Lenders use spreader agreements to obtain additional collateral for the loan. The purpose of this agreement is to ensure that in the event of default by the borrower on the mortgage, the lender can forcibly close all the properties listed in the agreement. All terms, conditions and commitments set forth in the mortgage, including but not limited to section 55 of the mortgage, remain in full force and effect, except for the inclusion of additional property as part of the mortgage secured debt guarantee and the amendments referred to in Section 2 of this Mortgage Spreader Agreement. The Mortgage Modification and Application Agreement distributes the mortgage 3 lien to the hereditary real estate discount of lot 117 of block 1259, as evidenced by the instrument registered at the registrar in reel 552, page 1531. .
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