HomeMy WebLinkAbout0136 ADDENDOM "A"
1. (a) This is a Purchase Money Third Mortgage, subject
to a first mortgage. in favor of Sun Bank of St. Lucie County,
which mortgage is recorded in O.R. Book 292, at page 2208, of
the Public Records of St. Lucie County, Florida, having an approxi-
mate unpaid principal balance of $10,659.05, hereafter called
"First Mortgage".
(b) This Purchase Money Third Mortgage is subject also
to a second mortgage in favor. of Elmer S. Waring, Hazel J. Harris,
Virgil Burton, A. F. Childers, Jr., and Craig F. Harris, which
assignment of mortgage is recorded in O.R. Book 321, at page 1848,
of the Public Records of St. Lucie County, Florida, having an
approximate unpaid balance of $4,087.96, hereafter called "Second.
Mortgage".
2. (a) The Mortgagor agrees to comply with all of the terms
and conditions of the First Mortgage and of the Second Mortgage
other than with 'respect to the payment of principal and interest
due under the First Mortgage and under the Second Mortgage.
(b) If the Mortgagor shall fail to so comply with all
of the terms, provisions and conditions of the First Mortgage and
of the Second Mortgage so as to result in a default under them _
(other than with respect to payments of principal and interest due),
that failure on the part of the Mortgagor shall constitute a default _
under this Third Mortgage and shall entitle the Mortgagee, at its
option, to exercise any and all rights and remedies given the Mort-
gagee in the event of a default under this mortgage.
3. (a) The Mortgagee agrees to pay to the holders of the
First Mortgage and the Second Mortgage the unpaid principal balance
of the mortgages, together with all interest accruing under them
as and when required by the terms of the First Mortgage and of the
Second Mortgage, i.e, by paying the constant monthly installments
of $104.34, each for the First Mortgage, and $88.28, each for the
Second Mortgage, provided to be paid for the duration of the mort-
gages, when the Mortgagee shall pay the entire unpaid principal
balance of the First Mortgage and of the Second Mortgage, and all
interest accrued on them. .However, upon the 5th anniversary of the
closing, to-wit: October 1, 1985, this .Purchase Money Third Mort-
gage shall balloon and the final payment or the balance due upon
maturity shall be $17,266.29, together with accrued interest, if
any, and all advancements made by the Mortgagee under the terms of
this mortgage. The mortgagee herein promises to satisfy the remain-
ing indebtedness on the First and Second Mortgages described herein
from the proceeds derived from said balloon payment.
(b) All those payments provided to be paid by the Mort- _
gagee, pursuant to the provisions of subparagraph (a) above, shall '
be made by the Mortgagee before the expiration of the applicable
grace periods provided for those payments as contained in the First E
Mortgage and in the Second Mortgage.
_ (c) Notwithstanding the foregoing, the Mortgagee's obliga-
tion to make the respective payments of principal and interest as
and-when due under the First Mortgage and the Second Mortgage is
conditioned upon the following:
1
i. The Mortgagor shall not be in default
under these mortgages; f
ii. The Mortgagor shall comply with alI of
of the terms and provisions of the First .
Mortgage and of the Second Mortgage, other
than with respect to the payments of principal
and interest due.
FEE. KOBLEGARD & TEEL, P. A. Q~~~~,y~ ,rC
PO T CFFEICE BOX 1000 Y111N1 Pl~VC
FORT PIERCE, FLORIDA 33460
TEtEYMONE:1906) X81.6020
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