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HomeMy WebLinkAbout1591AD~E;~DUt1 TO F10RTGAGE ~IORTGAGOR: MARC LIPSIT'1., Trustee MORTGAGEE: LUCILLF V. COSTA and GEORGE A. COS~A r10RTGAGE UATE: rlarch 26, 1981 . 1. ~iortgagees for themselves and their assigns hereby consent that any actian maintained by Mortgagor or his successors in title to enforce any or the provisions of this ilortgage may be maintained at MortgaRor's election in Saint Lucie County, Florida, and Mortgagee and any orher holder of the Note secured by this Mortgage waives any defense to the maintaining such suit in Sainr Lucie County and acknowledges that~ impersonum service of process upon the holder of said Note may be pursuant to Florida Statute 48.I61 and shall be valid personal service. 2. Mortgagor and his successQrs in title shall have the right to reyuire the Mortgagee or any assign of the ~!ortgagee to subordinate the lien of this Purchase :7oney Mortgage, from time to time, as shall be necessary to effect a modification of either or both of the mortgages which as of the date hereof encumber portions of the propertv encumbered by this mortgage, or which shail be required in order to refinance the Southeast First National Bank of Fort Pierce and the Sun Bank of Saint Lucie County, Florida, indebtedness secured by portions of the nroperty encumbered by this mortgage,"or which shall be necessary to borrow ~ additional sums against the securit~~ of one or more of the Parcels encumbered hereby, provided that in no event after such modification refinancing or further borrowing shall the a~gregate outstanding principal amount secured by the lien of mortga~es which are superior to the lie:: of this mortgage exceed $700,OOO.DO of principal. ~?ortgagor shall have the absolute right to negotiate all terms, covenants and conditions of any modification refinancing or additiQnal borrowing. 3. Provided ~iortgagor is not otherwise in default of the provisionG of thi~ Purchase ~loney riortgage or the Note secured hereby, `lortga~ee shall release the property encumbered by the lien of this !~!ortgage for the following consideration: PARCEL 1. A principal paymenr equal to the difference between ~7$6,~6u.00 and the lesse~ of $2~O,OQ0.0~ or the then outstar.dinQ principal baiance of the first mortgage of_ the Southeast First National Bank of Fort Pierce or such other naramount mortgage which may then encumber said Parcel 1, pl~ss an_y accrued unpaid interest on said principal payment to thP date of release. PARCEL 2. A principal payment equal to the difference between ~~5i ,~6~.J0 and the then outstanding principal balance of the first mortgage in favor of Sun Bank of Saint Lucie Countv, Florida, or such other paramount rriortgage which may then en- cumber said Parcel 2, plus any accrued and unpaid inrerest on said principal payment to the date of release_ PARCEL 3. A principal payment equal to the difference between ~~.00 and the lesser of $155,000.0(? or the outstanding principal balance on the first mortgage in favor of the Southeast First National Bank of Fort Pierce or such other paramount mort- gage which may then encumber said Parcel, plus any accrued and unpaid interest on said principal payment to the date of release. Notcaithstanding any provision to the contrary withstandin~, ?~lortgag;or in order to obtain the release of the final Parcel encumbered by this ~tortgage shall be required to pay the then unpaid principal balance of the hote together with any accrued and unpaid interesC thereon: and provided further that mortgagee shall after the first release of any parcel not be obligated to subordina*e this martgage as provided in paragraph two of this Addendum to rtortgage. 4. "~tortgagor represents and warrants that he =~rill'perform and promrtlv fulfill all covenants contained in the sunerior mortga~es on any and I~i ', , ~ -,'~K351 ~~~~Fi587