HomeMy WebLinkAbout0962 LBTTBR OF CRSDIT 1~ORTGP?GB RIDBR
THIS LETTER OF CREDIT MORTGAGE RIDER AND ADDENDUM is ~
incorporated into that certain mortgage attached hereto and
entered into by MARSHALL BRENT WADDELL and MARY ELIZAB$TH
WADDELL, his wife, as Mortgagor; and FIRST CITIZENS FEDERAL
SAVINGS & LOAN ASSOCIATION, a United States corporation, as
Mortgagee. The following are additional covenants under the
above referenced Mortgage:
This is a second mortgage, subject only to that mortgage
in the original principal amount of $300,000.00 including
future advances made given by MARSHALL BRENT WADDELL and MARY
ELIZABETH WADDELL, his wife, to CITIZENS FEDERAL SAVINGS &
LOAN ASS~JCIATION OF ST. LUCIE COUNTY dated September 30,
1983, filed in O. R, Book 413, Page 311 of the public
records of St. Lucie County, Florida.
1. The debt being secured hereu nder is evidenced by
that Letter of Credit Agreement of even date
herewith and all references in the mortgage to
which this Rider is attached to "Note" shall be
deemed to apply to said Letter of Credi~
Agreement.
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~ 2. The mortgagar agrees to comply with all of the
i terms and conditions of the above-described
k ~ first mortgage and note secured thereby. '
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~ 3. If the mortgagor herein fails to so comply with all
of the terms, provisions and conditions of said
mortgage or note secured thereby so as to result in
a default under them that failure on the part of
the mortgagor herein shall canstitute a default
under this mortgage and note(s) secured hereby, and
shall entitle the mortgagee herein at its option to
exercise any and all rights and remedies given the
rnortgagee of the above described first mortgage and
note in the event of a default under said mortgage •
together with any and all rights and remedies given
the mortgagee herein.
4. In the event the mortgagor def aults in the
performance or observance of any term, covenant,
condition, or obligation of the mortgage or note(s)
secured hereby, or any term, covenant, condition or
obligation of the first mortgage or note(s), the
~ mortgagee hereunder shall immediately be empowered
~ to institute a foreclosure proceeding and in
~ conection therewith the parties do stipulate and
~ agree that the mortgagee's designatee shall be
~ appointed as receiver for the real property
~ encumbered hereby and the truck stop and restaurant
~ facility and business situate upon the property
~ encumbered hereunder. The mortgagor does stipulate
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~ I 'iTI.AL HE~?~
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9ozl~c PaGE
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