HomeMy WebLinkAbout2986EXHIBIT A
Exhibit A to mortgage dated February 20, 1981, between JIM G. RUSSAKIS, .
as mortgagor, and OSCAR T. MAIN and MILDRED L. MAIN, his wife, as
mortgagee, hereinafter referred to as "wraparaound mortgagee." It
is understood that the mortgaged property is subject to a certain
mortgage (the "first mortgage") held by Sun Bank of Fort Pierce, the
~"first mortgagee," in the original principal amount of $60~000.00,
paysble in 180 equal monthly installments of $608.57, said first
mortgage being recorded in 0. R. Book 262, at page 2831, of the ~
Public Re,~ords of St. Lucie Courity, Florida. With respect to the
first mortgage. mortgagor and wraparound mortgagee agree as ~
follows: ~ - -
1. T ~i§ts~no default ~ ~ ~
~r~~ the first mortgage, and the information set forth
above wi e ec the first mortgage is accurate in every respect. ,
~ - t
2 Mortgagor will pay directly to wraparound mortgagee, its
succes o and assigns, the installments of principal and interest
requir by the first mortgage in accordance with the terms of the
note hereby secured, and will not make any payment directly to the
first mortgagee or request any release~ partial release, amendment
or other modific~tion of the first mortgage without the prior written
consent of the wraparound mortgagee~ its successors and assigns,
prior to the full and complete payment of,the sums due under the
note secured hereby.
3. Mortgagor will do all things necessary and proper to
advise the first mortgagee that payments of principal and interest
and compliance otherwise required by the terms and conditions of the _
first mortgage, will be furnished by wraparaound mortgagee, its
successors and assigns, and that copies of all notices and corre-
spondence concerning the first mortgage be directed to wraparound .
mortgagee. :
;
4. Mortgagor will render such performanc~ to wraparound -
mortgagee as may be required of mortgagor by the terms of the first s
mortgage except any acceleration in any installment or installments :
on account of the sale and conveyance of the subject property to the -
mortgagor. - .
5. If the wraparound mortgagee fails to make the payments
of principal and interest on the first mortgage, pursuant to such
first mortgage, and if any remedial action or proceedinp,~is taken or
instituted in respect of the mortgaged property or~any part thereof
under the first mortgage, wraparound mortgagee will indemnify
mortgagor against any loss, cost or expense incurred by mortga~or,
including a reasonable attorney's fee, (1) in ~contesting any such
action taken or instituted or in attempting to reinstate such first
mortgage, or (2) incurred by mortgagor on account of the accelera-
tion of the first mortgage.
6. In consideration of the execution and delivery of the
note secured by this mortgage, wraparound mor~gagee agrees to pay
the installments of principal and interest as the same become due
under the first mortgage. Wraparound mortgagee will, at the time it
makes each payment to first mortgagee, send to mortgagor an advice
that each payment has been made. Notwithstanding any other pro-
visions in this mortgage, insurance proceeds in respect to any ,~
damage or destruction or any award or payment applicable to a taking
by eminent domain, shall be applied against the note secured by the
first mortgage. and the mortgagor shall receive credit on the note
or notes hereby secured to the extent thereof. Any excess after
payment of the note secured by the first mortgage, may be required
to be paid to wraparound mortgagee in payment of the notes hereby
secured.
8~~K348 PaGE~~4
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