HomeMy WebLinkAbout0925 EXHIBIT "A" ~
i
At the time of the execution of this mortgagQ there is an outstanding mortgage in ~ !
favor of Seburn E. Baicer and Mary E. Baker, his wife, recprded in Official Record i
Book 201, page 2428, and an outstanding mortgage in favor of C I T~inancial Services ~
Corporation, recorded in Official Record Book 360, page 2843, of the Public Records
af St. Lucie County, Florida. ~
I
1. The m~rtgagor agrees to comply with all of the terms and conditions of the prior ~
~
mortgaye other than with respect to the payment of principal and interest due under ~
prior mortgage. ~ ~ .
2. If the rt a r ~
mo g go should fa~l to so comply with all of the terms, pro» s~ons, and ,
conditions of the prior mortgage so as to result in a default under it (other than ~
with respect to the payment of principal and interest due), ti~at failure on the part
of the mortgagor shall constitute a default under this mortgage, and shall entitle ~
the mortgagee, at his option, to exercise any and all rights and remedies given the ~
mortgagee in the event of a default under this mortgage. ;
;
i
3. The mortgagee agreps to pay to the holder of the prior mortgage, the unpaid principal '
balance of such mortgaye, tog~ther with all interest accruing und~r it, as and when
required by the terms of such mortgage.
4. All those payments provided to be paid by the mortgagee pursuant to the provisions
of (3) above shall be made by the mortgagee before the expiration of the applicable
grace period provided for those payments as_contained in the prior mortgage. '
5. The mortgaqee's obligation to make the payments of principal and interest as and
when due under the prior mortgage is conditioned upon the following:
(a) The mortgagor sMall not be in default under this mortgage. ;
(b) The mortgagor shall comply with all of the terms and provisions of the ~
prior mortgage other than with respect to the payment of principal and ~
interest due. ~
~
3
6. The mortgagee does not assume any of the obligations of the mortgagor under the prior
mortgage, except as provided above with respect to the payment of principal and interest ~
due after the date of this mortgage. ~
7. If the mortgagee shall default in making any required payment of principal or interest i
under the prior mortgage, the mortgagor shall have the right to advance the funds necessary f
to cure the default, and all~funds so advanced by the mortgagor, together with the interest €
at the rate of 18 percent per annum, shall be credited against the next installment of
interest and principal due under the note signed by the mortgagor.
; 8. The mortgagor shall have the right to prepay the whole or any part of the unpaid
i balance of the indebtedness under the mortgage at any time on thirty (30) days notice
~ without penalty. If the mortgagor prepays the wFiole unpaid balance, the mortgagee shall ;
remit to the prior mortgagee, out of the prepayjrient funds, the unamortized principal of
[ the prior mortgage, together with accrued interest. Any partial payments shall be applied
~ against the sums last payable under this mortgage, and if the amount prepaid exceeds the
~ amount determined by subtracting the then unpaid principal balance of the prior mortgage ~
from the then unpaid principal under this mortgage, and the excess amount shall be remitted ~
to the mortgagee of the prior mortgage by the mortgagee.
9. The mortgagor and mortgagee agree not to enter into any agreerr~nt with the holders of ~
~he prior rrrortgage, modifying or amending any of the provisions dealing with the payment ~
of principal or interest under such prior mortgage without the prior written consent of the ~
~ other.
~ ~
~ #
~
~ ' E
r ' .
~ ~
k ~
R
~
~ ~
s`
,
a
z
~ - ~ r
~ , .
g
~
~ -
, ` , a~365 P~~f ~
F ~ 92
~
~
~
_ ~
~~.r~~-.:~~~~~~~ _ ~~~r~~~.~~~