HomeMy WebLinkAbout0942RIDER TO MORTGAGE dated December 16, 1980, between CHARLES R.
SUTTON AND CAROL A. SUTTON, his wife, as Mortgagor, and
JAMES D. VALENTINE and ELIZABETH VALENTINE, his wife. as
M~rtgagee.
1. Prior Mortgage:
This mortgage is sub~ect and subordinate to: That certain
mortgage. dated September 19, 1978. made between James D.
Valentine and Elizabeth L. Valentine, his wife, as mort-
gagor, 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
September 22. 1978, in O.R. Book 294, at page 2371. of
tt±e Pulbic Records of SC. Lucie County~ Florida, and which
mortgage constitutes a first mor age lien upon the pre-
mises, now in the reduced inc amount of $47,942.00~
with interest from Decemb ~. 0. (Such first mort-
gage is hereinafter refer d to ~s the "prior mortgage".)
2. With respect to the principal indebtedness of mortgagor
to mortgagee in the sum of $50,000.00, 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 pro erty valued
at $85,000.00 and mortgagor and mortga ee her agree
that the balance of said principal in edn •~the
"balance" totalling $~[~7,942.Od as of t ~7 . ay of
December, 1980, has been validly incurr y mortgagee
hereby agreeing to retain such balance and, as provided
in paragraph 3 hereof~ to pay to the holders of the prior
mortgage the $47,942.00. 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 nditions of the prior
mortgage so as to result in a d lt thereunder (other
than with respect to payme t c~' 'ncipal and interest
due thereunder after Dece 17 ,~ 80), such failure
on the part of mortgagor sh 1 con~titute a default under
this mortgage and shall entitle mortgagee, at its option,
to exercise any and all rig~ts and remedies given mort-
gagee 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 my 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 mort-
gagor or any owner of the premises when requested by
the title compnay and/or the attorneys representing the
holder of the prior mortgage.
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4. (a) Mortgagee a rees to pya t the holder of the prior
mortgage. the ~+7,942.00~ u principal balance of
said mortgage, otget wit .interest htereon accruing
thereunder from Dece i~ ~ ,980.
(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.
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