wrap around mortgage rider
Post on 08-Apr-2018
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8/6/2019 Wrap Around Mortgage Rider
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8/6/2019 Wrap Around Mortgage Rider
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8. Any proceeds of insurance policies required to be kept in force hereunder shall be payable toMortgagee and the mortgagee of the Primary Mortgage "as their interests may appear", and such policies shall bekept by Mortgagee and Mortgagee agrees that his or her interest in such policies or the proceeds thereof areinferior and subordinate to the interest of the mortgagee of the Primary Mortgage. To the extent the proceeds ofsuch insurance policies are paid to the mortgagee of the Primary Mortgage, Mortgagor shall be entitled to a crediton the Note equal to the amount of such payment of proceeds.
9. Any reference contained herein as to the right of Mortgagor to pay any sum owing on thePrimary Note shall not constitute an assumption of personal liability for any such payment, and shall not in anyway modify the obligation of Mortgagee to the mortgagee of such Primary Mortgage.
Witnesses:
___________________________________Print Name:____________________________
___________________________________Print Name:____________________________
Mortgagor:
__________________________________
__________________________________
___________________________________
Print Name:____________________________
__________________________________Print Name:____________________________
Mortgagee:
_________________________________
_________________________________
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