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ADDENDUM "II"
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THIS IS a purchase money second mortga_qe subject only
to a first martgage in favor of JOfiN S. !~!ICHAELSON from
BARRY BARNES d/b/a L.B. Land an~ Cattle Company which
mortgage is recor~ed in Of€icial Record Book ?.80 at page
643 of the Public Records of St. Lucie County, Florida,
1~orc~i »>Fi-or ~.al 1 or7 ~~ Fi r~} m~r1-~n~e~~
. . . _ _ . . . . _ . . . " ' ' ' " ' ' _ _ ' '
_ _ _ _ _ _ " _' _ ~ ~ ~ . _ - _ "" _ _ _ _ _ . . ' _ _ J _" J ~ c
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(a). The Mortgagor agrees .to comnly with all of the terms
and conditions of the first mortgage o:her than with reGpect
to payment of principal and interest due under the first
mortaage.
(b). If the Hortgagor shall fail to so comply w•ith all the
terms, provisions and conditions of the first mortaage so as to
result in a default under it, that faulure on the part of the
*Sortgagor shall constitute a default under this mortgage and
shall entitle the riortgagee, at his option, to exercise any an~
all rights and remedies given to the Mortgagee in the event of
default under this mortgage. ~
(c). Mortgagee agrees to pay to the holder of the first
mortgage the unpaid principal balance of the r~ortgage, together
with all interest accruing under it as and when required. by tY~e
terms of the first mortgage and shall pay the balloon payr.!ent
as required an~ on time. -
(d). All those payments orovided to be paid by ~'ortgagee
pursuant to t::~ provisions of (c) above shall be made by the
Mortgagee before the expiratiori of the anplicahle gracz periods
provided. for those payments and enclu~ing the balloon payment
as reflected in the first r.-ortgage.
If the Mortga~ee shall default in r.:aking any required payment of
principal or interest unzer the first ~^~ortgage, "'ortgagor shall
have the right ~o advance the funds necessary to cure that de-
fault and all funds so advanced by.the t~ortgagor together with
interest at the rate of the maxir.iuri allo~~ed under the Laws of the
State of Florida, shall be credited against the next installment
of interest and ~rincipal due under the r.~tt securec;. by this
mortgage.
The PRortgagor and *!ortgagee convenant and agree not to enter .
into any agreer~.ent with the holder of the first mortgaae modify-
inq or amending any of the provisions dealing v~ith payr,~.ent of
principal or interest ur.der that first mortgage without the
prior written consent of the other.
J~.~~~~
DATED this ~~ daj of March, 19E1. 19~~ M~R 20 /~.~y .~~- ~8
Signed, seale~ and ~elivered
:!LE f' b[ ~: t;t!yi t .-
lri t e e Of: S'.l.L' E',fCU!ilY.f:.'• ~
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If for any reason through no fault of the M.ortgager, the first
mortgage is in default and such default car.not be corrected by
the mortgagor hereLnder, the mortgagor shall have the right to
refinance another first r.tortgage in the amount of the unpaid
principal of the first r.iortgage to replace saic? defaulted mort-
gagc ar,~ tt-iis ~~r~gacc ~ha~Z be su~rdinated to said r~p~acer::er.t
mortgage and the monthly pay^~ents due on said nea~ r.iortgage shall
be deducted from the :r.ortgage payr,ients c~ue hereundPr and shall
be paid directly to the first m.ortgagee. t-, , ,
STATE OF PLORIDA
COL'NTX QF I-'.ARTIN
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Swar~, ~i~~,d subscribed before
, fr, 1:•.;
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,~16TARY $EAL)
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me this ~~day of r~iarch, 1981.
P4y C ission ex ires on:
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M~ C~'~AMKi101 pl~ /~ . M N~~ ~' i9
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