HomeMy WebLinkAbout115610. That the mortgagor shall furnish to the mortgagee promptly copies
of all notices of default which the holder of the prior mortgage
shall give to mortgagor, or which the mortgagor shall give to or
receive from tenants of the premises or any part or parts thefeof
based upon the occurr~nce or alleged occurrence, of any default
or defaults in the performance of leases of space tenants occupying
any portion of the premises.
'll. Mortgagor shall have the right to prepay the whole or any part of
the unpaid balance of the indebtedness hereunder at any time on
thirty (30) days' notice without penalty. Any partial prepayment
shall be applied against the unpaid principal installments of the
Note secured hereby in inverse order of maturity. In the event
mortgagor wishes to prepay the whole of the unpaid principal balance
of the indebtedness hereunder, the amount to be paid by mortgagor
shall be that amount determined by deducting from the ~39,900.00,
original principal indebtedness of mortgagor herein the aggregate
of the following:
(1) The aggregate of all payments credited on account of principal
because of payments made by mortgagor hereunder in amortization
of said original principal indebtedness to the date of such
prepayment and
(2) The aggregate amounty if any, by which said original principal
indebtedness hereunder has been reduced by mortgagor's applying
insurance proceeds and/or condemnation award proceeds in reduction
of said principal indebtedness; and t
(3) That amount computed by deducting from $39,900-.00, (the present
total of the unpaid principal balance under the prior mortgag~) the
aggregate sum of all payments credited on accounts of principal due
under said prior mortgages because of payments made by mortgagor .
hereunder in amortization of .the unpaid principal balance of said
prior mortgages. ~
(4) Any increase in interest rate attributed to the first mortgage
accelgrating the first mortgage during the term of the wraparound
mortgage based upon the due on sale clause or other similar provisions
of the first mortgage.
~ IN WITNESS WHEREOF, the said mortgagor and mortgagee have hereunto
signed and sealed these presents the day and year first above written.
Signed, sealed and delivered
in t presen o :
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patricia L. Pyle~
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ephen H. Koo
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Carol S. Roob
STATE OF FLORIDA
COUNTY OF ST. LUCIE
The foregoing instrument was
of FebruarY A.D., 1981.
acknowledged before me this-•~ ~-day
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No~ary Public ,;: ~~ ,'.~,`.,-~ 1 ~~0`n ~ _,:~:;:
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NOTARY PUBLIC. STATE Of FLQRIDA AT l~f .,~.• ,...;~: ~ r~~~ :
MY COM fRES lUBE 2:~.~' ~: ~~~: ,: ~.
YISSION EXP ~'~` •:~ • ~'
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