HomeMy WebLinkAbout1059ADDFNDikI TO I~JRTC,ACE
THIS ADDII~iDiM 1i0 MOR'PC~ dated this S day of ~ ,
1980, by and between JACK L. WEBB (hereinafter referred to as Mortgagor)
and Tt~AMES BUIIIJERS, INC. , a Florida Corporation (hereinafter referred to
as Nbrtgagee).
1. This Mortgage is subject and subordinate to that certain
10th August 1977
mortgage dated the 18thday of April 1978 ,made between
Hidden River Estates Developers as mortgagor, and Citizens Federal
Savings & Ivan Association as mortgagee, which mortgage was recorded .
at O.R. Book 272, Page 1299 and O.R. Book 286, Page 1816, in the Public
Records of St. Lucie County, Florida, and which mortgage constitutes
a first mortgage lien upon the premises mortgaged hereuaider, and which
approacimate
has acurrent/ principal balance of S 2 5 , 0 0 0.0 0 , together with accrued
interest from the 5th day of December A. D . 1980, which mortgage
and promissory note secured thereby is hereinafter referred to as the
"First Mortgage"
2. The indebtedness secured by this Mortgage, as evidenced by
a Promissory Note of even date herewith, given by Mortgagor to *brtgagee,
consists in part of the unpaid principal balance owing under the First
Mortgage, which Mortgagee represents has been validly incurred and is
currently outstanding and unpaid, but not in default.
3. Mortgagor does hereby covenant and agree with the *'~ortgagee
that while this Mortgage remains in force and effect, Mortgagor shall:
A. Comply with all terms, covenants and provisions of the
First ?Mortgage, except with respect .to the payment of principal and
interest due thereuatder, but including providing for insurance on the
mortgaged premises and payment of taxes and assessments.
B. If Mortgagor shall fail to comply with the teens and
provisions of the said First Mortgage, except with respect to payment
of principal and interest, so as to result in a default thereunder, such
failure on the part of 'Mortgagor shall, after fifteen (15) days written
notice to *~brtgagor, constitute a default under this !~ortgage and shall
entitle *brtgagee, at its option, to exercise any and all rights of remedies
given to Mortgagee in the event of a default hereunder.
aar~344 P,~1059
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