HomeMy WebLinkAbout2148RIDER TO MORTGAGE
Rider to mortgage dated January 29 , 1981, between RICKY J.
JONES a~d MELVADINE R. JONES, his wife, as mortgagor, and ROBERT
LEE WILSON and RUTN WILSON, his wife, as mortgagee, hereinafter
referred to as "wraparound mortgagee." It is understood that the
mortgaged property is subject to a certain mortgage (the "first
mortgage") held by J.T. Stewart Company, Inc., (the "first
mortgagee") in the original principal amount of $28,900.00, pay-
able in 358 equal monthly installments of $217.33, and one final
monthly installment of $99.85, said first mortgage being recorded
in official record book 225, page 1613, of the public records of
St. Lucie County, Florida. With respect to the first mortgage,
the mortgagor and wraparound mortgagee agree as follows:
1. There exists no default or any event that would consti-
tute a default under the first mortgage, and the information set
forth above with respect to the first mortgage. is accurate in
every respect.
2. Mortgagor will pay directly to wraparound mortgagee, its
successors and assigns, the installments of principal and interest
required by the first mortgage in accordance with the terms of the
note hereby secured, and will not make any payment directly to
first mortgagee or request any release, partial release, amendment
or other modification of the first mortgage without prior written
consent of wraparound mortgagee, its successors and assigns.
3. Mortgagor will do all things necessary and proper to
advise first mortgagee that payments of principal and interest and
other items required by the first mortgage will be furnished by
wraparound mortgagee, its successors and assigns, and that copies
of all notices and correspondence concerning the first mortgage be
directed to wraparound mortgagee.
4. Mortgagor will render such performance to wraparound
murtgagee as may be required of mortgagor by the terms of the
first mortgage.
5. Mortgagor will not exercise any right or privilege of
prepayment of principal and interest under the first mortgage,
and mortgagor will not enter into any agreement with first mort-
gagee modifying or amending any provisions of the first mortgage
without the prior written consent of wraparound mortgagee. **
6. If an event of default occurs hereunder or under the first
mortgage, wraparound mortgagee at its option may make any payment
or perform any act required under the first mortgage, in any form
and manner deemed expedient by wraparound mortgagee, and may make
full or partial payments of principal or interest on the first
mortgage, and purchase, discharge, compromise or settle the first
mortgage. In the event wraparound mortgagee makes any such pay-
ments to first mortgagee, wrapa'round~mortgagee shall be subroga-
ted to the rights of first mortgagee against mortgagor and the
property that is subject to the first mortgage.
7. If for any reason other than wraparound mortgagee's
failure to make payments of installments of principal and interest
on the first mortgage, the indebtedness secured by the first mort-
gage is accelerated or the mortgaged property or any part thereof
is sold, or attempted ta be sold, pursuant to such first mortgage,
or any remedial action or proceeding is taken or instituted in
respect of the mortgaged property or any part thereof under the
first mortgage, mortgagor will indemnify wraparound mortgagee against
any loss, cost or expense incurred by wraparound mortgagee, includ-
ing reasonable attorneys' fees, (1) in contesting any such action
taken or instituted or in attempting to reinstate such first mort-
gage, or (2) incurred by wraparound mortgagee on account of the
acceleration of the first mortgage, the sale of the mortgaged
property pursuant thereto or wraparound mortgagee's purchase or
payment of the first mortgage. g~jK34~ ~~~E2142
~ **See note vn succeeding page as to prepayment under this wraparound mortgage.
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