HomeMy WebLinkAbout0287 RIDER TO MORTGAGE dated November 13, 1980, between RUTH LANGEVIN, as
Mortgagor, and YVONNE MARIE KUDLAK, as Mortgagee.
1. Prior mortgage:
This mortgage is subject and subordinate to: That certain mortgage
dated July 30, 1980, made between McCoy M. Kudlak and Yvonne M.
Kudlak, his wife, as mortgagor, and First Federal Savings and Loan
Association of Fort Pierce, as Mortgagee, which mortgage was recorded
in the Office of the Clerk of the County of St. Lucie, on August 20,
1980, in O.R. Book 337, at page 25, of the Public Records of St. Lucie
County, Florida, and which mortgage constitutes a first mortgage li
upon the premises, now in the reduced principal amount of $ ,
with interest from ~p~/ ~Q 1980. (Such first mortgage is
hereinafter referred to as the "prior mortgage".)
2. With respect to the principal indebtedness of mortgagor to .mortgagee
in the sum of $27,400.00, evidenced by the note of even date herewith
made by mortgagor to mortgagee and secured by this mortgage, mortgagee
has conveyed to mortgagor on the execution hereof, real property valued
at $32,400.00, and mortgagor and mortgagee hereby agree that the
balance of said principal indebtedness (the "balance" totalling
$22,400.00) as of the 13th day of November, 1980, has been validly
incurred by mortgagee hereby agreeing to retain such balance and,
as provided in paragraph 3 hereof, to pay to the holders of the
prior mortgage the $22,400.00, unpaid principal balance as of said
date of said prior mortgage, together with accrued interest.
3. (a) 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 said prior mortgage.
(b) In the event 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 thereunder (other than with respect to payments
of principal and interest due thereunder after November 13, 1980),
such failure on the part of mortgagor shall constitute a default
under this mortgage and shall entitle mortgagee, at its option,'
to exercise any and all rights and remedies given mortgagee in the
event of a default hereunder.
(c) Any and all expenses, including, but not limited to, title
company charges, recording and filing fees, legal fees of the
attorneys for the holder of the prior mortgage, in preparation of
an assignment of either mortgage and any tax, if any, that may be
hereafter imposed by any taxing authority in connection with the
compliance by mortgagee with the provisions hereof dealing with the
payments made or to be made to the holders of the prior mortgage
shall be paid by the mortgagor or any owner of the premises when
requested by the title company and/or the attorneys representing the
holder of the prior mortgage.
4. (a) Mortgagee agrees to pay to the holder of the prior mortgage, j
the $22,400.00, unpaid principal balance of said mortgage, together
with all interest thereon accruing thereunder from November 13, 1980.
(b) All such payments provided to be paid-by mortgagee, pursuant
to the provisions of subparagraph (a) hereof, shall be made by
mortgagee before the expiration of the applicable grace periods
provided for such payments as contained in the prior mortgage.
(c) Notwithstanding the foregoing, mortgagee's obligation to make
the respective .payments of principal and interest as and when due
under the prior mortgage is contained upon the following:
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(1) Mortgagor shall not ve in default under this mortgage.
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(2) Mortgagor shall comply with all of the terms and
provisions of the prior mortgage other than with respect
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1.AM OFFICES OP SXttD ~ lIESSER, P. A., 700 VtROIICIA AVENUt, SUtTt 104-SItN HARK HLIIG., R. I'IERCt, PI.ORIDA :/:L1b0 (308 4615-E330