HomeMy WebLinkAbout1154RIDER TO MORTGAGE dated ~p , 1981, between PATRICIA L. PYLE,
as Mortgagor, and STEPHEN H. KOOB an CAROL S. KOOB, his wife, as
Mortgagee.
l. Prior Mortgage:
This mortgage is subject and subordinate to: That certain mortgage
dated 2~27-78, made between Stephen H. Koob and Carol S. Koob, his
wife, as mortgagor, and Community Federal Savings and Loan, as
mortgagee, which mortgage was recorded in the Office of the Clerk of
the County of St. Lucie, on 2-18-78, in O.R. Book 286, at page 619,
of the Public Records of St. Lucie County, Florida, and which
mortgage constitutes a first mortgage lien upon the premises, now
in the reduced principal amount of $32,931.98, with interest from
January 1, 1981. (Such first mortgage is hereinafter referred to
as the "prior mortgage".)
2. With respect tb the principal indebtedness of mortgagor to mortgagee
in the sum of $39,900.00, evidenced by the note of even date herewith
made by mortgagor to mortgagee and secured by this mortgage, mortgagee
bas conveyed to mortgagor on the execution hereof, real property
valued at $49,900.00, and mortgagor and mortgagee hereby agree that the
balance of said principal indebtedness (the "balance" totalling
$32,931.98) as of the lOth day of February A.D., 1981, has been
validly incurred by mortgagee hereby agreeing to retain such balance
and, as provided in paragraph 3 hereof, to pay to the holders of the
prior mortgage the $32,931.98, 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. .
r
(b)In the event mortgagor shall fail ~o so comply with all of the-terms,
provisions and conditions of the prior. mortgage so as to result in a
default,thereunder (other than with respect to payments of principal
and interest due thereunder after February 10, 1981), such failure
on the part of mortgagor shall constitute a default under this
mortgag~~and~shall entitle mortgagee, at its option, to exercise any~
and all rights and remedies given mortgagee 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 assignmen~
of either mortgage and any tax, if any, that may 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
mortgagor or any owner of the premises when requested by the title
company and/or the attorneys representing the holder of the prior
mortgage.
4.(a)Mortgagee agrees to pay to the holder of the prior mortgage, the
$32,931.98, unpaid principal balance of said mortgage, together
with all interest thereon accruing thereunder from February 10, 198I.
.
(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 expixation of the applicable grace periods provided for
such gayments as contained in the prior mortgage.
(c)Notwithstanding the foregoing, mortgagee's obligation to make the
respective payments of principal and interest as and when due
under the prior mortgage is contained upon the following:
t13 Mortgagor shall not be in default under this mortgage.
(2~ Mortgagor shall comply with all of the terms and provisions
of the prior mortgage other than with respect to the payments of
principal and interest due thereunder after February 10, 1981.
g~.~348 ~a~~~154
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