HomeMy WebLinkAbout29877. The references contained in this mortga~e to the obli~a-
tions of mortgagor or wraparound mortgagee to pay any sum owing on
the first mortg~ge shall not constitute an assumption of personal
liability for any such payment and shall not in any way modify the
obligation of wraparound mortgagee to first mortgagee, If the
wraparound mortgagee shall default in making a required payment of
principal and interest under the terms and conditions of the first
mortgage, the mortgagor shall have the right to advance the sums
necessary to cure such default and all funds so advanced at the
maximuin rate allowable by law shall be credited against the next
installment(s) of principal and interest due under the notes secured
by this mortg~ge. ,
8. Mortgagor and wraparound mortgagee agree to promptly
send to the other copies of any notices received by them from the
first mortgagee or from insurers of ~he property.
9. Mortgagor shall obtain insurance on the property for the
highest insurable value and mortgagor agrees~to provide the insurance
company with the names and interests of wraparound mortgagee as well
as the interests of the first mortgagee as their respective interests
appear and are otherwise governed by the terms and conditions of
this mortgage.
10. Mortgagor shall permit wraparound mortgagee to make
reasonable inspections of the property, provided that wraparound
mortgagee shall give mortgagor prior reasonable notice specifying
reasonable.cause therefor related to wraparound mortgagee.'s interest
in the property.,
11. This mortgage and the notes secured hereby shall not be
assumable without the prior written consent of wraparound mortgagee.
The wraparound mortgagee shall not unreasonably withhold their
consent to the assumption of this mortgage and the notes secured
hereby by any subsequent purchaser whose financial condition reason-
ably assures the performance of the terms and conditions of this
mortgage and the notes secured hereby. However, wraparound mortgagee,
in their sole discretion, may increase the rate of interest accruing
on the remaining unpaid principal balance under the note or notes
hereunder to a rate not to exceed 1% less than the rate then being
charged by First Federal Savings and Loan Association of Fort Pierce
for new commercial mortgages as of the date this mortgage and the
notes secured hereby are assumed. ~'
ENTERED INTO AND AGREED TO by the undersigned on this 20th
day of February, 19~1:
Signed, sealed and delivered
in tb~~e presence f :
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AS TO MORTGAGOR: _~
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G. R SSAKIS
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~ AS TO WRAPAROUND MORTGAGEE:
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M LDRED L. MAIN
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