HomeMy WebLinkAbout0990 ADDENDUM TO WRAPAROUND MORTGAGE
THIS ADDENDUM to that Purchase Money Wraparound Second
Mortgage dated March 14, 1986, between TERESA A. WASHINGTON, an
unmarried adult, as Mortgagar, and hereinafter referred to as
"Mortgagor', and CLARENCE F. HALL, a~arried adult, as Mortgagee,
and hereinafter referred to as "Wraparound Mortgagee";
1. This Mortgage ~s subject ai~d subordinate to that certain
:4ortgage (hereinafter referred to as the "First Mortgage') dated
January 10, 1586 and held by Ramsey Products Corporation Employee
Profit Sharing Trust (hereinafter referred to as the 'First
Mortgagee'), in the original principal amount of $30,000.00, said
First Mortgage being recorded in OR 9ook 488, Page 1155 of the
Pub?ic Records of St. Lucie County, Florida.
2. There exists no default in th~ payment uf principal ~r
interest under the First Mortgage.
3. Mortgagor agrees to comply with all of the terms and
conditions of the First yortgage other than with respect to the
payment of principal and interest under said First Mortgage. In
the event Mortgagor shall fail to so comply with all of the terms
and conditions of the First Mortgage so as to result in a~efault
thereunder other than with respect to the payments of principal
and interest due thereunder, such failure on the part of the
Mortgagor shall constitute a default under this Mortgage and
shall entitle Wraparound Mortgagee, at his option, to exercise
any and all rights and remedies given Wraparound Mortgagee ir, the
event of a default hereunder. ~
4. Wraparound Mortgagee agrees to pay to the First
Mortgag~e the installmer,ts of principal and interest under the
First Mortgage as and when required by the terms of said First
Mortgage. Notwithstanding the foregoing, Wraparound Mortgagee's
obligatior,s to make the respective paymen}s of Yr.ancipal and
interest as and when required under the First Mortgage is
conditioned upon the following:
A. Mortgagor shall not be in default under this
Mortgage;
B. Mortgagor shall comply with all of the terms and
provisions of the First Mortgage other than with respect to the
paym~nt of principal and interest thereunder.
5. Mortgagor covenants and agrees not to make any payments
~ directly to the First Mortgagee, except as other.wise provided
~ herein, not to exercise any rights or privileges of prepayment of
~ the First Mortgage, and not to enter into any agreements with the
~ First Mortgagee modifying or amending any of the provisions
dealing with payment of principal and interest under the First
Mortgage without the prior ~ritten consent thereto of the
Wraparound Mortgagee; and Mortgagor further covenants and agrees
~ not to request any release, partial release, amendment or other
~ modification of the First Mortgage without the prior written ~
consent thereto of the Wraparound Mortgagee prior to the full and
complete payment of the sums due under the First Mortgage. i
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6. Mortgagor agrees to pay the Wraparound Mortgagee any ~
~ sums required to be pa~d t~ the First Mortgagee under the First ;
~ Mortgage (other than with respe~t to payments of prin~ipal and
~ interest under said mcrtgage) at least fifteen (15) days prior to '
the 1~3st date under said mortgage that such payments may be mad~
without constitutin~ a default thereunder, and the Wraparound
Mortgagee agr2es to promptly rEmit such stuns s~ paid to
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