1. Introduction: Start by introducing the document, stating that it is a Wraparound Addendum that modifies the property sale and purchase contract dated DATE.

2. Parties Involved: Clearly identify the parties involved in the agreement by stating their names, addresses, and roles. PARTY_1_NAME is the seller, and PARTY_2_NAME is the buyer.

3. Mortgage Agreement: Explain the existing mortgage agreement, which the seller agrees to comply with all the terms and conditions, except for principal and interest payments.

4. Wrapped Mortgage: The buyer will take title to the property subject to the existing mortgage on the property, which is called the Wrapped Mortgage. The buyer will not assume the Wrapped Mortgage via a qualified assumption.

5. Wraparound Promissory Note: The buyer agrees to execute a Wrap-around promissory note payable to the seller. The note includes regular monthly payments that the buyer shall make pursuant to the terms of the Wraparound Note.

6. Default by Seller: If the seller fails to adhere to all the terms, conditions, and provisions of the Mortgage Deed, which may lead to a default, the buyer may intercede and cure the seller’s default to prevent actual or threatened foreclosure upon the Property. Any payments made by the buyer to cure the default shall be credited against the next installment of principal and interest due under the Wraparound Note.

7. Default by Buyer: If the buyer defaults in making any payment owed under the Wraparound Note, and such default is not cured within 7 days after written notice, then the seller may declare all outstanding sums owed on this Wraparound Note to be immediately due and payable.

8. Other Indebtedness: The seller represents that there are no other liens, encumbrances, or other indebtedness against or affecting the Property, whether recorded or not, other than the Mortgage Deed.

9. Obligation of the Seller: The seller agrees to continue to have the obligation to timely and regularly pay the Mortgage Deed until the same is fully discharged, and a release of lien is obtained.

10. Indemnity: The seller agrees to indemnify, defend, and hold the buyer harmless against any and all claims that may arise from the seller’s breach of or failure to perform the seller’s obligations under the Mortgage Deed.

11. Precedence: The parties agree that the terms and conditions of this Wraparound Addendum shall prevail over any conflicting terms and conditions contained in the Contract.

12. Conclusion: Remind the parties to carefully read the agreement and sign it. They should also have their signatures witnessed by 1-2 witnesses to avoid future disputes. If either party wishes to amend the agreement in the future, both parties should agree to do so in writing and sign the amended agreement.