Wraparound Mortgage and Security Agreement
THIS WRAP-AROUND MORTGAGE AND SECURITY AGREEMENT is made
and entered into this day of , 20 , by and between
, whose address is , (hereinafter referred to as “Mortgagor”) and
, whose address is , (hereinafter referred to as “Mortgagee”).
THIS IS A WRAP-AROUND MORTGAGE SUBJECT TO THAT CERTAIN MORTGAGE HERETOFORE EXECUTED IN FAVOR OF , DATED THE DAY OF , 20 , AND RECORDED IN OFFICIAL RECORDS BOOK , PAGE , ON THE DAY OF , 20 , IN THE ORIGINAL PRINCIPAL AMOUNT OF DOLLARS ($ ).
Mortgagor agrees to comply with all the terms and conditions of the above described mortgage, including, but not limited to, those concerning taxes and insurance, other than with respect to the payment of principal or interest due under said mortgage. If Mortgagor herein shall fail to comply with all the terms, provisions and conditions of said mortgage so as to result in a default thereunder (other than with respect to payments of principal or interest due), that failure on the part of Mortgagor herein shall constitute a default under this Mortgage and shall entitle Mortgagee herein, at its option, to exercise any and all rights and remedies given the Mortgagee in the event of a default under this Mortgage.
Mortgagor and Mortgagee hereby covenant and agree not to enter into any agreement with the holder of the above described Mortgage, modifying or amending any of the provisions dealing with payment of principal or interest under said Mortgage without the prior written consent of the other.
If the Mortgagee hereunder shall default in making any required payment of principal or interest under the above described mortgage, the Mortgagor shall have the right to advance funds necessary to cure that default and all funds so advanced by Mortgagor shall be credited against the next installment of principal and interest due under the Note secured by this Mortgage.
WITNESSETH, that in consideration of the premises and in order to secure the payment of both the principal and interest and any other sums payable on the note (as hereinafter defined) or this Mortgage and the performance and observance of all of the provisions hereof and of said note, Mortgagor hereby grants, sells, warrants, conveys, assigns, transfers, mortgages, and sets over unto Mortgagee, all of Mortgagor’s estate, right, title and interest in, to and under all
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