HomeMy WebLinkAbout0070 a. If a conveyance by the mortgagors of the premises
described herein and encumbered hereby, or any part thereof, without
the written notice of the Association, or without assumption in
regular form of law, by the grantees of the obligation to the
Association created by said promissory note and this mortgage, as
consolidated and modified, then and in that event and at the option
of the Association and without notice, a11 s~ms of money secured
hereby shall immediately and concurrently with such conveyance
become due and payable and in default.
b. If foreclosure proceedings of any second mortgage
or second trust deed or any junior lien of any kind should be
instituted, the Association may, at its option or immediately
thereafter, declare this mortgage as consolidated and modified and
the indebtedness secured hereby due and payable.
c. Upon the occurrence of the filing of an arrangement
or proceeding in bankruptcy by or against mortgagor, initiation of
insolvency proceedings by or against mortgagor, or assignment by
mortuaqor for benefit of mortgagor's creditors, all of the sums
secured by this mortgage shall be immediately due and payable at
the option of mortgagee, without notice or demand.
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to he executed in their respective corporate names by
officers duly authorized so to do, and the corporate seals to be
af f ixed , on this the day and year f irst above mentioned .
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~ FIRST FEDERAL SAVINGS ANQ L~AN j'r -
Signed, sealed and delivered ASSOCIATION OF FORT PIERe~ ~
' in the presence of : ~ - ^ ~ r•+'~~ r:
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President
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As t~ Association -
GULF-ATLANTIC INVESTMENTS OF
~ FORT PIERCE, INC.
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; Pres~. ent
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; ,A~s°- Gu -Atlantic e•cr ary
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