HomeMy WebLinkAbout1392 RIDER TO MORTGAGE FROM WILLIAM H. TURNER and IDA S. TURNER,
TO COMMERCIAL BANK AND TRUST COMPANY
Continuation of Paragraph 7. - In the event it becomes necessary
for the mortgagee to employ counsel to protect its interest at
any condemnation proceedings, the mortgagor shall reimburse the
mortgagee for all reasonable attorney's fees thus incurred, and
all such terms shall be deemed secured by the lien of this mortgage.
11. In the event of the acceleration of this mortgage and the note
secured hereby by reason of any default herein, any prepaid and
unearned interest and points in excess of the legal rate of
interest to the date of enforcement or payment, shall thereupon
be refunded to the mortgagor, automatically by the crediting of
same against the sum then due, but such credit shall not cure
or waive the default occasioning acceleration.
12. To the extent of the indebtedness of the mortgagor to the
mortgagee described herein or secured hereby, the mortgagee is
hereby subrogated to th~ lien, or liens and to the rights of the
owners and holders thereof of each and every mortgage. Lien or
other encumbrance on the land described herein which is aid and/or
satisfied, in whole or in part, out of the proceeds of the loan
described herein or secured hereby and the respective liens of
said mortgages, liens or other encumbrances, shall be and the
same and each of them hereby is preserved and shall pass to and
be held by the mortgagee herein as security for the indebtedness
to the mortgagee herein described or hereby secured, to the same
extent that it would have been preserved and would have been passed
to and been held by the mortgagee had it been duly and regularly
assigned, transferred, set over and delivered unto the mortgagee
by separate deed of assignment, notwithstanding the fact that
the same may be satisfied and cancelled of record, it being the
intention of the parties hereto that the same will be satisfied
and cancelled of record by the holders thereof at or about the
time of the recording of this mortgage.
13. The Mortgagee at its option may extend the time for the payment
~ of all or any part of said indebtedness, or reduce the payments
~ thereon, or accept a renewal note or notes therefore, without
~ the consent of any junior lien holder, and without the consent of
the mortgagors if the mortgagors have parted with the title to
said property, and any 'such extension, reduction, or renewal shall
not release the mortgagors or any endorser or guarantor from
liability for such indebtedness, or effect the priority of this
mortgage over any junior lien, or impair the security hereof in
any manner whatsoever.
14. In the event the mortgagor conveys, sells or transfers the
fee simple title to the mortgaged property without the prior written
consent of the mortgagee, the mortgagee shall have the option and
privilege of declaring the entire indebtedness evidenced by the
note secured-by this m~~o•rtg e-/}y/~~~ be due and payable in full~ a~fP2
3~ oe~ys .uv~,cer VJ7F~~
15. The abstract or abstracts of title covering the mortgaged
property shall at all times, during the life of this mortgage, remain
~ in the possession of the Mortgagee and in the event of the foreclosure
of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, all
right, title and.interest of the Mortgagor in and to any such
abstracts of title shall pass to the purchaser or grantee.
L
Page 1 of 2 ~~K~~uV fACf~~~
HUNTER AND ATKINSON, P.A., ATTORNEYS AT LAW. 1946 TVLER STREET, HOIl.YW000. FLORIDA 33020
_ - - - ~ . - .;c.,=~
~ ~ ~ -
- m" ~ ~ ti
- - .~."~.''~33'~,s~~., !1 . . .