is a purchase money third mortgage, subject only to
``a first mortgage in favor of The Equitable Life Assurance Society
~of the United States, and a second mortgage in favor of H. R.
Holman and Myrtle P. Holman., his wife, hereinafter called the
"senior mortgages."
(a) The Mortgagor agrees to comply with all the terms and
conditions of the senior mortgages other than with respect to the
payment of principal and interest due under the senior mortgages.
(b) If the Mortgagor shall fail to so .comply with all of
the terms, provisions and conditions of .the senior mortgages so
as-to result in a default under said senior mortgages (other than
-.with respect to payments of principal and in.terest_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 a default under this mortgage.
(c) The Mortgagees agree to pay to the holders of the
senior mortgages the unpaid principal balance and interest on each
mortgage as follows:
1. First mortgage payable as follows: Accrued inter-
est only due first day of March, 1981; then X39,120.00 on
the first day of March, 1982, and X39,120.00 on the first
day of each March thereafter until the first day of March,
2001, when the entire unpaid balance of principal and -
interest shall become due and payable, with- interest on
the unpaid balance thereof from-date at the rate of 10..5
per centum per annum, payable on the first day of March, .
1981 and annually thereafter.
2. Second mortgage payable as follows: Nine equal
and consecutive annual installments of E21,750.00 each,
beginning on January 24, 1981, and a tenth and last annual
installment of X130,250.00 payable on January 24, 1990. To
each annual installment of principal shall be added inter-
est at the rate of 10 per cent per annum. -
i
(d) All those payments provided to be paid by the Mort-
gagees, pursuant to the provisions of subparagraph (c) above,
shall be made by the Mortgagees before the expiration of the appli-
cable grace periods provided for those payments as contained in
the senior mortgages.
(e) Notwithstanding the foregoing, the Mortgagees' obli-
gations to make the respective payments of principal and interest
as and when due under the senior mortgages are conditioned upon
~ the following:
1. The Mortgagor shall not be in default under this
mortgage;
2. The Mortgagor shall comply with all of the terms
and provisions of the senior mortgages other than with
respect to the payments of principal and interest due.
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~ (f.) The Mortgagees do not assume any of the obligations
of the Mortgagor under the senior mortgages except as provided
above with r-espect to payments of principal and interest due. ;
(g) The Mortgagor agrees to pay to the Mortgagees any
sums required to be paid to the holders of the senior mortgages
(other than payments of principal and interest under the mort-
gages) at least ten (10) days prior to the last day under each of
Smith, O'Haire, Thatcher b Quinn, Attorneys At Law, P. O. Box 1030, Vero Beach, Florida 32960
~ - (305) 567.4351 e~e~~ ~~yy~~
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