HomeMy WebLinkAbout2783RIAER~TO iiOI;~GACL' dated rebruary 9 ~ 19t31, bet~aeen ?~IAR~III ~7.
STAPLF'~OI~ Ahtl _.TF.AI~ S. SiAPLriOt~, his ~~~ife. and 1'IARGARIi~ Atit~
2M~DY~ a riarripd wonan and PAt~II:LA JI:AI~ RAE1I3, a married woraan.
as Mortgagor ~, and t~AROLD V. ~IAI~DAI.L and STI:LLA r, VAt~DALL, his
w~fe~ as Hort~Agees.
1, Prior ?iortgage:
ihis mortgaFe is s:ibject and subordinate to: ~hat certain
rlortga~;e, dated ?tarch S, 1979, made between ltarold V.
Vandall and ~tella r, Vandall~ h~s wife, as liortgagors, and
~ First rederal Savings ~nd I.oan Association o£ Fort Pierce,
• as 14ortFagee, which r:iort~;age was recorded in the office of
the Cler~: of the County of St. Lucie., on t4arch t3, 1979, in
O,R. Book 304, aC Page 2065, of the Public Records of St.
Lucie Co~}nty, rlorida, and whicli raort~;age constitutes a
first raortgage lien upon the premises, no~~ in the reduced
principal ar.~ount of S45,1a8,92, with interest from February 10,
1981. (Such first r.~art~;age is hereinafter re~erred to as
the "prior r~ortgage".)
2. t7ith respect to the princinal indebtedness of mortgagors ta
raortgagees in the sur.i of >45,1a8.92, evidenced b;- the note
of even date herewith rnade b~~ raortgagors to mort~;a~;ees and
secured bv this r.mortga~;e, mortga~ees have conveyed to
mort~agors on the execution hereof, real pronert;~ valued at
5100,000.00, and r.lort~;agors and mortgagees hereb~ a~;ree that
the balance of said nrincipal indebtedness (the "balance"
totall~ng 545,188.92 as o£ the 9th day of Febr~ary., 1981,
has been validly incurred by mortgagees herebv a~reeing to
retain such balance and, as provided in paragraph 3 hereof_,
to pa,~ to the holders of_ the prior r~ortga~e the ~45 ,18a . 92 ,
unpaid principal balance as of said date of said prior
mort~;age, together with accrued interest.
3. (a) 24ortgagors agree • to complv ~~ith all of the terr~s and
conditiotis of the prior nortgage other than with respect to
the pavnent of principal and interest due under said prior
rtort~;age . •
(b) In the event mort~;agors shall fail to so cor,~pl~ with
all of the terms, pro~~isions and conditions of tlie nrior
mortgage so as to result in a default thereunder (other than
c~ith respect to pavc*ients of principal and interest due there-
under after February 10 , 1931), such failure on the part
of mort~agors shall. ~onstitute a default under this mort~;a~e
and shall entitle`mortgagee, at,its option, to e;cercise anv
and all rights and remedies 'p,iven'mortga~;ee in the event of
' default hereunder.
(c) An~~ and all expenses, includinF, but not limited to,
title corapany charges, recordin~ and f_ilin~; fees, le~al fees
of~the attorneys for the holder of the prior mortgage, in
preparation of an assi~;nment of either mort~;age and am~ tax,
if_ any, that may be ~iereafter ir~posed bv am~ taxing authorit~~
in connectioii with L-he cor~pliance by rnort~;as;ee with the pro-
visions tiereof dealing with the ~a~*.-ents made or to be m~~de
to the holders of the prior raortgage shall be paid by the
r~ortgagors or an~ owners oF the Premises when requested b~
the t~tle company and/or the attorneys representinF the
holder of the prior r~ort~;age. .
4. (a) t4ortgagees aFree to pay to the hol'der of the nrior
mortga~;e, the S45,188.92, unpaid principal balance of said
Mort~age, together with all interest thereon accruing there-
under fron February 10 , 19f31.
(b) ~ All such payments provided to be paid bv rlort~;a~;ees ;
~iirsuant Co the provisions of_ subpara~;raph (a) hereaf , shall
be rzade by mortp,agees before the expiration of the aPPlicable f
grace periods provided f_or such payments as contained in the
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prior r.ior_ tp,a~e . ~ ~
~ . ~~RK348 PA~E~~1
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