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( WRAPAROUND PROVISIONS
~ 1. The mortgaged property is subject to a certain mortgage,
herein called the first mortgage, dated January 6, 1978, from
INDIAN PROPBRTIBS, INC., a Florida corporation, to FIRST NATIONAL
BANR AND TRUST COMPANY OF STUART, recorded in O.R. Book 280, page
1164, St. Lucie County, Florida, public records, which first
mortgage is still held by said bank and which mortqage has an
unpaid principal balance as of September 30, 1983, of $21,466.85,
payable as follows: $284.00 principal and interest per month.
2. With respect to the first mortgage, mortgagors
(hereinafter referred to as SINR for clarity) and mortgagee ~
(hereinafter referred to as COLSON for clarity) agree as follows:
a. COLSON covenants that there exists no default or any
event which would constitute a default under the first mortgage,
and the information set forth above with respect to the first
mortgage is accurate in every respect.
b. The installments of principal and interest required
by the first mortqage are included in the payments required to be
paid by SINR to COLSON under the note secured by this second
mortgage.
c. SINR will not make any payments to first mortgagee
or request any future advance, release, partial release,
amendment or other modification of the first mortgage without the
prior written consent of COLSON, except as authorized herein.
d. In consideration of the execution and delivery of
the note secured by this second mortgage, COLSON agrees to pay
~ the instalments of principal and interest under the first
~ mortgage as they become due,
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• e. If COLSON fails to make any required payment on the
i first mortgage, SINK may make the same and deduct the amount of
said payment from SINR's next payment to COLSON.
f. If CCLSON fails to perform any or all of its
obligations under subparagraph d above, interest on the note
secured by this mortgage will be tolled until such failure is
~ remedied.
g. COLSON will not seek any future advances or enter
into any amendments or modifications of the first mortgage
without SINR's prior written consent.
h. COLSON will keep SINR fully informed of the status
of the first mortgage and will within 15 days of receiving any
notice or advice from first mortgage holder transmit a copy of
the same to SINR.
i. COLSON will send SINK its check for the mortgage payment
each month along with the coupon anzi SINK will pay the first mortgage
holder.
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